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Bank of India Home Loan
Max Tenure
nil*
Best Rate
8.65%
Processing Fee
nil*
Currently not available! for similar products
About Bank of India
Bank of India is a leading commercial bank headquartered in Mumbai. The bank has 5100 branches as on 31 January 2017, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture. It provides a wide range of banking products and financial services to its customers.
How to Apply for Bank of India Home Loan?
What Is a Home Loan?
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
An Introduction to Bank of India Home Loans
Bank of India offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Bank of India provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Bank of India Home Loans are tailor made, catering to the needs of various customers.
Advantages of Bank of India Home Loans
- Attractive interest rates with floating and fixed type based on your preference
- Low processing fees
- Less paperwork
- No prepayment charges
- Easy home loan balance transfer
- Transparent application process
- Flexible repayment options
Key Highlights
| Eligibility Criteria | Salaried and Self-Employed |
|---|---|
| Loan Tenure | Up to 30 years |
| Loan Amount | Up to 5 crores and more for eligible applicants |
| Interest Rate | 8.65% - 8.70% |
| Processing Fees | 0.25% of the loan amount or maximum of INR 20,000/50,000 |
| Prepayment Charges | No prepayment charges for floating interest type |
Features of Bank of India Star Home Loan
Objective:
Bank of India home loan aims to help millions of people achieve their dream of owning a house.
Loan Amount:
Up to 3 crores
Loan Tenure:
Up to 30 years of repayment period is available under Bank of India home loan scheme. The repayment can also be customised as per the borrower’s wish.
Prepayment Charges:
No penalty is levied on prepayment in case of floating interest type.
Processing Fees:
0.25% of the loan amount or maximum of INR 20,000.
Interest Type:
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Bank of India at ease.
Insurance Cover:
Life Insurance cover to housing loan borrowers, at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
Interest Rate on Bank of India Home Loan
| Loan Amount | Interest Rate |
|---|---|
| Up to 30 Lakhs | 1 Year MCLR+0.10% for others 1 Year MCLR+0.05% for women |
| Above 30 Lakhs | 1 Year MCLR +0.20% for others 1 Year MCLR +0.15% for Women |
| Up to 75 Lakhs | 1 Year MCLR +0.20% for others 1 Year MCLR +0.15% for Women |
| Above 75 Lakhs to 100 Lakhs | |
| Above 100 Lakhs |
Features of Bank of India Awas Home Loan
Objective:
Bank of India home loan aims to help people who want to build their luxurious dream house.
Loan Amount:
5 crores and above
Loan Tenure:
Up to 30 years of repayment period is available under Bank of India home loan scheme. The repayment can also be customised as per the borrower’s wish.
Prepayment Charges:
No penalty is levied on prepayment for floating interest rate type.
Processing Fees:
0.25% of the loan amount or maximum of INR 50,000.
Interest Type:
Floating and Fixed
Interest Rate on Bank of India Diamond Home Loan
| Loan Amount | Interest Rate |
|---|---|
| Above INR 5 Crores | 1 Year MCLR + 0.20% for Others 1 Year MCLR + 0.15% for Women |
Eligibility Criteria:
To avail the home loan from Bank of India, you need to have the following eligibility criteria.
- You should be over 21 years of age.
- Steady source of income
Top Up Home Loan
Union Bank of India allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.
Documents Required to Apply for Bank of India Home Loans
Important documents to be submitted while applying for home loan with Bank of India
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
- Property tax receipt
- Proof of business address for non-salaried individuals
- Personal assets and liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
EMI Payment Methods
Your Bank of India home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Bank of India, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of India account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Bank of India account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Bank of India account at your nearest Bank of India Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
How to Apply for Bank of India Home Loan?
You can either apply online or visit a nearby Bank of India branch for the application. You can also download the home loan application form from the Bank of India official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
Summary of Bank of India Home Loans
With attractive interest rates and low processing fees, Bank of India caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Bank of India home loan without any penalty. Bank of India home loan is the best option to buy or construct your dream house.
Bank of India Home Loan FAQs
1. What are processing fees on Bank of India Home Loans?
The processing fee is 0.25% of the loan amount sanctioned
2. Is there penalty for prepaying the Bank of India Home Loan?
No penalty is levied for prepaying the Bank of India Home Loan in case of floating interest type.
3. Can I top up my existing Home Loan?
Yes, you can get additional funding on your existing home loan.
4. What is the maximum loan repayment period for Bank of India Home Loans?
The maximum repayment period is 30 years.
5. How Can I apply for Bank of India home loan?
You can either apply online or visit a nearest Bank of India branch and take the help of the bank’s representative.
6. What is the maximum loan amount provided by Bank of India?
The maximum loan amount is 5 crores and the eligible applicants can get above that.
7. Does Bank of India facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to Bank of India.
8. Can I get tax benefits from Bank of India Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.