15 Lakh Bank of India Home Loan

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Seeing your nameplate on the front gate of your own home is truly a feeling that one can’t explain. Sometimes, a lack of funds steps in the way of you and your dream home. Bank of India’s ₹15 lakh home loan is here to serve as a stepping stone toward the home you always desired. Financial stress is minimal due to the easy-to-meet criteria of ₹15 lakh home loan eligibility at the Bank of India. Explore the competitive interest rates, minimum documentation and easy EMI options. Don’t let homeownership remain a dream; make it an aim with the Bank of India.

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Table of Content

1. 15 lakh Home Loan Bank of India Highlights

2. 15 Lakh Home Loan EMI for 5 years Bank of India

3. 15 Lakh Home Loan EMI for 10 Years Bank of India

4. 15 Lakh Home Loan EMI for 15 Years Bank of India

5. 15 Lakh Home Loan EMI for 20 Years Bank of India

6. 15 Lakh Home Loan EMI for 25 Years Bank of India

7. 15 Lakh Bank of India Home Loan Fees and Charges

8. 15 Lakh Bank of India Home Loan Documents Required

8.1 For Individuals

8.2 For Non-Individuals (Firms, Corporates, etc.):

8.3 Additional Documents

10. 15 Lakh Bank of India Home Loan Eligibility Criteria

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Rishabh Baisoy

With a background in journalism and mass communications, Rishabh might be clueless about his plans for the evening, but he clearly knows what to write. A proud cinephile, Rishabh makes the perfect choice to discuss any movie with. Poetry holds a special place in his heart, which mingles well with his wanderlust personality. While he physically exists in India, his heart beats for the red part of Merseyside. Rishabh educates and empowers readers towards financial success at Urban Money.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

₹15 lakh Home Loan Bank of India – Highlights

Here are Bank of India home loan interest rates for ₹15 lakh, along with highlights:

Feature	Details
Interest Rate	Starts from 8.40%
Eligibility	Available for salaried/professionals/self-employed
EMI	Starting with Rs.755/-per Lakh
Types of Home Loans	Star Home Loan and Star Pravasi Home Loan

₹15 Lakh Home Loan EMI for 5 years Bank of India

Bank of India housing loan EMI for ₹15 lakh is mentioned below in detail:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 lakh	8.40% p.a.	5 years	₹ 30,703	₹ 3,42,153	₹ 18,42,153

₹15 Lakh Home Loan EMI for 10 Years Bank of India

Here are the ₹15 lakh home loan EMI for 10 years Bank of India:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 lakh	8.40% p.a.	10 years	₹18,518	₹7,22,127	₹22,22,127

₹15 Lakh Home Loan EMI for 15 Years Bank of India

For an amount of ₹15 lakh, the EMI for 15 years is as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 lakh	8.40% p.a.	15 years	₹14,683	₹11,42,994	₹26,42,994

₹15 Lakh Home Loan EMI for 20 Years Bank of India

₹15 lakh home loan EMI for 20 years Bank of India are as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 lakh	8.40% p.a.	20 years	₹12,923	₹16,01,416	₹31,01,416

₹15 Lakh Home Loan EMI for 25 Years Bank of India

Bank of India home loan of ₹15 lakh EMI for 25 years is as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total Amount Payment
₹15 lakh	8.40% p.a.	25 years	₹11,977	₹20,93,247	₹35,93,247

₹15 Lakh Bank of India Home Loan – Fees and Charges

Here are the charges for ₹15 Lakh Bank of India Home Loan:

Fee/Charge Type	Details	Amount
Processing Charges	For Individuals:	0.25% of the loan amount
	Minimum Amount	Rs. 2500/-
	Maximum Amount	Rs. 20,000/-
	For Firms & Corporates:	0.50% of the loan amount
	Minimum Amount	Rs. 5000/-
	Maximum Amount	Rs. 40,000/-
	For Builder Tie-Up Projects:	0.15% of the loan amount
	Maximum Amount	Rs. 10,000/-
	Star Diamond Home Loan:	Fixed Amount
	Irrespective of Loan Amount	Rs. 50,000/-
Prepayment Charges	For all borrowers:	Nil
Rate of Interest (ROI)	Linked to CIBIL Score:	Based on CIBIL-Personal Score (Details in ROI section)
	For CIBIL Score 825 and above	8.40%
	For CIBIL Score 800 to 824	8.50%
	For CIBIL Score 760 to 799	8.70%
	For CIBIL Score 725 to 759	8.80%
	For CIBIL Score 675 to 724	9.55%
	For CIBIL Score below 675 (Salaried)	10.65%
	For CIBIL Score below 675 (Non-Salaried)	10.80%
Balance Transfer Charges	Home Loan Takeover (additional BSD of 0.10%)	Minimum ROI of 8.40%
Top-Up Loan Charges	Applicable in respective Home Loan account	Premium of 0.50%

₹15 Lakh Bank of India Home Loan – Documents Required

To apply for a ₹15 lakh home loan with the Bank of India, the applicant must provide the following documents:

For Individuals

Proof of Identity (Any of the following):

PAN Card

Passport

Driver’s Licence

Voter ID

Proof of Address (Any of the following):

Passport	Driver’s Licence
Aadhar Card	Latest Electricity Bill
Latest Telephone Bill	Latest Piped Gas Bill

Proof of Income:

For Salaried Individuals:	Latest 6 Months Salary/Pay Slip One Year Income Tax Return (ITR) or Form 16
For Self-Employed Individuals:	Last 3 Years Income Tax Returns (ITR) with Computation of Income Profit & Loss Account Balance Sheet Capital Account Statement

For Non-Individuals (Firms, Corporates, etc.):

KYC Documents for Partners/Directors:

PAN Card

Passport

Aadhar Card

Company/Firm Documents:

PAN Card copy of the Company/Firm	Registered Partnership Deed (for Partnership Firms)
Memorandum of Association (MOA) & Articles of Association (AOA) (for Companies)	Certificate of Incorporation (as applicable)

Financial Documents:

Account Statement for the last 12 months

The firm’s financials for the previous 3 years

Additional Documents

Property Documents:

Agreement to Sell	Sale Deed
Copy of Approved Building Plan	Receipts of Payments made to Builder/Seller
Title Deed/Conveyance Deed

Other Documents:

Application Form duly filled and signed	Passport-size Photographs (Applicant and Co-applicant)
Cheque for Processing Fee	Employment Continuity Proof (for Salaried Individuals)
Business Continuity Proof (for Self-Employed Individuals)	Latest Form 26AS

₹15 Lakh Bank of India Home Loan – Eligibility Criteria

The following are the criteria for ₹15 lakh home loan eligibility at Bank of India:

Age Criteria:

Minimum Age:	The applicant must be at least 18 years old at the time of loan application.
Maximum Age:	70 years at the time of final loan repayment

Income Criteria:

For Salaried Individuals:	Stable employment with a minimum tenure of 2-3 years. Regular and sufficient income to ensure timely repayment. The income of co-applicant(s), such as close relatives, can be considered for loan eligibility.
For Self-Employed Individuals:	Minimum business continuity of 3 years. Stable and sufficient income, verified through financial statements (Profit & Loss Account, Balance Sheet).
For NRIs/PIOs:	Stable employment or business continuity overseas. Valid work permit or business license. Sufficient and regular income to meet the repayment obligations.

Employment:

For Salaried Individuals:	Employment in a stable and reputable organisation. Minimum of 2-3 years of continuous employment in the current job.
For Self-Employed Individuals:	The applicant must have completed at least 3 years of continuous operation in the current business/profession.

Credit Score: A CIBIL-Personal Score of 675 and above is typically required.

Frequently Asked Questions (FAQs)

What is the EMI for a ₹15 lakh Home Loan for 20 years in the Bank of India?

The EMI would be approximately ₹12,093, assuming an interest rate of 8.40%.

Who is eligible for a ₹15 lakh Home Loan in the Bank of India?

Resident Indians, NRIs, PIOs, salaried, self-employed, and professionals are eligible.

What is the monthly interest rate of a ₹15 lakh home loan in the Bank of India?

The monthly interest rate is approximately 0.70% (assuming an 8.40% annual rate).

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