55 Lakh Bank of India Home Loan

Any eligible borrower can use a 55 Lakh Home Loan from the Bank of India to purchase or renovate any residential property and construction site. With fast cash disbursement, an extendable holiday period, and balance transfer options, this scheme offers plenty of perks. The 55 Lakh Home Loan from the Bank of India is available after a straightforward application process with minimal documentation and flexible repayment terms for people of different occupations. The loan’s interest rate starts from 8.40% p.a., increasing as per the creditworthiness of the applicants. Learn about the advantages of this loan and EMI estimates for various tenures in this Urban Money guide.

55 Lakh Home Loan Bank of India- Highlights

The following features will help you compare the features of 55 Lakh Bank of India Home Loan with other financial tools:

The interest rate for the loan, according to the CIBIL Score, stands at:

55 Lakh Home Loan EMI for 5 Years from the Bank of India

At an interest rate of 8.40%, the EMI details and interest payable for a 55 Lakh Bank of India Home Loan over a tenure of 5 years is:

55 Lakh Home Loan EMI for 10 Years from the Bank of India

For a loan tenure of 10 years, the EMI payment and interest of a 55 Lakh Bank of India Home Loan is as follows:

55 Lakh Home Loan EMI for 15 Years from the Bank of India

The EMI and interest payable for a 55 Lakh Bank of India Home Loan at an 8.40% rate for 15 years stands at:

55 Lakh Home Loan EMI for 20 Years from the Bank of India

At an interest rate of 8.40%, the total EMI and interest for a 55 Lakh Home Loan from the Bank of India that a borrower needs to repay within 20 years is:

55 Lakh Home Loan EMI for 25 Years from the Bank of India

At the loan tenure of 25 years, the EMI and interest payable for a 55 Lakh Home Loan from Bank of India is:

55 Lakh Bank of India Home Loan – Fees and Charges

Bank of India charges the following minimum processing fee for all home loans:

• PPC for Individuals: 0.25% of the loan amount (Minimum of INR 1,500 and maximum of INR 20,000)
• PPC for Companies: 0.50% of the total loan amount (Minimum of INR 3,000 and maximum of INR 40,000)
• PPC for Builders: 0.15% of the loan amount (Minimum- No Limit and Maximum of INR 10,000)
• Home Loan Takeover BSD Charge: 0.10% of the loan amount
• Premium Charge for Loans Over 2 Crore: 0.25% of the loan amount

Documents Required for a Bank of India 55 Lakh Home Loan

If you are applying for a 55 Lakh Home Loan from Bank of India, you will have to submit the following documents:

For Individuals

• To prove identity: PAN/Passport/ Driver Licence/Voter ID
• To prove address: Passport/Driver Licence/ Aadhar Card/ Latest Electricity Bill,  Telephone Bill or Piped Gas Bill
• To prove income: One year of ITR/ Form 16 or 6 months Pay Slip/ Salary for salaried employees or last three years of ITR with Income estimates, Balance Sheet, Capital Account Statement or Profit & Loss Account for self-employed individuals.

For Others

• KYC of Partners/Directors
• Certificate of Incorporation as applicable
• Account statement for last 12 months
• Last three years’ audited financials 
• PAN Card copy of Company/Firm Regd. Partnership Deed/MOA/AOA
• Certificate of Incorporation (If Possible)

55 Lakh Bank of India Home Loan – Eligibility Criteria

The following are eligible for applying for a 55 Lakh Bank of India Home Loan:

• Age: Should be between 18 years and 70 years of age at the time of repayment 
• Nationality: Indian Residents, NRIs, and PIOs
• Profession: Salaried professionals, self-employed individuals, and professionals
• Other Parties: Groups, associations of individuals, HUFs, and companies

Note- Trusts are not eligible for this loan.