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.
|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.|
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%|
|725-759||Women: RBLR + 0.25% Others: RBLR + 0.30%||Women: RBLR + 0.35% Others: RBLR + 0.40%|
|675-724||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%|
Age Limit (at the end of the repayment period)
|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|
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.
The bank allows prepayment on home loans that have a floating rate of interest. No prepayment charges are to be paid.
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.
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.
The Star Top Up Loan must be repaid in a maximum of 12 years. No extension will be given for this loan.
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.
|Similar Banks Offering RD|
|SBI Bank||HDFC Bank||ICICI Bank||Indian bank|
|AXIS Bank||KOTAK Bank||Union Bank of India||Canara Bank|
|Bank of Baroda||IDBI Bank||Bank of India||Andhra Bank|
|Central Bank of India||Allahabad Bank||PNB|
|Syndicate Bank||Corporation Bank||RBL Bank|