Bank of India Home Loan Key Features
Feature | Value |
Interest Rate | 6.90% |
EMI / Lakh | Rs. 662 |
Loan Tenure | Up to 30 years |
Loan Amount | Percentage based on property value |
Loan to Value Ratio | Up to 90% of property value |
Loan Available on the Following Types of Property |
|
Special Offer for Women | Interest rate concession of 0.05% |
Processing Fee | Up to 0.5% of loan amount excluding GST |
Prepayment Charges | No prepayment charges for floating rates |
Part Payment Charges | Nil |
Guarantor Required | Nil |
Please Note: The above figures are only indicative and are subject to change without any prior notice.
Bank of India Home Loan Interest Rates & Offers 2021
Bank of India Home Loan Schemes | Interest Rate For Women | Interest Rate for Others |
Bank of India Home Loan | 6.90% – 7.95% | 7.00% – 8.00% |
Bank of India Reach Loan | 8.75% – 14.00% | 8.75% – 14.00% |
Plot Loan | 7.05% – 8.05% | 7.10% – 8.10% |
Rural Housing Loan | 6.90% – 8.70% | 7.00% – 8.70% |
Home Improvement Loan | 6.90% – 7.95% | 7.00% – 8.00% |
Home Extension Loan | 6.90% – 7.95% | 7.00% – 8.00% |
Home Loan Top Up | As per home loan slabs | As per home loan slabs |
Home Loan Balance Transfer | 6.90% onwards | 6.90% onwards |
Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.
Learn more about Home Loan Interest Rates.
Bank of India Home Loan Eligibility Criteria
Salaried Individual:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
- Must have working experience and a legitimate source of salary, i.e. working under the same employer for at least one year.
Self Employed Individual:
Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Bank of India Home Loan. This includes everybody who is a:
- Traders
- Commission agent
- Contractors
The following criteria must be met to apply for a home loan:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
Self Employed Professionals:
Applicants who are professionally engaged in the working sector are also eligible for the Bank of India Home Loan. This includes everybody who is a:
- Doctors
- Lawyers
- Charted Accountant
- Architect
- Consultant
- Engineer
- Company Secretary
The following criteria must be met to apply for a home loan:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
Additional Criteria for Co-applicants:
- Co-applicant must be a family member of the primary applicant.
- All co-applicants are not required to be the co-owners of the property.
Please find more information on Eligibility by visiting Dialabank.
Learn more about Home Loan eligibility criteria.
Common Documents for Salaried and Self-Employed
Salaried Individual:
Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Latest Salary Slips from the last 3 months.
- Latest Form-16 and IT returns.
- Employment Contract/Appointment Letter if the current employment is less than a year old.
Property Related Documents:
- A cheque for processing fee favouring ‘Bank of India.’
- Copy of the Buyer Agreement/Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Self Employed Individual:
Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Business Profile and Previous 3 years Income Tax returns (Both self and business)
- Previous 3 years Profit/Loss Account and Balance Sheet.
Proof Of Business:
- Educational Qualifications Certificates
- Business achievements (Certificate or awards if any)
Property Related Documents:
- A cheque for processing fee favouring ‘Bank of India.’
- Copy of the Buyer Agreement or Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Agriculturists:
KYC Proof – PAN Card (Mandatory) and any Driving License/Voter ID/Passport
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Copies of title documents of agricultural Land showing crops being cultivated
Property Related Documents:
- A cheque for processing fee favouring ‘Bank of India.’
- Copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
Additional requirements for Co-applicants:
Passport size photograph of all co-applicants to be affixed on the Application Form and signed across.
Learn more about the Home Loan documents required.
Bank of India Home Loan Procedure
An online application form has made obtaining a home loan from the Bank of India easy. Bank of India home loan can be obtained in five steps:
- Complete the sum, property detail, personal details, job data and contact number of a licenced online channel partner’s web site, division, or website in the application form.
- A representative of the Bank of India or an online partner can contact you to discuss eligibility for your loan as well as rates, terms, processing costs and other expenses.
- You need to use your income and real property declaration online if you are willing to proceed with the loan application or a Bank of India official may come to your home or office to collect it.
- The Bank of India requests the transaction fee for a credit appraisal and technical examination of the house in a couple of days.
- If you have a right and your property qualifies for lending, you will get a sanction letter from the Bank of India and will be asked to enter into a loan arrangement with the bank. You then pay the loan to your account.
Different Home Loan Schemes By Bank of India
Bank of India Home Loan – For Resident Indians
This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.
Specific Information for Home Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 30 years |
Bank of India Home Loan for NRI/PIO – For NRIs and PIOs
This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:
- Purchase a flat, row house, bungalow in India from private developers in approved projects.
- Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
- Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
- Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.
Bank of India Plot Loans – For Buying a New Plot
This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.
Specific Information for Plot Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 80% of the value of Property |
Interest Rate | 6.90% onwards (0.05% concession to women) |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 15 years |
Bank of India Top Up Loans – For Bank of India Home Loan Borrowers
This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.
Specific Information for Top-Up Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | New Customer – 6.90% onwards
Existing Customer – As per Home Loan Slabs |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 15 years |
Bank of India Home Extension Loans – For Adding Space in Your Home
This type of loan is specifically for those individuals who want to extend or add space to their home property.
Specific Information for Home Extension Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 20 years |
Bank of India Home Loan Balance Transfer – For All Home Loan Borrowers
Bank of India Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.
Specific Information for Home Loan Balance Transfer Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to Rs. 50 Lakhs |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 30 years |
Bank of India Home Loans under Pradhan Mantri Awas Yojana
This type of loan is specially established for EWS/LIG families under MIG-I and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).
Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme | |
Eligible Profiles | Available to EWS/LIG, MIG-I, and MIG -II |
Loan Amount | No Cap |
Interest Subsidy | 3.00% onwards |
Maximum Subsidy | Up to Rs. 2.67 Lakhs |
Loan Tenure | 20 years |
Bank of India Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month
This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.
Specific Information for Reach Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | Up to 80% of the value of Property |
Interest Rate | 8.75% onwards |
Processing Fee | Up to 2% of the loan amount + GST |
Loan Tenure | 30 years |
Bank of India Rural Housing Loans – For Indians Living in Rural Areas
This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!
Specific Information for Rural Housing Loan Scheme | |
Eligible Profiles | Available to Salaried, Sef-employed Individuals and Agriculturists |
Loan Amount | Up to 90% of the value of Property |
Interest Rate | 6.90% onwards (0.05% concession to women) |
Processing Fee | Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST |
Loan Tenure | 30 years |
Bank of India Home Improvement Loans – For Covering Home Renovation Costs
This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.
Specific Information for Home Improvement Loan Scheme | |
Eligible Profiles | Available to Salaried and Sef-employed Individuals |
Loan Amount | New Customer – Up to 90% of the estimates from improvements.
Existing Customer – Up to 100% of the estimates from improvements. |
Interest Rate | 6.90% onwards |
Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Loan Tenure | 15 years |
Bank of India Pradhan Mantri Awas Yojana Subsidy 2021
The Government of India’s Pradhan Mantri Awas Yojana is a home loan subsidy programme designed to encourage everybody to own a home. The scheme provides financial assistance to lower-income classes in society who receive less than 18 lakh rupees per annum by providing them with home loans with subsidised interest rates.
EWS (economically weaker section), LIG (lower-income group), MIG-1 (middle-income group-1) and MIG-2 (middle-income group-2) are the four income groups. On Bank of India home loans, a gross subsidy of approximately 2.67 lakh can be obtained via PMAY. The Bank of India PMAY Home loan has a 15-year maturity period. Applicants for a home loan from the Bank of India that is qualifying for the PMAY subsidy will do so. Eligibility for the PMAY in Bank of India Home Loan:
- Households earning between 6,00,001 and 12 lakhs a year are classified as Middle Income Group I.
- Households in the Middle Income Group-II have an annual income of between 12,00,001 and 18 lakh rupees.
- A family is described as a husband and wife, as well as their unmarried children.
- An adult earning member (regardless of marital status) may be considered as a different household and be eligible for subsidy on their own.
- In the case of a married couple, one of the spouses, or both of them together in shared possession, would be liable for a single home, based on the household’s income eligibility under the programme.
- The beneficiary family does not own a pucca house in any part of the country in his or her own name or in the name of any member of his or her family.
Advantages of Bank of India Home Loan
Bank of India Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:
- A huge variety of home loan schemes.
- The most helpful Pradhan Mantri Awas Yojana is also available.
- Provide a 0.05% concession to women to encourage them for their own homeownership.
- Provide several repayment methods to choose from and opt for the one best suited to you.
- Full transparency as the Bank of India promises no hidden costs and fees.
- Easy application with minimum documentation and paperwork.
- Provides loan approval prior to the selection of the property.
Bank of India Home Loan Charges and Fees
Particulars | Charges |
Processing Fees | Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher |
Prepayment charges | No prepayment charges for floating rates |
Check dishonour charges | Up to Rs. 200 |
List of documents | Up to Rs. 500 |
Photocopy Of documents | Up to Rs. 500 |
PDC Swap | Up to Rs. 200 |
Disbursement cheque cancellation charges post disbursement. | Up to Rs. 200 |
Increase/Decrease in the loan term | Up to Rs. 500 |
Re-appraisal of loan post 6 months from sanction | Up to Rs. 2,000 |
Please Note: The above figures are only indicative and are subject to change without any prior notice.
Compare Bank of India Home Loan with Other Banks
Particulars | Bank of India | SBI | HDFC |
Interest Rate | 6.95% – 7.15% | 6.70% – 7.05% | 6.75% – 8.20% |
Processing Fees | Up to 0.25%
Min ₹ 1,500 Max ₹ 20,000 |
Min ₹ 10,000 | Min ₹ 3,000 |
Loan Tenure | 30 Years | 30 Years | 30 Years |
Maximum Loan Amount | ₹ 5 Cr | ₹ 7 Cr | ₹ 5 Cr |
Age | 21 – 65 Years | 18 – 70 Years | 24 – 65 Years |
Benchmark Rate | RLLR | RLLR | PLR |
Lowest EMI Per Lakh | ₹ 662 per lakh | ₹ 645 per lakh | ₹ 649 per lakh |
How to apply for the Bank of India Home Loan
- Visit Dialabank for a Home Loan.
- Go to the Bank of India Home Loan page.
- Check out all the eligibility and documents criteria for a Home Loan.
- Fill out all the details required in the Bank of India Home Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
Bank of India Home Loan Customer Care
Bank of India is famous for its customer relations management; as a result, they provide special home loan customer care service and a special contact number to ensure convenience for the customer:
Customers do not need to look up all these customer care numbers every time. They can just get one contact number for all their financial needs with India’s First Financial Helpline and just contact us for assistance in any matter.
Dialabank: 9878981166
Bank of India Home Loan EMI Calculator
Learn more about Home Loan EMI Calculator.
Other Loan Products from Bank of India
Bank of India Personal Loan | Bank of India Gold loan | Bank of India Car Loan |
Bank of India Education Loan | Bank of India Two Wheeler Loan |
Bank of India Home Loan FAQ
✅ How to repay my Bank of India home loan?
There are different payment methods through which you can repay your Bank of India home loan, this can be done:
- By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
- By opting for direct deduction of monthly instalments by your employer.
- By issuing post-dated cheques from your salary account.
✅ When can you apply for the Bank of India’s top-up loan?
A year after the disbursement of the existing loan amount and the possession or completion of the financed property.
✅ In the case of prepayment is made, is there any change in home loan EMI?
Bank of India accepts a prepayment at nil charges in case of floating rate home loans. When a prepayment is made, the outstanding balance of the principal amount on your home loan gets reduced.
✅ What is the maximum loan amount from the home loan can I get on my salary?
A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity, the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.
✅ What is a Floating Interest Rate?
Floating interest rates are different from the fixed rates; the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.
✅ How Dialabank can help you get a Home Loan?
Dialabank is a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through if you choose to search and applying by own.
✅ How the rate of interest will change if the interest rate is linked to PLR?
Home Loan Interest Rate is linked to PLR, and any change in PLR will lead to a change in rates of interest on the home loan. Interest rates on home loan account will rise or fall with the increase or decrease of PLR proportionately.
✅ Who is a Co-obligate or Guarantor?
Co-obligate or guarantor is an individual who undertakes to re-pay the bank loan in case the principal borrower fails. The amount of his liability will be the same as that of the principal borrower, and the Bank can take strict actions against him for recovery along with the principal borrower. Guarantor can’t say that his liability will start only after the remedies against the principal borrower are exhausted.
✅ Is there an option for pre-closure of a loan account?
A pre-closure option is also available and charges will be levied at rates as per decided by the lender.
✅ Does missing an instalment effects CIBIL?
Non-payment of EMIs as per terms and conditions will adversely affect the credit rating of the borrower.
✅ Are there any penalty charges?
Penalty charges of 2% will be levied on the instalment amount unpaid.
✅ How is the calculation of interest rates is done?
Interest rates are charged on a daily balance method and are debited once a month in your loan account. A 2% penalty on the unpaid Installment amount will be charged.
News for Bank of India Home Loan
2020-08-03:
Bank of India recorded a profit of Rs. 845.78 crore in the first quarter of the fiscal year 2020. Bank of India’s net profit for the quarter ended June 30, 2020, was Rs.845.78 crores, compared to Rs.3600.65 crores for the quarter ended March 31, 2020. Furthermore, the Bank posted a total income of Rs.12022.48 crores for the time ended June 30, 2020, helped by retail loans such as residential, personal, auto, two-wheeler, and gold loans, as well as company and mudra loans.
2019-11-05:
Bank of India announces a profit of Rs 266 crores for the second quarter. In the second quarter of this fiscal year, the Bank of India made a net profit of Rs 266 crore. The bank says the benefit because its net interest income increased and its allowance for poor and questionable retail loans, such as home and personal loans, decreased. In addition, the Bank’s overall profits rose by Rs 11,985.50 crores.
2019-09-09:
Bank of India offers lower-cost home loans. Bank of India is offering home loans at lower rates in order to draw more buyers during the festive season. The government-owned bank has agreed to waive transaction fees and provide loans up to Rs 30 lakh at an interest rate of 8.35%. Additional loans in excess of Rs 30 lakhs would have repo-linked interest rates.
2019-08-21:
The Bank of India and an Indian overseas bank will launch an online retail loan marketplace. Public sector banks such as Bank of India and Indian Overseas Bank are preparing to launch retail loans such as homes, car loans, and personal loans on the psbloansin59minutes platform in order to extend their retail loan market. Currently, it can only be used to approve MSME loans, but it will soon be able to issue retail loans as well. This is intended to ensure that loans are readily available and to save both the borrower and the banker time.
2019-05-17:
Bank of India reports a profit of Rs. Two hundred fifty-two crores due to lower provisioning. The Bank of India (BoI) posted a net profit of Rs. 252 crore in the fourth quarter of FY19, down from Rs. 3,969 crore the previous quarter. The benefit is primarily generated by strong net interest income growth and a dramatic reduction in loan loss provisions. In addition, the lender hopes to increase retail loans, such as home loans and mortgage loans, by 15% in the near future.