Bank of India offers home loans starting at 8.35% p.a. You can borrow up to 90% of your property’s value and take as long as 30 years to pay it back. Bank of India also offers flexible options like home loans with an overdraft facility, home loan balance transfer, home loan top up, NRI home loans, and home loans for home renovation or extension. For high-income customers looking for larger loan amounts, they have a special “Star Diamond Home Loan” program.
Bank of India Home Loan Highlights
The Bank of India home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Category | Highlights |
|---|---|
| Interest Rate | 8.35% p.a. – 11.85% p.a. |
| Loan Amount | Up to 90% of the property value |
| Loan Tenure | 30 Years |
| Processing Charges | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Pre-Payment/ Foreclosure Charges | Floating Interest Rates: NIL Fixed Interest Rates: 0.65% of the outstanding loan amount |
Bank of India Home Loan Interest Rates
Bank of India provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.
Bank of India Fixed Interest Rate Home Loans Based on CIBIL Score
Bank of India offers fixed interest rate home loans where the interest rate remains constant for the first 5 years. Upon completion of this period, the then-current fixed rate will be applied.
If you choose to switch to a floating rate after this term, you will be charged the current floating rate at that time.
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 825 and Above | 10.60% p.a. onwards | |
| 800 – 824 | 10.60% p.a. onwards | |
| 740 – 799 | 10.60% p.a. onwards | |
| 725 – 759 | 10.70% p.a. onwards | |
| 675 – 724 | 10.80% p.a. onwards | |
| Below 624 (For Women Beneficiary) | 11.90% p.a. onwards | 12.05% p.a. onwards |
| Below 624 (For Others) | 11.95% p.a. onwards | 12.10% p.a. onwards |
| -1/ 0 | 10.90% p.a. onwards | |
Bank of India Floating Interest Rate Home Loans Based on CIBIL Score
At Bank of India, floating interest rates for home loans are determined by your CIBIL score and are calculated annually, unless stated otherwise.
These variable rates apply both to new home loans and to customers opting to switch their existing loan to a floating rate structure.
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 825 and Above | 8.40% p.a. onwards | |
| 800 – 824 | 8.50% p.a. onwards | |
| 740 – 799 | 8.70% p.a. onwards | |
| 725 – 759 | 8.80% p.a. onwards | |
| 675 – 724 | 9.55% p.a. onwards | |
| Below 624 (For Women Beneficiary) | 10.65% p.a. onwards | 10.80% p.a. onwards |
| Below 624 (For Others) | 10.70% p.a. onwards | 10.85% p.a. onwards |
| -1/ 0 | 8.80% p.a. onwards | |
Compare Home Loan Interest Rate Offered by Top Banks
Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Check Out: Bank of India vs SBI vs. HDFC
Bank of India Home Loan Processing Fees
Bank of India takes processing fees to cover the cost of reviewing your documents and assessing your loan application.
| Category | Processing Fees |
|---|---|
| For Individuals | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Home Loan For High Loan Amounts (Star Diamond Loan) | ₹50,000 (irrespective of the loan amount) |
Bank of India: Top Home Loan Schemes
Bank of India provides a variety of home loan schemes tailored to meet different needs. These include Home Loans for property purchases, Top-Up Loans for additional financial needs, loans for NRIs and HNIs, Overdraft (OD) Loans for flexible funding, and loans for Home Renovation or Extensions.
BOI Star Home Loan (General Home Purchase Loan)
The Bank of India Star Home Loan provides flexible financing and dedicated support to help homebuyers achieve their dream. With competitive interest rates, minimal paperwork, and personalized assistance, it ensures a smooth journey from application to ownership. You can benefit from tailored repayment options and ongoing guidance.
Additional Benefits
- OD Facility at the same interest rate of Home Loan up to Rs. 2 Crore. No processing fees.
- Loan facility for purchasing Solar PV @ROI Home Loan
- Step up/Step Down EMI facility
- Insurance premium is a mandatory component
- Free accidental insurance coverage up to limit Rs. 5.00 Crores
Highlights
| Tenure | 30 years |
| Rate of Interest | 8.35% p.a. onwards |
| Moratorium Period | 36 Months |
Eligibility Criteria
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates |
Must Read: Find Out How Much You Can Save with a Home Loan Overdraft
BOI Star Diamond Home Loan (HNI Home Loan)
Bank of India Star Diamond Home Loan offers an exclusive home loan solution for buying premium residential properties in prime metropolitan areas. This specialized offering ensures minimal documentation, competitive interest rates, and a streamlined online application process—all backed by the reliability and legacy of Bank of India.
Highlights
| Tenure | 30 years |
| Rate of Interest | 8.35% p.a. onwards |
| Loan Amount | Above ₹7.5 Crore |
| Moratorium Period | 36 Months |
Eligibility Criteria
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates |
| Minimum Income | Average gross income of Rs. 1 Crore and above during the the last 3 years |
BOI Star Smart Home Loan
Bank of India Star Smart Home Loan is available to customers holding salary accounts, as well as existing and new savings/current account holders of the bank. Through this facility, individuals can purchase a plot and construct a house, provided construction commences within five years from the loan disbursement date.
Highlights
| Tenure | 30 years |
| Rate of Interest | 8.35% p.a. onwards |
| Minimum Loan Amount | Salaried: ₹5 lakhsSelf Employed:₹10 lakhs |
| Moratorium Period | 36 Months |
Eligibility Criteria
- Should have a savings account or Certificate of Deposit account with average balance above Rs. 5000 since last 1 year
- New SB/CD Customers with opening balance above Rs. 5000
- Individuals with Salary account with BOI
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates |
Read More: What is a Home Loan Moratorium?
BOI Star Pravasi Home Loan (NRI Home Loan)
Bank of India’s Star Pravasi Home Loan lets NRI borrowers buy a plot and construct a home on it. It also supports balance transfer from existing lenders, home furnishing, installation of solar PV systems, as well as enhancements, extensions, and renovations of existing residential properties.
- OD facility for entire limit/outstanding balance at 0.50 above ROI of Home Loan
Highlights
| Tenure | 30 years |
| Rate of Interest | 8.35% p.a. onwards |
| Moratorium Period | 36 Months |
Eligibility Criteria
| Age | 18 years – 70 years |
| Nationality | NRI/ PIO Indian Citizen working in merchant navy having NRI status Indian citizens working abroad on assignment with National/International government agencies |
BOI Star Top Up Loan (Home Loan Top Up)
Bank of India’s Star Top Up Loan provides existing home loan customers with an additional loan, allowing them to meet various financial needs without undergoing a separate, lengthy lending process. This offering ensures quick access to extra funds while maintaining the convenience and stability of an established home loan relationship.
Highlights
| Tenure | Remaining repayment period of your existing home loan |
| Rate of Interest | 8.35% p.a. onwards |
| Moratorium Period | 36 Months |
Eligibility Criteria
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates |
BOI Star Home Loan – Furnishing (Renovation and Extension)
Bank of India Star Home Loan – Furnishing provides additional financing for renovating and enhancing your home.
- Mortgage is waived up to ₹5 Lakh
Highlights
| Tenure | 10 years |
| Rate of Interest | 8.35% p.a. onwards |
| Maximum Loan Amount | Up to 15% of Home Loan |
| Moratorium Period | Up to commencement of housing loan repayment |
Eligibility Criteria
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
Bank of India Home Loan EMI Calculator
EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid.
Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.
How to Calculate Bank of India Home Loan EMI?
Home loan EMI is calculated using a mathematical equation:
EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]
Where:
P = Principal (loan amount borrowed)
r = Interest rate
n = Total number of monthly installments (loan tenure in years*12)
Example: Case Study | Home Loan EMI 20 vs 30 Years
Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the Bank of India to finance the purchase.
Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.
Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.
But, he is considering two options:
- A 20-Year Loan (240 months)
- A 30-Year Loan (360 months)
Longer Tenure = Lower EMI = Higher Interest Payments
Let’s apply the EMI formula to both scenarios:
| Home Loan Amount | Interest Rate | Tenure | EMI | Interest Payment | Total Payment | |
|---|---|---|---|---|---|---|
| Scenario 1 | ₹50,00,000 | 8.35% p.a. | 20 years | ₹42,918 | ₹53,00,236 | ₹ 1,03,00,236 |
| Scenario 2 | ₹50,00,000 | 8.35% p.a. | 30 years | ₹37,915 | ₹86,49,548 | ₹ 1,36,49,548 |
Which Option Is Better and Why?
If Your Goal Is Long-Term Savings: Opt for the 20-year loan.
- Although the monthly EMI is higher, your total interest outflow is much lower.
- Over time, you save more than ₹33 lakh in interest compared to the 30-year option.
If Your Goal Is Immediate Affordability: Choose the 30-year loan.
- However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.
- You’ll pay a lower EMI each month, easing short-term financial burden.
Get the best Home Loan interest rates tailored for you
If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.
Bank of India Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Bank of India:
| Criteria | Requirements |
|---|---|
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
Documents Required For Bank of India Home Loans
When applying for a home loan with the Bank of India, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Proof of Income
| Salaried | Self Employed |
|---|---|
| Last 6 months’ Salary Slips | Last 3 Years ITR with Computation of Income |
| 1 Year ITR/Form 16 | Profit & Loss Account |
| 6 months bank account statement (salary account or individual account). | Balance Sheet |
| Capital Account Statement | |
| Bank account statement for the last 12 months (for individual or business). | |
| Business proof |
NRI/ PIO
| Category | Documents |
|---|---|
| Passport & Visa | Passport with VISA printed on it |
| Work Authorization | Work Permit |
| Identity Proof | Copy of PAN, ID card issued by employer |
| Proof of Address | Proof of address in India Proof of address in the foreign country Proof of address from employer with contact details |
| Income Proof | Latest salary slip in original Annual income tax return filed as per applicable rules for the last 2 years |
Bank of India Home Loan Tenure
Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Bank of India offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:
- Minimum Tenure: 5 years
- Maximum Tenure: 30 years
Read More: How to Reduce Your Home Loan Tenure?
Impact of Home Loan Tenure on EMIs
- EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
- Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
- Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
- Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.
How to Choose the Best Bank of India Home Loan Tenure?
- Assess income, expenses, and job security for consistent repayments.
- Opt for shorter tenures to reduce overall interest costs.
- Choose EMIs that fit comfortably within your budget.
- Calculate total interest to minimize long-term costs.
- Check for prepayment options without heavy penalties.
- Align tenure with long-term financial goals.
- Plan to settle the loan before retirement.
- Factor in potential salary growth for shorter tenures.
- Balance EMI affordability with loan tenure.
How To Apply For a Home Loan From Bank of India?
- Check Eligibility Criteria: Verify age, income, credit score, and employment status.
- Calculate Loan Amount and EMI: Use Bank of India’s online calculator to determine affordable loan amounts and monthly installments.
- Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
- Choose Application Method: Apply online through Bank of India’s website or visit a nearby branch in person.
- Submit the Application: Complete the application form accurately and attach all necessary documents.
- Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
- Property Valuation and Legal Checks: Bank of India assesses the property’s market value and performs legal due diligence.
- Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
- Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
- Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
- Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.
Read More: Home Loans in Bangalore
Bank of India Home Loan: Minimum and Maximum Loan Amount
Bank of India offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search.
| Home Loan Types | Maximum and Minimum Loan Amount |
|---|---|
| BOI Star Home Loan | 75% – 90% of the property value |
| BOI Star Diamond Home Loan | ₹7.5 crore onwards |
| BOI Star Smart Home Loan | Salaried: ₹5 lakh onwards Self Employed: ₹10 lakh onwards |
| BOI Star Top Up Loan | 75% – 90% of the property value |
| Star Pravasi Home Loan | 75% – 90% of the property value |
| Star Home Loan – Furnishing | Up to 15% of Home Loan |
Bank of India Customer Care Contact Details
To facilitate effective communication with customers, Bank of India offers various channels for support.
| Category | Contact Information |
|---|---|
| Toll Free Customer Care Number | 1800 220 229/ 1800 103 1906 |
| Chargeable Customer Care Number | (022) – 40919191 |
| Head Office | BANK OF INDIA STAR HOUSE C – 5, “G” Block,Bandra Kurla Complex, Bandra (East), Mumbai400 051. Ph: 022-66684444 |
| EMAIL ID | cgro.boi@bankofindia.co.in |
| Grievance Readdressal | https://grievances.bankofindia.co.in:8443/default.aspx |
Bank of India Home Loan Centers Near You
Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. Bank of India has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services.
Check out the nearest Bank of India branch using our branch locator tool.
Bank of India Home Loan Approval and Disbursal
Bank of India is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission.
However, this timeline may vary based on several key factors:
- Completeness of documents
- Property type and location
- Applicant’s financial profile and credit score
Bank of India Home Loan Disbursement Process
BOI ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.
1. Application for Home Loan
Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.
2. Home Loan Sanction
Upon submission, BOI reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.
3. Home Loan Disbursement
After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.
Types of Disbursement
- Full Disbursement: Entire loan amount released if the property is fully constructed
- Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties
How to Maximize the Chances of Bank of India Home Loan Approval?
- Maintain a high credit score
- Showcase strong financial stability
- Reduce existing debt obligations
- Provide complete and accurate documentation
- Pay sufficient down payment
- Choose property in approved locations
- Maintain consistent employment history
- Avoid multiple loan applications simultaneously
- Submit clear and legal property documents
- Ensure proper property valuation
- Keep income tax returns up to date
- Maintain low credit utilization ratio
Bank of India Home Loan Insurance
Bank of India (BOI) offers home loan insurance to protect you and your family from unexpected events. This insurance is included in your home loan package and is considered as a home loan component.
SUD Life New Sampoorna Loan Suraksha
SUD Life New Sampoorna Loan Suraksha is a Non-Linked, Non-Participating, Single Premium Group Credit Life Insurance product offered by Bank of India. This plan is designed to cover various types of loans, including home loans.
It ensures that the outstanding loan amount is paid in the event of the insured member’s death, disability, or critical illness.
Features and Benefits:
- Cost of home loan insurance: As low as ₹9.23 per day
- Flexible Coverage Choices
- Level Cover: Fixed coverage amount throughout the loan tenure.
- Reducing Cover: Coverage amount decreases as the loan balance reduces over time.
- Joint Life Discount: Enjoy a 5% discount on premiums for multiple insured lives.
Coverage Options
- Life Cover
- Life Cover + Accidental Death Benefit
- Life Cover + Accelerated Critical Illness Benefit
- Life Cover + Accelerated Accidental Total & Permanent Disability
- Life Cover + Accelerated Accidental Total & Permanent Disability + Accidental Death Benefit
Is Home Loan Insurance Mandatory?
Although not legally mandated, Bank of India makes it mandatory for its customers to obtain a home loan insurance.
Benefits of Opting a Home Loan Insurance Premium
- Financial Security: Ensures loan repayment during unforeseen events.
- Comprehensive Protection: Covers critical illness, accidents, and death.
- Joint Borrower Coverage: Protects both borrowers under one policy.
- Reduced Financial Stress: Lessens financial burden on dependents.
- Tax Benefits: Possible tax deductions on premium payments.
- Peace of Mind: Guarantees loan liability coverage in emergencies.
Bank of India Home Loan Tax Benefits
Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.
| Section | Deduction Type | Maximum Deduction Amount | Conditions |
|---|---|---|---|
| 80C | Principal Repayment of Home Loan | ₹1.5 Lakh per annum | The house property must not be sold within five years of possession. |
| 80C | Payment of Stamp Duty | ₹1.5 Lakh per annum | These expenses can only be claimed in the year they are incurred. |
| 24b | Interest Payment on Home Loan | ₹2 Lakh per annum | The loan must be taken for purchasing or constructing a house. If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken. If the property is let out (rented), there is no cap on the interest deduction under Section 24(b). This allows property owners renting out their property to claim full interest payments as a deduction. |
1. Section 24B – Deduction on Home Loan Interest
What It Is:
- Allows you to claim a deduction on the interest paid on your home loan.
Benefits:
- Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
- Rented Property: No upper limit on the interest amount you can claim.
Example
| Category | Amount |
|---|---|
| Loan Amount | Rs. 70,00,000 |
| Interest Payable Per Year | Rs. 4 Lakhs |
| Tax Deduction | Rs. 2 Lakhs/ Year |
| Tax Bracket | 30% |
| Tax Benefits per Year | Rs. 66,000 |
2. Section 80C – Deduction on Principal Repayment
What It Is:
- Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.
Benefits:
- Reduces your taxable income by the principal amount repaid.
- Also includes stamp duty and registration charges (one-time claim in the year incurred).
Example
| Category | Amount |
|---|---|
| Loan Amount | Rs. 75,00,000 |
| Principal Payable Per Year | Rs. 3.5 Lakhs |
| Tax Deduction | Rs. 1.5 Lakhs per Year |
| Tax Bracket | 30% |
| Tax Benefits per Year | 50,000 |
Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year
3. Joint Home Loans – Double the Benefits
What It Is:
- When two or more people take a joint home loan and are co-owners of the property.
Benefits:
- Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
- Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
- Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).
Who is Eligible to be a Co-Applicant?
- Father/ Mother
- Unmarried Daughter
- Siblings
- Husband/ Wife
(Minors cannot be considered as co-applicants for a Home Loan)
Example
| Category | Co Applicant 1 | Co Applicant 2 |
|---|---|---|
| Tax Deduction under 24B | Rs. 2 Lakhs/ Year | Rs. 2 Lakhs/ Year |
| Tax Deduction under 80C | Rs. 1.5 Lakhs/ Year | Rs. 1.5 Lakhs/ Year |
| Tax Deductions/ Year | Rs. 3.5 Lakhs/ Year | Rs. 3.5 Lakhs/ Year |
| Tax Bracket | 30% | 30% |
| Tax Benefits | Rs. 1.16 Lakhs/ Year | Rs. 1.16 Lakhs/ Year |
When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:
- EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
- Money Saved through Tax Deductions: ₹2,32,000
- Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs
By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs.
Read More: Stamp Duty and Registration Charges in Bihar
Why Should You Choose Bank of India For Your Home Loan?
- Benefit from the lowest home loan interest rates in the market, ensuring affordable repayments.
- Access Overdraft facility on your entire loan or outstanding balance at your home loan rate.
- Free accidental insurance coverage up to ₹5 Crores.
- Get instant Top-Up Loans without a separate application.
- Option to adjust your EMI to match your financial situation, if you need lower initial payments.
- Simplified paperwork for a swift approval process.
- Transparent terms with no hidden charges.
How Credit Dharma Simplifies The Home Loan Journey?
Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.
But that is not it. We offer:
- Guaranteed up to 100% funding
- Receive lifetime assistance and expert guidance long after your loan is approved.
- Enjoy a fully digital process with minimal paperwork
- Get your loan approved within just 1-2 weeks.
Bank of India home loan interest rates typically start from 8.35% p.a. However, these rates can vary based on factors such as the loan amount, repayment tenure, the applicant’s credit history, and whether the interest rate is fixed or floating.
Yes, Bank of India is considered a reputable and reliable option for obtaining a home loan. As one of India’s largest public sector banks, BOI offers the lowest home loan interest rates with flexible repayment options, and transparent fees and charges.
Yes, Bank of India is a government-owned bank. It is one of India’s oldest and largest public sector banks, with the Government of India holding a significant stake in its operations.
Bank of India generally allows applicants between the ages of 18 and 70 years to apply for a home loan. Here’s a typical age-related guideline:
Minimum Age: 18 years at the time of loan disbursement.
Maximum Age: 70 years at the end of the loan tenure.
A fixed interest rate offers stable EMIs throughout the loan tenure, while a floating interest rate fluctuates based on market conditions, potentially lowering costs if rates drop. For Bank of India home loans, choose a fixed rate for certainty or floating for potential savings. Evaluate based on your risk tolerance.