Bank of India Home Loan – Interest Rates 2023, EMI, Eligibility, Documents
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% |
| Processing fees | Nil |
| Prepayment charges | Nil |
| 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
| Salaried | Self Employed | |
| 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.
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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:
| Year | Principal | Interest | Balance Amount |
| 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
