It is necessary that you take the following steps given below: 

1. Firstly you need to fill up an application form digitally and apply for a home loan
2. The next step  is to submit all necessary documents that includes KYC, Financial, and Property 
3. The bank then initiates the processing of the loan along with legal and technical verification
4. The loan eligibility of the applicant is determined. After which Bank of India provides a sanction letter. These include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions 
5. Eventually, on submitting all the required documents and raising a home loan disbursement request, Bank of India will start the process of issuing your home loan disbursement cheque 

When you apply for a Bank of India Home Loan there are a few documents that you need to submit. They are given in table:

A couple of major reasons why you should opt for a Bank of India Home is because the bank provides you with attractive lowest interest rates and minimum processing rate. Also, they also offer a smooth ‘Digital’ experience that helps you apply for a home loan of your choice 100% free from any hassles.

Generally, after applying for Bank of India Home and submitting all the necessary documents, it should not take more than 7 to 10 working days for the bank to sanction your home loan.

If you are looking to secure a Bank of India Home Loan then, you need to have a minimum CIBIL score of 675.

The maximum loan amount sanctioned by the Bank of India is Rs 5 Crore. Meanwhile, the minimum loan amount is provided to the customer as per the requirement of the individual.

It is not compulsory that you have a co-applicant while applying for an Bank of India Home Loan. Moreover, having one helps in significantly improving your loan eligibility thereby proving to your lender that you are ‘Creditworthy’ and chances to improve terms and conditions.

The frequency with which your Bank of India Home Loan rate of interest (ROI) will change will essentially depend on the type of ROI you choose. If you select a floating rate of interest then it will change frequently. However, in case you opt for a fixed ROI then there will be no change to it.

When you have proof of IT returns for three financial years it becomes easier for you to secure a Bank of India Home Loan. However, it is possible to get it despite not having them provided, you are seeking a small loan amount and your CIBIL score is good.

After all the documents have been submitted and have been verified by Bank of India to provide you with a sanction letter, it should not take more than 7 working days to disburse the loan.

A few additional information about the Bank of India Home Loan that you need to know are given below. They are as follows:

• What are the types of Home Loans provided by Bank of India?

  There are four types of Home Loans provided by Bank of India. They are as follows:

  1. BOI Star Home Loan
  2. BOI Star Diamond Home Loan
  3. BOI Star Smart Home Loan
  4. Star Pravasi Home Loan

• Bank of India Loan Features:

  • It offers you an easy home loan repayment facility.
  • This financial institution does not impose any prepayment charges.