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.
| 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 |
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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%.
| 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 |
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:
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 |
| 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% |
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.
The following formula is used to calculate EMI of Bank of India Home Loan:
Where,EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
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 : [email protected]
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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.
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.
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.
The minimum loan amount is Rs.15 lakh and maximum loan amount is Rs.5 crore 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.
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 : 20/Mar/2021Know 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 |
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