Bank of India (BOI) was founded in 1906 and nationalized in 1969. With headquarter in Mumbai, the bank has over 5100 branches all over India. BOI offers an extensive range of banking services to individuals as well as NRIs in India. Whether you need to open a savings account, deposit money, or any other banking product or services, BOI can provide you with dependable banking services throughout India.
BOI offers home loans that are personalized to suit the borrower’s requirements. You can apply for a home loan from BOI for buying a plot/constructing a house/carrying out house repairs and renovations. The home loan can also be taken for adding an extension to the house etc. BOI offers home loans for a maximum amount or Rs.500 lakh for a maximum tenure of 30 years. When a borrower takes a home loan from BOI, he/she can choose to pay different EMIs at different periods of the loan tenure. The bank also provides simplified application forms along with speedy approvals for the convenience of the customers. The borrower can also take advantage of the free personal accident insurance cover along with life insurance cover for borrowers for the loan protection.
BOI offers home loans to salaried employees, Self-employed persons, professionals, NRIs, PIOs, HUF, property firms, partnership firms and corporates across India. The bank also provides an option for loan transfers or takeover of home loans from other banks.
The bank will also look into the other essential factors such as age, qualification, total income, total liabilities, other loan and credit account, credit score, and other details in order to approve/reject the application for a home loan.
BOI also provides home loan for the pre-approved housing projects that is listed on their website. You can visit their website to view the complete list of pre-approved housing projects that are eligible for an easy home loan. When you are buying a house/flat from a listed approved project, the bank can provide you with a faster loan compared to the regular home loan procedures. Typically, the bank will assess the property based on various factors such as the builder’s track record, project completion time, project location, etc. Once the bank has carried out a check and verified all the details, it will determine whether the property can be listed under the approved housing projects. When an applicant chooses to buy a property from the listed project, he/she can save a significant amount of time in the whole process.
Whether you are an individual or a business, Bank of India can provide you with a tailored home loan solutions that is flexible and suits your repayment style as well. You can either contact the bank through the bank’s website or visit one of their branch to obtain more details related home loans. You can also see the complete list of pre-approved housing projects on the website.
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