Apply Now

BANK OF INDIA HOME LOAN 

About Bank of India Home Loan :

Bank of India is a state owned commercial bank and it was established on 7 September 1906 and their headquarters in Mumbai. This bank provides a wide range of banking and financial services to the customers.

People usually want to get the loan in case of any financial issues. Home loan is some amount of money that is taken from a bank to make a home or buying plots for making a home. Don’t we always end up questioning ourselves about the never ending cycle of rent? Bank of India  home loans might be the solution to your problem. Bank of India home loan offers loan amounts from Rs.15 lakh upto Rs.5 crore at an affordable interest rate. There is no concession for women borrowers if cibil score is above 760 and 0.05% concession for women borrowers if cibil score is below 750.

Benefits of Bank of India Home Loan :

1. Balance transfer facility available 

2. Available for both salaried and self employed professionals 

3. High loan amount upto Rs.5 crore

4. Attractive rate of interest from 6.85% to 7.75% per annum.

5. Simple application process

5. Fast approval of loan 

7. No prepayment charges apply under floating rate home loan

8. Free personal accidental insurance cover

9. Longer repayment tenure upto 30 years 

Fee and Charges of Bank of India Home Loan :

TYPE 

CHARGES

Processing fee 

For individuals 0.25% of the loan amount (Minimum Rs.1500 and Maximum Rs.20000)

For partnership firms & corporates 0.50% of the loan amount (Minimum Rs.3000 and Maximum Rs.40000)

Penal Interest 

NIL

Part Payment / foreclosure charges 

NIL charges for floating rate home loan and 0.65% to 2.25% of the loan amount for fixed rate home loan

Eligibility Criteria for Bank of India Home Loan :

ELIGIBLE 

Salaried employees, professionals, self employed persons, NRIs, PIOs, HUFs, partnership firms and corporates

AGE 

21 years to 60 years 

INCOME

Rs.1.2 lakh per annum

CIBIL SCORE 

650 above

Documents Required for Bank of Baroda Home Loan :

1. Fully filled signed application form 

2. Passport size photograph

3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id

4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id 

5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited

6. For Self employed individuals / professionals = 2  years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.

Bank of India Home Loan Schemes :

SCHEMES

INTEREST RATE

BOI Star Home Loan 

6.85% to 7.75%

BOI Star Diamond Home Loan

6.85% to 7.75%

BOI Star Smart Home Loan

6.85% to 7.75%

BOI Star Pravasi Home Loan 

6.90% to 6.95%

Pradhan Mantri Awas Yojna 

6.85% 

BOI Star Loan Against Property

8.85% onwards

Compare other bank home loan interest rates :

BANKS 

INTEREST RATE

AXIS Bank Asha Home Loan

Starts at 10.05% onwards 

AXIS Bank Shubh Aarambh Home Loans

Starts at 7.75% onwards

AXIS Bank Fast Forward Home Loans

Starts at 7.75% onwards

AXIS Bank Home Loan

7.75% to 9.40%

AXIS Bank Empower Home Loan

Start at 9.55% onwards 

AXIS Bank Super Saver Home Loan

8.15% to 8.30%

AXIS Bank TopUp Loan

8.90% to 9.15%

SBI NRI Home Loan

6.95% onwards

SBI Flexipay Home Loan

7.40% onwards 

SBI Privilege Home Loan

6.95% onwards 

SBI Regular Home Loan

6.95% onwards 

SBI Shaurya Home Loan

6.95% onwards 

SBI Pre-approved loan

6.95% onwards 

SBI Realty Home Loan

7.65% onwards

SBI Home Top Up Loan

7.90% onwards

SBI Bridge Home Loan

9.50% to 10.50%

SBI Tribal plus Home Loan

6.75% onwards

SBI Earnest Money Deposit

10.45% onwards

SBI Reverse Mortgage Loan

8.05% onwards

SBI CRE Home Loans

7.45% onwards 

HDFC Bank Home Loan

6.95% to 7.50%

Kotak Mahindra Bank Home Loan

7.40% to 9.70%

Yes Bank Home Loan

9.60% to 10.55%

Citi Bank Home Loan

7.34% to 8.29%

ICICI Bank Home Loan

6.95% to 8.05%

Standard Chartered Bank Home Loan

Starting at 8.71%

IDBI Bank Home Loan

7.80% to 8.80%

RBL Bank Home Loan

9.75% to 10.05%

HSBC Bank Home Loan

8.55% to 8.655

HSBC Bank Smart Home Loan

11.005 to 11.505

IndusInd Bank Home Loan

8.00% to 15.00%

Bank of Baroda Home Loan

6.85% to 7.75%

Bank of India Home Loan

6.85% to 7.755

Canara Bank Home Loan

6.90% to 8.90%

Indian Bank Home Loan

7.55% to 8.40%

Punjab National Bank Home Loan

Starting at 7.00%

Other products of Bank of India :

1. Bank of India Personal Loan

2. Bank of India Car loan 

3. Bank of India Credit Card

4. Bank of India Education Loan 

How to apply for Bank of India Home Loans :

There are two ways to apply for home loans from Bank of India :

1. Offline method : By visiting nearest bank branch

2. Online Method :

  • First of all first visit to official website of Bank of India

  • In retail section go to the “loans”

  • Now click in home loan

  • After that go to “Home loan”

  • Now click on apply now and fill application form 

How to contact with Bank of India :

1. By customer care contact number : 18001031906

2. By customer care email id : boi.callcenter@bankofindia.co.in

How to calculator EMI of Bank of India Home Loan :

The following formula is used to calculate EMI of Bank of India Home Loan :

Where,EMI = [PXRX(1+R)^N] / [(1+R)^N-1]

P stands for Loan Amount

R stands for Interest Rate

N stands for tenure in number of months 

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

Bank of India Home Loan Frequently Asked Questions :

1. How much age of the customer is required to take a home loan from Bank of India?

The minimum age is 21 years and the maximum age is 60 years to take a home loan from Bank of India.

2. What is the minimum and maximum loan amount of Bank of India for home loan?

The minimum loan amount is Rs.15 lakh and maximum loan amount is Rs.5 crore of Bank of India home loan.

3. How to apply for a Bank of India home loan?

You can apply offline by visiting the nearest bank branch or online for a Bank of India home loan.

4. Is there any prepayment and foreclosure charges of Bank of India home loan?

No prepayment charges and foreclosure charges for floating rate loan and 0.65% to 2.25% of the loan amount for fixed rate loan of Bank of India home loan.

5. Who is eligible to take a home loan from Bank of India ? 

Salaried employees, self employed persons, professionals, NRIs, PIOs, HUFs, partnership firms and corporations are eligible to take a home loan from Bank of India.

6. What is the tenure period of Bank of India for home loan?

The tenure period of Bank of India for home loan is 1 years to 30 years.

7. How much interest rate is charged by the Bank of India for a home loan?

The interest rate of Bank of India for home loan is ranging from 6.85% to 7.75%per annum.

Last Updated on : 19/Aug/2020

Know More About

Bank Of India Home Loan

You're eligible for a Bank Of India Home Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of India Home Loan Interest Rates

Updated on 25 Nov 2017

Bank Of India Home Loan Details
Interest Rate (Monthly reducing balance) 6.85% - 7.75%
Processing Fees For individuals 0.25% of the loan amount (Minimum Rs.1500 and Maximum Rs.20000)
Loan Tenure 1 year to 30 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Home Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959