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 9.70% to 10.20% P.A.
Bank of India Home Loan Details
9.70% – 9.95%
Rs.855 per lac
0.25% of loan amount
Upto 30 years
Loan approval time
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:- Last Updated on 03 June 2016
For Loans Sanctioned on or after 01.04.2016:
For Limits upto
Rs. 75 Lacs
For Limits of Rs.75 lacs & above @
1 Year MCLR
Business Strategic Spread
EFFECTIVE APPLICABLE RATE
Bank of India Home Loan EMI Calculator
UPTO RS.20 LACS – 15%
>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:
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