Bank Of India Home Loan
Bank of India Home Loan comes with attractive interest rates starting from just 6.85% p.a. You can avail loan of up to Rs. 5 Crores and repay in flexible repayment tenure of up to 30 years. The bank offers loans for all your housing related needs.
Types of Bank of India Home Loans
- BOI Star Home Loan
- BOI Star Smart Home Loan
- Star Pravasi Home Loan Scheme
- Star Diamond Home Loan
- BOI Star Top Up Loan
- PMAY
Eligibility
- Salaried as well as self-employed people are eligible
- Indian residents, Non-resident Indians (NRIs), People of Indian Origin (PIOs), Hindu Undivided Family, Proprietary Firms, and Partnership Firms can apply.
- Net take home (NTH) income (after all deductions including EMI of the proposed loan) should be as follows
- Minimum NTH for Gross Monthly Income (GMI) up to Rs.1 Lakhs: 40% of GMI
- Minimum NTH for GMI over Rs. 1 Lakh up to Rs. 5 Lakhs: 30% of GMI
- Minimum NTH for GMI over Rs. 5 Lakhs: 25% of GMI
- In case of HUF/ Proprietorship firm/ Company/ Partnership firm: DSCR should be minimum 1.5.
Interest Rate, Processing Fee, and Other Charges
- The current Bank of India Home Loans interest rates are:
- Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan:
- 85% – 8.70%
- Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.
- CRE-RH-Home Loans will have 0.50% additional rate of interest
- Home Loans for entities other than individuals & Star Pravasi Loan
- 90% for women and 6.95% for others
- Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.
PMAY
- 85% irrespective of loan amount
- Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.
Star Top Up Loan
- Rate of Interest applicable for respective Home Loan account + premium of 0.50% (subject to minimum RBLR, i.e. 6.85%).
Processing Fees
- Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan:
- For Individuals: 0.25 % of the loan amount, minimum Rs. 1,500 and maximum Rs. 20,000 (for all loan amounts).
- For Partnership Firms & Corporates: Double than the fee applicable to individuals, i.e. 0.50% of the loan amount, minimum Rs. 3,000 and maximum Rs. 40,000.
- For Rural Areas: 75% of the fee applicable to individuals, minimum Rs. 1,500 & maximum Rs. 20,000.
- Star Diamond Home Loan
- One time processing fee of Rs. 50,000 or maximum as per Star Home Loan Scheme, whichever is higher.
PMAY/ Star Top Up Loan
As per respective Home Loan schemes
Other Charges
- CERSAI registration Fees: Up to Rs. 500.
- Prepayment charges: Nil
- Additional fee for delay in filing records: Up to Rs. 1,000
Documents Required
- Duly filled application form with recent passport-sized photographs
- Identity proof (any one): Driving License/ PAN Card/ Passport/ Voter ID/ Other documents accepted by the bank.
- Address proof (any one): Telephone Bill/ Electricity Bill/ Water Bill/ Passport/ Aadhar Card/ Voter ID/ Driving License/Other documents accepted by the bank.
Property Documents
- Additional documents for salaried:
- Form 16
- Latest salary slip
- Last 6 months bank account statements.
- Additional documents for self-employed:
- Business continuity proof of 5 years
- Last 6 months bank account statements.
Why to Choose Bank of India Home Loan?
- Low rate of interest, starting at 6.85% p.a.
- Low processing fee
- Variety of home loans available
Top Up Loan Facility
- Part-prepayment and foreclosure at NIL charges
- Flexible repayment tenure
FAQs
High Net worth Individuals (HNIs), Firms, Corporate for residential accommodations of their partners or directors, having average gross income of minimum Rs.1 Crore and above in the last 3 years as per audited balance sheet or ITR.
You can avail as minimum as Rs. 2 Lakhs.
You can avail up to a maximum of Rs. 5 Crores in New Delhi, Mumbai, Kolkata, and Chennai and up to Rs. 3 Crores in other cities.
Up to 30 years, including a moratorium period of up to 36 months.
Yes. NRIs and PIOs can avail housing loan under Star Pravasi Home Loan Scheme.
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