Bank of India Home Loan for Salaried Person

One of the schemes Bank of India boasts of is the Star Home Loan, specifically designed to empower salaried individuals like you to achieve the dream of homeownership. This Bank of India home loan for salaried individuals offers competitive interest rates with the ease of paying back in 30 years. This guide will explore the key features, eligibility criteria, associated fees, and required documents and answer frequently asked questions to guide you seamlessly through the process for the Bank of India Home Loan for Salaried Person.

Bank of India Home Loan for Salaried Person: Highlights

Here are some of the key features and highlights of Bank of India Home Loan for Salaried Individuals:

Fees and Charges

While the interest rate is a crucial factor, it’s important to consider other associated fees when evaluating a home loan. Here’s a breakdown of the charges you might encounter with Bank of India’s Home Loan for salaried individuals:

• Processing Fee: This fee covers the bank’s administrative costs for processing your loan application. It typically ranges from 0.25% to 0.50% of the loan amount, with a minimum charge of Rs.1,500 and a maximum of Rs.20,000. Existing Bank of India savings account holders may be eligible for a concession on this fee.
• Legal and Valuation Charges: The bank may appoint a lawyer to verify the property’s legal aspects and a valuer to determine its market value. The borrower usually bears these charges, which vary depending on the property’s location and value.
• Registration Charges: When registering the property in your name, you’ll need to pay stamp duty and registration charges to the government. These charges are calculated as a percentage of the property’s value and vary by state.

Documents Required

You must submit a set of documents to apply for a Bank of India Home Loan. Here’s a general list, though it may vary depending on your specific circumstances:

Loan Application Form: Duly filled and signed.

Income Proof:

• Salary Slips for the last 3 months
• Form 16 for the previous financial year
• Bank statements reflecting salary credit

Property Documents:

• Sale agreement or allotment letter
• Approved building plans
• No-Objection Certificate (NOC) from society/builder

Eligibility Criteria

To be eligible for Bank of India’s Home Loan for salaried individuals, you should meet the following criteria:

• Nationality: Resident Indian
• Age: Minimum 18 years and maximum 70 years at the time of loan maturity
• Occupation: Salaried individual with a minimum net monthly income of Rs.15,000 (individual income criteria may vary)
• Employment Type: Public sector undertaking, private limited company, or other reputable organisations
• Minimum Credit Score: A credit score of 760 or above is generally preferred for availing the lowest interest rates. However, the minimum score required may vary depending on the bank’s policy.