Wednesday, May 15th, 2013
Bank of India Home Loans in Bangalore: Get Instant Quotes on Best interest rates on home loans from Bank of India. Know about Interest rates, Documents, EMI & Other prepayment charges online.
Special Offers on BOI Home Loans in Bangalore:
Special Features
- Free Personal Accident Insurance cover for the borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
- Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
- Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme.
Interest Rates of Home Loans in Bangalore:
| Latest Home loan Interest Rates
( Last edited on : 18 May 2013 ) |
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Other Attractive Features
- Interest on Daily Reducing Balance Basis
- No Pre-Payment Charges on Floating Rate Loans
- Facility for step up/ step down EMIs
- Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
- Inclusion of Income of Close relatives for enhanced loan
- Tax Benefit on Interest and Installments repaid in Home Loans
- Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:
Eligibility Required for BOI Home Loans in Bangalore
Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, Prop. Firm, Partnership firms and corporate.
Processing charges / Other expenses on Home Loans in Bangalore:
FOR INDIVIDUALS
| Loan Limit |
Charges- One Time (inclusive of ST) |
| For All Loan amounts |
@0.25% of loan amount Min.Rs.1,000 and Max. Rs.20,000(Waived till 31.03.2013 for new loans sanctioned and 1st disbursement before 31.03.2013) |
For Partnership firms & Corporate Borrowers – Processing charges will be double that of individuals.
For Rural areas – Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper Charges etc., At actuals.
Eligible Quantum of Loan/ EMI of Bank of India Home Loans in Bangalore:
Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower
| Salaried Employees : |
72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns. |
| Self-employed/ Professionals etc. |
6 times of Gross annual income based on I-T Returns |
| HUF/Proprietorship /Partnership Firm/ Company |
6 times of cash accruals (PAT+Depreciation) as per Balance Sheet/P&L Account |
In case of Individuals
Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-i. Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40%
ii. Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30%
iii. Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25% |
| In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5. |
About Bangalore:
Bangalore, is the capital of the Indian state of Karnataka. Located on the Deccan Plateau in the south-eastern part of Karnataka. Bangalore is India’s third most populous city and fifth-most populous urban agglomeration. Bangalore is well known as a hub for India’s information technology sector.
Bangalore is home to many well-recognized colleges and research institutions in India. Numerous public sector heavy industries, technology companies, aerospace, telecommunications, and defence organisations are located in the city. Bangalore is known as the Silicon Valley of India because of its position as the nation’s leading IT exporter.
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