Bank of India Home Loan

Features and Benefits of Bank of India Home Loan

Established on September 7, 1906, Bank of India is a public sector bank with its headquarters in Mumbai, Maharashtra. With a strong focus on customer service, the bank is known for its social initiatives and its involvement in CSR activities. The bank has a focused approach to technology and offers its customers an array of digital banking services.

A home loan is a debt instrument, typically taken out by a borrower from a financial institution, i.e. bank or mortgage company, to purchase a home. The Bank of India home loan  is perfect for financing your dream home. With competitive interest rates and swift disbursement, you can choose to repay the loan in 30 years. The Bank of India home loan eligibility criteria is designed to offer you a loan that best suits your financial needs.

The Bank of India offers several features and benefits that make it an attractive proposition for borrowers. Some key home loan features include low-interest rates, flexible repayment options, and hassle-free processing. The loan offers several benefits, such as top-up loans, pre-approved loans, and a balance transfer facility.

• An extended repayment period of 30 years
• High-value loan amount ranging up to INR 500 lacs
• Economical interest rates ranging from 8.65% p.a.
• Prepayment of loan is allowed. But, prepayment on floating rates is prohibited.
• Accident insurance and life insurance cover can be availed by the applicant
• The loan can be availed for the installation of Solar PVs
• Interest is calculated on a daily reducing balance basis
• The applicant can avail tax benefits on the interest and principal repayment

Eligibility Criteria of Bank of India Home Loan 

The eligibility criteria of Bank of India’s home loan is outlined below:

Quantum of Bank of India Home Loan

The quantum of home loan offered by Bank of India is tabulated below:

Factors Affecting Bank of India Home Loan Eligibility Criteria

There are a few factors that affect the eligibility criteria for a Bank of India home loan. 

• The first is the applicant’s credit score. Higher credit scores typically lead to lower interest rates and more favourable loan terms. 
• The second factor is the loan amount. The higher the loan amount, the more stringent the eligibility criteria will be. 
• The third factor is the loan purpose. A loan for a primary residence will have different eligibility criteria than a loan for an investment property. 
• The fourth and final factor is the down payment. The higher the down payment, the lower the loan amount and the more favourable the loan terms.

Bank of India Home Loan Fees and Charges

Bank of India offers home loans at competitive interest rates with low processing fees and other charges. The bank also offers different repayment options to suit the borrower’s needs. The following are the fees and charges associated with Bank of India home loans:

Bank of India Home Loan Documentation Required

The documents mentioned below are required to begin the loan application process. Depending on the individual’s circumstances, additional documents may be required. For example, self-employed individuals may need to provide additional documentation regarding their income and assets.

• Identity Proof: Aadhaar Card, PAN Card, Driving License, Voter ID, or Passport
• Address Proof: Aadhaar Card, PAN Card, Driving License, Voter ID, Passport, or utility bills.
• Property Documents: Sales deed, No Objection Certificate, Sales agreement, Registration documents of the property.
• Income Proof (Salaried): Salary slip and bank account statement
• Income Proof (Self-employed): IT returns, P&L statement, and audited balance sheet

How Does the EMI calculation Work for Bank of India Home Loan? 

The EMI calculation for the Bank of India Home Loan works as follows:

The loan amount is first divided by the tenure of the loan in months. This gives us the principal amount that needs to be repaid each month. The interest for each month is then calculated on the remaining principal amount. The total EMI for the month is the sum of the principal and interest amounts.