Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest rates 2016, Documents Required Bank of India Housing loan. Current Interest Rates starts from 9.40%.
Bank of India Home Loan Details
|Lowest EMI||Rs.833.57 per lac|
|Processing fees||0.25% of loan amount|
|Repayment options||Upto 30 years|
|Loan approval time||8 Days|
|Maximum Finance||Upto 85%|
|Min. Income||1.2 Lac Annual|
The Salient features & Benefits & Why to choose Bank of India Home Loan Schemes:
✓ To purchase/construct house/flat/renovate/extend/repair existing house/flat.
✓ Maximum loan amount is Rs.3 crores and repayment ranges upto 30 years, with reasonable processing charges. No commitment /administrative charges.
✓ Attractive home loan interest rates according to Available in Industry.
✓ Option for different EMI amounts for different periods during tenure of loan to suit customers repayment capacity.
✓ No prepayment charges under floating rate option
✓ Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
✓ Simplified application form/procedures for convenience of customers, and speedy approvals.
✓ Life Insurance Cover to borrowers for Loan Protection(optional)
✓ Free Personal Accident Insurance cover (Renewed at banks discretion)
Eligibility Criteria for Bank of India Home Loan
Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate
Latest Interest Rates of Bank of India Home Loans – Updated as on 01 October 2016
STAR HOME LOAN SCHEME – Interest Rates are 9.40%
STAR DIAMOND HOME LOAN – Interest Rates are 9.40% for loan amount above 5 crore.
STAR SMART HOME LOAN – Interest rates are 9.40%.
PRADHAN MANTRI AWAS YOJANA – Interest rates are 9.40% or MCLR one year.
*Festive Offer From 01.09.2016 to 31.12.2016
Bank of India Home Loan EMI Calculator
- UPTO RS.20 LACS – 15%
- >RS.25-RS.75 LACS-20%
- >RS.75 LACS – 25%
- ALL ON PURE COST
PROCESSING CHARGES- 0.25% of loan amount, Minimum Rs.1000/- and maximum Rs.20000/- plus Service Tax
Prepayment Charges: NIL
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:
Available Products of Bank of India:
- Bank of India personal loan
- Bank of India Car Loan
- Bank of India Credit Card
- Bank of India Loan Against Property
- Bank of India Education Loan
- Bank of India Two Wheeler Loan
Source: Bank of India Website
I am an existing Home loan customer of BOI. My monthly emi is 30000.
I paid some partial amount like 60000 and then verified that they didnt reduce my amount in principal instead they credit my 60000/2 =30000 for 2 months as emi. Then i fought with that branch and asked them to pay against principal and paid 5 lac prepayment to existing 60000.Then i verified the transactions after 1 week,they reduced my principal, and also reduced my EMI to 25000 which shows like taking more interest and less principal in emi. Now i have to fight with them again.
Doing Prepayment is to reduce the interest and term,but they are doing differently.Facing lot of issues in BOI home loan.