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Range of Interest Rate

8.40% Onwards

Processing Fee Range

NIL

Loan Amount

Rs 5 Crore

Range of Loan Tenure

1-30 years

 

Key Salient Features

  • No guarantor required
  • Nil Pre-closure and prepayment fees for floating rates
  • For fixed rates pre-closure available

 

Documentation

  • KYC– Aadhar Card and PAN Cardd
  • Financial– Bank statement, Salary slips, latest form 16
  • Property– Allotment Letter and Registered Sale Deed

 

Trivia

  • There are about 5100 Bank of India Branches across India
  • It takes on an average 7 working days for loan approval

USP’s

Door step service

Dedicated Relationship Manager

Minimum Documentation

Fastest Sanction

 

Fee and Charges Details

  • The processing fee is about 0.25% of the loan amount and there are no foreclosure or pre-payment charges for floating rates. In case of fixed rates it ranges from 0.65% to 2.25%

Disclaimer

  • All intellectual property including trademarks, logos belong to the owner
Other Key Information:
Particulars Salaried Self-Employed
Age 18 to 70 Yrs 18 to 70 Yrs
Prepayment Charges/Foreclosure Zero Zero

FAQs

How do you apply for a Bank of India Home Loan?

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 
What is the list of documents required to be submitted while applying for a Bank of India Home Loan?

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:

 

KYC Documents

Aadhar Card, PAN Card
Voter’s ID, Driving License
Electricity Bill, Photo ID Cards issued by the State or Central Government
Application form duly filled with passport-size photos of applicants and co-applicants

KYC Documents

Salaried
  • The previous three months’ salary slips and
    the Latest Form-16
  • Latest 2 years Form 16
  • IT Returns for the last three years
Self-Employed/Professional
  • Business Profile of the Applicant
    Latest 3 years ITR with Computation of Income
  • Balance Sheet, Profit, and Loss Account, and respective schedules
  • GST Registration Certificate, GSTR-3B Returns of
    latest 1 Year, and GSTR-3B Returns of latest 1 Year
    Company Udhyam certificate

Property Documents

Registered Sale Deed, and Draft Sale deed agreement/document copies
Allotment Letter, NOC (No Objection Certificate) from Society/Builder
Receipts of payments made to the Real Estate developer
Why should you choose Bank of India Home Loan?

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.

How long does it take to get a Bank of India Home Loan sanctioned?

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.

What is the minimum CIBIL score required to secure a Bank of India 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.

What is the maximum and minimum loan amount sanctioned by the Bank of India?

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.

Is a co-applicant mandatory for a Bank of India Home Loan?

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.

How frequently will my rate of interest change during the tenure of a Bank of India Home Loan?

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.

Am I eligible for a Bank of India Home loan if I do not have my returns for three financial years?

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.

How soon can I get my Bank of India Home loan disbursed after it is sanctioned?

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.

Other Information of Bank of India Home 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.
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EMI Calculator

Loan Amount

Rate of Interest

%

Loan Tenure (Years)

Years

Monthly EMI

21,617

Principal Amount

25,000,000

Interest Amount

23,000,000

Total Amount Payble

47,000,000

Interest Amount

Principal Amount

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5/5

Hi, The new feature on Loan Bazaar Website, providing the facility to view the Home Loan Amortization Schedule is really wonderful. This will actually reduce paper wastage, telephone calls to be made and the waiting time for receiving the revert from Banker. It is quite an innovative move. Keep it up! Happy Diwali to one and all!

Shivam Sharma

5/5

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

Yash Sharma

5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

5/5

A very helpful and a very patient team . My special thanks to Mr.Jitendra Sharma and Ms.Kanchan for their support . Dont worry about loan just contact this team they have solution for all .Once again thank you all

Dr.Abhijeet Kumar

5/5

I recommended their services to a friend of mine, and the services given were excellent. Very professional team, with polite and helpful approach. Highly recommended

Jayesh Shah

5/5

Hi, The new feature on Loan Bazaar Website, providing the facility to view the Home Loan Amortization Schedule is really wonderful. This will actually reduce paper wastage, telephone calls to be made and the waiting time for receiving the revert from Banker. It is quite an innovative move. Keep it up! Happy Diwali to one and all!

Shivam Sharma

5/5

Was struggling to get loan for my home from last 3 months, suddenly one day I found Loan Bazaar on google who is one of the most well known DSA for home loan. They offered me doorstep service and with the limited paper work, they santioned my loan within 7 days. Thanks to Loan Bazaar.

Aruna Kate

5/5

I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

Yash Sharma

5/5

Loan Bazaar Team’s commitment shown on the job are enthusing. I had opted for a switch over on HL recently and been able to get best possible attention and faster clearance over my request. Kudos Loan Bazaar…

Babu Patil

5/5

A very helpful and a very patient team . My special thanks to Mr.Jitendra Sharma and Ms.Kanchan for their support . Dont worry about loan just contact this team they have solution for all .Once again thank you all

Dr.Abhijeet Kumar

5/5

I recommended their services to a friend of mine, and the services given were excellent. Very professional team, with polite and helpful approach. Highly recommended

Jayesh Shah