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  • Bank of India Star Smart Home Loan

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Bank of India Star Smart Home Loan

    Founded in 1906, Bank of India is one of the oldest thriving financial institutions in India which offers an extensive suite of financial products and services. The bank was nationalized in the year 1969 and currently operates with the help of over 4200 branches, located all over India.

    Owning a house can be a matter of great pride and joy for any individual, but, nowadays, with the real estate prices skyrocketing, it’s not easy to finance the cost of a new house or apartment. Therefore, those of you looking to purchase or construct a new house or apartment needn’t look any further. Bank of India offers a unique home financing option by way of the BOI Star Smart Home Loan. This home loan offers some exceptional features and benefits like low interest rates, high loan amounts, long repayment period, among many more.

    Features & Benefits - BOI Star Smart Home Loan:

    • Type of Loan – The BOI Star Smart Home Loan is linked to a Savings Bank or Current Account held by the customer.
    • Repayment Tenure – Customers who have taken the BOI Star Smart home loan can repay the loan over a maximum tenure which is fixed at 30 years.
    • Loan Amount – Get all the finance you need to purchase your new house with the BOI Star Smart Home Loan which comes with a minimum loan limit of Rs 5 lakhs (for salaried individuals); Rs 10 lakhs (for other individuals). The maximum limit for which you may take this loan will be as per the normal home loan scheme.
    • Repayment Method – Repayment of the BOI Star Smart Home Loan can be done via Equated Monthly Installments via standing instructions for debit of loan installment.
    • Option To Reduce Interest – With this loan, any amount which is above the threshold limit in a Savings Bank or Current Account will automatically be transferred to your home loan Account, which in turn will help reduce the interest rate burden.
    • Overdraft Account – BOI Star Smart home loan customers have the option of operating their home loan account as an overdraft account up till the excess amount which is deposited in the account.
    • Surplus Benefit – The surplus amount which you have in your account can easily be utilized for any personal or business purpose.
    • Double Benefit – The BOI Star Smart home loan offers the dual benefit of not only easy liquidity but also interest relief.
    • Early Closure of Home Loan – One of the most unique features of this home loan is that is helps you in early closure of the loan. This is possible as the surplus funds in the account help in lowering the interest liability. Due to this, a larger chunk of the EMI will be channeled to pay off the loan amount, thereby reducing the loan. As a result of this, it becomes possible for you to make an early closure on your loan.

    Interest Rate - BOI Star Smart Home Loan:

    BOI offers one of the most competitive rates on its home loans. The Star Smart home loan offers the following interest rate, depending on the amount of loan taken.

    • For loan up to Rs 75 lakh: 10.20%
    • For loans over Rs 75 lakh and up to Rs 10 lakh:10.45%
    • For loans over Rs 100 lakh: 10.70%

    Charges & Fees:

    The BOI Star Smart home loan offers another great advantage, which is freedom from high charges or fees which is usually associated with home loans. With this loan, whatever the loan amount may be, individual customers only have to pay processing charges which are fixed at the rate of 0.25% of the loan amount. The minimum processing charge levied with this loan is fixed at Rs 1,000 and the maximum amount chargeable as processing fee is capped at Rs 20,000. For partnership firms and corporate home loan customers, the loan processing charges will be double of what is applicable for individual customers. For Star Smart home loan customers hailing from rural areas, the processing charges will be 75% of the rate that is applicable to individual customer. These processing charges are applicable on all loan amounts.

    Eligibility - BOI Star Smart Home Loan:

    In order to be eligible for the BOI Star Smart home loan, new and existing customers must comply with the following eligibility criteria:

    • All existing Bank Of India Savings Bank or Current Account holders who have maintained an average balance of Rs 5,000 in their account for the past year are eligible for this home loan.
    • All new customers who have opened a new BOI Savings Bank or Current Account an opening balance of Rs 5,000 are eligible for this home loan.
    • All existing / prospective salaried individuals whose salary gets credited to a Bank of India branch and their repayments are scheduled or proposed to be done from this account, regardless of the minimum balance, are also eligible for this home loan.
    • All self-employed individuals.
    • Professionals like engineers, lawyers, doctors, chartered accountants, businessmen, etc., who have a regular source of income, are eligible for this loan as well.
    • The Savings Bank or current Account associated with this loan must be maintained by the borrower, throughout the tenure of the loan.

    FAQs:

    1. What are the facilities available with the account associated with this home loan?

      The Savings Bank or Current Account associated with your BOI Star Smart home loan comes with multiple facilities like a debit card, cheque book facility, mobile banking & internet banking facility, etc.

    2. Is there a time period when these facilities will be provided on the associated account?

      Yes, all these facilities will only be provided after the full disbursement of loan amount and completion of the moratorium period of the loan.

    3. Are there any charges associated with the usage of the cheque book or ATM card provided with this account?

      Any charges levied on the usage of cheque book or ATM card will be applicable as per the bank’s extant guidelines.

    Bank of India Star Smart Home Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 1
      , 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? 0
      , 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? 0
      , 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? 0
      , chennai
      Reviewed on Aug 29, 2017
    • Bank of India Home Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      It took more than a month to process a home loan with bank of India. The required loan amount has been disbursed and I am happy about the loan amount. The rate of interest is competitive. There is no fore closure charges. I am satisfied with the service.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 07, 2017
    • Bank of India Home Loan
      "Good housing loan process"
      0.5 3.5/5 "Pretty good"
      Bank of India housing loan process is a medic ore one. A speical thanks to the executive who processed this request as I did not take any pain. Effortlessly I had got this loan. Actually I was looking out to pay off the loan within 10 years the bank confirmed that they can give for only 15 years to 20 years, finally they had come down to 10 years tenure which I liked the most with them.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jan 09, 2017
    • Bank of India Home Loan
      "Be more flexible"
      0.5 2.0/5 "Expected more"
      My area of concern with BOI would be their service as the person in charge did not get back to me when I inquired the housing loan. They dont provide the required information. Also they dont have online facility and there is some clause set when it comes to pre closure as it is limited to 5 EMI. One good thing which I want to specify would be the rates and charges which is quite similar to other Banks,
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 26, 2016
    • Bank of India Home Loan
      "Fine"
      0.5 3.5/5 "Pretty good"
      I have taken series of loans with BOI, firstly, I went ahead by taking a personal loan , secondly, a home loan with them back to back. Being a nationalized bank, they offer a better interest rates and make them feel comfortable. During my home loan process, I have purchased a flat and the interest rate offered to me was in a floating range.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 30, 2016
    • Bank of India Home Loan
      "Better customer experience"
      0.5 5.0/5 "Blown Away!"
      Its good experience with Bank of India related to the home loan process.There was no drawback and they were much better than a private bank related to a home loan process.I got the personal assistance from their executives so customer need not feel any hassles.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 28, 2016
    • Bank of India Home Loan
      "Better process "
      0.5 3.0/5 "Satisfactory"
      Bank of India is charging 12.5% interest rate which is fixed for the home loan. I took the loan long time before. Maximum time they use to take is one month because they have many formalities. Part payment and pre closure facility is available without any extra charges.
      Was this review helpful? 0
      , dehradun
      Reviewed on Mar 09, 2016
    • Bank of India Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Bank of India has a very good customer relationship. Within one month the home loan amount was disbursed . I visited the bank and got the quick response. Rate of interest charged was 9.20% but the processing fee was 0% and there was no any extra charges.
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 04, 2016
    • Bank of India Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The home loan process is very slow with bank of India. Whatever information we required is not given on time by the customer service or by online portal. Interest rate charged was 12% and the processing fee charged was nominal. Documentation process is very strong.
      Was this review helpful? 1
      , thane
      Reviewed on Feb 24, 2016
    • Bank of India Home Loan
      "Not satisfied..."
      0.5 1.0/5 "Really Bad"
      Earlier I was tried for an Home loan with Bank of India. But the thing is they have their own policy. I would say HDFC Bank is much better than Bank of India. They did not provided ecs option also and they have lots of formalities. It should be minimize.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Feb 23, 2016
    • Bank of India Home Loan
      "Quicker and easier"
      0.5 5.0/5 "Blown Away!"
      The Bank of India service is always good based on the Home loan.They are require lesser documents to complete the loan process.The rates applied are very less .They are taking around a weeks time based on the loan.The loan process basically gets delayed due to the builder documentation process.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 08, 2016
    • Bank of India Home Loan
      "Fabulous "
      0.5 5.0/5 "Blown Away!"
      I had a very good experience with bank of India while taking the home loan . Within two weeks the loan amount was disbursed. Interest rate charged was 9.7% and the processing fee was 0% based on the offer. Verification was also very simple.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 27, 2016
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