Bank of India (BOI), founded in 1906, is a government-owned bank. Bank of India home loans offers attractive options and quick services with documentation, processing, and other home loan financing requirements.

In this article, we will cover all possible questions related to Bank of India home loans.

1. Top home loan schemes of the Bank of India

Star Pravasi Home Loan

Dedicated to NRIs holding a valid Indian passport and persons of Indian origin holding a valid foreign passport. All co-owners must be co-applicants for the loan. To purchase/construct a house/flat, repair/renovate a house/flat, purchase a plot for building a house, and transfer home loan from another bank.

BOI Star Loan Against Property

You can pledge a property to get cash for purposes, such as trade, business, educational expenses, repair/extension of house/flat, repayment of the existing loan, and more.

BOI Star Diamond Home Loan

High-net-worth individuals, firms/corporate companies can avail the loan under the scheme for residential accommodation of their partners/directors, having a minimum average gross income of Rs.1 crore and above during the last 3 years as per audited balance sheet/IT returns.

BOI Star Top Up Loan

Get an additional loan upon the existing home loan for any purpose other than speculative purposes, such as investment in equities. All existing home loan borrowers with satisfactory conduct for the last two years can apply for this loan.

BOI Star Home Loan

Loans to purchase a plot for constructing a house, purchase/construct a house/flat, and repair/renovation/alteration/addition to existing house/flat up to Rs.5 crore over a maximum of 30 years.

BOI Star Smart Home Loan

Existing or new savings/current account holders with an average balance or opening balance of Rs.5,000 in the account or individuals with salary account with BOI and others qualify for home loans of a minimum of Rs.5 lakh. Financing provided for repairs/ renovation of house/flat, purchase of plot and household articles, and installing solar PVs.

Pradhan Mantri Awas Yojana

This is a government scheme aiming to provide credit-linked subsidy for housing loans availed for new construction and addition of rooms to existing homes. Individuals from weaker sections and low-income groups are eligible for this scheme.

2. Interest rates of BOI home loans

RBLR is at 6.85% with effect from 1 June 2020.

Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan

CIBIL Score Range

Interest Rate for Salaried Applicant

Interest Rate for Self-Employed Applicant

> 760

RBLR + 0.10% 


Women: RBLR + 0.25%

Others: RBLR + 0.30%

Women: RBLR + 0.35%

Others: RBLR + 0.40%


Women: RBLR + 0.35%

Others: RBLR + 0.40%

Women: RBLR + 0.95%

Others: RBLR + 1.00%

< 675

Women: RBLR + 1.30%

Others: RBLR + 1.35%

Women: RBLR + 1.45%

Others: RBLR + 1.50%

-1 and 0

Women: RBLR + 0.25%

Others: RBLR + 0.30%

Women: RBLR + 0.35%

Others: RBLR + 0.40%

Star Pravasi Home Loan

Women: RBLR + 0.15%

Others: RBLR + 0.20%

Star Top Up Loan

Base home loan interest rate + 0.50%; subject to the minimum RBLR

Pradhan Mantri Awas Yojana

RBLR + 0.10%

Star Loan Against Property

Loan/Reducible Overdraft

RBLR + 2%

Non-Reducible Overdraft

RBLR + 2.5%

3. Features and benefits of Bank of India home loan

  • BOI home loans are available for both salaried and self-employed.
  • Special rates offered for women applicants.
  • Tenure of loan is between 5 years to 30 years.
  • Competitive interest rates are offered on home loans.
  • Option to pay different EMI amounts for different periods during the loan tenure based on the borrower’s payment capacity.

4. Who is eligible for Bank of India home loans

  • Resident Indians
  • Non-resident Indians (NRIs)
  • Proprietary firms
  • Partnership firms
  • Companies (private/public limited)
  • HUFs
  • Societies
  • Staff members

Age Limit (at the end of the repayment period)

  • People in permanent employment – Up to 60 years
  • Self-employed/non-salaried/proprietary concerns – Up to 70 years

5. Documents required for BOI home loans

Salaried employee


Loan application form

Loan application form

2 Passport Size Photos

2 Passport Size Photos

Identity Proof – Passport/Driving Licence/Voter ID/PAN

Identity Proof – Passport/Driving License/Voter ID/PAN

Address Proof – Registered Rent Agreement, Utility Bill (last 3 months), and Passport

Address Proof – Registered Rent Agreement, Utility Bill (last 3 months), and Passport

Income Documents – last 6 months’ payslip, last 2 years’ Form 16, last 6 months’ bank statement showing salary credit and any EMI debit

Business proof, such as GST registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

6. Fees and charges

Processing Fees

  • Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan
    • For individuals – 0.25% of the loan amount; Rs.1,500-Rs.20,000
    • For partnership firms and corporates – 0.50% of the loan amount; Rs.3,000-Rs.40,000
    • For rural areas – Rs.1,500-Rs.20,000
  • Star Diamond Home Loan
    • One time fee of Rs.50,000 or as per Star Home Loan Scheme, whichever is higher

7. Bank of India Home loan EMI calculator

Use our free home loan EMI calculator to understand how much EMI you will have to pay for what loan amount over the loan tenure.

Frequently Asked Questions (FAQs)

Can I make a prepayment of the home loan?
The bank allows prepayment on home loans that have a floating rate of interest. No prepayment charges are to be paid.
Does the bank offer insurance when I take a home loan?
Yes. The bank provides a free personal accident insurance cover with the home loan for a limited period. Renewal of this insurance is subject to the bank’s discretion. The bank also offers an optional life insurance cover for loan protection.
Will the top-up home loan include the same fees and charges as a fresh home loan?
No. The fees and charges applicable to a top-up home loan are different from that of a new home loan. It can vary based on the reducible and non-reducible nature of the loan.
What is the loan tenure for a Star Top Up Loan?

The Star Top Up Loan must be repaid in a maximum of 12 years. No extension will be given for this loan.

Do I get the moratorium period over and above the loan tenure of 30 years?

No. The moratorium period of three years is included in the actual loan tenure of three years. The moratorium period is determined based on the number of floors/in case of township projects. Apart from the loan tenure, you have to ultimately pay off the loan before you retire from your job.

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