Bank of India NRI Home Loan

The Bank of India home loan for NRIs is a distinct credit option exclusively designed for Non-Resident Indians. You can use this home loan to purchase, construct, renovate, or extend a residential property in India. However, several factors must be considered before initiating your loan application. These include the applicable interest rates, eligibility criteria, necessary documents, associated fees, etc. To assist you in making a more informed decision, Urban Money presents this all-in-one guide to an NRI housing loan in the Bank of India. Keep scrolling down to make your home ownership aspiration come true.

Feature & Benefits of Bank of India NRI Home Loan

Here are the features and benefits of a Bank of India home loan for NRI:

• Competitive interest rates
• No prepayment penalty
• EMI begins at ₹776 per lakh.
• Repayment tenure extends up to 30 years. 
• Holiday/moratorium period of up to 36 months.
• Takeover/balance transfer facility
• Top-up loan available 
• Digital application 
• Free accidental insurance

Types of Bank of India Home Loans for NRIs

Following are the types of NRI housing loans Bank of India:

• Star Home Loan: This is a loan to purchase, construct, or renovate residential property in India. The loan amount can range from 5 lakh to Rs. 3 crore, depending on the location and income of the borrower. The interest rate starts from 8.30% p.a., and the repayment tenure can be up to 30 years.
• Star Diamond Home Loan: This is a loan to purchase ready-built flats or houses in India. The loan amount can be above Rs. 7.5 crore, depending on the location and income of the borrower. The interest rate starts from 8.30% p.a., and the repayment tenure can be up to 30 years.
• Star Pravasi Home Loan: This is a loan to purchase, construct, or renovate residential property in India by NRIs, PIOs, or OCIs. The loan amount can vary, depending on the location and income of the borrower, with no maximum limit set. The interest rate starts from 8.60% p.a., and the repayment tenure can be up to 30 years.

Purpose of Bank of India NRI Home Loan

Below are some of the common purposes of Bank of India home loans for NRI:

• To purchase, construct, or renovate a residential property in India.
• To purchase a plot of land and build a house on it.
• To take over or balance transfer a home loan from another lender.

Bank of India NRI Home Loan Interest Rates

Bank of India NRI home loan interest rate and other key parameters are as follows:

Bank of India NRI Home Loan Documents Required

Bank of India home loan documents for NRIs are as follows:

• Proof of Identity: Passport, visa, PAN card, etc.
• Proof of Address: Utility bill, rent agreement, bank statement, etc. (from both India and abroad)
• Proof of Employment: Work permit, employee ID card, Employer address with contact details, etc.
• Proof of Income: Salary slip, bank statement, income tax return, etc.
• Proof of Property: Sale deed, sale agreement, allotment letter, etc.

Bank of India NRI Home Loan Eligibility Criteria

Following are the NRI home loan eligibility in Bank of India:

• Age: You must be aged somewhere between 18 and 70 years old.
• Income: You must have a solid and regular source of income to cover the loan EMIs. 
• Credit Score: You must have a satisfactory credit history and CIBIL score.
• Nationality: You must be a Non-Resident Indian (NRI) with a valid Indian passport or a Person of Indian Origin (PIO) with a foreign passport.

Fees and Charges for Bank of India NRI Home Loan

Let’s examine the fees and charges applicable for the NRI housing loan Bank of India:

Tax Benefits of Bank of India NRI Home Loans

Here are the expected tax benefits associated with a Bank of India home loan for NRI:

• Deduction of up to Rs. 1.5 lakh on principal repayment under Section 80C of the Income Tax Act.
• Deduction of up to Rs. 2 lakh on interest paid for a home loan under Section 24 (b) of the Income Tax Act.
• Additional deduction of up to Rs. 50,000 for first-time homebuyers under Section 80EE of the Income Tax Act.