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

BOI Home Loan: 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…

  1. This Loan is Provides 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
  2. The BOI Star Home loan is available at very competitive rates of interest, currently available in the industry.
  3. Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
  4. Prepayment of BOI Home Loan is Allowed. No prepayment charges under floating rate option
  5. Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  6. Bank of India Home Loan to NRIs as well as Persons of Indian Origin.
  7. Simplified application form/procedures for convenience of customers, and speedy approvals.
  8. Free Personal Accident Insurance cover (Renewed at banks discretion)
  9. BOI Home Loan also provide facility for Life Insurance Cover to borrowers for Loan Protection(optional)
  10. For More details about BOI Home Loan, 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

Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower

Salaried Employees :72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.
Self-employed/ Professionals etc.6 times of Gross annual income based on I-T Returns
HUF/Proprietorship /Partnership Firm/ Company6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account

In case of Individuals

Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-

Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40%
Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30%
Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25%

In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5.

Processing charges / Other expenses – Please Click Here

BOI Home Loan Interest Rates

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

This Annexure is applicable only for Rate of Interest in respect of Retail Loans/Advances linked to 1 Year Marginal Cost of Funds based Lending Rate (MCLR) (i.e. loans sanctioned on or after 01.04.2016)

Important Note::

  • As per RBI guidelines all rupee loans sanctioned and credit limits renewed w.e.f. 1st April 2016 will be priced with reference to the the 1 Year Marginal Cost of Funds Based Lending Rate (MCLR)..
  • All Rate of Interest under Retail Loans is linked to 1 year MCLR. Any concession granted in Retail Loan is subject to minimum 1 year MCLR
  • MCLR w.e.f. 7th March 2017 is 8.50% p.a.
  • All rates (except ROI on Star Mitra Personal Loan Scheme and Star Reverse Mortgage Loan Scheme) are on floating rate basis

BOI STAR Home Loan Interest Rates –

 LoanParticularsRate of interest
Star Home LoanFor Limits up to Rs.75 lacs-

1 Year MCLR + 0.20% for Others
1 Year MCLR + 0.15% for Women

For Limits of above Rs.75 lacs1 Year MCLR + 0.20% for Others
1 Year MCLR + 0.15% for Women

Notes: Interest rate for woman beneficiary under all Home Loan variants as above will be available only where woman is owner or co-owner of the property and also a borrower or a co-borrower in the loan account.

The special rates for Home Loans under Festive Offer stand withdrawn. However, the waiver of processing charges under Home Loans remains effective till 31st March, 2017.

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:

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