3 Crore Bank of India Home Loan

Do you see living in a lavish, roomy house that serves as more than just a place to call home? The Bank of India’s ₹3 Crore Home Loan might make your dream come true. Imagine spending each morning in your ideal house's luxurious and elegant surroundings. This large loan amount allows you to select the ideal home that fits your goals and way of life. With the Bank of India's affordable interest rates and adaptable repayment plans, owning your ideal house is now more feasible than ever.

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Rishabh Baisoy
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
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.

₹3 Crore Home Loan Bank of India – Highlights

Here are Bank of India home loan interest rates for ₹3 Crore, along with highlights:

Feature Details
Interest Rate Starts at 8.40% p.a.
Maximum Repayment Tenure 360 months
EMI  Starts at Rs.755/-per Lakh
Benefit No Hidden Charges

₹3 Crore Home Loan EMI for 5 Years Bank of India 

Bank of India housing loan EMI for ₹3 Crore is mentioned below in detail:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total Amount Payment
₹3 Crores 8.50% p.a. 5 years ₹6,15,496 ₹69,29,756 ₹3,69,29,756

₹3 Crore Home Loan EMI for 10 Years Bank of India 

Here are the ₹3 Crore home loan EMI for 10 years Bank of India:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total Amount Payment
₹3 Crores 8.50% p.a. 10 years ₹3,71,957 ₹1,46,34,848 ₹4,46,34,848

₹3 Crore Home Loan EMI for 15 Years Bank of India

For an amount of ₹3 Crore, the EMI for 15 years is as follows:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total Amount Payment
₹3 Crores 8.50% p.a. 15 years ₹2,95,422 ₹2,31,75,936 ₹5,31,75,936

₹3 Crore Home Loan EMI for 20 Years Bank of India

₹3 Crore home loan EMI for 20 years Bank of India is as follows:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total Amount Payment
₹3 Crores 8.40% p.a. 20 years ₹2,60,347 ₹3,24,83,273 ₹6,24,83,273

₹3 Crore Home Loan EMI for 25 Years Bank of India 

Bank of India home loan of ₹3 Crore EMI for 25 years is as follows:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total Amount Payment
₹3 Crores 8.40% p.a. 25 years ₹2,41,568 ₹4,24,70,438 ₹7,24,70,438

₹3 Crore Bank of India Home Loan – Fees and Charges 

Here are the charges for ₹3 Crore Bank of India Home Loan:

Interest Rates

CIBIL Score 

Range

Interest Rate (Per Annum) Applicable for Remarks
825 and above 8.40% Salaried and Self-Employed Lowest rate based on excellent credit score
800 to 824 8.50% Salaried and Self-Employed Slightly higher due to a lower credit score
760 to 799 8.70% Salaried and Self-Employed Moderate risk category
725 to 759 8.80% Salaried and Self-Employed Higher rate for moderate credit risk
675 to 724 9.55% Salaried and Self-Employed Higher risk category
Below 675     10.65% – 10.80% Salaried and Self-Employed Highest rate due to higher credit risk

Other Fees and Charges

Fee/Charge 

Type

Amount/Rate Applicable To Remarks
Processing Charges 0.25% of Loan Amount (Min ₹2,500, Max ₹20,000) Individuals Based on the loan amount
Processing Charges for Firms/Corporates 0.50% of Loan Amount (Min ₹5,000, Max ₹40,000) Firms and Corporates Based on the loan amount
Builder Tie-Up Project Charges 0.15% of Loan Amount (Max ₹10,000) Builder Tie-Up Projects Special rate for tie-up projects
Star Diamond Home Loan Fee Flat ₹50,000 All Borrowers of Star Diamond Home Loan Fixed charge irrespective of loan amount
Prepayment Charges No Charges All Borrowers No penalty for early repayment
Balance Transfer Charges Additional BSD of 0.10% (Min Rate 8.40%) Loan Takeover Applicants Benefit for transferring existing loan
Top-Up Loan Charges 0.50% Premium over existing rate Existing Home Loan Borrowers Applies to top-up loans on existing accounts
Mortgage Fees ₹5,000 to ₹20,000 + GST Based on Loan Amount Varies with loan amount and property value
Late Payment Charges 2x to 10x of Applicable Fee Delayed Filings Based on the number of days delayed
Credit Report Access Fee ₹50 per report All Borrowers The charge for accessing a credit report
CERSAI Registration Fees As per Government Regulations All Borrowers The standard fee for property registration
Insurance Premium Included in Project Cost All Borrowers Treated as part of the home loan component

₹3 Crore Bank of India Home Loan – Documents Required

To apply for a ₹3 Crore home loan with the Bank of India, the applicant must provide the following documents:

Document 

Category

Type of Document Details Who Needs It?
Identity Verification Primary ID Proof PAN Card, Passport, Driver’s Licence All Applicants
Secondary Address Proof Aadhar Card, Utility Bill (Electricity/Telephone) All Applicants
Income Proof Salaried Individuals Last 6 Months Salary Slips, Latest ITR/Form 16 Salaried Applicants
Self-Employed Individuals Last 3 Years ITR, Balance Sheet, Profit & Loss Account Self-Employed Applicants
Property Documentation Legal Property Papers Agreement to Sell, Sale Deed, Approved Building Plan All Property Buyers
Payment Receipts Receipts for Payments to Builder/Seller All Property Buyers
Loan-Specific Documents Existing Loan Details Loan Account Statement, Foreclosure Letter (if applicable) Applicants opting for Loan Takeover
Co-Applicant Documents KYC and income-proof Identity and Income Proof of Co-applicants All Co-Applicants
Additional Documents NRI/PIO Applicants Passport, Visa, Overseas Address Proof, Power of Attorney (if applicable) NRI/PIO Applicants

₹3 Crore Bank of India Home Loan – Eligibility Criteria

The following are the criteria for  ₹3 Crore home loan eligibility at Bank of India:

For Salaried Individuals

  • Age Criteria: Applicants must be at least 18 years old when applying, with a maximum age of 70 at the time of loan repayment.
  • Income Criteria:
  • Must have a stable employment history with a minimum 2-3 years tenure.
  • A regular and sufficient income is necessary to ensure timely repayment.
  • The income of close relatives, such as co-applicants, may also be considered when determining loan eligibility.
  • Employment Stability:
  • Applicants should be employed in a stable and reputable organisation.
  • A minimum of 2-3 years of continuous employment in the current job is required.
  • Credit Score: A CIBIL score of 675 or above will be enough.

For Self Employed

  • Age Requirement: The applicant must be at least 18 years old when applying, with a maximum age of 70 at the time of the final loan repayment.
  • Income Criteria:
  • The business should have been operating continuously for at least 3 years.
  • Income must be stable and sufficient, verified through financial documents like the Profit & Loss Account and Balance Sheet.
  • Business Continuity: Applicants should have at least 3 years of continuous operation in their current business or profession.
  • Credit Score: A CIBIL score of 675 or above is the requirement.

For NRIs/POIs

  • Age Requirement: Applicants should be at least 18 years old at the time of application, and the maximum age for loan repayment is 70 years.
  • Income Criteria:
  • Must have stable employment or a continuous business overseas.
  • A valid work permit or business license is necessary.
  • The applicant should have sufficient and regular income to meet repayment obligations.

Frequently Asked Questions (FAQs)

What is the EMI for a ₹3 Crore Home Loan for 20 years in the Bank of India?

Taking an 8.50% interest rate, the EMI for a ₹3 Crore Home Loan for 20 years in the Bank of India will be ₹2,60,347.

Who is eligible for a ₹3 Crore Home Loan in the Bank of India?

Individuals with stable income, good credit scores, and eligible property, including resident Indians, NRIs, and PIOs, can apply.

What is the monthly interest rate of a ₹3 Crore home loan in the Bank of India?

The monthly interest rate is approximately 0.70% to 0.89%, depending on the applicant's credit score and loan terms.

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