Bank of India Home Loan Interest Rates
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About Bank of India Home Loan

One of the biggest dreams of a person is buying their own house. It is the foremost priority of most of every individual. It is easy to own a house nowadays due to various housing finance opportunities available in the market. The entire Home Loan procedure now is very simple and does not involve much documentation.

Bank of India offers such attractive Home Loan options and services. It makes sure the entire Home Loan procedure is hassle-free and convenient for the customers. The home itself can act as security. The Home Loan at Bank of India is provided to meet the varied requirements such as the purchase of a house/flat/apartment, purchase of plot and house construction, an extension/renovation/repair of the existing property, and so on.

Bank of India Home Loan Interest Rates

The Home Loan interest rates at Bank of India are linked to its 1 year Marginal Cost of Funds based Lending Rate (MCLR), which is 8.70% (as updated on 10.05.2019). Bank of India also offers special discounted rates for a specific category of borrowers such as women borrowers. The Home Loan interest rates at Bank of India based on 1-year MCLR are as follows.

Type of Home Loan Interest Rates for Women Interest Rates for Others

Star Home Loan/ Star Smart Home Loan/ Star Pravasi Home Loan/ Star Diamond Home Loan

1 Year MCLR + 0.15% = 8.85%

 

1 Year MCLR + 0.20% = 8.90%

The bank is offering the Festival Offer from 01.04.2019 till 30.06.2019. Under this period, the bank will offer a discounted rate of interest on Home Loans and the processing charges will be waived off.

Below are the effective Home Loan interest rates for any quantum from 01.04.2019 till 30.06.2019:

CIBIL Score Interest Rates for Salaried Applicant Interest Rates for Self-employed Applicant

CIBIL - Personal Loan

Score of 760 & above

1 Year MCLR + 0.10% = 8.80%

1 Year MCLR + 0.10% = 8.80%

CIBIL - Personal Loan

Score between 725 &

759

For women: 1 Year MCLR + 0.25% = 8.95%

For women: 1 Year MCLR + 0.35% = 10.05%

For others: 1 Year MCLR + 0.30% = 9%

For others: 1 Year MCLR + 0.40% = 9.10%

CIBIL - Personal Loan

Score between 675 & 724

For women: 1 Year MCLR + 0.35% = 9.05% (with delegation to RBC/ZLCC Head for an additional discount of 10 bps)

 

For women: 1 Year MCLR + 0.95% = 9.65% (with delegation to RBC/ZLCC Head for an additional discount of 10 bps)

For others: 1 Year MCLR + 0.40% = 9.10% (with delegation to RBC/ZLCC Head for an additional discount of 10 bps)

For others: 1 Year MCLR + 1% = 9.65% (with delegation to RBC/ZLCC Head for an additional discount of 10 bps)

CIBIL - Personal Loan

Score of -1 & 0

For women: 1 Year MCLR + 0.25% = 8.95%

For women: 1 Year MCLR + 0.35% = 9.05% (sanctioning will be done by the next one level higher authority)

For others: 1 Year MCLR + 0.30% = 9%

For others: 1 Year MCLR + 0.40% = 9.10% (sanctioning will be done by the next one level higher authority)

* 100% waiver in processing charges on Home from 01.04.2019 till 30.06.2019.

Bank of India Home Loan Details

  • Bank of India offers Home Loans to salaried employees, self-employed individuals, and self-employed professionals.
  • Special Home Loan interest rates are offered to women customers
  • Applicant should be in the age group of 21 to 60 years to avail a Home Loan from Bank of India.
  • Security for a Home Loan is mortgage of property the borrower is planning to purchase, renovate or construct.
  • The maximum Home Loan to Value (LTV) Ratio is 80% at Bank of India
  • The maximum loan repayment tenure for the Home Loan up to 30 years

Factors Affecting Bank of India Home Loan Interest Rate

Bank of India offers Home Loans to its customers under the floating rate method. The interest rates are linked to the 1 year MCLR of the bank, which is currently 8.70% (as updated on 10.05.2019). The MCLR can change or fluctuate with the changing guidelines of the Reserve Bank of India (RBI) or as per the changing market trends. If the MCLR goes up, the existing Home Loan interest rate will also increase. And if due to some reasons the MCLR goes down, the interest rates will also reduce.

Following are the factors that play an important role to determine the interest rate on the Home Loan:

  • Loan amount: The Home Loan interest rate depends upon the loan amount the applicant wishes to borrow from the Bank of India. The higher the Home Loan amount the lower will be the interest rate.
  • Your salary/income:The salary/income of the applicants determines their repayment capacity. The Bank of India offers Home Loan at different interest rates based on the income of the borrower. The higher the income of the borrowers the less will be the interest rate offered to them.
  • Type of loan opted for:The interest rate on the Home Loan depends upon the type of Home Loan one wishes to apply for. The interest rate also depends upon the fixed or floating rate scheme an applicant is applying for the Home Loan.
  • Category of applicant: Special Home Loan interest rates are offered to women borrowers.
  • Existing relationship with the bank: Bank of India may offer a low interest rate on Home Loan to its existing customers.

How to Apply for Bank of India Home Loan?

Applying for the Bank of India Home Loan is easy and instant now. You can apply for the loan by simply visiting MyMoneyMantra website. We are the channel partner of some of the leading banks and financial institutions in India including the Bank of India.

When you apply for the Home Loan at MyMoneyMantra the process is initiated online and our representative gets in touch with you to take the procedure further. Our Mortgage Specialists will also make sure the entire lending process is smooth and convenient for you. We make sure you get the best Home Loan offer from Bank of India as per your eligibility and requirement.

All you need to do is visit our website and go the Home Loan page mentioned under Loans section. Then fill in and submit all the details required to complete the online application process. Our loan specialists will then call you to assist you with the entire process till disbursal of the loan amount.

Documents Required for Bank of India Home Loan

For Salaried Employees

  • Duly filled application form for Home Loan
  • Two photographs of the applicant in passport size
  • ITR records from the last two years
  • Proof of identity such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport.
  • Proof of Income such as last six months' salary slip, Form 16 of two years, Bank statement of at least last six months that reflects salary being credited or EMI being debited.
  • All the legal, property-related documents like past title chain. For e.g. - conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, copy of the approved plan of construction or extension.

For Self-Employed

  • Duly filled application form for Home Loa
  • Two photographs of the applicant in passport size
  • Proof of identity such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport.
  • Proof of Business like VAT/ service tax registration/ company's incorporation details/
  • Address proof of the business
  • Accounts and balance sheets showing profit and loss statements which have been certified by a CA, the proof of the business's existence a copy of the partnership deed and business profile.
  • All the legal, property-related documents like past title chain. For e.g. - conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, copy of the approved plan of construction or extension.

Processing Fee and Other Charges Related to the Bank of India Home Loan

Some of the charges levied by Bank of India apart from interest rates are mentioned below:

Type of Charges Quantum

Processing Fees for BOI Star Home Loan/ BOI Star Smart Home Loan/ Star Pravasi Home Loan Scheme/ Star Top-Up Home Loan

For individuals: 0.25% of the sanctioned loan amount (minimum 1,500 and maximum 20,000) + GST

For partnership firms/ corporate: Double that of the individuals, i.e., 0.50% of the sanctioned loan amount (minimum 3,000 and maximum 40,000) + GST

In rural areas: 75% of the charges applicable to individuals (minimum 1,500 and maximum 20,000) + GST

NIL till 30.06.2019

Processing Fees for BOI Star Diamond Home Loan

50,000 or maximum as per the Star Home Loan product (whichever is higher)

Prepayment Charges

 

NIL for floating rate loans

For fixed rate loans and on takeover by another bank: 0.65% p.a on the outstanding amount for the remaining tenure (maximum 2.25% of the outstanding loan amount).

Conversion Charges

Fixed to Floating: 0.25% per annum on the outstanding balance for the remaining tenure (subject to a maximum charge of 2.10% of the outstanding amount).

Floating to Fixed: 0.40% per annum of the outstanding balance for the remaining tenure (subject to a maximum charge of 2.10% of the outstanding amount).

Credit report charges

50

CERSAI Charges

  • 50 for loan up to 5 Lakhs
  • 100 for loan above 5 Lakhs

Types of Bank of India Home Loan Schemes and Their Interest Rates

BOI Star Home Loan

  • This loan can be availed for purchase of a new or resale home/ flat, construction of a new home, repairs/ renovations/ extensions of an existing house/ flat.
  • The maximum tenure available to repay the loan is 30 years
  • The maximum loan amount is 5 Crores in Delhi, Mumbai, Chennai, Kolkata, and 3 Crores in other cities.
  • For renovations/ repairs/ extensions of the existing house/ flat, the maximum amount is 50 Lakhs.
  • To purchase a plot, the maximum amount is 3 Crores
  • The bank also offers a loan for the purchase of household articles with the Home Loan at the Home Loan interest rate. The maximum amount offered is up to 5 Lakhs for a tenure of up to 10 years including moratorium period.
  • The facility of step up and step down EMIs is also available
  • Prepayment of loan is allowed at zero charges for floating rate Home Loans
  • Free personal accident insurance and optional loan insurance are available

BOI Star Diamond Home Loan

  • Applicants with high net worth can get this loan for property/ residential house purchase from the director or the partner of the company.
  • Minimum average gross income should be 1 Crore during the last 3 years as per audited IT Balance Sheet.
  • Loan available only in New Delhi, Delhi NCR, Chennai, Kolkata, Mumbai, Bangalore, Ahmedabad, Pune, and Hyderabad.
  • Minimum margin of 25% of the property's cost has to be brought by the applicant
  • Maximum loan tenure is 15 years or borrower reaching 75 years (whichever is earlier)
  • The minimum loan amount is 5 Crores with no upper limit

BOI Star Smart Home Loan

  • It is a Home Loan Overdraft facility
  • Applicant having an SB/CD account with Bank of India with a minimum balance of 5,000 can apply for this loan.
  • The loan can be availed by the bank's current salaried staff as well as prospective employees whose salary is credited in to the Bank of India account.
  • Self-employed professionals such as doctors, lawyers, chartered accountants, engineers, and business owners having a regular source of income can also apply.
  • The applicant must have an operative account with Bank of India throughout the loan period.
  • The minimum loan amount for salaried individuals is 5 Lakhs and for self-employed individuals is 10 Lakhs.
  • The maximum loan amount is 3 Crores for plot purchase and 50 Lakhs for home renovation/ repair/ extension.
  • The maximum tenure available is up to 30 years

Star Pravasi Home Loan Scheme

  • NRIs with a valid Indian passport as well as PIOs having a foreign passport can apply for this loan for house/flat purchase, construction/ renovation/ repairs/ extensions of house, plot purchase, and Home Loan takeover.
  • The applicant must have a regular source of income
  • Co-applicants should be the co-owners of the property
  • The maximum loan amount available is as follows:
    • For house/flat purchase: 3 Crores/ 5 Crores
    • For the plot purchase: 1 Crore
    • For renovation/repair: 50 Lakhs

Bank of India Pradhan Mantri Awas Yojana (PMAY)

  • PMAY is a Government of India credit-linked subsidy scheme (CLSS) that provides Home Loan interest subsidy of up to 2.67 Lakhs.
  • The scheme is for the Economically Weaker Section, Lower Income Group, and Medium Income Group.
  • The subsidy is available for house/flat construction or purchase
  • Subsidy on interest is available for a maximum of 20 years

FAQs on Bank of India Home Loans

What are the foreclosure charges on the floating interest rate Bank of India Home Loan?

The Bank of India does not levy any charges on foreclosure of a Home Loan based on the floating interest rate.

Who can apply for Bank of India Home Loans?

Salaried employees, Self-employed professionals, Self-employed individuals, NRIs, PIOs, HUF, Proprietary firms, Partnership firms, and Corporate having a regular income source can apply for Bank of India Home Loans.

What are the purposes for which Bank of India Home Loans can be availed?

Bank of India Home Loans can be availed for:

  • Hose/flat purchase or construction
  • Renovation/ extension/ repair of existing house/flat
  • Plot purchase to construct a house thereon
  • The takeover of housing loan from other banks/ financial institutions

How much loan amount can I avail for house/flat purchase under Bank of India Home Loan?

You can avail a maximum of 3 Crores for construction/purchase of a house/flat. In major metro cities (Mumbai, New Delhi, Kolkata, and Chennai), the maximum amount offered is 5 Crores.

What is the maximum Home Loan amount offered by the Bank of India for plot purchase?

To purchase a plot with Bank of India Home Loan, you can get up to 3 Crores as the loan amount.

What is the maximum loan amount offered for repairs/renovation/extension to house/flat?

The maximum loan amount offered for repairs/renovation/extension of an existing house/flat is 50 Lakhs.

Does the bank offer interest rate concession for women Home Loan borrowers?

Yes the women Home Loan applicants get a concession in the interest rate of 5bps. The current interest rate of Bank of India Home Loan is 8.80% for women and 8.85% for others (as on 10.05.2019).

Is availing Life Insurance Cover mandatory for Bank of India Home Loan borrowers?

No. This facility is optional. Applicants can avail this facility for loan protection.

Bank of India Home Loan News

Bank of India increases MCLR by 0.05% for different tenors

The Bank of India's marginal cost of funds based lending rate (MCLR) saw a jump of 0.05%, equivalent to 5 basis points across different tenors. The MCLR now stands at 8.15%. These rates will be effective from 10th October, 2018 onwards.

Bank of India has reported an 8% increase in net profit in Q1 FY19

In spite of the mounting NPAs in the banking sector, Bank of India has performed creditably in the first quarter of the financial year 2018-19. Bank of India has reported an 8% increase in the net profit to 95.11 Crores for the quarter ended 30 June 2018. It is a positive trend considering the fact that the bank registered a massive loss of 3969.27 Crores in the preceding and concluding quarter of 2017-18.

Concessions are around the corner for Bank of India Home Loan applicants

The festive season has arrived in India. It is not only a period of enjoyment for the people but also an excellent opportunity to avail some attractive offers from banks. Most of the banks start waiving the processing fees and other charges during the festive season. You can also expect Bank of India to do the same as it does so every year at around this time of the year.  

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