Bank Of India Home Loan |

Bank Of India Home Loan

Bank of India Home Loan comes with attractive interest rates starting from just 6.85% p.a. You can avail loan of up to Rs. 5 Crores and repay in flexible repayment tenure of up to 30 years. The bank offers loans for all your housing related needs.

Types of Bank of India Home Loans

BOI Star Home Loan
BOI Star Smart Home Loan
Star Pravasi Home Loan Scheme
Star Diamond Home Loan
BOI Star Top Up Loan
PMAY

Eligibility

Salaried as well as self-employed people are eligible
Indian residents, Non-resident Indians (NRIs), People of Indian Origin (PIOs), Hindu Undivided Family, Proprietary Firms, and Partnership Firms can apply.
Net take home (NTH) income (after all deductions including EMI of the proposed loan) should be as follows
Minimum NTH for Gross Monthly Income (GMI) up to Rs.1 Lakhs: 40% of GMI
Minimum NTH for GMI over Rs. 1 Lakh up to Rs. 5 Lakhs: 30% of GMI
Minimum NTH for GMI over Rs. 5 Lakhs: 25% of GMI
In case of HUF/ Proprietorship firm/ Company/ Partnership firm: DSCR should be minimum 1.5.

Interest Rate, Processing Fee, and Other Charges

The current Bank of India Home Loans interest rates are:
Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan:
85% – 8.70%
Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.
CRE-RH-Home Loans will have 0.50% additional rate of interest
Home Loans for entities other than individuals & Star Pravasi Loan
90% for women and 6.95% for others
Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.

PMAY

85% irrespective of loan amount
Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.

Star Top Up Loan

Rate of Interest applicable for respective Home Loan account + premium of 0.50% (subject to minimum RBLR, i.e. 6.85%).

Processing Fees

Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan:
For Individuals: 0.25 % of the loan amount, minimum Rs. 1,500 and maximum Rs. 20,000 (for all loan amounts).
For Partnership Firms & Corporates: Double than the fee applicable to individuals, i.e. 0.50% of the loan amount, minimum Rs. 3,000 and maximum Rs. 40,000.
For Rural Areas: 75% of the fee applicable to individuals, minimum Rs. 1,500 & maximum Rs. 20,000.
Star Diamond Home Loan
One time processing fee of Rs. 50,000 or maximum as per Star Home Loan Scheme, whichever is higher.

PMAY/ Star Top Up Loan

As per respective Home Loan schemes

Other Charges

CERSAI registration Fees: Up to Rs. 500.
Prepayment charges: Nil
Additional fee for delay in filing records: Up to Rs. 1,000

Documents Required

Duly filled application form with recent passport-sized photographs
Identity proof (any one): Driving License/ PAN Card/ Passport/ Voter ID/ Other documents accepted by the bank.
Address proof (any one): Telephone Bill/ Electricity Bill/ Water Bill/ Passport/ Aadhar Card/ Voter ID/ Driving License/Other documents accepted by the bank.

Property Documents

Additional documents for salaried:
Form 16
Latest salary slip
Last 6 months bank account statements.
Additional documents for self-employed:
Business continuity proof of 5 years
Last 6 months bank account statements.

Why to Choose Bank of India Home Loan?

Low rate of interest, starting at 6.85% p.a.
Low processing fee
Variety of home loans available

Top Up Loan Facility

Part-prepayment and foreclosure at NIL charges
Flexible repayment tenure

FAQs

Who can apply for BOI Star Diamond Home Loan?

High Net worth Individuals (HNIs), Firms, Corporate for residential accommodations of their partners or directors, having average gross income of minimum Rs.1 Crore and above in the last 3 years as per audited balance sheet or ITR.

What is the minimum loan amount available under BOI Star Top Up Loan?

You can avail as minimum as Rs. 2 Lakhs.

What is the maximum loan limit under BOI Star Home Loan?

You can avail up to a maximum of Rs. 5 Crores in New Delhi, Mumbai, Kolkata, and Chennai and up to Rs. 3 Crores in other cities.

What is the repayment tenure for BOI Star Home Loan?

Up to 30 years, including a moratorium period of up to 36 months.

Are NRIs eligible for home loan in Bank of India?

Yes. NRIs and PIOs can avail housing loan under Star Pravasi Home Loan Scheme.