A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Custom Free
     

    Custom quote

  • Bank of India Home Loan

    Loading your search...
  • Bank of India home loan interest rate starts from 8.45% p.a. onwards, with loan tenures of up to 30 years. The Bank of India housing loan can be availed for a maximum loan amount of up to Rs.5 crore. The processing charges levied by the Bank of Baroda on home loans starts from 0.25% of the loan amount. You can avail the Bank of India home loan to purchase or construct a house/flat or for the purpose of renovation/extend/repair your house/flat. The bank also offers takeover of home loan from other banks or financial institutions. 

    More
    We found 1 Bank of India Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.45% - 8.6% Floating
    ₹1,000 to ₹20,000
    5Crs Max
    30 Years
    What you'll love
    Documents
    Perks
    Think about

    Bank of India Home Loan Details

    Bank of India offers several home loans at affordable interest rates. They are easy to apply for and can be customised to your requirements. Here is a quick glance at salient features of BOI home loan schemes:

    Updated as per Latest Rates on 21 Jul 2019
    MCLR 8.65% (1 year)
    Loan Amount Minimum: NA, Maximum: Rs.5 crore
    Processing Fees Up to 0.50% (Min. Rs.1,500; Max. Rs.50,000)
    Penal Interest Rate Not available
    Prepayment/Foreclosure Charges Nil for floating-rate packages
    0.65% to 2.25% of loan balance for fixed-rate packages
    Max Tenure 30 Years
    Rate Packages Available Floating/Fixed

    Check with the bank to know if fixed-rate packages are available for you. Apart from the above, you may have to pay certain additional fees and charges, such as CERSAI fees and delay in filing of records. More details available on our home loan processing charges page.

    Bank of India Home Loan Interest Rates

    BOI housing loan interest rates are based on its 1-year MCLR, which currently stands at 8.65%. If your credit score is low, you may have to pay higher interest rates. The rate of interest on home loans for women is 0.05% less than that for other categories of borrowers.

    The current interest rates for Bank of India home loans are given in the table below:

    Bank of India Home Loan Schemes Applicable Interest Rate (p.a.)
    BOI Star Home Loan 8.80% to 8.85%
    BOI Star Diamond Home Loan 8.80% to 8.85%
    BOI Star Smart Home Loan 8.80% to 8.85%
    Star Pravasi Home Loan 8.80% to 8.85%
    Pradhan Mantri Awas Yojana 8.65%
    BOI Star Loan Against Property 10.65% to 11.15%

    Bank of India Home Loan Schemes

    Bank of India (BOI) offers housing loans with attractive features and benefits with interest rate starting from 8.80% p.a. Loan tenures of up to 30 years, easy repayment options, and low processing fees starting from 0.25%, are features that make their home loans affordable. BOI home loans are also known for simplified application process, excellent customer service, and fast approvals.

    The four main housing loans offered by Bank of India are BOI Star Home Loan, Star Diamond Home Loan, BOI Star Smart Home Loan, and Star Pravasi Home Loan. From time to time, the bank offers discounts on home loan interest rates and processing fees during the festive season.

    Festive Season Offers on BOI Home Loans

    The current MCLR offered by BOI is 8.70% p.a. The bank has a festive offer for home loan borrowers from 01 April 2019 to 30 June 2019. The interest rate for salaried individuals on housing loans during this festive offer starts from 8.80% p.a.

    The interest rate on home loans during the festive season is significantly determined by the CIBIL score of the applicant.

    Also, the bank is waiving the processing fees on home loans during this period. Therefore, if you avail a mortgage from BOI during this time, you do not have to pay any processing fees. After the festive offer ends, the interest rate and processing fees prevailing on that date will be applicable.

    BOI Star Home Loan

    Key Highlights
    • Free personal accident insurance cover.
    • Housing loans up to Rs.3 crore available for applicants of selected cities.
    • 0.5% concession on interest rates for women borrowers.
    Interest rate 8.85% p.a. onwards for women 8.90% p.a. onwards for men
    Processing fees for individual borrowers 0.25% of the loan amount (Min.Rs.1,000; Max. Rs.20,000)
    Processing fee for corporates and partnership firms 0.50%
    Processing fee for applicants from rural areas 0.1875%*

    *BOI charges 75% of the processing fees charged for individual applicants for rural applicants.

    **Interest rate is applicable for salaried individuals/professionals/self-employed persons/corporates/NRIs/PIOs/partnership firms/HUF/proprietor firm applicants.

    BOI Star Diamond Home Loan

    Key Highlights
    • Up to Rs.5 crore loan amount available.
    • Can be availed by individuals/firms/corporates with average minimum gross income of Rs.1 crore.
    • Available for applicants from select cities (New Delhi, Hyderabad, Pune, Bangalore, Chennai, etc.).
    Interest rate 8.85% p.a. onwards for women 8.90% p.a. onwards for men
    Processing fees The higher of Rs.50,000 OR 0.25%
    Processing fee for corporates and partnership firms The higher of Rs.50,000 OR 0.50%
    Processing fee for applicants from rural areas 0.1875%*

    *BOI charges 75% of the processing fees charged for individual applicants for rural applicants.

    **Interest rate is applicable for high net worth individuals/firms/corporates

    BOI Star Smart Home Loan

    Key Highlights
    • Available for existing BOI savings account or current deposit customers.
    • Available for new customers who open a new savings account/current deposit account.
    • Minimum home loan for salaried at Rs.5 lakh and Rs.10 lakhs for others.
    Interest rate 8.85% p.a. for women 8.90% p.a. onwards for men
    Processing fees for individual borrowers 0.25% (Min.Rs.1,000; Max. Rs.20,000)
    Processing fee for corporates and partnership firms 0.50%
    Processing fee for applicants from rural areas 0.1875%*

    *BOI charges 75% of the processing fees charged for individual applicants for rural applicants.

    **Interest rate is applicable for existing BOI savings bank account or current deposit customer or those who are willing to open an SB/CD/salary account with BOI

    Star Pravasi Home Loan

    Key Highlights
    • Available for NRIs with valid passport and Persons of Indian Origin (PIOs).
    • Loan amount of up to Rs.5 crore to buy or construct a house/flat in select cities.
    • Repayment tenure of up to 30 years.
    Interest rate 8.85% p.a. for women 8.90% p.a. onwards for men
    Processing fees for individual borrowers 0.25% (Min.Rs.1,000; Max. Rs.20,000)
    Processing fee for corporates and partnership firms 0.50%

    *All processing fees mentioned are excluding registration costs, stamp duty charges, etc

    *Can be availed by NRIS or PIOs.

    Bank of India Home Loan Calculator

    Before you avail a home loan, it is very important to know the EMI you will end up paying. This will help you plan your money better. You can use the Home Loan EMI Calculator available on BankBazaar to ascertain your future mortgage EMIs. This is a free tool which will help you understand how much money you should set aside every month to pay your mortgage.

    To calculate the home loan EMI amount, you will be required to enter basic loan-related information such as the principal loan amount, the applicable interest rate, the loan tenure, and the processing fee charged.

    The BankBazaar Home Loan EMI Calculator will also allow you to enter any prepayments you are planning to make and the frequency of such payments to give you accurate results.

    Once you enter the required details and the EMI amount is generated, you will also be able to see the amortisation table. This table will give you a break-up of how your EMI amount will be posted towards the principal and interest on your loan. If you make any prepayments, this table will help you understand your overall interest savings. You can understand your loan repayment schedule payment better using this table.

    Bank of India Home Loan Eligibility Criteria

    The eligibility requirements for BOI home loans differ from one loan to another. The bank offers various housing finance schemes for salaried individuals, non-salaried individuals, NRIs, PIOs, individuals with high net worth, firms, corporates, etc.

    Get in touch with the bank for more information.

    Documents Required for All Home Loan Applicants

    The list of documents required to avail a BOI home loan will be communicated to you by the bank when you make an enquiry or submit your application. However, many lenders require the below-mentioned documents to process a housing loan application:

    Identity proof (Any one from the list)

    • PAN Card
    • Driving Licence
    • Voter ID
    • Passport
    • Aadhaar Card

    Proof of Residence (Any one from the list)

    • Aadhaar Card
    • Passport
    • Driving Licence
    • Election ID
    • Utility bills

    Proof of income (For salaried applicants)

    • Recent salary slips
    • Recent bank account statement/passbook

    Proof of income (for self-employed applicants)

    • IT Returns
    • Profit and Loss Statement
    • Audited Balance Sheet

    Property documents

    • Sales deed
    • No Objection Certificate (NOC)
    • Sale agreement
    • Registration documents

    Bank of India Pradhan Mantri Awas Yojana

    BOI offers home loans for eligible applicants under the Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY). This scheme aims to make housing affordable in India by offering an interest subsidy for eligible applicants. The beneficiaries are classified into the following groups:

    • Economically Weaker Section (EWS)
    • Low Income Group (LIG)
    • Middle Income Group (MIG –I & MIG – II)

    Benefits of PMAY Scheme

    • Interest subsidy of 3% to 6.50% available depending on the category of the beneficiary.
    • Maximum subsidy amount of up to Rs.2.67 lakh can be availed based on the category of the beneficiary.
    • Applicants with income from Rs.3 lakh to Rs.18 lakh can avail a housing loan under this scheme.

    Bank of India Home Loan Resource Centre

    1. What is the MCLR offered by Bank of India?

      The MCLR offered by BOI as on 10 May 2019 are as follows:

      MCLR tenure Rate (p.a.)
      Overnight 8.20%
      1-month 8.30%
      3 months 8.45%
      6 months 8.55%
      1-year 8.70%
    2. I have a floating rate home loan and I want to prepay the loan. What are the prepayment charges?

      If you have a floating rate home loan, BOI does not charge a prepayment fee. However, you will be allowed to make prepayments only after 6 months from the loan disbursement date.

    3. How can I reach the Bank of India customer care department?

      Dial the toll-free numbers 1800 220 229 or 1800 103 1906 to avail BOI phone banking services. Alternatively, you can also dial 022 4091 9191.

    4. Does BOI offer Loan Against Property? What is the applicable interest rate?

      Yes. BOI offers Loan Against Property. The applicable interest rate starts from 10.65% p.a.

    5. Can I transfer my existing home loan to BOI?

      Yes. BOI allows home loan balance transfer. You will be able to transfer your existing mortgage from other banks or NBFCs to Bank of India. Get in touch with the bank for more details.

      

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Bank of India Home Loan Reviews

    • Bank of India Home Loan
      "Excellent Experience"
      0.5 5.0/5 "Blown Away!"
      I took the housing loan, they gave me 4% of simple interest per annum but its only for the staff. There is no charges application for the housing loan disbursement, I took the loan for the duration of 25 years, they do have balance transfer, part payment and foreclosure without any charges.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 09, 2019
    • Bank of India
      Bank of India Home Loan
      "Its great"
      0.5 5.0/5 "Blown Away!"
      Bank of India is providing floating interest for the home loan around 8.6% for the duration of 18 years. I took Rs. 8.5 lakhs, the process was easy within 10 days I got the loan amount. They released the amount in single slot to purchase Individual house. There was no processing fee or insurance fee was taken from their end.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 22, 2019
    • Bank of India Home Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      Got my home loan from Bank of India. They have given me a quick turn around time they have issued the loan. The branch is nearby my home and the interest rate which they provided is very less compared to others hence i have chosen this bank. They have provided the loan within 10 days and they have not taken any processing fee but they have charged me only stamp duty charges.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 09, 2019
    • Bank of India Home Loan
      "Better Loan service"
      0.5 5.0/5 "Blown Away!"
      Rate of interest is very less thats the reason i have selected Bank of India for my home loan. They have offered me a interest rate of 8.3% and there is no processing fee. I have applied the loan amount of Rs. 28 lakhs and i received it on time. I pay the EMI amount of Rs. 24000 for the tenure period of 25 years.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 07, 2019
    • Bank of India Home Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I have been taken my housing loan with Bank of India from past six months, The loan amount was sufficient, the rate of interest they have charged me was nominal, they have been not charging me hidden charges , still this loan is running.So far i have no issue.
      Was this review helpful? 1
      , kolkata
      Reviewed on Apr 26, 2019
    • Bank of India Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with BANK OF INDIA recently. Just 7 months happen taking this loan. The loan amount they have given me is sufficient, and the rate of interest they charged me was up to 8.30% , it is nominal,it use to float,on the basis of offers they have launch that time they have not charged me processing fee , and overall service is good.
      Was this review helpful? 7
      , mumbai
      Reviewed on Jan 26, 2019
    • Bank of India Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      There are processing fees which is very nominal one for documentation and approval. They instantly approved they took few days for the documentation and approval. I got my home loan with BANK OF INDIA. I am satisfied with the rate of interest which is nominal one .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • Bank of India Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using my housing loan with Bank of India, there service was good ,they have given me sufficient loan amount, and the rate of interest they have given me was up to 8.5% now,the rate of interest is not fixed it use to fluctuate according to market price, and the processing fee they have charged me was nominal,there mobile application and net bank is good, there application is user-friendly,but if i took loan from Hyderabad bank but i am in Bangalore branch then they will not help me out in this only on that bank they will be helping out if i had any issue or query.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2019
    • Bank of India Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my home loan with Bank of India, the loan amount which they have given me was sufficient, and the rate of interest they have charged me was nominal, and the processing fee they have charged me was nominal and there was no delay in loan amount , i got on time, overall service was good.
      Was this review helpful? 2
      , pune
      Reviewed on Dec 18, 2018
    • Bank of India Home Loan
      "Customer Service should be improved"
      0.5 2.0/5 "Expected more"
      My spouse have housing loan in Bank of India , they added me as a co applicant, I have dissatisfied experience, the process was very delay and the response is not upto the mark. Again planning to do balance transfer from BOI to other bank. Interest rate and charges are fine in Bank of India because its a govt bank.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 28, 2018
    • Bank of India Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got my housing loan from Bank of India . Am satisfied with rate of interest which is nominal one of 8.35% The customer service and response is good. It took 10 to 15 days for the documentation and approval process. They gave the tenure period of 15 years which i make the payment through ECS. Their customer service is good and responsive. There are no processing fees.
      Was this review helpful? 1
      , bhilwara
      Reviewed on Jul 03, 2018
    • Bank of India Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with BANK OF INDIA 6 years back. The loan amount was 9,80,000 and the interest rate was satisfactory . The tenure period was 20 years .The process was very fast and easy . The customer service and responses was amazing . They haves sanctioned the loan with the committed time.
      Was this review helpful? 3
      , kolkata
      Reviewed on Jun 14, 2018
    • Bank of India Home Loan
      "BEST SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan form bank of India , as they have given promising rate of interest while comparing to other banking which available in market , easy approval process , payments made through ecs process .customer service and customer response is best regarding queries provides solution.
      Was this review helpful? 1
      , navi mumbai
      Reviewed on Apr 30, 2018
    • Bank of India Home Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have my home loan with BANK OF INDIA for about 3 years . The loan amount was 20,70,000. The Interest rate was 9.5% which is bit high than other banks in the market. The loan process was very smooth and hassle free here . My overall experience was better .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 14, 2018
    • Bank of India Home Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The bank of India has offered me a home loan around 5years ago. The customer support service is not up to the mark. The service which I got from the bank of India was below average because they are taking 3months time to disburse the home loan amount. The loan amount has been disbursed in 3 months of time. The rate of interest and the charges are nominal with the bank of India.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 06, 2018
    • Bank of India Home Loan
      "Good banking"
      0.5 4.0/5 "Great!"
      I have taken Home loan with Bank of India.The loan amount is 9.50 lakhs they had deducted processing fees and other charges post that they had dispatched of 9.50 lakhs.The tenure is for thirty years.Net banking and mobile App is good and useful.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 29, 2018
    • Bank of India Home Loan
      "Looking for better service"
      0.5 2.0/5 "Expected more"
      Bank of India is not corporative to the customer, previously I took the home loan of Rs.12 lakhs for the tenure of 20 years. They done lot of home loan procedure it was very inconvenience and also they are not customer oriented. Even their interest rate was higher side.
      Was this review helpful? 2
      , srinagar
      Reviewed on Oct 25, 2017
    • Bank of India Home Loan
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      I am having the home loan with the Bank of India and their interest rate is around 8.9%. The loan amount got disbursed within specified time period, also I am really happy with the Bank of India for my home loan disbursal.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 23, 2017
    • Bank of India Home Loan
      "Fair Service"
      0.5 4.0/5 "Great!"
      I had taken the home loan in September 2015. The interest rate for my home loan was 9.90% and I am trying to close this loan very fast in order to save the interest. Customer service is quite approachable as the bank located near to my house and it is five minutes walkable distance for me.
      Was this review helpful? 2
      , thane
      Reviewed on Sep 06, 2017
    • Bank of India Home Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      My home loan is from Bank of India and the process to get this loan is good. The documentation was simple and the disbursement happened on the day I needed the funds. The bank was also nominal on the interest rate and processing charges. The after loan services are smooth.
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 29, 2017
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.