Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest rates 2017, Documents Required Bank of India Housing loan. Current Interest Rates starts from 9.30%.
Bank of India Home Loan Details
|Interest rates||8.65% – 8.70%|
|Lowest EMI||Rs.780 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 2017
STAR HOME LOAN SCHEME – Interest Rates are 8.65% for women, 8.70% for others
STAR DIAMOND HOME LOAN – Interest Rates are 8.65% for women, 8.70% for others
STAR SMART HOME LOAN – Interest Rates are 8.65% for women, 8.70% for others
PRADHAN MANTRI AWAS YOJANA – Interest Rates are 8.65% for women, 8.70% for others.
Bank of India MCLR Rates January 2017
|Sl.No||Name of the MCLR||
Rate effective from 07.01.2017
|2.||1 Month MCLR||
|3.||3 Months MCLR||
|4.||6 Months MCLR||
|5.||1 Year MCLR||
Bank of India Home Loan EMI Calculator
Enter your required loan amount, Interest Rates & No. of repayment years and click calculate answer in front of you within seconds.
- UPTO RS.20 LACS – 15%
- >RS.25-RS.75 LACS-20%
- >RS.75 LACS – 25%
- ALL ON PURE COST
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.