80 Lakh Bank of India Home Loan

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Want to begin your dream home journey immediately? Explore the 80 lakh Bank of India home loan with attractive features and benefits. The interest rates are very low, starting at just 8.45% annually. With no hidden charges and prepayment penalties, the Bank of India ensures complete transparency during the application process. The home loan applicant can benefit from a long repayment tenure of up to 360 months, allowing for budget-friendly EMIs with no pressure on the pocket. Continue reading to understand more about the Bank of India 80 lakh home loan and the applicable EMIs if the loan scheme is availed over different tenures.

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Table of Content

1. Highlights of Bank of India 80 Lakh Home Loan

2. 80 Lakh Bank of India Home Loan 5 Years EMI

3. 80 Lakh Bank of India Home Loan 10 Years EMI

4. 80 Lakh Bank of India Home Loan 15 Years EMI

5. 80 Lakh Bank of India Home Loan 20 Years EMI

6. 80 Lakh Bank of India Home Loan 25 Years EMI

7. Fees & Charges 80 Lakh Bank of India Home Loan

8. Important Documents for an 80 Lakh Bank of India Home Loan

9. Eligibility Criteria: 80 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.

Highlights of Bank of India 80 Lakh Home Loan

Check the key highlights of the Bank of India 80 lakh home loan by referring to the table below:

Feature	Details
Loan Amount	Up to Rs. 5 Crore based on eligibility
Interest Rate	Linked to the Repo Rate; varies based on loan amount and tenure
Tenure	Up to 30 years
Processing Fees	0.25% of the loan amount (Minimum Rs. 1,500/- and Maximum Rs. 20,000/-)
Eligibility	Salaried individuals, professionals, self-employed individuals, and NRIs
Loan Purpose	Purchase of new or resale homes, construction on owned land, balance transfer from other banks, renovation/extension of existing homes
Margin	10%-25%, depending on the loan amount
Repayment Options	EMI-based repayment
Special Features	Top-up loans, balance transfer facilities, and insurance coverage are available

80 Lakh Bank of India Home Loan – 5 Years EMI

Over a tenure of 5 years, the Bank of India 80 lakh home loan will attract the following EMI if availed at an interest rate of 9.70%

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 80 lakhs	9.70%	5 years	₹1,68,798	₹21,27,872	₹1,01,27,872

80 Lakh Bank of India Home Loan – 10 Years EMI

For a 10-year term, the EMI on an ₹80 lakh Bank of India home loan at a 9.70% interest rate will be as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 80 lakhs	9.70%	10 years	₹1,04,396	₹45,27,528	₹1,25,27,528

80 Lakh Bank of India Home Loan – 15 Years EMI

If you take an ₹80 lakh home loan from Bank of India over 15 years at 9.70% interest, the EMI will be:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 80 lakhs	9.70%	15 years	₹84,506	₹72,11,104	₹1,52,11,104

80 Lakh Bank of India Home Loan – 20 Years EMI

Over 20 years, an ₹80 lakh home loan from Bank of India at 9.70% interest will result in this EMI:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 80 lakhs	9.70%	20 years	₹75,618	₹1,01,48,418	₹1,81,48,418

80 Lakh Bank of India Home Loan – 25 Years EMI

With a 9.70% interest rate, the EMI for an ₹80 lakh home loan from Bank of India over 25 years will be:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Total Interest Payable	Total amount Payment
Rs 80 lakhs	9.70%	25 years	₹71,011	₹1,33,03,345	₹2,13,03,345

Fees & Charges – 80 Lakh Bank of India Home Loan

The fees and charges on an 80 lakh Bank of India home loan are mentioned below:

Category	Processing Charges
Individuals	A one-time fee of 0.25% of the loan amount, with a minimum charge of ₹1,500 and a maximum limit of ₹20,000.
Non-Individuals	A one-time fee of 0.50% of the loan amount, with a minimum charge of ₹3,000 and a maximum limit of ₹40,000.

Important Documents for an 80 Lakh Bank of India Home Loan

It is essential to have the following documents ready before availing of an 80 lakh Bank of India home loan:

Document Type	Required Documents
Identity Verification	PAN Card, Driving License, Voter ID, Passport, Aadhaar Card
Address Verification	Aadhaar Card, Passport, Driving License, Election ID, Utility Bills
Income Proof (Salaried)	Recent salary slips, latest bank account statement, or passbook
Income Proof (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: 80 Lakh Bank of India Home Loan

To qualify for a ₹80 lakh home loan from the Bank of India, you need to meet certain requirements. The loan is available to Resident Indians, NRIs, and Persons of Indian Origin (PIOs). It covers salaried workers, self-employed people, and professionals. Groups, associations, Hindu Undivided Families (HUFs), and companies can also apply. However, trusts are not allowed to get this loan. The age requirement is that you must be at least 18 years old and can’t be more than 70 by the time you finish paying off the loan.

Frequently Asked Questions (FAQs)

What is the EMI on an 80 lakh Bank of India home loan over a 20-year period?

₹75,618 will need to be paid monthly if an 80 lakh Bank of India home loan is taken out for 20 years.

Who is eligible for an 80 lakh Bank of India home loan?

To qualify for an ₹80 lakh home loan from the Bank of India, you must be a salaried employee, self-employed professional, or NRI and meet the bank's income and credit requirements.

What is the monthly interest rate on an 80 lakh Bank of India home loan?

Approximately 0.70% per month is the minimum monthly interest rate on a Bank of India home loan.

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