Bank of India (BOI) is an Indian state-owned commercial bank with headquarters in Mumbai, Maharashtra. Government-owned since nationalisation in 1969, Bank of India has 4545 branches as on 31 December 2013, including 54 branches and with total net income of 24887.1 Million. Bank of India key products are on commercial banking, retail banking, private banking, asset management, credit card. Retail loan in bank of india varies from scheme to scheme for customer.
At least 21 years old
Less than 60 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
Loan capped @ Rs.1 lakh to Rs.500 lakhs
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Interest Rate||Men : 8.50% to 8.60% Women : 8.45% to 8.55%|
|Processing Fees||0.25% of loan amount; Minimum Rs.1,000/- and Maximum Rs.20,000/-(Plus S.T.)|
|Loan Tenure||30 years|
In today's world, owning a property has become more than just fulfilling the basic necessity of having a shelter. Many people view their homes as an appreciating asset and also as a measure of personal financial accomplishments. With the growing needs of real estate, the property prices are also mounting. At any cost, it is not advisable to burn up all your savings in the name of property purchase. The wisest option is to opt for a home loan and repay the loan as EMIs over the time.
Bank of India home loans can be used for purchasing a plot, construction of a house or to buy a fully-constructed house. With a pioneer in home loans portfolio like Bank of India, you can be assured of a peaceful and hassle-free property financing experience.
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.
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.
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:
|BOI Home Loan Scheme||Rate of Interest|
|Star Home Loan||* 1 year MCLR irrespective of the limit|
|Star Smart Home Loan|
|Star Diamond Home Loan|
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:
|Loan Tenor||MCLR Rate|
It is very important to assess your financial affordability before availing a home loan. Doing this will ensure that you are not buying more than what you can afford and also ensure that the EMI fits your monthly budget. You don't have to waste your time working out EMI schedule and amortization details. Use an online home loan EMI calculator to get complete information about your repayment schedule. All you have to do is follow the below given simple steps.
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.
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
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
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.
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