20 Lakh Bank of India Home Loan

The Bank of India 20 lakh home loan scheme is designed for individuals looking to purchase their dream home. With interest rates starting at just 8.40% per annum, the EMIs are super flexible and pocket-friendly. With attractive features like minimal documentation, no hidden charges and no prepayment penalty, the EMI can be repaid over a tenure of 30 years. A higher CIBIL score will enhance the chances of acquiring a home loan at a minimum interest rate. Offering dedicated customer assistance and an easy loan approval process, explore the 20 lakh Bank of India home loan by reading more.

20 Lakh Bank of India Home Loan: Key Highlights

Refer to the table below to study the key highlights of a 20 lakh Bank of India home loan:

20 Lakh Bank of India Home Loan – 5 Years EMI

The table below gives the home loan EMI over a tenure of 10 years on the 20 lakh Bank of India home loan:

20 Lakh Bank of India Home Loan – 10 Years EMI

Over a 10-year tenure, the 20 lakh Bank of India home loan will attract the following EMI:

20 Lakh Bank of India Home Loan – 15 Years EMI

Over a tenure of 15 years, the EMI on the 20 lakh Bank of India home loan will be as follows:

20 Lakh Bank of India Home Loan – 20 Years EMI

The applicable EMI on the 20 lakh Bank of India home loan over a 20-year tenure will be as follows:

20 Lakh Bank of India Home Loan – 25 Years EMI

Check the table below to understand the applicable EMI on a 20 lakh Bank of India home loan over a period of 25 years:

Fees & Charges of 20 Lakh Bank of India Home Loan

For individuals, the processing fee is charged as a one-time payment of 0.25% of the loan amount, with a minimum fee of ₹1,500 and a maximum of ₹20,000. For entities other than individuals, the processing fee is higher, set at 0.50% of the loan amount, with a minimum fee of ₹3,000 and a maximum of ₹40,000.

Documents Required For a Bank of India 20 Lakh Home Loan

These are the following documents that the applicant must have to acquire a 20 lakh Bank of India home loan:

For Individuals

• Proof of Identity: Provide any one of the following: PAN, Passport, Driver’s Licence, or Voter ID.
• Proof of Address: Submit any one of the following: Passport, Driver’s Licence, Aadhaar Card, Latest Electricity Bill, Latest Telephone Bill, or Latest Piped Gas Bill.
• Proof of Income: For salaried individuals: Provide the latest 6 months’ salary/pay slips and one year’s Income Tax Return (ITR) or Form 16.

For self-employed individuals: Submit the last 3 years’ ITR, along with the Computation of Income, Profit & Loss Account, Balance Sheet, and Capital Account Statement.

For other than Individuals

• KYC of Partners/Directors: Provide the necessary Know Your Customer (KYC) documents.
• PAN Card: Submit a copy of the company or firm’s PAN Card.
• Partnership Deed/MOA/AOA: Provide the registered Partnership Deed or Memorandum of Association (MOA)/Articles of Association (AOA).
• Certificate of Incorporation: If applicable, submit the Certificate of Incorporation.
• Account Statement: Provide the account statement for the last 12 months.
• Audited Financials: Submit the firm’s audited financials for the last 3 years

20 Lakh Bank of India Home Loan – Eligibility Criteria

The eligibility criteria for a 20 lakh Bank of India home loan are mentioned in the table below: