Bank of India Home Loan Eligibility Calculator

The BOI Home Loan Eligibility Calculator is an online tool designed to provide potential borrowers with an estimation of the loan amount they might be eligible for based on specific parameters. This helps streamline the loan application process by giving individuals a clearer understanding of their borrowing capacity before they apply. Read on to learn more about the BOI Home Loan eligibility calculator, features, benefits, and more.

Key Features and Benefits of Bank of India Home Loan Eligibility Calculator

Following are the features and benefits of the Bank of India home loan calculator. Let’s take a look!

• Any working individual aged between 21 to 60 can apply for a loan.
• The calculator is very easy to use and offers instant results; thus, the user doesn’t need to be a part of any documentation or verification process
• It helps the user take the right decision
• Both salaried and self-employed people can apply for a loan.  
• For security, if the borrower wants, he or she can keep the mortgage on the property they are planning to purchase or construct. 
• The loan to value ratio is 85% 
• The time frame of a loan ranges from 5 to 30 years
• The interest rates for a home loan range anywhere between 6.95% to 7.15% 
• The processing fee charged for Bank of India home loan is 0.25% of the total loan amount (with a maximum cap of INR 20,000)

How to Use Bank of India Home Loan Eligibility Calculator? 

It’s very easy to use Urban Money’s free BOI home loan eligibility calculator. All the user needs to do is follow the below given steps.

• Log on to www.urbanmoney.com
• Select ‘Home Loan’ from the ‘Loans’ category.
• Choose ‘Bank of India’ from the given list of loan providers.
• The portal will lead you to the ‘Bank of India Home Loan’ page.
• Enter the required information like Full Name, Mobile Number, City, Occupation types, required loan amount, monthly net salary etc and accept the T&Cs.

• Click on ‘Check Eligibility.’
• Enter the OTP sent to your phone and get instant eligibility results.

The Urban Money calculator offers the estimated loan amount a candidate is eligible for, along with the interest rate, EMI estimates, and loan tenure. Then, all the user needs to do is click on ‘Apply Now’ and proceed with the offer, or, if one wants to explore more, click on ‘View All Offers’.

Bank of India Home Loan Eligibility Criteria

A user can require a home loan for a variety of reasons. Anyone who ticks off the following criteria is eligible for a Bank of India Loan:

• Salaried Employees
• Self-Employed Individuals
• Pensioners
• Indian Bank staff and their spouses
• NRIs
• Existing Home Loan borrowers

Bank of India Home Loan Eligibility Based on Salary

A number of factors go into determining Bank of India home loan eligibility based on salary. The higher the monthly income, the higher the loan eligibility. For the amount of loan listed in the table below, the loan repayment time is assumed to be a total of 30 years, and the overall rate of interest is assumed to be 8.85% p.a.

Note: These figures are subject to change on the basis of other relevant factors, like the age of the applicant at the time of borrowing a loan.

Bank of India Home Loan Eligibility Criteria for Self-Employed Individuals

Here are the eligibility criteria for a home loan for self-employed individuals:

Bank of India NRI Home Loan Eligibility Requirements for Non-Resident Indians

Following is the home loan eligibility requirement for NRIs.

• Age: The borrowers must be 18 years of age or older. The bank’s management usually requires them to repay their loans when they are 70 years old.
  
• Salaried & Self-employed: Both salaried and self-employed individuals/business owners can apply for a home loan.
  
• Credit Score: Loan applicants must have a credit score of 750 or more. The higher the score, the greater the possibility of being able to get an NRI home loan.

Bank of India Home Loan Eligibility for Women Applicants

The Bank of India’s home loan eligibility criteria for women are in line with those for other borrowers. However, in the case of women borrowers, they are eligible for a special rate of interest for the loan, which is 0.5% lower than the normal rate of interest that applies to other borrowers.

List of Factors Affecting Bank of India Home Loan Eligibility

Here is the list of factors that affect Bank of India Home Loan Eligibility:

• The age of the applicant 
• The credit score 
• Applicant’s repayment capability 
• Credit history of the applicant 
• Any existing debts or current obligations that may reduce the loan eligibility of a person 
• The loan repayment history of the applicant 

How Can You Improve Your Bank of India Home Loan Eligibility?

Following are some of the best ways to improve your overall home loan eligibility criteria:

• Add a co-applicant – Adding a family member who is earning well as your co-applicant and has an overall healthy credit score can help you increase your chances of getting a home loan. 
  
• Maintain a credit score above 750 – A higher credit score indicates sound financial health. Thus, by maintaining a credit score of 750 or above, one can ensure that he or she becomes eligible for a home loan.
  
• Repay your debts religiously – Paying your debts on a regular basis can help you build a good credit score. This, in turn, will enhance your credit score. Plus, your savings and investments might help you increase your credit score.
  
• Open an account with your preferred lender – A good relationship with your lender will increase your chances of getting a home loan.
  
• Declare your additional income sources – With extra income sources, your eligibility for getting a home loan is automatically enhanced.
  
• Choose a longer repayment tenure – With a longer repayment tenure, your monthly EMI amount will naturally be lower. It means that you will be able to make timely payments. To the lender, it will look as if you are a low risk borrower, and thus, in the process, your eligibility to get loans will be enhanced.

Understanding Impact of Credit Score on Bank of India Home Loan Eligibility

In essence, the credit score represents the candidate’s financial mindset and behaviour. A good credit score helps you bag a better deal from your respective lender. The banks, along with other financial institutions, prefer giving out loans to individuals who have a credit score of at least 750 and above. With a score like this, one is able to better negotiate and get a good home loan deal. In some cases, the lender might also reduce the interest rate and reward you for having a good credit score.

Comparing Eligibility across Different Bank of India Home Loan Products

The Bank of India offers various home loan products catering to the different needs of individuals. It becomes essential to compare home loan eligibility criteria across these products to select the most suitable ones. Here’s a basic rundown of comparing eligibility across different Bank of India Home Loan products.

Wrapping Up 

The Bank of India is one of the leading public banks in the Indian banking landscape and has been working to provide its citizens with a top-notch banking experience for over a century. And when it comes to home loans, one can explore a wide range of home loan products offered by the Bank of India as per one’s needs, and with the Bank of India Home loan eligibility calculator one can easily get to know about the loan amount they can apply for.