Urban Money

Bank of India Home Loan

Bank of India
4.5

The Bank of India offers house loans with interest rates starting at 7.40 percent p.a. and loan terms up to 30 years. The maximum loan amount for the Bank of India house loan is Rs. 5 crore. You may use a Bank of India home loan to build or buy a house or apartment, as well as to renovate, expand, or repair an existing building. Additionally, the bank provides home loans from other banks or financial institutions for takeover.

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Urban Money

Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Bank of India Home loan Interest Rate

Bank of India

8.65% - 10.6%

Up to 0.25%

4.5

Up to ₹5Cr

Tenure(1 - 30 Years)

Details

Features and Benefits of Bank of India Home Loan

Established on September 7, 1906, Bank of India is a public sector bank with its headquarters in Mumbai, Maharashtra. With a strong focus on customer service, the bank is known for its social initiatives and its involvement in CSR activities. The bank has a focused approach to technology and offers its customers an array of digital banking services.

A home loan is a debt instrument, typically taken out by a borrower from a financial institution, i.e. bank or mortgage company, to purchase a home. The Bank of India home loan  is perfect for financing your dream home. With competitive interest rates and swift disbursement, you can choose to repay the loan in 30 years. The Bank of India home loan eligibility criteria is designed to offer you a loan that best suits your financial needs.

The Bank of India offers several features and benefits that make it an attractive proposition for borrowers. Some key home loan features include low-interest rates, flexible repayment options, and hassle-free processing. The loan offers several benefits, such as top-up loans, pre-approved loans, and a balance transfer facility.

  • An extended repayment period of 30 years
  • High-value loan amount ranging up to INR 500 lacs
  • Economical interest rates ranging from 8.65% p.a.
  • Prepayment of loan is allowed. But, prepayment on floating rates is prohibited.
  • Accident insurance and life insurance cover can be availed by the applicant
  • The loan can be availed for the installation of Solar PVs
  • Interest is calculated on a daily reducing balance basis
  • The applicant can avail tax benefits on the interest and principal repayment

Eligibility Criteria of Bank of India Home Loan 

The eligibility criteria of Bank of India’s home loan is outlined below:
Salaried Employees Based on I-T returns, 72 times gross month-to-month salary or six times gross annual income.
Self Employed/ Professionals based on I-T returns, six times gross annual income
HUF/ Partnership Firm/ Company Based on Balance Sheet/P&L Accounts, six times cash accruals (PAT + Depreciation)

Quantum of Bank of India Home Loan

The quantum of home loan offered by Bank of India is tabulated below:

Construction or purchase of house INR 3 crores to INR 5 crores
Purchase of Plot INR 3 crores
Installation of Solar PVs According to the limit fixed by the bank

Factors Affecting Bank of India Home Loan Eligibility Criteria

There are a few factors that affect the eligibility criteria for a Bank of India home loan. 

  • The first is the applicant's credit score. Higher credit scores typically lead to lower interest rates and more favourable loan terms. 
  • The second factor is the loan amount. The higher the loan amount, the more stringent the eligibility criteria will be. 
  • The third factor is the loan purpose. A loan for a primary residence will have different eligibility criteria than a loan for an investment property. 
  • The fourth and final factor is the down payment. The higher the down payment, the lower the loan amount and the more favourable the loan terms.

Bank of India Home Loan Fees and Charges

Bank of India offers home loans at competitive interest rates with low processing fees and other charges. The bank also offers different repayment options to suit the borrower's needs. The following are the fees and charges associated with Bank of India home loans:

Processing Fees Up to 0.25% of the loan amount;
Penal Interest N/A
Prepayment Charges
  • Floating Rate: Nil
  • Fixed Rate: 0.65% to 2.25% of the balance

Bank of India Home Loan Documentation Required

The documents mentioned below are required to begin the loan application process. Depending on the individual's circumstances, additional documents may be required. For example, self-employed individuals may need to provide additional documentation regarding their income and assets.

  • Identity Proof: Aadhaar Card, PAN Card, Driving License, Voter ID, or Passport
  • Address Proof: Aadhaar Card, PAN Card, Driving License, Voter ID, Passport, or utility bills.
  • Property Documents: Sales deed, No Objection Certificate, Sales agreement, Registration documents of the property.
  • Income Proof (Salaried): Salary slip and bank account statement
  • Income Proof (Self-employed): IT returns, P&L statement, and audited balance sheet

How Does the EMI calculation Work for Bank of India Home Loan? 

The EMI calculation for the Bank of India Home Loan works as follows:

The loan amount is first divided by the tenure of the loan in months. This gives us the principal amount that needs to be repaid each month. The interest for each month is then calculated on the remaining principal amount. The total EMI for the month is the sum of the principal and interest amounts.

Bank of India  Home Loan Customer Care Number

The Bank of India Home Loan Customer Care Number 1800-220-229 is a toll-free number you can call to get information about home loan products and services offered by the bank. You can also use this number to complain or give feedback about the bank's home loan services. The customer care executive will be able to help you with all your queries and concerns.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does the Bank of India provide a home loan at the best rate?

Yes, the Bank of India offers economical and nominal interest rates on home loans ranging from 7.80% p.a.

What are the benefits the Bank of India provides on a home loan?

Bank of India provides several benefits on home loans, which include competitive interest rates, flexible repayment options, and a doorstep service for loan applicants. Additionally, the bank offers a range of value-added services, such as a home loan balance transfer facility, a home loan top-up facility, and a home loan insurance facility.

Does the Bank of India have a fixed interest rate on a home loan?

Bank of India offers fixed and floating interest rates for home loans.

What documents are required by the Bank of India for a home loan application?

The documents required for a home loan application include KYC documents, property documents, and income statements.

How to apply for a home loan in the Bank of India online?

You can apply for a home loan by visiting the official website of Bank of India.

How to check your Home Loan Status in Bank of India?

You can track your home loan application status by visiting the official website of Bank of India and entering your application number and your mobile number.

Does Bank of India Check for CIBIL Scores for Home Loans?

Yes, Bank of India checks for CIBIL score of the applicant before proceeding with the application.

What is the maximum home loan amount I can get from the Bank of India?

You can avail a home loan of upto INR 5 crores with Bank of India.

What are the KYC documents I will have to submit to apply for a home loan from Bank of India?

The KYC documents include Aadhaar Card, PAN Card, Driving License, Voter ID, and Passport.

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