Established in the pre-independence era, Bank of India is one of the pioneering financial institutions. The bank, which was nationalized in the year 1969, boasts of a nationwide network of over 4000 branches. Bank of India offers an extensive suite of financial products and services surrounding commercial banking, mortgage, private banking, retail banking, asset management and credit cards.
As we all know, in today’s times, property rates are touching the sky. Purchasing a house is every individual’s life goal, but not something which is easily achievable. Financing a new house or apartment only on one’s savings is often not possible and definitely something that is advised against. That is the primary reason why home loans have become so popular lately. So, if you too are looking for a home loan to finance the cost of a new apartment or construct a new house, you needn’t look any further. Under its retail banking arm, Bank of India offers the BOI Star Diamond Home Loan, a unique loan product which features high loan amounts, easy repayment terms, low interest rates and much more to make it easier for you to own your dream home.
Bank of India offers very competitive rates on their home loan products. With the Star Diamond Home Loan, interest is applicable on a floating basis and will be charged at the rate of 0.25% above the bank’s current base rate i.e. 10.20%.
Floating interest rate is applicable on Bank of India Star Diamond Home Loan. The rate of interest on new loans is based on the Marginal Cost of Funds-based Lending Rate (MCLR) from April 1, 2016. BOI has set a benchmark of 1-year MCLR for its home loans. The MCLR for 1 year has been set at 9.4% per annum. Accordingly, the interest rates for BOI’s Star Diamond Home Loan will be 9.95% - in addition to 9.4% MCLR, there is a business strategy spread of 0.3% and an additional 0.25% spread.
Quantum of Loan:
The BOI Star Diamond Home Loan has been designed keeping your needs in mind, as well as the rising real estate prices. This loan can be availed for amounts higher than Rs. 5 crore.
Following is the criteria applicable to apply for the BOI Star Diamond Home Loan.
For individuals, the entry level norms applicable as per the home loan model. For firms and corporations, the entry level norms will be applicable as per the SBS/MS/LC Model.
On the BOI Star Home Loan, a processing charge of Rs 50,000 or for a maximum amount as per the Star Home Loan Scheme, whichever amount is higher.
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