Bank of India Home Construction Loan

Bank of India is one of the leading public sector banks in India. With its wide range of credit options, the Bank of India construction loan stands out as a highly sought-after choice. It ideally features a high loan amount, long repayment tenure, easy documentation, a balance transfer facility, and competitive interest rates. Whether you need to build a home from scratch or expand an existing one, the bank is ready to disburse the necessary funds as soon as possible. In this all-in-one guide, Urban Money outlines everything you need about the Bank of India house construction loan. We primarily cover details on the application process, interest rates, eligibility criteria, required documents, associated fees, and more. 

Bank of India Home Construction Loan Interest Rates

Bank of India construction loan interest rate and other key parameters are as follows: 

Bank of India Construction Loan Fees and Charges

Here are the pertinent fees and charges associated with the Bank of India construction loan:

Bank of India Construction Loan Eligibility Criteria for Salaried

Here are the eligibility criteria for salaried individuals regarding the Bank of India house construction loan:

• The applicant must be aged between 18 to 70 years.
• The applicant must receive a regular monthly salary.
• The applicant must have a good credit score and a positive repayment history.
• The applicant must be an Indian citizen, including NRI and PIO.

Bank of India Construction Loan Eligibility Criteria for Self-Employed

Here are the eligibility criteria for self-employed individuals regarding the Bank of India home construction loan:

• The applicant must be aged between 18 to 70 years.
• The applicant must have at least three years of business continuity. 
• The applicant must have a good credit score and a positive repayment history.
• The applicant must be an Indian citizen, including NRI and PIO.

Bank of India Construction Loan Documents Required for Salaried

Let’s have a look at the required documents for salaried individuals regarding the Bank of India house construction loan:

• Proof of identity, such as an Aadhaar card, PAN card, Voter ID, or passport.
• Provide proof of address, such as a driver’s licence, electricity bill, telephone bill, or piped gas bill.
• Proof of income, including last 6-month salary slip, last 1-year ITR/Form16, and bank statement.
• Proof of property, such as a title deed, valuation report, tax receipts, lease agreement, etc.

Bank of India Construction Loan Documents Required for Self-Employed

Let’s have a look at the required documents for self-employed individuals regarding the Bank of India home construction loan:

• Proof of identity, such as an Aadhaar card, PAN card, Voter ID, or passport.
• Provide proof of address, such as a driver’s licence, electricity bill, telephone bill, or piped gas bill.
• Proof of income, including last 3-year ITR with computation of income, profit & loss account, balance sheet, bank statement, and capital account statement.
• Proof of property, such as a title deed, valuation report, tax receipts, lease agreement, etc.

Features of Bank of India Construction Loans

The following are the expected features regarding the Bank of India construction loan:

• Lower interest rates
• No hidden charges
• Zero prepayment penalty
• Minimal documentation
• Free accidental insurance coverage.