Bank of India Home Loan – Interest Rates 2022, EMI, Eligibility, Documents

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
Prepayment charges Nil
Repayment options Upto 30 years
Loan approval time 8 Days
Maximum Finance Upto 85%
Min. Income 1.2 Lac Annual
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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

Salaried Self Employed
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%

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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.

Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

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:

Loan Amount = Rs. 10,00,000
Monthly Installment (EMI) = Rs. 9,213
Total Interest Amount = Rs. 6,58,410
Year Principal Interest Balance Amount
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:

Source: Bank of India Website

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Top Banks for Home Loans in India
Banks Interest Rates
SBI 7.55% - 8.05%
HDFC Ltd 7.55% - 8.55%
ICICI Bank 7.60% - 8.30%
LIC Housing Finance7.55% - 8.75%
PNB Housing 7.50% - 9.65%
Axis Bank 7.60% - 8.05%
Bank of Baroda 7.45% - 8.80%
Canara Bank 7.30% - 9.25%
Aadhar Home loan N.A