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.
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
|
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 |
|
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 |
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 |
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
|
Starts at 7.75% onwards |
|
|
Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
|
Start at 9.55% onwards |
|
|
8.15% to 8.30% |
|
|
8.90% to 9.15% |
|
|
6.95% onwards |
|
|
7.40% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
7.65% onwards |
|
|
7.90% onwards |
|
|
9.50% to 10.50% |
|
|
6.75% onwards |
|
|
10.45% onwards |
|
|
8.05% onwards |
|
|
7.45% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
1. Bank of India Personal Loan
4. Bank of India Education Loan
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
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 :
The minimum age is 21 years and the maximum age is 60 years to take a home loan from Bank of India.
The minimum loan amount is Rs.15 lakh and maximum loan amount is Rs.5 crore of Bank of India home loan.
You can apply offline by visiting the nearest bank branch or online for a 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.
Salaried employees, self employed persons, professionals, NRIs, PIOs, HUFs, partnership firms and corporations are eligible to take a home loan from Bank of India.
The tenure period of Bank of India for home loan is 1 years to 30 years.
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/2020Know More About
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
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