Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest Rates 2023, Documents Required Bank of India Housing loan. Current Interest Rates starts from 8.65%.
Bank of India Home Loan Details
|Interest rates||8.65% – 10.60%|
|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.
Bank of India Home Loan Interest Rates 2023
|CIBIL Score abv 800||8.65%||8.65%|
|CIBIL Score 750 – 799||8.75%||8.75%|
|CIBIL Score 700 – 749||8.85%||8.85%|
|CIBIL Score below 700||10.40%||10.45%|
|CIBIL Score -1 and 0||8.95%||8.95%|
- PRADHAN MANTRI AWAS YOJANA – Interest Rates are REPO LINKED
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 with the help of calculator.
Assume you can take a loan amount of 10 Lakh for 15 years on 7.80% Rate of Interest than your monthly EMI for home loan are a follows:
|1||Rs. 36,581||Rs. 76,711||Rs. 963,419|
|2||Rs. 39,539||Rs. 73,753||Rs. 923,880|
|3||Rs. 42,737||Rs. 70,555||Rs. 881,143|
|4||Rs. 46,192||Rs. 67,100||Rs. 834,951|
|5||Rs. 49,925||Rs. 63,367||Rs. 785,026|
|6||Rs. 53,962||Rs. 59,330||Rs. 731,064|
|7||Rs. 58,325||Rs. 54,967||Rs. 672,739|
|8||Rs. 63,040||Rs. 50,252||Rs. 609,699|
|9||Rs. 68,137||Rs. 45,155||Rs. 541,562|
|10||Rs. 73,646||Rs. 39,646||Rs. 467,916|
|11||Rs. 79,600||Rs. 33,692||Rs. 388,316|
|12||Rs. 86,037||Rs. 27,255||Rs. 302,279|
|13||Rs. 92,992||Rs. 20,300||Rs. 209,287|
|14||Rs. 100,513||Rs. 12,779||Rs. 108,774|
|15||Rs. 108,836||Rs. 4,655||Rs. 0|
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