Highlights of Bank of India Home Loan:
|Loan amount||Up to 85% of the property cost|
|Rate of interest|
8.30% - 10.75%
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 765 Per Lakh|
You can also check affordable Home Loan in Kolkata and apply online through MyMoneymantra
Some of the notable features of Bank of India Home Loan are:
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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 8.60%.
|800 and above|
(no concession for women applicants)
|750 to 799|
(no concession for women applicant)
|700 to 749|
(no concession for women applicant)
(for women applicant)
(for women applicant)
|-1 and 0||8.95% p.a|
Check Best Home Loan Interest Rates starting @8.50% from different banks and NBFCs
|Feature||Bank of India||PNB||SBI Bank||HDFC Bank|
|Interest Rate||8.30% - 10.75%||8.40% - 10.10%||8.40% - 10.05%||8.50% - 9.15%|
|Processing Fees||Nil||Up to 0.35%||Up to 0.35%||Up to 0.50%|
|Loan Tenure||30 Years||30 Years||30 Years||30 Years|
|Maximum Loan Amount||Rs. 5 Cr||Rs. 1 Cr||Rs. 7 Cr||Rs. 10 Cr|
|Age||21 - 70 Years||21 - 65 Years||18 - 70 Years||24 - 65 Years|
You can also Check Best Banks for Home Loan in India in 2023
Following charges are applicable for Bank of India home loan:
|Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan||NIL|
|Star Diamond Home Loan||NIL|
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 How to Calculate Home Loan Eligibility on Your Own?
The basic documents required for Bank of India Home Loans are as follows:
In Case of NRIs and PIOs, you should submit the following documents:
You can also Check Pan Number for Home Loan of All Banks Online
Bank of India offers various kinds of Home Loans depending on the category of borrower, the location of the property, and so on.
Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana
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.
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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.
Bank of India
STAR HOUSE, C-5, "G" Block
Bandra Kurla Complex,
Ph No - 022-66684444
Additional Info: Also check Home Loan Customer Care Number
Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 769 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.
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.