Bank of India Star Smart Home Loan Scheme

The BOI Start Smart Home Loan brings your home ownership dreams to life. Starting with a minimum loan amount of Rs. 5 lakh, the bank offers ready financial assistance for a wide range of housing needs. Home loans are the most popular method of financing new property purchases today. With market prices always on the rise, the standout features offered by the Star Home Loan make homes accessible to all.

The BOI Star Smart Home Loan can be used for new purchases, new construction, plot purchases, home renovations and other housing requirements. Stay with us as we discuss the loan’s interest rates, eligibility criteria, documentation and much more.

Bank of India Star Smart Home Loan- Highlights

Take a quick overview of the BOI Star Smart Home Loan’s key offerings:

Bank of India Star Smart Home Loan – Features and Benefits

The BOI Star Smart Home Loan offers the following advantages:

• Holiday/ Moratorium Period up to 3 years
• Co-Applications accepted
• Balance Transfer facility 
• Instant loan top-ups
• Overdraft facility
• No prepayment penalties
• Free accidental insurance covers up to 5 crores

Bank of India Star Smart Home Loan Interest Rates

BOI Star home loan interest rates range from 8.30%-9.65% p.a. The bank offers loans at different rates to different borrowers based on their credit scores. High credit scores ensure lower interest rates, and vice versa. Additionally, BOI calculates interest using the reducing balance method, wherein interest is charged only on the outstanding principal amount. This helps borrowers pay less interest charges and save more. 

Bank of India Star Smart Home Loan Fees and Charges

BOI home loans are also subject to charges other than the BOI star home loan interest rates. These include the processing fee, stamp duty charges, document verification charges and others. As of now, the bank has waived of processing fee and prepayment charges on this loan product.

Bank of India Star Smart Home Loan – Eligibility Criteria

The Bank of India Star Smart home loan scheme eligibility depends on the following factors:

• Eligible Candidates: Salaried/ Self-Employed Individuals/ HUF/ Corporates
• Minimum Age Limit: 18 years at the time of application
• Maximum Age Limit: 70 years at the time of final repayment
• Existing/ New customers with at least Rs. 5000 in their accounts for the last 1 year
• Residential Status: NRI/POI

Bank of India Star Smart Home Loan – Documents Required

The following documents must be submitted while applying for the BOI Star Smart Home Loan:

For Individual Borrowers:

• ID Proof: Aadhar Card/ Driver’s License/ Voter’s ID
• Residence Proof: Aadhar Card/ Utility Bills
• Income Statements: Salary Slips for the last 6 months/ Balance Sheet and P&L account for the last 3 years

For Other Borrowers:

• KYC of Directors/ Partners
• PAN Card of the firm
• Partnership Deed/ AOA/ MOA
• Incorporation Certificate
• Account Statements for the last 1 year
• Audited Financials for last 3 years