BOI Home Loan 2019, Bank of india Home loan: Interest Rates, Eligibility

BOI Home Loan 2019: Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. Bank of india offer BOI Star Home Loan. In this article we provide complete information regarding BOI Home Loan like – Eligibility for BOI Home Loan, BOI Home Loan Interest Rates, Documents Required for BOI Home Loan etc. you may find details information for BOI Star Home Loan from below….

BOI Home Loan, Bank of india Home loan

Bank of India offer various types of home loans and one of them is “Bank of India Start Home Loan”. Please check Key Features of BOI Star Home Loan From below..

  • Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat Maximum loan amount is Rs.500 lacs and repayment ranges up to 30 years, with reasonable margin and nominal processing charges. No commitment /administrative charges
  • The loan is available at very competitive rates of interest, currently available in the industry.
  • Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
  • Prepayment of Loan permitted. No prepayment charges under floating rate option
  • Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  • Loan to NRIs as well as Persons of Indian Origin.
  • Simplified application form/procedures for convenience of customers, and speedy approvals.
  • Free Personal Accident Insurance cover (Renewed at banks discretion)
  • Life Insurance Cover to borrowers for Loan Protection(optional)
  • Please visit our nearest Branch and avail loan to own your dream home.

Eligibility for BOI Home Loan

  • Salaried employees, Professionals, Self-employed persons.
  • Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate

Purpose for taking BOI Home Loan

Before visit to Bank of india Branch, please decide that for which purpose you want to take loan, BOI Offer home loan for following Purpose…

  • To purchase/construct house/flat
  • To renovate/extend/repair existing house/flat.
  • To purchase a plot of land for construction of house
  • Takeover of home loan from other banks/FIs- subject to conditions.

Eligible Quantum of Loan

For construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata, New Delhi and Chennai)

  • Repairs/renovation/extension to house/flat –Rs.50 lacs
  • Purchase of a plot – Rs.300 lacs
  • Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lac is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any.
  • Loan for installation of Solar PVs at Home Loan ROI, as per limit fixed by the Bank
  • Note: Minimum Home Loan :- For Metro/Urban Centers :-Rs.

BOI Home Loan Processing Charges

Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan :

For Individuals –

For all loans amounts:-

  • 0.25 % of loan amount
  • Min. Rs. 1,000/- Max. Rs. 20,000/-

For Partnership firms and Corporates:

Processing charges to be double that of applicable to individuals.

For Rural areas:-

Processing charges 75% of that applicable to individuals in respect of loan availed by borrowers from rural branches.

Star Diamond Home Loan

One time processing charge of Rs.50, 000 or maximum as per Star Home Loan Scheme, whichever is higher.

BOI Home Loan Interest Rates

Here below we provide complete details for Bank of india Home Loan Interest Rates….

ParticularsRate of interest
Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan /Star Diamond Home LoanFor Women : 1 Year MCLR + 0.15 %
For Others : 1 Year MCLR + 0.20 %

*PLEASE NOTE CURRENTLY FESTIVAL OFFER IS APPLICABLE TILL 31.03.2019

MCLR –

MCLR w.e.f. 10.05.2019

Sl.NoTenor wise MCLRRate effective from 10.05.2019
1Overnight MCLR8.20%
21 Month MCLR8.30%
33 Months MCLR8.45%
46 Months MCLR8.55%
51 Year MCLR8.70%

Special Features of BOI Home Loan

  • Free Personal Accident Insurance cover for the borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
  • Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
  • Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme
  • Loan for installation of Solar PVs at home loan ROI

Other Attractive Features of Bank of india Home Loan

  • Bank of India Charge Interest on Daily Reducing Balance Basis
  • There are No Pre-Payment Charges on Floating Rate Loans
  • Facility for step up/ step down EMIs
  • Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
  • Inclusion of Income of Close relatives for enhanced loan simply you may add applicants for enhanced your loan amount
  • Tax Benefit on Interest and Installments repaid in Home Loans
  • Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:

Related Articles