Bank of India

Bank of India Home Loan

Apply Bank of India Home Loan

About Bank of India Home Loan

Bank of India is among the oldest banks in the country. Incorporated on September 7th, 1906 at Mumbai, Bank of India was under private ownership until July 19th, 1969. That was when the first round of nationalisation of banks took place in India. Bank of India has several firsts to its credit. The Bank has been one of the first banks to establish a fully computerised branch with ATM facility in India. It was way back in 1989. Bank of India has the distinction of being a Founder Member of SWIFT in India. It has also pioneered the concept of 'Health Code' for advances, the precursor to the NPA terminology.

If you are looking for a Home Loan to fund your home purchase/construction/repair/extension need, Bank of India offers a variety of Home Loans with attractive features and affordable interest rate.

Bank Of India Home Loan

Interest rate


Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents


Up to 4 applicants are allowed as co-applicants

Lowest EMI

 655 Per Lakh

Why Bank of India Home Loan?

This bank offers a variety of loans, of which the Home Loan is a popular one. The most significant advantage of the Bank of India Home Loan is that the bank has a tremendous reach throughout the country. Having its headquarters in Mumbai, the financial capital of India, Bank of India has more than 5,000 branches spread across the length and breadth of India. Bank of India has 49 Retail Business Centres to process retail loans such as housing and mortgage loans. It explains why the Bank of India Home Loan is accessible to a significant proportion of the population.

Bank of India has Home Loan products to cater to a diverse section of society that includes resident Indians as well as NRIs and PIOs. Bank of India, a premier nationalised bank is an active player in the Pradhan Mantri Awas Yojana, an ambitious plan to provide housing to every Indian by the end of the year 2022. A Bank of India branch is never far away from wherever you are in India. If you are looking for quality customer service and quick, efficient Home Loan approvals, Bank of India Home Loan should be the appropriate choice for you.

Bank of India Home Loan provides value to customers by offering:

  • A comprehensive basket of Home Loan products to suit the needs of customers across all sections of society.
  • Absolute transparency in dealings
  • Interest calculation on daily reducing balance method
  • Competitive rates of interest and low processing fees
  • Overdraft facility is available in Home Loans to help reduce the interest burden
  • No pre-payment penalty in case of floating rate Home Loans
  • Extensive presence all over the country
  • The loan application procedures are simplified for the convenience of customers
  • The bank offers speedy approvals

Features and Benefits of Bank of India Home Loan

  • Bank of India offers attractive Home Loan solutions to satisfy the needs of customers all over India.
  • Bank of India Home Loan products include loans for purchasing new houses and apartments, second-hand flats and houses, constructing your dream home on your land, buying residential plots and constructing houses thereon, and for carrying out repairs and renovations to your existing home.
  • Bank of India has specific loan products allowing you to transfer your existing Home Loan from other bank to them.
  • Bank of India charges low processing fees and there are no hidden charges
  • As per Reserve Bank of India (RBI) guidelines, Bank of India does not charge a penalty for pre-payment and foreclosure for floating interest rate Home Loans.
  • You can get a maximum of 5 Crores as loan amount
  • Customers have options to extend their loan repayment tenure to 30 years
  • The special Home Loan Overdraft facility helps customers to save interest
  • Women borrowers get concession in interest rates
  • Bank of India has some of the best Home Loan schemes for NRIs
  • In addition to Home Loans, Bank of India has other mortgage loans like a Loan Against Property to enable you to take care of your personal expenses like medical costs, marriage and education expenses, and so on.
  • Bank of India is a prominent contributor to the Central Government's objective of providing affordable housing for all Indians by 2022 under the Pradhan Mantri Awas Yojana (PMAY).
  • You can add the name of an eligible co-applicant and improve your overall eligibility
  • Bank of India offers the facility of step up EMIs and step down EMIs depending on your requirements.
  • The bank offers free Personal Accident Insurance cover
  • You can avail Life Insurance Cover for Loan Protection

Bank of India Home Loan Interest Rates

With effect from 01st April 2016, Bank of India has switched over to the MCLR concept while fixing up the rate of interest on housing loans. At present, the housing loan rates are linked to the 1-Year MCLR of the Bank. The 1-Year MCLR of Bank of India is 8.80% with effect from 10th March 2019.

Home Loan Interest 

Name of Home Loan Product Rate of Interest for Women Rate of interest for Others



Present ROI


Present ROI

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

1-year MCLR + 0.15%


1-year MCLR + 0.20%


Star Top-Up Loan

1-year MCLR + 0.15% + Premium of 0.50%


1-year MCLR + 0.20% + Premium of 0.50%


*Interest rates under Festive Offer - Applicable from 06.11.2018 till 31.03.2019

CIBIL Score Salaried Applicants Self-employed Applicants

760 and above

1-year MCLR + 0.05% = 8.70%

1-year MCLR + 0.05% = 8.70%

Between 725 to 759

For women: 1-year MCLR + 0.20% = 8.85%

For others: 1-year MCLR + 0.25% = 8.90%

For women: 1-year MCLR + 0.30% = 8.95%

For others: 1-year MCLR + 0.35% = 9%

Between 675 to 724

For women: 1 year-MCLR + 0.30% = 8.95% (Concession of 10bps with delegation to ZLCC/RBC)

For others: 1-year MCLR + 0.35% = 9% (Concession of 10bps with delegation to ZLCC/RBC)

For women: 1 year-MCLR + 0.90% = 9.55% (Concession of 10bps with delegation to ZLCC/RBC)

For others: 1-year MCLR + 0.95% = 9.60% (Concession of 10bps with delegation to ZLCC/RBC)

-1 and 0

For women: 1-year MCLR + 0.20% = 8.85%

For others: 1-year MCLR + 0.25% = 8.90%

For women: 1-year MCLR + 0.30% = 8.95%

For others: 1-year MCLR + 0.35% = 9%

Types of Home Loan Offered by Bank of India

Bank of India offers various kinds of Home Loans depending on the category of borrower, the location of the property, and so on.

BOI Star Home Loan

  • This product is available to all resident individuals, non-residents, and PIOs for purchase or construction of a new home or flat buy a second-hand house carry out repairs, renovations, and extensions to house or flat.
  • The maximum loan amount available under this product is 5 Crores in metro cities like Delhi, Mumbai, Kolkata, and Chennai. In other cities, the maximum loan amount is 3 Crores.
  • For repairs/extensions/renovations of the house or flat, the maximum amount is 50 Lakhs
  • The maximum amount for the purchase of plot is 3 Crores
  • Loan for purchase of household articles for a maximum amount of 5 Lakhs is also available along with the Home Loan at the Home Loan interest rate with maximum repayment tenure of 10 years including moratorium period if any.
  • The maximum repayment tenure is 30 years
  • The eligibility criteria for salaried employees and self-employed individuals is 6 times gross annual salary/income as per IT returns.
  • For non-individuals, it is 6 times of cash accruals as per Balance Sheet and P/L account
  • Step up and step down EMI options available to customers as per their convenience
  • Prepayment of loan allowed without levy of any charges for floating rate of interest loans
  • Free personal accident insurance cover
  • Loan insurance cover available (optional)

BOI Star Smart Home Loan

  • This product is an overdraft Home Loan facility
  • Existing Bank of India customers maintaining an average balance of 5,000 in the savings or current account for the last 1 year are eligible for this loan.
  • New customers are also eligible if they open a savings or current account with an opening balance of 5,000.
  • Salaried employees drawing their salary through Bank of India branches are eligible for loans under this product.
  • Professionals and business persons having a regular source of income are also eligible
  • Minimum Home Loan amount for salaried individuals is 5 Lakhs and 10 Lakhs for other individuals.
  • This loan account has a link with your savings or current account. Any amount more than the threshold limit of 5,000 is automatically transferred to the Home Loan account in multiples of 5,000. The customer decides the threshold amount in advance.
  • For repairs/extensions/renovations of the house or flat, the maximum amount is 50 Lakhs
  • The maximum amount for the purchase of plot is 3 Crores
  • Loan for purchase of household articles for a maximum amount of 5 Lakhs is also available along with the Home Loan at the Home Loan interest rate with maximum repayment tenure of 10 years including moratorium period if any.
  • The balance outstanding cannot exceed the drawing power under any circumstances. The drawing power reduces every month by the EMI amount.
  • Payment of EMI is compulsory every month.
  • You get all the facilities like chequebook, debit card, internet banking facility, and mobile banking facility with this product.
  • Deposit of surplus funds helps in reducing the interest burden. You can withdraw the surplus funds over and above your DP for personal uses.

Star Pravasi Home Loan Scheme

  • This product is available to Non-Resident Indians and PIOs having a steady source of income for purchase or construction of a new home or flat buy a second-hand house carry out repairs, renovations, and extensions to house or flat.
  • Co-applicant can be an Indian resident
  • The eligibility income criteria are similar to that of the Star Home Loan product
  • The take-over of Home Loans from other banks is available subject to conditions
  • The maximum loan amount in major metros like Mumbai, New Delhi, Kolkata, and Chennai is 5 Crores. In other places, it is 3 Crores.
  • The maximum amount for repairs and renovation is 50 Lakhs
  • The maximum amount of loan for purchasing a plot is 1 Crore
  • Loans for purchase of household articles are available up to 15% of the Home Loan amount with a ceiling of 5 Lakhs. The maximum repayment under such circumstances is 10 years.
  • The minimum Home Loan for metro and urban centres is 1 Lakh
  • The repayment tenure can extend to 30 years including a moratorium of 36 months subject to the applicant attaining 70 years of age.
  • Eligible salaried applicants have to submit work permit, employment contract, and identity card.
  • For applicants serving in the Merchant navy, present a copy of the continuous discharge certificate (CDC)
  • Bank of India will generate a credit report from a credit bureau in India. The applicant has to submit the credit report from agencies abroad.
  • Mode of repayment is by remittance from abroad or transfer of funds from NRE/FCNR accounts. You can credit the rental income of the property if the bank had considered it for determining your eligibility.

BOI Star Diamond Home Loan

  • High net worth individuals and firms/corporates are eligible for a Home Loan under this product. Firms and corporates can use this amount to purchase/construct residential accommodation for their partners/directors.
  • The minimum average gross income should be above 1 Crore during the last 3 years
  • Eligible quantum of loan is more than 5 Crores
  • Property can be in the following cities alone - Mumbai, New Delhi NCR, Kolkata, Bangalore, Ahmedabad, Hyderabad, and Pune.
  • The margin is 25% of the pure value of the property. Pure value of the property excludes stamp duty, registration charges, and other taxes.
  • Take-home pay norms - 25% of gross income for individuals and DSCR for firms is 1.5
  • One-time processing fees of 50,000 or the maximum as per Star Diamond Home Loan Scheme, whichever is higher.
  • All other norms as per Star Home Loan product shall apply

Bank of India Pradhan Mantri Awas Yojana

  • The eligibility criteria are the same for all banks and HFCs financing under this Central Government scheme.
  • This product is a Government of India designed loan product with every bank and HFC following the same formalities and eligibility norms.
  • It is a credit-linked subsidy scheme with the maximum subsidy being 2.67 Lakhs
  • The scheme is in operation for the Economically weaker section and Lower Income Group up to 31.03.2022 and the MIG-I and MIG-II up to 31.03.2019.
  • The purpose of the loan is for constructing or purchase of house or flat
  • The maximum amount of loan is 4 times gross income with different ceilings for different categories
  • Repayment can extend to 30 years, but interest subsidy is available for a maximum of 20 years

Bank of India Home Loan Eligibility Criteria

  • Salaried employees, self-employed persons, professionals, NRIs, PIOs, HUF, proprietary firms, partnership firms, and corporate are eligible for Bank of India Home Loans.
  • Applicants must have a steady and regular source of income to avail Bank of India Home Loans
  • High Net worth Individuals are also eligible under a specific Home Loan product, Star Diamond Home Loan.
  • The margin to be arranged by the applicants may be in the range of 15% to 25% depending on the loan product and amount.
  • The maximum repayment tenure is 30 years including the moratorium period.
  • You should satisfy the minimum net take home (NTH) pay norms after accounting for all deductions including the EMI of the proposed Home Loan.

A. Individuals

  • Gross monthly income up to 1 Lakh - minimum NTH pay is 40%
  • Gross monthly income over 1 Lakh up to 5 Lakhs - minimum NTH pay is 30%
  • Gross monthly income over 5 Lakhs - Minimum NTH pay is 25%

B. Non-Individuals - DSCR should be minimum 1.5 Lakhs

C. Under Star Diamond Home Loan, High Net worth Individuals/ Firms/ Directors/ Corporate for residential accommodation of their partners must have a minimum average gross income of 1 Crore during the last 3 years according to the audited balance sheet/ IT Returns.

D. BOI Star Smart Home Loan, existing SB/CD customers having an average balance of 5,000 for last 1 year and new customers who open a new SB/CD account with an opening balance of 5,000, are eligible. Present/ prospective salaried individuals whose salary is credited to the Bank of India branch and proposed repayments are to be made from this account and all other self-employed professionals like Doctors, Engineers, Chartered Accountants, Lawyers, and business owners having regular source of income and maintaining SB/CD Account throughout the loan tenure, are also eligible.

Increase your eligibility amount

Your Home Loan eligibility amount depends on various factors:

  • Income and repaying capacity
  • Age
  • Credit history or the CIBIL report
  • The value of the property
  • Requirement

Here are some tips to improve your eligibility:

  • Go for a longer tenure as it reduces the EMI. You can do so provided you apply for your Home Loan at an early age.
  • Go for step up EMIs where the EMIs are low in the initial stages, but gradually increase as your income improves.
  • Bring in an eligible co-applicant having a steady source of income
  • Close some of your existing loans. By doing this you reduce your Fixed Obligations to Income ratio (FOIR).

Who can be a co-applicant for the Bank of India Home Loan?

Bank of India allows you to bring in an eligible co-applicant for your Home Loans. It also enables NRIs to bring in resident co-applicants to enhance the overall eligibility norms. Let us understand the term, 'eligible co-applicant.'

  • Spouse: A legally-wedded spouse is the ideal co-applicant. An earning spouse can help enhance your Home Loan eligibility.
  • Co-owners of the property: All co-owners of the property necessarily have to be co-applicants to the loan.
  • Parents: Parents can also be co-applicants to the Home Loan. However, you should be careful of the age restrictions stipulated by Bank of India. The Parent-Son combination is a common one. Banks do not accept married daughters as co-applicants along with their parents unless they are co-owners of the property. An unmarried daughter can bring her parents as co-applicants provided the property is not in the name of either of the parents. If it is under joint ownership, they have to become co-borrowers as well.
  • Siblings: Male siblings can join as co-applicants if they reside in the same house. The brother-sister combination is not acceptable. However, if they are co-owners of the property, they have to join as co-applicants.
  • Unrelated persons: It can happen in the case of loans to firms and corporate entities. Keep your partnership deed or Memorandum of Association ready for verification by Bank of India officials.

Bank of India Home Loan - Effect of CIBIL scores

CIBIL scores have great importance as it gives the banks a chance to study your credit history and understand your repaying habits. They get an idea about your repayment behaviour. Banks are comparatively lenient when it comes to processing Home Loans. Bank of India approves Home Loans to borrowers with CIBIL rating above 675. Nevertheless, a higher CIBIL score is desirable.

Bank of India Home Loan - Documents Required

You need to submit the following documents to Bank of India for all housing loans to purchase/construct a flat or house, and extension or improvement of the existing house:

  • Application form duly filled in all respects
  • Self-Declaration - EWS/LIG Income Certificate - for PMAY only
  • Self-Affidavit Income Certificate - For PMAY alone
  • Identity proof - Any one of the following documents
    • PAN card
    • Aadhaar Card
    • Voter's ID Card
    • Driving Licence
    • MNREGA Number
    • Any other number or a certificate of house ownership from Revenue Authority of Beneficiary's Native District, etc.
  • Nationality ID proof - Passport, copy of VISA, etc.
  • Proof of category (belonging to Minority/SC/ST/OBC, and so on - For PMAY loans)
  • Address proof
  • Income Proof - Original Salary Slip/Salary Certificate/Other Income
  • Latest IT Return or Form No 16 - if applicable
  • Statement of Accounts for the last six months
  • Business profile - for self-employed individuals and non-individuals
  • Valuation certificate from the Bank's approved valuer
  • Approved Plan for Construction
  • Architect/Engineer's Certificate confirming the cost of construction/ repairs/ improvements/ extension - in case of loans for construction of house and home improvement loans.
  • Architects Certificate confirming expected life, fitness, and future of Flat/house in case of purchase - Usually, it is part of the valuation certificate.
  • Agreement for construction with Builder/Developer - in case of loans for construction
  • NOC from Housing Society/Competent Authority
  • Affidavit-cum-Undertaking to the effect that the construction is an authorized area and the construction is strictly as per the sanctioned plan/building bye-laws. It should also contain the clause that you are availing the loan for acquiring plot/house/flat for residential purpose only.
  • Receipt of advance payment made to builder/seller, if any
  • Affidavit from the beneficiary that he/she or any of the family members do not own a pucca house in any part of India - For PMAY loans alone
  • Letter of Allotment of Property - Where property is proposed to be purchased from builder/housing boards, and so on OR Agreement to Sale (where the resale property is proposed to be purchased OR Title deeds or lease deed or Mutation Agreement in respect of pre-owned property, which is to be extended.

It is an exhaustive list of documents. However, you should submit the applicable documents alone. We help you identify such documents and help you with the compilation process.

In Case of NRIs and PIOs, you should submit the following documents:

  • Passport with Visa stamped on it
  • Copy of PAN card - self-attested
  • Address proof in India (if the address on the passport is different)
  • Address proof in a foreign country (Driving Licence or Utility bill)
  • Name, address, and contact details of a close relative in India - self-attested
  • Latest Credit Bureau Report - (applicable to NRIs residing in countries like the US and UK where such reports are easily available
  • Property related documents
  • Work Permit
  • Full address of employer with contact details
  • Copy of ID card issued by the current employer
  • Copy of Continuous Discharge Certificate for applicants employed in Merchant Navy
  • Details of past employment
  • Details of overseas bank account for one year
  • Latest salary slip in original
  • Annual IT return
  • Membership of professional organization - For self-employed professionals
  • Government or local body permission or licence to engage in a business activity - For self-employed businesspersons

How much Home Loan can I get on my property (Loan-to-Value or LTV) from Bank of India?

The LTV ratio depends on the loan amount and the age of the property:

For 1st house/flat

Loan up to 20 Lakhs

Loans over 20 Lakhs and up to 75 Lakhs

Loans above 75 Lakhs

15% of the cost of the property

20% of the value of the property

25% of the value of the property

For subsequent houses/flats

20% of the value of the property

20% of the value of the property

20% of the value of the property

If you opt for a loan for repairs and renovations, home improvements, extensions, and up-gradation, there is a uniform margin requirement of 25%.

The margin is on the pure project cost. Bank of India does not consider stamp duty and registration charges as part of project cost for houses having value more than 10 Lakhs.

However, you can include the cost of stamp duty and registration in the project cost if the value of the property is less than 10 Lakhs.

Other Products by Bank of India

Bank of India offers the following mortgage loan products in addition to the ones described above:

Bank of India Loan against Property

  • The loan against property is available for various purposes as detailed hereunder
    • Meet the credit needs of trade or commercial activity for business persons
    • Education expenses of self or children and other members of the family including near relatives
    • Undertake repairs and renovation to the existing residential or commercial property
    • Purchase another property for residential or commercial use
    • Repayment of existing loans
  • Individuals and non-individuals are eligible for loans under this product
  • NBFCs, trusts, and partnership firm where HUF is a partner do not qualify for loans under this scheme.
  • Maximum age limit for individuals in permanent service is 60 years at the maturity of the loan
  • For self-employed individuals. The maximum age at maturity of the loan is 70 years
  • Eligibility - 48 times average net emoluments for salaried and self-employed individuals
  • Doctors - 4 times average net annual income as per IT returns for the last 3 years
  • Non-Individuals -
    • 4 times average net annual income as per IT returns for loans and reducible overdraft facility
    • 20% of yearly turnover as per Balance sheet for a non-reducible overdraft limit
  • The loan is available in the form of term loan or overdraft.
  • The quantum of loan is as follows:
Category of borrower Demand/Term Loan Overdraft (Reducible) Overdraft (Non-reducible)

Individuals - Salaried/Self-employed/Professionals

5 Crores

2 Crores


Doctors - in case of joint accounts, all co-applicants have to be doctors

5 Crores

5 Crores


Others - Proprietorship firms, partnership firms, companies and so on

5 Crores

5 Crores

5 Crores

  • Margin - No margin for loan limit provided on the basis if guideline value or registration value of the property

     - 60% of the market value

     - 50% of distress sale value

The quantum of loan is the minimum of all the three amounts mentioned above

  • The maximum repayment tenure is 12 years for the term DP will reduce proportionately over a period of 12 years for the reducible overdraft limit.

Bank of India Star Top-Up Loan

  • All existing Home Loan borrowers having satisfactory repayment record for the last two years are eligible.
  • Firms, HUF, and corporate entities are not eligible for loans under this product.
  • It enables borrowers to meet all kinds of personal expenses other than for speculative purposes.
  • The minimum loan amount is 2 Lakhs
  • The quantum of loan depends on the repaying capacity of the borrower subject to a maximum of 75% of the distress sale value of the property.
  • The repayment tenure should not exceed 12 years
  • In any case, it should not exceed the repayment period of the Home Loan.

Other than Home Loans and mortgage loans, Bank of India also offers the following products and services to its customers:

Deposit Accounts

Saving Accounts

Salary Accounts

Current Accounts

Term Deposits

Tax Saving Schemes

MACAD (Motor Accident Claims Annuity Term Deposit Account)

BOI Star Education Loan

BOI Star Mitra Personal Loan

BOI Star Doctor Plus

Earnest Money Deposit (EMD)

BOI Star Vidya Loan

BOI Star Vehicle Loan

BOI Star Pensioner Loan


BOI Star Padho Pardesh

BOI Star Personal Loan

Star Holiday Loan

Pradhan Mantri Kaushal Rin Yojna (Skill Loan)

CASA Term Insurance

Corporate Loans

Trade Finance

Cash Management Services

Discount Future Cash Flows

Rural Financing

NRI Accounts/ Deposits/ Banking/ Loans

MSME Financing

MSME Financing

Debit Cards

Credit Cards

How to Calculate Bank of India Home Loan EMI?

You can use our EMI Calculator to determine your loan EMI. All you need to enter are three variables, the loan amount, rate of interest, and the loan tenure. You get a comprehensive loan amortisation schedule within no time.

Bank of India Processing Fees and Other Charges

Loan Product Nature of Charges Amount of Charges

Star Home, Star Smart Home, Star Pravasi, Star Top-Up Home Loan

Processing Fees

  • Individuals - 0.25% of the loan amount Minimum 1000 and Maximum 20,000
  • For partnership firms & corporates - Double that of the individuals
  • In Rural areas - 75% of the charges applicable to individuals

Prepayment Charges for floating rate loans


Prepayment for fixed rate loans

On takeover by another bank for Fixed Rate Loan Product - 0.65% per annum on the outstanding amount for the remaining maturity with a maximum of 2.25% of the outstanding amount

Conversion Charges

  • Fixed to Floating - 0.25% per annum on the Outstanding balance for the remaining maturity
  • Floating to Fixed - 0.40% per annum of the Outstanding balance for the remaining maturity
  • Both the amounts subject to a maximum charge of 2.10% of the outstanding amount

Star Diamond Home Loan

Processing Fees

  • One time processing fees of 50,000 or maximum as per the Star Home Loan product whichever is higher
  • Prepayment charges are the same as other Home Loan products

Star Loan Against Property

Processing Fees

  • Term Loan - One time fees of 1% of the sanctioned loan amount Minimum 5000 and Maximum 50,000
  • Overdraft (Reducible) - 0.50% of approved limit Minimum 5,000 and Maximum 30,000 for the 1st year
  • On renewal of OD A/c - 0.25% of the reviewed limit Minimum 2,500 and Maximum 15,000 for the subsequent years
  • Overdraft (Non-Reducible) - 0.50% on the sanctioned amount Minimum 5,000 and Maximum 30,000 on an annual basis
  • Rural Areas - 75% of the above charges


Mortgage Fee

  • Limits up to 10 Lakhs - 5000
  • Over 10 Lakhs up to 1 Crore - 10,000
  • Over 1 Crore up to 5 Crores - 20,000

Other Charges

The customer has to bear the following additional charges wherever applicable on the basis of actual costs.

  1. Valuation of Property from Bank's approved valuer
  2. Obtaining Title Clearance Report from an advocate on Bank's panel
  3. Registration of equitable mortgage with the Sub-Registrar (wherever applicable)
  4. Registration of charge with ROC (wherever applicable)
  5. Stamping of documents as per the State Stamp Act
  6. Insurance premium for assets mortgaged to the bank

Charges for obtaining a credit report from credit bureaus - 50

CERSAI Charges

  1. 50 for a loan up to 5 Lakhs
  2. 100 for loans over 5 Lakhs

Bank of India Home Loan - Customer Care

  • You can contact Bank of India Customer Care at their following Toll-Free numbers- 1800-220-229 (all days 24 X 7)
  • You can also have a chat with Bank of India customer service representatives at 022-40919191
  • Drop an email at

Address: You can also contact the head office of Bank of India at Mumbai or any of their Zonal offices located in the major cities in India. The branch manager of the local Bank of India branch is the right person to approach in case of a customer grievance.

Corporate Office

Bank of India

STAR HOUSE, C-5, "G" Block

Bandra Kurla Complex,

Bandra East

Mumbai 400051

Ph No - 022-66684444

Bank of India Home Loan Latest News

Bank of India non-operational Executive Chairman seeks higher levels of operational freedom

Mr G Padmanabhan, Bank of India's non-operational Executive Chairman, raised the issue of seeking higher levels of operational freedom for the public sector banks while speaking at the banking conclave organised by the Centre for Economic Policy Research. He feels that private banks have a higher degree of freedom to tackle bad loans as compared to the nationalised banks. It prevents these banks from taking tough decisions in matters concerning the recovery of NPAs.

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.  


Does Bank of India provide Home Loan to construct a house on land belonging to my father?

If the land belongs to your father, he should join as co-applicant to your Home Loan. A lot depends on the age of the father. Bank of India has age restrictions regarding minimum age while availing loan and age of borrower at the time of loan maturity. It decides your loan tenure. However, if there are other siblings and legal heirs it is better to get an NOC from them before proceeding with your loan application.

What is Step up or Step down EMI?

Your salary is bound to increase in the future. However, banks consider your present income while determining the eligibility for Home Loans. You have to satisfy take-home pay norms. As your salary increases in the future, your take-home pay will also increase. Bank of India considers this fact while fixing up your EMI. They stipulate smaller EMIs in the initial years and gradually increase it to coincide with the rise in your salary levels. It makes you eligible for a higher amount of loan. This facility is the Step up EMI facility. Alternatively, you can opt to pay a higher EMI in the initial stages and reduce it in the future. This option is the Step down EMI option.

Can a Power of Attorney Holder execute the loan documents on behalf of the NRI?

Yes, a POA holder can execute documents on behalf of the NRI on satisfying the following conditions:

  1. The borrower should sign the application form
  2. The NRI borrower should request the bank to allow execution of the documents and creation of the security by the POA holder.
  3. Only close relatives can be POA holders
  4. POA should be as per approved specimen of the Bank
  5. It should be an irrevocable POA
  6. The original POA will remain with the Bank
  7. The NRI borrower should execute the POA in the presence of the officials of the Indian Consulate/Embassy abroad.
  8. The POA should be registered with the Registrar of Assurances
  9. The POA holder should execute documents in the capacity of authorised representative of the NRI
  10. The POA should contain the photo and signature of the POA holder
  11. The POA Holder should execute the documents in the presence of the Bank officials

Does Bank of India provide loans for the furnishing of house/flat?

Yes, Bank of India provides loan for furnishing the house/flat at the rate of interest as applicable to housing loan under the Star Home Loan product.

What is the maximum moratorium period available on the Bank of India Home Loan?

The maximum moratorium period is 36 months. However, the total repayment tenure should not exceed 30 years including the moratorium period.

Is insurance compulsory for a Bank of India Home Loan?

No, insurance is not compulsory. However, it is better to have a Home Loan insurance to safeguard your interests. Bank of India has tie-ups with the top insurance companies in India. You can insure your property as your Home Loan with insurance. It can help you in times of emergency. Bank of India provides you with free personal accident insurance coverage under the BOI Star Home Loan scheme. However, it is an optional one.

Can I get a loan to install a solar rooftop PV from Bank of India?

Yes, Bank of India has a product where you can get a loan to install a solar rooftop PV. The amount of loan depends on the cost of the solar rooftop PV set up.

Does a change in the RBI repo rate affect the EMI?

Yes, any change in the RBI repo rate affects the bank's Marginal Cost of Funds based Lending Rate (MCLR). Whenever there is a change in the MCLR, you observe a difference in the interest rates on Home Loans and other loans because all the interest rates depend on the MCLR.

What is the tax rebate available on a Home Loan?

Section 24 and Section 80C allows you a separate deduction on repayment of interest and principal amounts respectively subject to a ceiling of 2 Lakhs and 1.50 Lakhs respectively. You can also claim tax deductions on payment of stamp duty and registration even if you have not availed any Home Loan. First-time home buyers get additional rebates in income tax.

Where can I avail Bank of India Home Loans?

Bank of India has an extensive network of branches in India, especially the western states and Central India. Bank of India has specialized retail loan processing centres and Home Loans sales teams across the country to cater to the Home Loan requirements of customers all over the country. You can also apply for your Bank of India Home Loan through MyMoneyMantra. It provides you with an opportunity to compare different products on a single screen. You end up getting the best deal on Home Loans when you avail the services of MyMoneyMantra.

Why Apply for Bank of India Home Loan on MyMoneyMantra?

Bank of India has an extensive network of branches all over India. Hence, you are never far from a Bank of India branch. It makes it easy for a customer to approach the branch and apply for a Home Loan. Bank of India has facilities where customers can apply online as well. However, these facilities do not help you to compare the different products of Bank of India as well as that of other banks on a single screen. MyMoneyMantra enables you to make a comparison. One of the leading loan service providers in India, we offer this service free of cost to all. These are the advantages of applying for a Bank of India Home Loan on MyMoneyMantra.

  • Compare a range of Home Loan products and choose the right one that suits your needs
  • Know your prospective Equated Monthly Instalment (EMI) using the EMI calculator

We help you to:

  • Analyse your profile and repayment record
  • Understand the Home Loan policies of Bank of India
  • Help you with compiling the documents necessary for the Bank of India Home Loan

How to Apply for Bank of India Home Loan on MyMoneyMantra?

We believe in keeping things simple. You get a list of documents on our website. We help you identify the appropriate documents for your Home Loan depending on the product you choose. Here is what you have to do.

Visit our official website and proceed to the Home Loan section. Choose your gender, city of residence, the purpose of your Home Loan, and the town where you intend to construct/buy your property. Submit information about the approximate value of the property, your name, email ID, employment/occupation details, and your income. It will help us to identify the right Home Loan product to suit your budget.

We need your mobile number to verify the genuineness of the information submitted by you. Enter the OTP that we send to you on your mobile phone to get access to the Home Loan products page. You can now choose Bank of India as your preferred Home Loan provider.

Our loan specialists will contact you and help you compile the documents properly. We help to assess your profile and determine your eligibility. You can also check out your EMI using our EMI Calculator. Keep the documents ready before submitting the loan application to Bank of India.

Bank of India will contact you to verify your documents before processing with the loan appraisal. You can get the contact details of the panel advocate and valuer to proceed with the verification of the title and carry out the valuation of the property respectively.

In the meanwhile, Bank of India obtains your CIBIL report to know more about your other liabilities and repayment record. They would also love to inspect your property and ascertain the purpose of the loan before proceeding with the appraisal.

After confirming that all documents are in order, Bank of India will process your loan application. On approval, they will provide a loan sanction letter along with a list containing the terms and conditions. Go through the sanction letter thoroughly before acknowledging it. Complete the documentation formalities and avail the disbursement. Finally, create the equitable mortgage in the bank's favour and register the document with the Sub-Registrar wherever applicable.

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