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A "low interest" loan shouldn't mean you have very little interest in paying it back!
Bank of India offers home loan options to its customers at affordable rates of interest. The home loans can be availed for a loan repayment tenure of up to 30 years. The rates of interest start at 8.85% p.a.
*Note: The interest rate is applicable to all borrowers with a CIBIL score of 760 or more. For all women borrowers with a CIBIL score of 725 to 759, the rate stands at 7.00% p.a. and 7.05% p.a. for all other borrowers.
| Age | As per the provision of the bank |
| Employment Type | Salaried and self-employed individuals |
| Work Experience – Salaried Individuals / Self-employed Individuals and professionals | Minimum service tenure of 3 years |
*Note: Individuals who are over the age of 60 years can also apply for the loan provided they meet the recommended stipulations of the bank
A number of factors go in to checking the home loan eligibility. The approximate loan amount that you will be eligible for can be determined using the home loan eligibility calculator of Bank of India. The figures mentioned will be based on the information that you provide.
For the loan amounts listed in the table below, the loan repayment tenure is assumed to be 30 years and the rate of interest is assumed to be 8.85% p.a.
| Monthly Income | Loan Amount |
| Rs.25,000 | Rs.15,26,114 |
| Rs.30,000 | Rs.20,60,253 |
| Rs.35,000 | Rs.24,03,629 |
| Rs.40,000 | Rs.27,47,004 |
| Rs.45,000 | Rs.30,90,380 |
| Rs.50,000 | Rs.34,33,756 |
| Rs.55,000 | Rs.41,96,812 |
| Rs.60,000 | Rs.45,78,341 |
| Rs.65,000 | Rs.49,59,869 |
| Rs.70,000 | Rs.53,41,398 |
| Rs.75,000 | Rs.57,22,926 |
Note: The figures mentioned above are indicative and are based on certain assumptions. The figures are subject to change on the basis of other relevant factors such as the age of the applicant, etc.
The maximum repayment tenure for Bank of India Home Loans is primarily dependent on the age of the applicant. Getting a home loan earlier will make you eligible for the longest loan repayment term. The following list shows the maximum loan repayment tenure that an applicant will be eligible for on the basis of his or her age.
| Applicant Age | Maximum Eligible Tenure |
| 21 years to 40 years | 30 years |
| 41 years | 29 years |
| 42 years | 28 years |
| 43 years | 27 years |
| 44 years | 26 years |
| 45 years | 25 years |
| 46 years | 24 years |
| 47 years | 23 years |
| 48 years | 22 years |
| 49 years | 21 years |
| 50 years | 20 years |
| 51 years | 19 years |
| 52 years | 18 years |
| 53 years | 17 years |
| 54 years | 16 years |
| 55 years | 15 years |
Home loan eligibility on the basis of credit scores – For Salaried Employees
The following rates of interest are applicable for the quoted CIBIL scores:
| Credit Score | Rate of Interest for Women Borrowers (p.a.) | Rate of Interest for Other Borrowers (p.a.) |
| 760 or more | 6.85% | 6.85% |
| 725 to 759 | 7.00% | 7.05% |
| 675 to 724 | 7.10% | 7.15% |
| No credit score | 7.00% | 7.05% |
Home loan eligibility on the basis of credit scores – For Self-Employed Individuals
The following rates of interest are applicable for the quoted CIBIL scores:
| Credit Score | Rate of Interest for Women Borrowers (p.a.) | Rate of Interest for Other Borrowers (p.a.) |
| 760 or more | 6.85% | 6.85% |
| 725 to 759 | 7.10% | 7.15% |
| 675 to 724 | 7.70% | 7.75% |
| No credit score | 7.10% | 7.15% |
As mentioned in the table above, a minimum credit score of 675 is ideal for availing a home loan from Bank of India. However, a higher CIBIL score strengthens the possibility of your home loan application being approved. In addition to that, Bank of India offers interest rates based on CIBIL score only for some of the home loan schemes such as the Star Home Loan, the Star Diamond Home Loan, and the Star Smart Home Loan.
The eligibility criteria for women applicants are in line with the other borrowers. The women borrowers are, however, eligible for a special rate of interest for the loans that they avail under the Bank of India Home Loan scheme. The rate of interest is 0.5% lower than the interest rates which applies for the other borrowers.
Some of the factors which affect the home loan eligibility of Bank of India are listed below:
Under the Bank of India Star Home Loan scheme, an applicant will be able to avail up to Rs.500 lakh for the construction or purchase of a housing property. The loan amount will be subject to the geographical location of the property. In addition to that, applicants can also avail loans for the renovation, extension, or repairs of an existing housing property. This is capped at Rs.50 lakh.
Yes, NRIs, PIOs, and HUFs are eligible for home loans offered by the Bank of India. Being an NRI, you can avail a home loan under the Bank of India Star Home Loan scheme.
The applicant will be required to mortgage the house or flat to be eligible for availing a home loan from Bank of India. However, if the mortgage or equitable mortgage is not available at the time of loan disbursement, the applicant will be required to come up with a third-party guarantee.
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