Bank of India Home Loan

Bank of India Home Loans starting at just 8.40% p.a.

Bank of India understands that owning a home is one of life’s most significant aspirations. Their home loan solutions are crafted to Read More...

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Bank of India Home Loan Highlights

Loan Amountupto 5 cr
TenureUpto 30 years
Rate of Interest8.4% onward
Processing FeeUpto 0.25% of the loan amount
Max Tenure30 years
Foreclosure ChargesNil

Bank of India Home Loans Comparison Table

Compare Bank of India Home loan interest rates with other lenders to find the best deal. See how Bank of India competitive rates stack up in our comprehensive comparison table.

Name of LenderAmount Up toInterest RateTenure
Axis Bank₹10 cr8.75% OnwardsUp to 20 years

Bank of India Home Loan EMI calculator

Enter the loan amount, interest rate, and loan tenure into the Bank of India home loan EMI calculator below to determine your monthly EMI and the total interest due over the loan period.

EMI: ₹63,337.89
Total interest: ₹26,00,546.8
Total principal: ₹50,00,000

Bank of India Home Loans Eligibility

Check Your Eligibility for Bank of India Home Loan

Eligibility

Star smart home loan

Star Diamond Home loan

Star Pravasi Home Loan

Eligible Applicants

Resident Indian/NRI/PIO: Eligible

Eligible Individuals

Individuals: Salaried, Self-employed, Professionals

Eligible Non-Individuals

Non-individuals: Group/Association of Individuals, HUF, Corporates

Ineligible Entities

Trusts: Not eligible under the scheme

Age Criteria

Age: Minimum 18 years to maximum age 70 years at the time of final repayment

Bank of India Home Loan Processing Fees and Charges

Bank of India Home Loan Processing Fees

Bank of India Home Loan Prepayment charges

PPC For Individuals: One time @0.25% of Loan amount: Min. Rs. 1500/- to Max. Rs. 20000/-

PPC For Other than individuals: One time @0.50% of Loan amount: Min. Rs. 3000/- to Max. Rs. 40000/-

How to Apply for Bank of India Home Loan?

Prospective borrowers interested in an Bank of India home loan have the option to apply online either through the bank's official website, as outlined below:
Apply here

Via the Bank of India Official Website

  1. Visit the Bank of India Home Loan official website.
  2. Click on Apply now
  3. Enter the necessary details to determine the eligible loan amount.
  4. Complete the required information on right side and tap "Submit".

Bank of India Home Loan Customer Care
  1. SMS-‘Star Home Loan’ to 8467894404
  2. or call to 8010968305

Documents Required for Bank of India Home Loan

Following is the list of documents required for different categories of customers


Bank of India Home Loan list of documents for Salaried

Bank of India Home Loan list of documents for Self-employed professionals

Bank of India Home Loan list of documents for Self-employed

Bank of India Home Loan list of documents for Farmers

Bank of India Home Loan list of documents for NRIs

Bank of India Home Loan list of documents for Salaried

  1. Identity and residence proof (KYC), such as an Aadhaar, PAN card, or Voter ID card.
  2. Income proof, such as the last 3 months salary slip, the latest Form 16, and a six-month bank statement.
  3. A Cheque for The Processing Fee for The Loan Application.
  4. Property Documents Such as Sale Deed, NOC From the Builder or Housing Society, Advance Payment Receipt to The Builder, And Approved Construction Plan.

Property Related Documents

For New Home
  1. Allotment letter copy/Buyer agreement
  2. Payment receipt made to the developer
For Resale Home
  1. Title deeds including previous chain of property documents
  2. Agreement to sell copy
  3. Initial payment receipt made to the seller
For Construction
  1. Title deed of plot
  2. Copy of the plan approved by Local Authorities
  3. No encumbrance proof on the property
  4. The total estimate of construction by a Civil Engineer/Architect

Bank of India Home Loan FAQ’S

Here are some of the frequently asked questions with regards to Bank of India Home Loan

Bank of India offers home loans starting from 8.4% p.a., varying based on the applicant's credit profile.
You can determine the interest cost using the Bank of India Home Loan EMI Calculator. Simply input your loan amount, tenure, and interest rate into the calculator to obtain instant results.
Bank of India adjusts its housing loan rates in accordance with the repo rate. Changes in the repo rate prompt adjustments in the rates for existing Bank of India home loan borrowers. Additionally, Bank of India may modify the spread over benchmark rates during special or festive home loan offers.
Co-owners of the property must also be co-applicants for the Bank of India Housing Loan. However, not all co-applicants need to be co-owners; close family members are typically permitted as co-applicants.
Yes, partial or full prepayment of your home loan amount is allowed before the loan tenure ends. Bank of India does not impose prepayment charges on home loans with floating interest rates.
You can reduce your Bank of India Housing Loan interest rate by transitioning from a higher interest rate to a lower one. Bank of India charges a conversion fee for rate reductions, or alternatively, you can transfer your home loan to another lender offering lower rates.
Kotak Mahindra Bank does not levy prepayment fees on home loans with floating interest rates. For fixed-rate home loans, prepayment incurs a fee on the outstanding loan amount plus applicable taxes, except when using own sources for pre-closure.
After property and document verification and completion of the 'own contribution' or down payment, Bank of India sanctions the home loan. Disbursement can be requested online or offline and is contingent on construction progress.
Yes, your spouse's income can bolster your home loan eligibility. Your spouse must provide income documents to Bank of India for consideration.
While Bank of India doesn't specify a minimum credit score, it offers lower rates to applicants with scores of 750 and above.
Yes, you can apply for pre-approved home loan facilities based on your financial status, creditworthiness, and income. Property selection must occur within 6 months of loan sanction.
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