40 Lakh Bank of India Home Loan

Purchasing a home by taking a loan can be one of your most significant financial decisions. The 40 Lakh Home Loan Bank of India is one of the best financial tools available, with flexible repayment plans and the lowest interest rates. You can apply for the loan with minimal documentation and get approved almost instantly if you have a good CIBIL score. Find out the interest payable over various tenures for Bank of India’s 40 Lakh Home Loan, with benefits like no prepayment penalty and no hidden charges.

40 Lakh Bank of India Home Loan : Key Highlights

Find out about the various features of 40 Lakh Home Loan Bank of India, which help you compare the interest rates and repayment tenures of other financial institutions:

40 Lakh Home Loan EMI For 5 Years from the Bank of India

Here is the EMI estimate for a 40 Lakh Home Loan from the Bank of India at an interest rate of 8.40%. Also, we have assumed the tenure to be 5 years. Take a look.

40 Lakh Home Loan EMI For 10 Years from the Bank of India

In case you want to pay off your 40 Lakh Home Loan from the Bank of India within 10 years, you will have to pay the following charges:

40 Lakh Home Loan EMI For 15 Years from the Bank of India

At an interest rate of 8.40%, the total EMI and interest payable for a 40 Lakh Home Loan from the Bank of India within 15 years is:

40 Lakh Home Loan EMI For 20 Years from the Bank of India

The EMI and interest payable for 20 year long 40 Lakh Home Loan from Bank of India are as follows:

40 Lakh Home Loan EMI For 25 Years from the Bank of India

For a tenure of 25 years, the EMI payable for a 40 Lakh Home Loan from the Bank of India at an interest rate of 8.40% is:

40 Lakh Bank of India Home Loan – Fees and Charges

The processing charge is 0.25% of the total loan amount for individuals. The minimum charge is INR 2500, while the maximum is INR 20,000. For firms and corporates, the bank has set the charge to 0.50% of the loan amount, with the minimum and maximum cap being INR 5000 and INR 40,000. Other than that, for builders, the processing charge is 0.15% of the total loan amount with a maximum cap of INR 10,000. 

Documents Required For a Bank of India 40 Lakh Home Loan

The documents required for applying for a 40 Lakh Home Loan from the Bank of India are:

• PAN Card 
• Passport 
• Driver License
• Voter ID 
• Aadhar Card 
• Electricity Bill
• Piped Gas Bil
• Telephone Bill 
• 6-month salary slip
• 1-year ITR/ Form 16
• Last 3 years Profit and Loss Account
• Capital Account Statement 
• KYC documents of Partners/Directors
• Registered Partnership Deed/MOA/AOA (For Business/ Self-employed)
• PAN Card copy of the Company/Firm (For Business/ Self-employed)
• Certificate of Incorporation
• Last 12 months’ Bank account statements (For Business/ Self-employed)
• Previous 3 years’ audited financial statements (For Business/ Self-employed)

40 Lakh Bank of India Home Loan – Eligibility Criteria

Any Indian resident/ NRI/ PIO can apply for a 40 Lakh Home Loan from the Bank of India, provided that they are over 18 and under 70 years old at the time of repayment. They can work in any industry as salaried professionals or self-employed professionals. Trusts are ineligible for this loan, but Groups / Associations of Individuals and companies can apply.