30 Lakh Bank of India Home Loan

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Do you have a dream home on your wishlist but are worried about the financial issues that will arise while acquiring the keys? Study the 30 lakh Bank of India home loan, which offers an interest rate starting at 8.40% per annum. With a maximum repayment tenure of up to 30 years, managing the finances is very easy. With budget-friendly EMIs and flexible repayment methods, purchasing the keys to your dream home is no longer a hassle! There is no prepayment penalty or hidden charges for the 30 lakh Bank of India home loan. Continue reading to learn why the Bank of India home loan scheme can be an ideal solution for your financial needs.

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Table of Content

1. 30 Lakh Bank of India Home Loan Important Highlights

2. 30 Lakh Bank of India Home Loan EMI For 5 Years

3. 30 Lakh Bank of India Home Loan EMI For 10 Years

4. 30 Lakh Bank of India Home Loan EMI For 15 Years

5. 30 Lakh Bank of India Home Loan EMI For 20 Years

6. 30 Lakh Bank of India Home Loan EMI For 25 Years

7. 30 Lakhs Bank of India Home Loan Fees & Charges

8. 30 Lakhs Bank of India Home Loan Documents Required

9. Eligibility Criteria for a 30 Lakh Bank of India Home Loan

Written By

Satyam Sachdeva

Satyam has always been interested in saving money and realising its worth. He created a Demat account when he turned 18 and has been a keen equity and mutual fund investor. Currently, a writer for Urban Money, he uses his skills to guide his readers in the right direction. Satyam strives to make financial complexities easy for everyone to understand with a pinch of creative salt.

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.

30 Lakh Bank of India Home Loan – Important Highlights

The important highlights and features of the 30 lakh Bank of India home loan are as follows:

Feature	Description
Interest Rates	Starts from 8.45%, linked with CIBIL scores
Maximum Loan Tenure	Up to 360 months
Repayment Options	Step-up/step-down EMI, balance transfer, and top-up loan facilities are available
Eligibility	Open to salaried individuals, self-employed professionals, NRIs, and PIOs
Loan Amount	Minimum of ₹5 lakh for salaried and ₹10 lakh for self-employed individuals
Additional Benefits	No prepayment penalty, minimal documentation, and free accidental insurance coverage up to ₹5 crores

30 Lakh Bank of India Home Loan EMI For 5 Years

The applicable EMI on the 30 lakh Bank of India home loan over a tenure of 5 years is given below:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 30 lakhs	9.50%	5 years	₹63,006	₹7,80,335	₹37,80,335

30 Lakh Bank of India Home Loan EMI For 10 Years

The EMI on the 30 lakh Bank of India home loan over a tenure of 10 years is calculated in the table below:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 30 lakhs	9.50%	10 years	₹38,819	₹16,58,312	₹46,58,312

30 Lakh Bank of India Home Loan EMI For 15 Years

Over a 15-year tenure, the EMI on the Bank of India home loan will be as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 30 lakhs	9.50%	15 years	₹31,327	₹26,38,813	₹56,38,813

30 Lakh Bank of India Home Loan EMI For 20 Years

The EMI over a 20-year tenure on the 30 lakh Bank of India home loan is as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 30 lakhs	9.50%	20 years	₹27,964	₹37,11,345	₹67,11,345

30 Lakh Bank of India Home Loan EMI For 25 Years

Refer to the table below to check the EMI applicable on the 30 lakh Bank of India home loan over a 25-year tenure:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 30 lakhs	9.50%	25 years	₹26,211	₹48,63,270	₹78,63,270

30 Lakhs Bank of India Home Loan – Fees & Charges

The fees & charges on the 30 lakhs Bank of India home loan are given below:

Category	Processing Fee (PPC)
Individuals	One-time fee of 0.25% of the loan amount: Minimum Rs. 1500 to Maximum Rs. 20000
Non-Individuals	One-time fee of 0.50% of the loan amount: Minimum Rs. 3000 to Maximum Rs. 40000

30 Lakhs Bank of India Home Loan – Documents Required

Keep the following documents available if you wish to apply for the 30 lakh Bank of India home loan:

Document Type	Accepted Documents
Identity Proof	PAN Card, Driving License, Voter ID, Passport, Aadhaar Card
Proof of Residence	Aadhaar Card, Passport, Driving License, Election ID, Utility Bills
Proof of Income (Salaried)	Recent salary slips, Recent bank account statement/passbook
Proof of Income (Self-Employed)	IT Returns, Profit and Loss Statement, Audited Balance Sheet
Property Documents	Sales Deed, No Objection Certificate (NOC), Sale Agreement, Registration Documents

Eligibility Criteria for a 30 Lakh Bank of India Home Loan

The eligibility criteria for a 30 lakhs Bank of India home loan are as follows:

Eligible Applicants: Resident Indians, NRIs, and PIOs
Individuals: Includes salaried employees, self-employed persons, and professionals
Non-Individuals: Includes groups, associations of individuals, HUFs, and corporate entities
Exclusions: Trusts are not eligible for this scheme
Age Requirement: Applicants must be at least 18 years old and not older than 70 years at the time of final loan repayment

Frequently Asked Questions (FAQs)

What is the EMI for a 30 lakh Bank of India home loan over a 20-year tenure?

₹27,964 is the applicable EMI for a 30 lakh Bank of India home if availed for a tenure of 20 years at an interest rate of 9.50% per annum.

Who is eligible for a 30 lakh Bank of India home loan?

Eligible applicants include Resident Indians, NRIs, and PIOs (excluding trusts), aged 18 to 70, salaried, self-employed, and professional individuals, as well as groups, HUFs, and corporate entities.

What is the monthly interest rate on a 30 lakh Bank of India home loan?

The minimum interest rate offered by the Bank of India on their home loan is 8.45% per annum, approximately 0.70% per month.

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