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  • 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 CIBIL score:

    CIBIL Score Salaried Individuals Non-Salaried
    760 and More 6.50% 6.50%
    725 – 759 6.60% 6.60%
    675 – 724 6.70% 6.70%
    Below 675
    • For Women: 8.15%
    • For Others: 8.20%
    • For Women: 8.30%
    • For Others: 8.35%
    Personal Score (-1 and 0) 6.70% 6.70%

    Charges & Fees:

    For Individual Applicants:

    Limit of Loan Charged one time, which includes GST.
    For every Loan Sum 0.25% of the home loan amount. Minimum is Rs.1,500 & Maximum is Rs.20,000 plus GST

    For Partnership Organizations & Corporate Debtors:

    Limit of Loan Charged one time, which includes GST.
    For every Loan Sum 0.50% of the home loan amount. Minimum is Rs.3,000 & Maximum is Rs.40,000 plus GST (Double that of individual borrowers)

    For Applicants from Rural Regions:

    Limit of Loan Charged one time, which includes GST.
    For every Loan Sum Processing fees will be 75% of what is applicable to individuals with regard to loans taken by borrowers from rural places from the Rural Bank Branches. Minimum is Rs.1,500 & Maximum is Rs.20,000 plus GST

    Please note that no processing charges will be charged for availing the loan till 31 December 2021.

    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 and 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.

      

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