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Bank of India Home Loan Details

Highlights of Bank of India Home Loan:

Loan amountUp to 85% of the property cost
Rate of interest8.30% - 10.25%
TenureUp to 30 years
Lowest EMI possibleRs. 755 Per Lakh
Processing feeNil

Additional Info: Also check Bank of India Balance Check

Features and Benefits of Bank of India Home Loan

Some of the notable features of Bank of India Home Loan are:

  • Loan amount: Up to 85% of property value
  • Bank of India home loan interest rates start from 8.30% per annum
  • Repayment tenure: Up to 30 years
  • Bank of India home loan processing fees is Nil.
  • Lowest EMI possible: Rs. 755 per lakh
  • 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 Rs. 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

Additional Info: Also Check Best Banks for Home Loan in India in 2022

Bank of India Home Loan Interest Rates

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 8.30%.

Home Loan Interest Rates:

CIBIL ScoreSalariedNon-Salaried
800 and above

8.30% p.a.

(no concession for women applicants)

750 to 799

8.40% p.a.

(no concession for women applicant)

700 to 749

8.50% p.a.

(no concession for women applicant)

Below 700

10.05% p.a.

(for women applicant)

10.20% p.a.

(for women applicant)

10.10% p.a.

(for others)

10.25% p.a.

(for others)

-1 and 08.60% p.a

Additional Info: Best Home Loan Interest Rates @8.30%

Bank of India Home Loan Comparison with Other Lenders

FeatureBank of IndiaPNBSBI BankHDFC Bank
Interest Rate8.30% - 10.24%8.20% - 9.35%8.55% - 9.05%8.60% - 9.50%
Processing FeesNilUp to 0.35%Up to 0.35%Up to 0.50%
Loan Tenure30 Years30 Years30 Years30 Years
Maximum Loan AmountRs. 5 CrRs. 1 CrRs. 7 CrRs. 10 Cr
Age21 - 70 Years21 - 65 Years18 - 70 Years24 - 65 Years
Benchmark RateRLLRRLLRRLLRPLR
Lowest EMI Per LakhRs. 755 per lakhRs. 748 per lakhRs. 772 per lakhRs. 776 per lakh

Bank of India Home Loan Eligibility Criteria

  • Salaried employees, self-employed persons, professionals, NRIs, PIOs, HUF, proprietary firms, partnership firms, and corporate can apply.
  • Steady and regular source of income required.
  • Comply by minimum net take home (NTH) norms.

A. Individuals

  • Gross monthly income up to 1 Lakh - minimum NTH pay is 40%
  • Gross monthly income over 1 Lakh 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 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.

Additional Info: Also check Home Loan Eligibility

BOI Home Loan Documents Required

The basic documents required for Bank of India Home Loans are as follows:

  • Duly filled application form with 3 latest passport-sized photographs.
  • Identity proof: PAN Card (mandatory for loan amount above Rs 10 Lakhs) and Driver's License/ Voter's ID/ Aadhaar Card/ Passport.
  • Residence Proof: Driver's License/ Registered Rent Agreement/ Aadhaar Card/ Passport/ Ration Card/ Voter ID.
  • Last 1 year's loan account statement along with sanction letter (if any previous loan is active).
  • Proof of assets held: LIC/ KVP/ NSC/ PROPERTY/ MF
  • Assets and liabilities statement
  • ITR Verification Report

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

Additional Info: Also check Documents Required For Home Loan

Bank of India Home Loan Fees and Other Charges

Following charges are applicable for Bank of India home loan:

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

You can also Apply for Pan Number for All Banks

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 Rs. 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)

Additonal Info: Check 5 Crore Home Loan EMI

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 Rs. 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 Rs. 5,000 is automatically transferred to the Home Loan account in multiples of Rs. 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.

Additional Reading: SBI PLot Loan

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 Rs. 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.

Additional Info: Home Construction Loan

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

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana

How to Calculate Bank of India Home Loan EMI?

You can use our Bank of India Home Loan 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.

Additional Info: Check 35 Lakh Home Loan EMI Apply Online.

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 Callcentre@bankofindia.co.in

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

Additional Info: Also check Home Loan Customer Care Number

Apply for Home Loan Online @ Rs. 748/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 8.20% p.a. Pay EMI of just Rs. 748 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.

Bank of India Home Loan FAQs

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

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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.

✅ What is Step up or Step down EMI?

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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.

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

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

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

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?

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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?

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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?

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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?

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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.

✅ What is the tax rebate available on a Home Loan?

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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.

✅ Where can I avail Bank of India Home Loans?

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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.