Bank Of India Home Loan-2025
Bank of India home loan offers affordable financing to buy, construct, or renovate your house. With low-interest rates, simple documentation, and quick approvals, Bank of India housing loans are perfect for fulfilling your dream of homeownership.
Bank Of India Home Loan
Welcome to our comprehensive guide on Bank of India Home Loans, a prestigious financial institution in India known for its reliable services. Bank of India offers a range of home loan schemes designed to meet the needs of salaried individuals, non-salaried professionals, and NRIs, providing trustworthy options for prospective homeowners.
We will explore the details of home loan offerings by the Bank of India (BOI), including interest rates, eligibility criteria, the application process, and other important information. You will be able to make informed decisions regarding home loans with the help of this guide. Read on to understand the details of home loans offered by BOI so you can make a suitable decision.
Bank of India Home Loan Features
Bank of India home loan interest rates are competitive and offer flexibility to the applicant. The interest rates may vary based on the specific loan scheme and tenure. They are easy to apply and customisable as per your requirements.
By understanding the home loan features of the Bank of India Home Loans schemes, borrowers can make informed decisions and choose the most suitable option that aligns with their financial goals and repayment capacity. Here is a table showing the important features of BOI home loan plans:
| Loan Amount | Minimum: N/A
Maximum: Rs. 5 crore |
| Repo Based Lending Rate (RBLR) Rates | 8.70% p.a. to 9.80% p.a. |
| Processing Fees | Up to 0.25% for Individuals
(Minimum: Rs.1,500 Maximum Rs.20,000) |
| Foreclosure/ Prepayment Charges | Nil for all floating-rate schemes
0.65% to 2.25% of the loan balance for fixed-rate packages |
| Penal Interest Rate | N/A |
| Rate Packages Available | Floating/Fixed |
| Max Tenure | 30 Years |
Note: These rates are applicable from March 1, 2024, onwards and are subject to change in the future.
Interest Rates of Bank Of India Home Loans
An individual’s CIBIL score and the Repo Based Lending Rate (RBLR) are connected to the BOI interest rates. If your credit score is low, you will have to pay higher interest rates. Also, women borrowers in the category of 760+ credit score will get no concession. If their credit score is below 760, there is a concession of 0.05% for women borrowers.
| BOI Home Loan Plan | Interest Rates |
| Star Home Loan Furnishing | 8.40% p.a. onwards |
| Star Pravasi Home Loan | 8.40% p.a. onwards |
| BOI Star Diamond Home Loan | 8.40% p.a. onwards |
| Star Top-Up Loan | 8.40% p.a. onwards |
| BOI Star Smart Home Loan | 8.40% p.a. onwards |
| BOI Star Home Loan | 8.40% p.a. onwards |
Note: These interest rates are subject to change.
Check Here: Compare Interest Rates of Different Banks
Types of Bank of India Home Loans
There are many carefully curated Bank of India Home Loans which are discussed in detail below:
1. Star Home Loan: This home loan offers a hassle-free experience with minimal paperwork. The boi home loan interest rate starts from 8.40% and is calculated on a daily reducing balance. Following are some important facts about this home loan scheme:
- The maximum repayment period for this home loan plan is 360 months.
- Instant top-up loan is available.
- EMI starts at Rs. 755 per lakh.
- Minimal documentation with no hidden charges.
- Available for purchase of plot with the condition of constructing a house within 5 years.
2. Star Smart Home Loan: This home loan provides you with no maximum limit and hidden charges. It covers all your financial requirements while buying a house. Some of the important features of this loan are below:
- No prepayment penalty is applicable for this BOI home loan plan.
- The maximum repayment period is 360 months.
- The minimum loan amount for a salaried individual is Rs. 5 lakhs and for a self-employed individual is Rs. 10 lakhs.
- The income of a close relative who is a co-applicant is considered.
- Overdraft facility is available for this plan.
3. Star Diamond Home Loan: Buying a house in a prime metropolitan city can lead to financial burdens. However, with the Star Diamond Home Loan plan, you can get a low-interest-rate home loan with no hidden charges. Here are a few details related to the home loan:
- There is no prepayment penalty.
- The minimum loan limit is above Rs. 7.5 crore.
- Maximum repayment period for this loan is 360 months.
- The ROI is calculated on the daily reducing balance.
- With an additional loan amount, there is a balance transfer/ takeover facility.
4. Star Pravasi Home Loan: It is an affordable bank finance offered to NRIs or PIOs to help them buy their dream house. Also, Indian citizens working in the merchant navy and holding an NRO status are eligible for this loan. Here are some important details about this Bank of India Home Loan Plan:
- The income of a close relative who is a co-applicant is considered in eligibility conditions.
- Top-up loans are available instantly.
- EMI starts at Rs. 776 per lakh.
- For renovation or extension of existing property, one can purchase this plan.
- This plan provides up to Rs. 5 crores in coverage for accidents.
Bank of India Home Loan Details
BOI Home Loans is characterised by attractive features and flexible options that ensure a smooth and affordable home-buying journey. Here are the key aspects to consider:
| Feature | Details |
|---|---|
| Interest Rate | Starting from 8.35% per annum |
| Loan Amount | Up to 90% of the property’s market value |
| Repayment Tenure | Up to 30 years |
| Processing Fees | Waived for individuals with a CIBIL score of 700 and above or -1/0 |
- Interest Rate: Bank of India provides competitive interest rates on home loans, prioritising affordability for borrowers.
- Loan Amount: Bank of India offers a wide range of loan amounts to suit your eligibility and requirements.
- Processing Fees: Bank of India charges nominal processing fees for home loan applications.
- Prepayment/Foreclosure Charges: Bank of India allows prepayment or foreclosure of home loans with minimal charges.
- Maximum Tenure: Bank of India offers long tenures for home loans, making it easier for borrowers to repay their loans.
- Rate Packages Available: Bank of India provides various rate packages, such as fixed rates, floating rates, and hybrid options, catering to different borrower preferences.
Bank of India Home Loan Eligibility
To be eligible for a, certain criteria must be met. Eligibility requirements may vary depending on the loan scheme and applicant type. Here are the key factors considered by Bank of India for home loan eligibility:
| Criteria | Details |
|---|---|
| Age | Minimum 18 years; Maximum 70 years (subject to repayment capacity) |
| Income | Stable income and repayment capability are essential |
| Employment Type | Salaried, self-employed, or professional individuals |
| Credit Score | Good credit score required for better approval chances and interest rates |
| Property Documents | Property must meet legal and technical requirements set by Bank of India |
1. Age
The minimum age limit is generally 18 years, and the maximum age limit is typically 70 years, subject to the borrower’s repayment capacity.
2. Income
Bank of India assesses the applicant’s income stability and repayment capability to determine the loan amount eligibility.
3. Employment Type
Bank of India considers the applicant’s employment type, whether salaried, self-employed, or a professional while processing the loan application.
4. Credit Score
A good credit score improves the chances of loan approval and favourable interest rates. Bank of India evaluates the creditworthiness of the applicant.
5. Property Documents
The property being bought must pertain to the legal and technical requirements specified by Bank of India.
Meeting these eligibility criteria improves the chances of getting your Home Loan approved.
Before proceeding with the application process, it’s advisable to check the current Bank of India Home Loan Interest Rates, as they may vary based on market conditions and your profile.
Documents Required for Bank of India Home Loan Application
When applying for a Bank of India Home Loan, you need to submit certain documents. The documentation requirements may vary based on the applicant type and loan scheme. Here are some common documents required:
| Document Category | Accepted Documents |
|---|---|
| Identity Proof | – PAN Card – Aadhaar Card – Passport – Voter ID – Driving License |
| Address Proof | – Aadhaar Card – Passport – Voter ID – Utility Bills (Electricity, Telephone, Piped Gas) – Rental Agreement |
| Income Proof | – Salary Slips (last 6 months) – Bank Statements (last 6 months) – Income Tax Returns (last 2 years) – Form 16 (last 2 years) – Audited Financial Statements (for self-employed individuals) |
| Property Documents | – Sale Agreement – Property Title Deed – Approved Building Plan – Property Tax Receipts |
| Other Documents | – Passport-size Photographs – Employment Proof |
How to Apply for a Bank of India Home Loan
Applying for Bank of India Home Loans is a simple process, especially with the NoBroker Home Loan Service. Here is a step-by-step guide to help you apply for a Bank of India Home Loan with NoBroker.
1. EMI Calculation
Before you plan to apply for a Bank of India Home Loan, calculate how much you need to pay as EMI for the amount you are taking the loan with NoBroker Bank Of India Home Loan EMI Calculator
2. Check Eligibility
Check your eligibility for Bank of India Home Loan using NoBroker Home Loan Eligibility Calculator.
3. Visit the NoBroker Platform:
Go to the NoBroker Home Loan page and select Bank of India as your preferred lender from the list of available options.
4. Details and Documents
Fill in all the necessary details like name, phone number contact details, income, employment/business details, and the desired loan amount. And Upload the necessary documents, including proof of identity, address, income, property details, and more
5. Submit Application
Once you fill in all the details and required documents, review your application and submit the application .
6. Application Review
Once the home loan application is submitted, the Bank will review your application and may request additional documents if necessary.
7. Loan Approval and Disbursement
Once the application is approved, the loan amount will be disbursed to your bank account.
By following these steps, you can complete the Bank of India Home Loan application process conveniently and efficiently with NoBroker Home Loan services.
Bank of India Home Loan Customer Care
If you have any queries or require assistance, you can reach out to their customer care team. Here are the contact details for Bank of India Home Loan Customer Care:
| Toll-Free Number | 1800 103 1906 |
Feel free to contact them for any information or support related to your Home Loan journey.
Conclusion
Bank of India Home Loans provides an excellent opportunity for individuals to fulfil their dream of owning a home. With competitive interest rates, flexible loan options, and a wide range of schemes, Bank of India caters to the diverse needs of borrowers. By reading this comprehensive guide, you have gained valuable insights into Bank of India’s home loan details, including interest rates.
