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Bank of India is a public sector bank based in Mumbai, offering home loans that are backed and guaranteed by other banks. As a customer of Bank of India, you have the choice of selecting a floating or fixed interest rate for your home loan. These loans, also known as Star Home Loans, are a great option for those looking to purchase a new home or secure a loan for a property they already own.
Bank of India Home Loan
For many individuals, owning a home is a lifelong aspiration. However, constructing your dream home can be quite costly. Fortunately, Bank of India provides affordable home loans with interest rates as low as 8.5 percent. With a cheap housing loan, you can now purchase your own home without breaking the bank.
If you’re looking to build, buy, or renovate a home, Bank of India can help make it a reality with their home loan options. They offer a variety of loans to fit individual budgets, making it easier for many people to achieve their dream of owning a home. Don’t let the process of getting a home loan be a hassle – Bank of India is here to help.
We offer competitive interest rates and various EMI options to cater to different customers. If you meet the eligibility requirements, you can apply for a housing loan and enjoy these benefits. However, it’s important to note that as a borrower, you are responsible for repaying the loan amount and interest within the agreed timeframe.
Bank of India Star Home Loan – This is a home loan facility that comes with an overdraft option. The minimum loan amount is Rs. 5 lakhs for salaried individuals and Rs. 10 lakhs for others. The maximum loan amount for this facility is determined by the standard home loan scheme.
Bank of India Star Diamond Home Loan – If you have a high net worth and are looking for residential accommodation for your directors and partners, or if you’re a corporation seeking the same, the Star Diamond Home Loan may be right for you. To qualify, you must have an average gross income of at least Rs. 1 crore as per ITR and audited balance sheets for the past three years, and the loan amount can be over Rs. 5 crores. You can avail up to 75% of the property cost.
Bank of India Star Smart Home Loan – The purpose of this loan program is to provide an overdraft option.
Bank of India Top Up Loan – This loan program has a specific purpose and is not meant for speculation. The minimum loan amount for this scheme is Rs. 2 lakhs, and borrowers can receive up to 75% of their property’s value. The loan has a 12-year term.
Bank of India Pravasi Home Loan Scheme – This program provides financial assistance for various purposes such as buying or building a house or apartment, repairing, renovating, or extending an existing property, acquiring a plot, or transferring a balance. The maximum loan amount for construction is Rs. 5 crores, while for repairs, it is up to Rs. 50 lakhs. If you plan to purchase a plot, you can receive up to Rs. 1 crore in loan.
Earnest Money Deposit Scheme – We offer a loan program to fund the payment of an Earnest Money Deposit for the acquisition of plots or flats through the Urban Development Authority’s program.
Bank of India Home Loan Eligibility Criteria
The eligibility criteria for BOI home loan may vary depending on the type of loan. BOI provides a range of housing finance options for salaried individuals, non-salaried individuals, NRIs, PIOs, high net worth individuals, firms, and corporations.
The age of an applicant is a determining factor for the duration of repayment of a loan. Bank of India requires a minimum age of 21 years at the time of loan initiation for their home loan. Both salaried and self-employed individuals can enjoy a loan repayment tenure of up to 30 years each. The maximum loan eligibility tenure is outlined below.
Documents Required for Bank of India Home Loan
For Individual
- Proof of identity – PAN/Passport/Driver Licence/Voter ID
- Proof of Address – Passport / Driver Licence / Aadhar Card / Latest Electricity Bill / Latest Telephone Bill/Latest Piped gas bill
- Proof of Income – For salaried: Latest 6 Month Salary / Pay Slip and One year ITR / Form16 For Self-employed – Last 3 years ITR with Computation of Income / Profit & Loss Account / Balance \ Sheet / Capital Account Statement
For Other Than Individual
- KYC of Partners/Directors
- PAN Card copy of Company/Firm
- Regd. Partnership Deed/MOA/AOA
- Certificate of incorporation as applicable
- Account statement for last 12 months
- Firm’s Audited Financials for last 3 years
IBIL Score for BOI Home Loan Eligibility
The Bank of India considers an applicant’s financial history, as measured by their credit score and CIBIL score, when determining their eligibility, The CIBIL score tracks all of the applicant’s past transactions and reviews how effectively they repaid their lenders.
When a customer applies for a home loan, the bank can use their CIBIL report to review their repayment behavior for past home loans and credit card usage. A higher CIBIL score increases the likelihood of the bank approving the application, The Bank of India requires a minimum CIBIL score of 650 for borrowers to be eligible for a home loan.
| CIBIL Score | For Salaried | For Self-employed |
|---|---|---|
| Score of 760 and above | 6.90% per annum ( No Further Concession for Women Borrowers) | |
| CIBIL Score between 725 to 759 | 7.00% (No Further Concession for Women Borrowers) | |
| CIBIL Score between 675 and 724 | 7.10% (No Further Concession for Women Borrowers) | |
| CIBIL Personal Score of -1 and 0 | 7.10% (No Further Concession for Women Borrowers) | |
| CIBIL Score Below 675 | Women Borrowers – 8.55% | Women Borrowers – 8.70% |
| Others – 8.60% | Others – 8.75% | |
Bank of India Home Loan EMI Calculator
The Bank of India Home Loan EMI Calculator calculates your monthly EMI based on three simple inputs: the loan amount, interest rate, and loan tenure. Each of these inputs plays a significant role in determining your final EMI in reality. The Check Here calculator serves as a helpful tool to assist applicants in designing a personalized home loan plan for their project. However, it is crucial to keep in mind specific points while using the Bank of India Home Loan Calculator effectively.
The Bank of India Home Loan EMI Calculator from the calculates the monthly EMI based on the loan amount, interest rate, and loan tenure. Each of these factors affects the final EMI in real life. The calculator provides a basic structure to help applicants design a customized home loan for their project. However, it is important to consider specific points in order to use the BOI Home Loan EMI Calculator effectively.
Bank of India Home Loan Processing Fee and Charges
| Home Loan Schemes | Processing Charges |
| Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan | For Individual borrower- 0.25% of the loan amount (Rs 1,500-Rs 20,000) |
BOI Home Loan Interest Rates 2024 for Star Home Loan / Star Smart Home Loan /Star Diamond Home Loan
The interest rates for BOI housing loan are tied to the Repo Based Lending Rate (RBLR) and a person’s CIBIL Score. At present, the RBLR is 9.25%. If your credit score is low, you may have to pay higher interest rates. Women borrowers in the 760+ CIBIL score category do not receive any concession. However, for those with scores below 760, women borrowers are given a 0.05% concession.
| BOI Home Loan Scheme | Interest Rate |
|---|---|
| BOI Star Home Loan | 8.45% p.a. onwards |
| BOI Star Diamond Home Loan | 8.45% to 9.65% p.a. onwards |
| BOI Star Smart Home Loan | 8.45% to 9.65% p.a. onwards |
| Star Pravasi Home Loan | 8.45% to 9.65% p.a. onwards |
| Pradhan Mantri Awas Yojana | 10.25% p.a. |
| BOI Star Loan Against Property | 11.25% p.a. onwards |
NOTE – Bank of India home loan interest rate vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you should visit the https://bankofindia.co.in/home-loan bank’s official website and confirm.