Highlights of Bank of India Home Loan:
|Loan amount||Up to 85% of the property cost|
|Rate of interest||6.85% - 7.75%|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 655 Per Lakh|
|Processing fee||0.25% onwards|
(*100% waiver till 31.03.2021)
Some of the notable features of Bank of India Home Loan are:
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 Rs 5,000 for last 1 year and new customers who open a new SB/CD account with an opening balance of Rs 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 & maintaining SB/CD Account throughout the loan tenure, are also eligible.
BOI Home Loan: Documents Required
The basic documents required for Bank of India Home Loans are as follows:
Bank of India Home Loan Fees & Charges
|Loan Product||Nature of Charges||Amount of Charges|
|Star Home, Star Smart Home, Star Pravasi, Star Top-Up Home Loan||Processing Fees|
|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|
|Star Diamond Home Loan||Processing Fees|
|Star Loan Against Property||Processing Fees|
The customer has to bear the following additional charges wherever applicable on the basis of actual costs.
Charges for obtaining a credit report from credit bureaus - 50
CERSAI Charges: Rs 50 for a loan up to 5 Lakhs; Rs 100 for loans over 5 Lakhs
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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 of the applicant and age at the time of loan maturity. The age restrictions decide loan tenure. Also, if there are other siblings and legal heirs it is better to get an NOC from them before proceeding with your loan application.
We all work for financial growth in the future. However, banks consider 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. So, to ease customer journey, Bank of India offers flexibility in fixing up your EMI. You can opt for smaller EMIs in the initial years and gradually increase it to coincide with the rise in your salary levels. This is called step up EMI structure. It makes you eligible for a higher amount of loan, in young age when your salary is less. Alternatively, those who need reverse of this facility can opt to pay a higher EMI in the initial stages and reduce it in the future. This is the Step down EMI option and helps those who have advanced in careers and seek to pay high EMIs in the present.
Yes, a POA holder can execute documents on behalf of NRI on satisfying following conditions:
The POA Holder should execute the documents in the presence of the Bank officials.
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.
The maximum moratorium period is 36 months. However, the total repayment tenure should not exceed 30 years including the moratorium period.
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.
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.
Section 24 and Section 80C allows you separate deductions on repayment of interest and principal amounts respectively subject to a ceiling of Rs 2 Lakhs and Rs 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.
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 online for Bank of India Home Loan through MyMoneyMantra. It provides you with an opportunity to compare different products on a single screen.