Bank of India Home Loan

4.5

Bank of India Home loans are designed specially to meet the individual demands of its clients. Customers can determine their loan eligibility from the Bank of India while applying. It is simpler for customers to complete their applications because the bank has minimum documentation requirements. Furthermore, the Bank of India provides flexible repayment options and low-interest rates. Additionally, users can apply for a home loan with the Bank of India because of its user-friendly online application process.

Unlock Best Home Loan Offers From Bank Of India

Choose City

Bank of India Home Loan

  • Interest Rate

    8.3%

  • Loan Amount

    Up to ₹5Cr

  • EMI Per Lakh

    ₹2,042

  • Processing Fees

    Up to 1% of loan amount + GST
  • Pre-Payment Charges

    • On the floating rate of interest by the individual borrower: No charges.
    • On the floating rate of interest by non-individual borrower being applicant or co-applicant: 2% of principal prepaid.
    • On the fixed rate of interest by the individual borrower: 3% of principal prepaid; if prepayment is my own source then no fee is applicable.
    • On the fixed rate of interest by non-individual borrower being applicant or co-applicant: 3% of principal prepaid.
    ... more

Plan Offered

Term Loan

Showing Data for CIBIL Score 825 - 1000

BOI Star Home Loan

  • CIBIL: 825 - 1000

  • CIBIL: 800 - 824

  • CIBIL: 760 - 799

BOI Star Home Loan

CIBIL: 825 - 1000

View more

CIBIL Score range

  • CIBIL: 825 - 1000

  • CIBIL: 800 - 824

  • CIBIL: 760 - 799

  • CIBIL: 725 - 759

  • CIBIL: 675 - 724

  • CIBIL: 0 - 675

  • CIBIL: 0 - 0

Showing Data for CIBIL Score 825 - 1000

  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Upto 5 CrNew8.30%8.30%
Above 5 CrNew8.30%8.30%
  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiUpto 5 CrNew8.30%8.30%
Above 5 CrNew8.30%8.30%
PuneUpto 5 CrNew8.60%8.60%
Upto 5 CrNew8.30%8.30%
Above 5 CrNew8.50%8.50%
Above 5 CrNew8.30%8.30%
Kalyan-DombivaliUpto 5 CrNew8.60%8.60%
Upto 5 CrNew8.30%8.30%
Above 5 CrNew8.50%8.50%
Above 5 CrNew8.30%8.30%
Pimpri-ChinchwadUpto 5 CrNew8.60%8.60%
Upto 5 CrNew8.30%8.30%
Above 5 CrNew8.50%8.50%
Above 5 CrNew8.30%8.30%
ThaneUpto 5 CrNew8.60%8.60%
Upto 5 CrNew8.30%8.30%
Above 5 CrNew8.50%8.50%
Above 5 CrNew8.30%8.30%
Vasai-VirarUpto 5 CrNew8.60%8.60%
Upto 5 CrNew8.30%8.30%
Above 5 CrNew8.50%8.50%
Above 5 CrNew8.30%8.30%
Navi MumbaiUpto 5 CrNew8.30%8.30%
Above 5 CrNew8.30%8.30%

Last updated on: 18, Jun 2024

Overdraft

Showing Data for CIBIL Score 760 - 1000

BOI Star Smart Home Loan

  • CIBIL: 760 - 1000

BOI Star Smart Home Loan

CIBIL: 760 - 1000

CIBIL Score range

  • CIBIL: 760 - 1000

Showing Data for CIBIL Score 760 - 1000

  • Salaried
  • Self-Employed
  • Self-Employed (Non-Professional)
Loan AmountLoan TypeMen (ROI)Women (ROI)
Upto 5 CrNew8.60%8.60%
Above 5 CrNew8.50%8.50%
  • Salaried
  • Self-Employed
  • Self-Employed (Non-Professional)
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiUpto 5 CrNew8.60%8.60%
Above 5 CrNew8.50%8.50%
PuneUpto 5 CrNew8.60%8.60%
Above 5 CrNew8.50%8.50%
Kalyan-DombivaliUpto 5 CrNew8.60%8.60%
Above 5 CrNew8.50%8.50%
Pimpri-ChinchwadUpto 5 CrNew8.60%8.60%
Above 5 CrNew8.50%8.50%
ThaneUpto 5 CrNew8.60%8.60%
Above 5 CrNew8.50%8.50%
Vasai-VirarUpto 5 CrNew8.60%8.60%
Above 5 CrNew8.50%8.50%

Last updated on: 18, Jun 2024

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

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.

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.

Get your latest Credit Score, FREE

Home Loan Guide

Get in-depth knowledge about all things related to Home Loan and your finances

Top 10 Best Bank for Home Loan In India 2024
Chitra ChaudharyApr 30, 2024

Top 10 Best Bank for Home Loan In India 2024

We have compiled a list of the best banks for a home loan in India 2024 based on the home loan value it offers to the borrower. These banks offer a variety of home loan programs with numerous advantag

Shriram Finance Customer Care Number
Mansi SainiOct 05, 2023

Shriram Finance Customer Care Number

We explore all the Shriram Finance Customer Care Numbers provided by the bank. Through these channels of communication, the financier aims to provide technical support, grievance redressal, and other

RBI Home Loan Guidelines 2023
Chitra ChaudharySep 11, 2023

RBI Home Loan Guidelines 2023

The Reserve Bank of India is the highest banking and financial authority in India. Along with the Government of India, the central bank revamps and updates its policies to publish RBI guidelines for h

Urban Money