Bank of India - 7.35% for Home Loan - Resale Property Home Loan

Bank of India Home Loan:

Bank of India is a large public sector bank with the lowest home loan percentage rate in India.

Currently, the bank offers home loans starting from the 7.35% p.a.* with quick approval and an easy process.

Home Loan in Bank of India is quite popular with its special features and attractive rates

Under the various Bank of India home loan schemes for the different income and occupation Groups.

Interest Rate

7.45% p.a.*

Processing Fee

Processing charges are waived off for individuals having a CIBIL personal score of 725 and above or -1/0

Repayment tenure 

Up to 30 years

Benchmark Rates

RLLR

 

Key Features of Bank of India Home Loan:

1. The loan is available at very competitive rates of interest, currently available in the industry.

2. Prepayment of Loan permitted. No prepayment charges under the floating rate option

3. Loan to NRIs as well as Persons of Indian Origin.

4. Borrowers between the age of 21 and 60 years.

5. Repayment Period of 30 Years or up to 70 years of applicant age.

6. Interest calculation on a daily Diminishing Basis.

 

Bank of India Home loan interest depends upon:

1. Your Salary:

Income helps you identify your rate of interest.

The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate

 

2. Type of loan opted for:

Bank of India also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Bank of India offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

Bank of India Home Loan:

Apply

If you want to get a housing loan from the Bank of India, the process to get the loan is fairly easy.

All you need to do is apply for a home loan at APNARUPEE.COM we are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, etc.

Your loan application will be processed Bank of India’s representatives will get in touch to begin the process of getting a home loan.

You will also be assisted by an APNARUPEE.COM housing loan advisor to ensure that the lending process is smooth and quick and you get the best house loan from the Bank of India.

You can also do a comparison of Bank of India’s Home Loan Interest rates and other charges using the APNARUPEE.COM comparison tool.

Once you apply online, you can check the real-time status of your home loan application in your customer account section of APNARUPEE.COM.

 

Bank of India Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two passport-size photos.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed, and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Bank of India Home Loan Schemes:

1. BOI Star Home Loan

Purpose: 

Regular home loan scheme for plot purchase, for home construction, purchase/construction of house/flat, renovation/repair/alteration/addition to flat/house.

This home loan scheme can also be used for home loan transfer of existing home loans from other banks and HFCs to the Bank of India at lower interest rates.

 

Loan Amount:

For purchase/construction of house/flat- Up to Rs. 3 crore (up to Rs 5 crore in metro cities like Mumbai, Delhi, Kolkata, Chennai)

For repair/renovation/extension- Up to Rs 50 lakh

 

Eligibility Criteria for Bank of India Star Home Loans

Salaried employees, professionals, self-employed individuals.

NRI, HUF, PIO, partnership firms, and proprietorship firms are also considered

 

2. Star Diamond Home Loan:

Purpose: 

For individuals with high net worth, firms and corporates for residential accommodation for their directors, partners with minimum average gross income of Rs 1 crore and

above as per ITR and audited balance sheets for the last 3 years

Loan Amount: Over Rs. 5 crore

LTV Ratio: Up to 75% of property cost

 

Eligibility Criteria for Bank of India Star Diamond Home Loans

Individuals with high net worth

Firms/Corporations for residential accommodation of their partners/directors with a minimum average gross income of Rs 1 crore and above

Net Take Home Pay: 25% of gross income for individuals

Cities Available: Delhi, Bangalore, Hyderabad, Ahmedabad, Pune, Chennai, Mumbai

 
3. BOI Star Smart Home Loan

Purpose: Home loan with overdraft facility

Loan Amount

Minimum: Rs. 5 lakh (for salaried) and Rs. 10 lakh (for others)

Maximum: As per the normal home loan scheme

 

Eligibility Criteria for Bank of India Star Smart Home Loans

Existing savings/current account customer with an average balance of Rs 5,000 for the past 1 year

A new customer who opens a new savings/current account with an opening balance of Rs 5,000

Salaried employees having salaried accounts with the Bank of India

Self-employed professionals such as lawyers, doctors, CA, CS, engineers, etc.

 

4. BOI Star Top-Up Loan

Purpose: Home loan top-up scheme for existing Bank of India home loan borrowers for financing their requirements, other than speculative purposes

Loan Amount: Rs 2 lakh onwards

LTV Ratio: Up to 75% of property value

Tenure: Up to 12 years.

 

Eligibility Criteria for Bank of India Top-Up Loans

The existing home loan borrowers should have a satisfactory repayment track record for the past 2 years

Valid and enforceable mortgage to be availed in the home loan account

 

5.BOI Star Pravasi Home Loan Scheme

Purpose: NRI Home Loans are offered to NRIs and persons of Indian Origin for the purchase/construction of a house/flat, repair/renovation/extension of an existing house/flat, plot purchase, and balance transfer

Loan Amount:

For construction/purchase of house/flat: Up to Rs. 5 crore

For repair/renovation/extension: Up to Rs 50 lakh

Plot purchase: Up to Rs 1 crore

Tenure: Up to 30 years

 

Eligibility Criteria for Bank of India Star Pravasi Home Loans

NRIs having valid Indian passport

People of Indian origin (PIO) have foreign passports and a steady source of income.

They should substantiate Indian origin status by indicating the birth of place in India in the current passport, passport of parents or grandparents proving their claim as a person of Indian origin, PIO card copy

Purpose: Interest subsidy of Rs 2.67 lakh for Economically Weaker Sections, Low-Income Groups, and Middle-Income Groups

Tenure: Up to 20 years

Maximum Household Income (p.a.):

EWS/LIG: Up to Rs 6 lakh

MIG 1: Rs 6 lakh-Rs 12 lakh

MIG 2: Rs 12 lakh-Rs 18 lakh

 
7. Earnest Money Deposit Scheme:

Purpose: Short-term loan provides to finance payment for Earnest Money Deposit for the allotment of plots or flats under the scheme of Urban Development Authority

Loan Amount: Up to Rs. 10 lakh

LTV Ratio: Up to 90% of property cost

 

Eligibility Criteria for Bank of India Earnest Money Deposit Home Loans

All individuals fulfilling Urban Development Authority eligibility criteria

Minors not eligible

 

Frequently Asked Questions:

Q1. Can the applicants availing Bank of India Home Loans choose between fixed and floating rates?

Ans.  Bank of India offers home loans at floating rates only. Hence, the applicants cannot choose between the two.

 

Q2.  Can I foreclose my home loans availed from the Bank of India?

Ans.  Yes, the applicants can foreclose their home loans availed from the Bank of India.

The bank does not charge any prepayment fees for home loans at floating rates.

 

Q3. Does the Bank of India offer any concession on home loans?

Ans. Bank of India does not offer interest rate concessions to women applicants except for those having CIBIL scores below 700.

The bank offers an interest rate concession of 5 bps to female applicants having CIBIL scores below 700.

 

Q4. What is the minimum credit score required to avail home loan from the Bank of India?

Ans. The Bank of India has not set a specified credit score for applicants availing home loans from the Bank of India.

However, it offers lower interest rates to applicants having higher credit scores.

For eg. It offers the lowest interest rates to applicants having credit scores of 800 and above, followed by applicants having credit scores of 750-799, 700-749, and below 700.

 

Bank of India Home Loan News - August 2024

 

2021-10-18: Bank of India Cuts Interest Rate on Home Loan

Bank of India has reduced the home loan interest rate by 35 basis points.

With this cut, the interest rate on home loans starts at 6.50 percent against the earlier 6.85 percent.

These rates are applicable for the new loans as well as balance transfers till December 31, 2021.

 

2020-08-03: Bank of India posted PAT of Rs. 845.78 crore in Q1FY21

Bank of India posted a net profit of Rs 845.78 crores for the period ended June 30, 2020, as against a net profit of Rs. 3600,65 crores for the period ended March 31, 2020.

Further, the Bank reported total income aided by retail loans like home, personal, car, two-wheeler, and gold loans along with business and mudra loans of Rs 12022.48 crores during the period ended June 30, 2020.

 

2019-11-05: Bank of India reports Rs 266 crore profit in the second quarter

Bank of India eamed a net profit of Rs 266 crore in the second quarter of the present fiscal year, The Bank claims the profit because it experienced a growth in its net interest income and a decline in its provision for bad and

doubtful retail loans, like home and personal loans Further, the total income of the Bank increased by Rs 11,985 50 crores.