Bank of India Home Loan

Bank of India Home Loans Eligibility:

Bank of India Star Home Loan Eligibility:

This loan is offered for salaried employees, self-employed customers and professionals. Also, NRIs, HUF, PIOs, partnership firms, proprietorship firms and corporate can avail this loan on request.

Bank of India Star Diamond Home Loan Eligibility:

This BOI home loan variant is specially offered for individuals, corporate and firms with high net worth, for residential accommodation of directors and partners who have an average gross income of at least Rs.1 crore during the past 3 years according to the audited Income Tax Returns or balance sheet.

BOI Home Loan Documentation:

Applicants will be required to submit a proof of income, Identity proof and other property related documents. Do enquire with Bank of India for a complete list of documents required before applying for a home loan.

New Bank of India Home Loan Interest Rate:

Bank of India offers its customers incredibly attractive and reasonable rates of interest on their home loans. The interest rates are among the most competitive in the market and is calculated by taking into consideration the loan balance on a day to day basis. This method of interest calculation is extremely advantageous to the bank’s customers as it reduces the amount of interest they pay on their home loans.

The home loan interest rates offered by Bank of India are as follows:

Bank of India MCLR Rate for Home Loans:

Bank of India recently set its Marginal Cost of Funds Based Lending Rate (MCLR) at 8.30% for a tenor of one year. The new Rate is effective from 10th March 2018.

The MCLR Rates set by Bank of India are as follows:

Features of Bank of India Home Loan:

• The interest is calculated on a daily reducing basis and the customers are also offered the facility to choose between step up and step down EMIs.
• BOI offers complimentary personal accident insurance for the borrower that covers accidental death and permanent total disability.
• Life insurance cover for all borrowers to cover against death during home loan tenure at affordable premium.
• Loan is extended for furnishing and installation of solar PVs at the same interest rate as that of home loans.
• Borrowers can enjoy tax benefit on interest and instalments.
• Highly flexible repayment tenure of up to 30 years including a moratorium of maximum 36 months.
• Loan quantum of up to Rs.500 lakhs.

Bank of India Home Loan FAQ:

1. What will be the processing fees for BOI Home Loans?
   

   Individuals, all loan amounts	One time charges of 0.25% of loan amount subject to a minimum of Rs.1000 and a maximum of Rs.20,000
   For partnership firms and corporate	Processing charges will be double that of the charges for individuals
   For rural home loans	75% of the amount applicable for individual borrowers.

2. What is the maximum loan amount that an applicant can avail?The eligible quantum for different classes of applicants is as follows.
   

   Professionals and self-employed customers	6 times the gross annual income, as per the IT Returns
   Salaried employees	6 times the gross annual income based on IT returns or 72 times the gross monthly salary
   HUF, partnership firm, companies and proprietorship	6 times the cash accruals as per the P&L statements or balance sheet

3. I am a salaried applicant. Can I avail a repayment tenure of 30 years?The maximum repayment term offered is 30 years. Generally, in case of salaried applicants, the loan has to be repaid before the date of retirement. Also, if the salaried employees have an assured post-retirement income, the repayment can be done till the borrower’s age is 70. Depending on the above conditions, a suitable repayment tenure is decided.
4. What do I have to provide as security for BOI Home loans?
   • Mortgage or equitable mortgage on the property.
   • Third party guarantee has to be provided as security if the mortgage could not be created before loan disbursement