Apply Now

BANK OF INDIA HOME LOAN

If you are planning to avail a home loan to have the house of your dreams then you can consider Bank of India home loan among the best options. The bank brings the home loan at your ease with the most important features. The BOI home loan interest rates are affordable enough and you get a comfortable repayment tenure. So whether it is to build a new house or flat or purchase one, BOI Star home loan may be all that you need. 

Bank Of India Home Loan Interest Rates & Charegs

Loan Amount Up to Rs 5 Crore
Interest Charges Starts at 6.85% per annum
Repayment Tenure Up to 30 years
Processing Fees Up to 0.25% 
Prepayment Charges
  • NIL on floating rate
  • 0.65% to 2.25% on Fixed rate

Features and Benefits of BOI Home Loan

Here are the features and benefits of Bank of India home loan that you can definitely count on:

Loan for Different Purposes : Bank of India home loan is provided to fulfill various purposes that you have related to your dream house. You can avail the BOI home loan for construction of a new house, purchase of a built house or a flat, purchase of a site, to renovate, repair or extend a house. 

Loan Amount : The BOI home loan amount you get to avail is determined by some important factors such as the purpose for which you want this home loan, your income, your repayment history, the property value etc. The Bank of India home loan amount ranges up to Rs 5 crore. 

Repayment Tenure : Bank of India offers customers flexible options when it comes to repayment tenure. The loan repayment tenure is determined by the type of home loan scheme you are availing. The maximum loan repayment tenure for BOI home loan is 30 years. 

Interest Charges : Bank of India offers home loans at both the rate packages- floating rate of interest and the fixed rate of interest. The BOI home loan interest charges start at 6.85% per annum and range up to 7.75% per annum. 

Prepayment : Bank of India allows you to prepay the home loan amount and close the home loan before the tenure ends. Making prepayment of home loan amount and foreclosing the loan can help you prevent the interest charges. When it comes to the prepayment charges/penalties, the bank does not charge any fees or penalty if you have a BOI home loan at floating rate of interest. If you have availed a home loan at fixed rate of interest, the prepayment charges can range from 0.65% to 2.25%. 

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

Eligibility Criteria for Bank of India Home Loan

You need to make sure you are eligible for the BOI home loan before you visit the bank to finally apply for a home loan. There are certain eligibility requirements which include your age, income and employment that you must be aware of before applying for the loan. 

Here is the eligibility criteria for Bank of India home loan:

  • The applicant should be at least 21 years. 
  • The applicant should not be more than 60 years at the time of loan maturity.
  • Salaried and self employed individuals are eligible for BOI Star home loan. 

Documents Required for Bank of India Home Loan

You need to be present with a set of documents in order to go on with your application for BOI home loan. Your home loan application can only be taken ahead if you provide all the required documents for the Bank of India home loan. 

Here are the documents required for BOI Star home loan application:

Documents Salaried Applicants Self Employed Applicants
Identity Proof Aadhar Card, Passport, Driving Licence, Voter’s ID Card Aadhar Card, Passport, Driving Licence, Voter’s ID Card
Address Proof PAN Card, Passport, Driving Licence, Voter’s ID Card PAN Card, Passport, Driving Licence, Voter’s ID Card
Income Proof Salary Slips, Bank Statements, Form 16, Salary Certificate Bank Statements, Proof of Business, Income Tax Returns, Balance Sheet and P&L Account
Others Important Documents  Passport-Size photographs, Agreement for Sale, Sales deed, Approved Plan for the Construction / Addition / Extension, Registration documents Passport-Size photographs, Agreement for Sale, Sales deed, Approved Plan for the Construction / Addition / Extension, Registration documents

Compare other bank home loan interest rates:

BANKS  INTEREST RATE
AXIS Bank Asha Home Loan Starts at 10.05% onwards 
SBI Regular Home Loan 6.95% 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%

How to Apply for Bank of India Home Loan?

You can navigate to the nearest branch of Bank of India if you have decided to get the home loan from BOI. You can apply for the BOI home loan at the nearest branch where the bank official will help you through the process of home loan application. When you visit the branch, do not forget to carry all the necessary documents that you will need to submit with your home loan application. 

Apart from that, you can give a missed call on 8010968305 in order to apply for the BOI bank home loan without going anywhere. You can also type an SMS  <HL> and send it to 7669300024. The bank will get in touch with you regarding your home loan application. 

If you are still not sure how to get started with the BOI home loan application then you can simply reach out to the bank via their customer service and seek assistance from the representative about the home loan application procedure.

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 

Bank of India Home Loan Customer Care

Do you have any other query related to the Bank of India home loan? Or is there any issue you are facing with the loan application procedure? You can contact the BOI customer service on the toll free numbers mentioned below in case of any query, grievance, complaint or to share any feedback. 

Customer care contact number : 1800 220 229, 1800 103 1906

Customer care email id : boi.callcenter@bankofindia.co.in

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

FAQs On Bank of India Home Loan

Q.1 Can I transfer my existing home loan to the Bank of India?

Yes. Bank of India allows customers to transfer the existing home loan to BOI. You can transfer your current home loan with higher interest rates to Bank of India and save up on interest charges. 

In order to do that, you can apply for the balance transfer at the bank. For more information, you can get in touch with the bank’s customer service or visit the nearest branch. 

Q.2 What is PMAY?

Pradhan Mantri Awas Yojana (PMAY) is an initiative by the government of India under which the financially-challenged sections of the society are provided with the affordable home loan. Those who are eligible for the PMAY scheme get to enjoy benefits including the interest rate subsidy on home loans. 

Q.3 Can I make prepayment for my BOI home loan?

Yes. If you have sufficient funds to prepay your BOI home loan amount and close the loan once and for all before the tenure ends, you can do that. You will not be charged any penalty if you have a home loan at a floating rate of interest. Know that you are only allowed to make prepayment of your BOI home loan after making the repayment for at least the first 6 months. 

Q.4 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.

Q.5 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.

Q.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.

Q.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 : 20/Mar/2021

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