Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest Rates 2021, Documents Required Bank of India Housing loan. Current Interest Rates starts from 6.85%.
Bank of India Home Loan Details
|Interest rates||6.85% – 7.75%|
|Lowest EMI||Rs.655 per lac|
|Processing fees||100% WAIVER till 31.03.2021|
|Repayment options||Upto 30 years|
|Loan approval time||8 Days|
|Maximum Finance||Upto 85%|
|Min. Income||1.2 Lac Annual|
Home Loan applications received for rupees ₹ 419,027 crores till 03 August 2021
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 Rates 2021
|CIBIL Score abv 760||6.85%||6.85%|
|CIBIL Score 725 – 759||7.00% – 7.05%||7.10% – 7.15%|
|CIBIL Score 675 – 724||7.10% – 7.15%||7.70% – 7.75%|
|CIBIL Score -1 and 0||7.00% – 7.05%||7.10% – 7.15%|
|Home Loan for Not Linked to CIBIL Score||For Women (Star Pravasi) =
|For Others (Stra Pravasi / Corporates) = 6.95%
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.
- 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