Bank of India Home Loan: BOI Home Loans, Eligibility, Processing Fee, Interest Rates 2022, Documents Required Bank of India Housing loan. Current Interest Rates starts from 7.40%.
Bank of India Home Loan Details
|Interest rates||7.40% – 9.20%|
|Lowest EMI||Rs.692 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
Bank of India Home Loan Interest Rates 2022
|CIBIL Score abv 760||7.40%||7.40%|
|CIBIL Score 725 – 759||7.50%||7.50%|
|CIBIL Score 675 – 724||7.60%||7.60%|
|CIBIL Score -1 and 0||7.60%||7.60%|
- 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 7.40% Rate of Interest than your monthly EMI for home loan are a follows:
|1||Rs. 37,820||Rs. 72,736||Rs. 962,180|
|2||Rs. 40,719||Rs. 69,837||Rs. 921,461|
|3||Rs. 43,836||Rs. 66,720||Rs. 877,625|
|4||Rs. 47,192||Rs. 63,364||Rs. 830,433|
|5||Rs. 50,804||Rs. 59,752||Rs. 779,629|
|6||Rs. 54,693||Rs. 55,863||Rs. 724,936|
|7||Rs. 58,882||Rs. 51,674||Rs. 666,054|
|8||Rs. 63,390||Rs. 47,166||Rs. 602,664|
|9||Rs. 68,242||Rs. 42,314||Rs. 534,422|
|10||Rs. 73,469||Rs. 37,087||Rs. 460,953|
|11||Rs. 79,092||Rs. 31,464||Rs. 381,861|
|12||Rs. 85,147||Rs. 25,409||Rs. 296,714|
|13||Rs. 91,667||Rs. 18,889||Rs. 205,047|
|14||Rs. 98,687||Rs. 11,869||Rs. 106,360|
|15||Rs. 106,417||Rs. 4,316||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