Bank of India Home Loan Details

Highlights of Bank of India Home Loan:

Loan amountUp to 85% of the property cost
Rate of interest6.85% - 7.75%
TenureUp to 30 years
Lowest EMI possibleRs. 655 Per Lakh
Processing fee0.25% onwards
(*100% waiver till 31.03.2021)


Bank of India Home Loan Features

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 6.85% per annum
  • Repayment tenure: Up to 30 years
  • Bank of India home loan processing fees is nominal, starting at merely 0.25% of the loan amount.
  • Lowest EMI possible: Rs. 655 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.

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

Bank of India Home Loan Fees & Charges

Loan ProductNature of ChargesAmount of Charges
Star Home, Star Smart Home, Star Pravasi, Star Top-Up Home LoanProcessing 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 for fixed rate loansOn 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 LoanProcessing Fees
  • One time processing fees of  50,000
  • Prepayment charges are the same as other Home Loan products
Star Loan Against PropertyProcessing 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: Rs 50 for a loan up to  5 Lakhs; Rs 100 for loans over  5 Lakhs


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Bank of India Home Loan FAQs

✅ 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 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?

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?

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?

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.

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

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?

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.