Bank of India Home Loan Interest Rates

Bank of India Home Loan Interest Rates 2024

Bank of India is one of India’s leading public sector banks, offering its customers a wide range of banking products and services. One of the key offerings of Bank of India is home loans, designed to help individuals and families fulfil their dream of owning a home. The bank offers home loans for a variety of purposes, including the purchase of a new house or flat, the construction of a house, the renovation or extension of an existing house, and the purchase of a plot of land for construction.

Bank of India Home Loan Interest Rate Highlights

Bank of India home loans come with competitive interest rates, flexible repayment options, and easy application processes. Moreover, some of the highlights of the Bank of India home loan scheme are as follows:

• Loan amount starting from Rs. 5 lakhs up to Rs. 10 crores.
• Interest rate for home loans starts at 7.80%
• The maximum loan tenure is 30 years or until the borrower reaches the age of 70, whichever is earlier.
• Processing fee of up to 0.25% of the loan amount
• There are no prepayment charges for home loans on a floating interest rate.
• Flexible repayment options available
• Salaried individuals, self-employed professionals, and businessmen can apply for a Bank of India home loan.

Bank of India Home Loan Interest Rates on Various Schemes

There are several sub-schemes within Bank of India home loan plan. These schemes are designed to meet the varying needs of a multitude of customer bases. The interest rates generally range from 7.80% to 10.65% per annum. Bank of India Home Loan interest rates for various schemes are presented below:

Star Home Loan
Features	Up to 90% Loan-to-value Maximum 30 years repayment tenure Provision of a moratorium period of up to 36 months EMI as low as INR 776 Co-applicant income can be considered
Interest Rates	Starts at 8.85% per annum

 

Star Diamond Home Loan
Features	Loan amount above INR 7.5 Crore 8% Loan-to-Value Maximum 30 years repayment tenure Provision of a moratorium period of up to 36 months Overdraft facility available Step-up/Step-down facility
Interest Rates	Ranges from 7.80% to 9.65%

 

Star Smart Home Loan
Features	Maximum loan amount for salaried is INR 5 Lakhs Maximum loan amount for self-employed is INR 10 Lakhs Up to 90% Loan-to-value Maximum 30 years repayment tenure Provision of a moratorium period of up to 36 months
Interest Rates	Ranges from 8.60% to 9.65%

 

Star Pravasi Home Loan
Features	Up to 90% Loan-to-Value Maximum 30 years repayment tenure Provision of a moratorium period of up to 36 months Balance transfer with additional loan facility Instant top-up loan
Interest Rates	Ranges from 8.60% to 9.65% per annum.

 

Star Top-Up Loan
Features	Up to 90% Loan-to-value EMI as low as INR 907 Provision of a moratorium period of up to 36 months Co-applicant income can be considered
Interest Rates	Ranges from 9.10% to 10.65% per annum

 

Star Home Loan Furnishing
Features	Up to 90% Loan-to-value Maximum 10 years repayment tenure Provision of a moratorium period up to the commencement of repayment duration.  EMI as low as INR 776 Co-applicant income can be considered
Interest Rates	Ranging from 8.60% to 9.65% per annum

Bank of India Home Loan Interest Rate for Salaried and Self-Employed

For salaried and self-employed customers, Bank of India home loan comes with varied interest rates owing to their income and repayment capacity. As a lender, the aspect of a stable income will always be a trustable factor. For various BOI home loan schemes, being a salaried or self-employed customer is a mandatory requirement. Moreover, the interest rates range from  7.80% to 10.65% per annum. 

Bank of India Home Loan Interest Rate for Govt Employees

Bank of India offers home loans to government employees to help them buy or construct a house. The eligibility criteria and interest rates for the loan may vary based on the applicant’s specific profile and the bank’s policies. The applicant must be a permanent employee of a Central or State Government, a reputed PSU, or an educational institution of national repute.

The interest rate for Bank of India home loans to government employees is 7.80% to 10.65% per annum and may vary from time to time based on market conditions and other factors. It is generally a floating rate linked to the bank’s base rate.

Bank of India Bank Home Loan Interest Rate For Women

Bank of India offers home loan products specifically designed for women. The loan scheme is called “Star Diamond Home Loan” and offers various benefits and features specifically designed to help women purchase their dream homes. Women borrowers can avail of a discounted interest rate of up to 0.05% on their home loan compared to the regular home loan interest rates.

Bank of India Home Loan Interest Rate For NRI

Bank of India offers home loans for NRIs (Non-Resident Indians) looking to purchase or construct a residential property in India. The eligibility criteria, documentation requirements, and loan terms may vary based on various factors, such as the borrower’s income, credit score, age, property location, and loan amount. The Bank of India Home Loan interest rates for NRI ranges from 8.60% to 9.65% per annum.

Bank of India Home Loan Fees and Other Charges

Customers applying for a Bank of India home loan scheme will have to incur certain fees and charges. The details for these are provided below:

Schemes	Loan Fees and Charges
Star Home Loan Furnishing	Processing Fees of 0.25% of the Loan amount with a minimum of INR 1500 to a maximum of INR 20000. Processing Fees For Other than individuals will be a one-time charge of 0.50% of the Loan amount: Min. INR 3000 to Max. INR 40000.
Star Top-Up Loan	Fees and charges are waived off for the festival season as of March 2023, the first week.
Star Pravasi Home Loan	Fees and charges are waived off for the festival season as of March 2023, the first week.
Star Smart Home Loan	Fees and charges are waived off for the festival season as of March 2023, the first week.
Star Diamond Home Loan	Processing Fees of 0.25% of the Loan amount with a minimum of INR 1,500 to a maximum of INR 20,000. Processing Fees For Other than individuals will be a one-time charge of 0.50% of the Loan amount: Min. INR 3,000 to Max. INR 40,000.
Star Home Loan	Processing Fees of 0.25% of the Loan amount with a minimum of INR 1,500 to a maximum of INR 20,000. Processing Fees For Other than individuals will be a one-time charge of 0.50% of the Loan amount: Min. INR 3,000 to Max. INR 40,000.

How to Calculate Bank of India Home Loan Interest?

To calculate the Bank of India Home Loan Interest, follow the steps below:

• Determine the loan amount: First, determine the loan amount you require from the Bank of India for your home loan.
• Check the interest rate: The interest rates range from 7.80% to 10.65% per annum. 
• Calculate the monthly interest rate: Divide the annual interest rate by 12 to get the monthly interest rate. For example, if the annual interest rate is 7.25%, the monthly interest rate would be 0.60% (7.25/12).
• Determine the loan tenure: The loan tenure refers to the duration of the loan repayment period. Bank of India typically offers home loans with tenures ranging from 1 to 30 years.
• Use a home loan EMI calculator: To calculate the interest rate, you can use Urban Money’s home loan EMI calculator available on the website. Enter the loan amount, interest rate, and tenure to calculate the EMI.
• Calculate the interest payable: Once you know the EMI, you can calculate the total interest payable over the loan tenure. Multiply the EMI by the number of months in the loan tenure, and then subtract the principal amount from the result to get the total interest payable.

Following these steps, you can easily calculate the Bank of India Home Loan Interest.

Why are Bank of India Home Loan Interest Rates the Best for Customers?

Typically, home loan interest rates that are considered “the best” for customers are those that are competitive and affordable. Customers want to pay as little interest as possible over the life of their home loan, so a lower interest rate can be a key factor in choosing a lender. Some factors that may contribute to the Bank of India offering competitive home loan interest rates could include the current state of the housing market, the lender’s business strategy and goals, and the interest rates offered by other lenders in the market. When selecting a lender, customers may also consider the quality of customer service, ease of loan application, and other loan features. 

Bank of India Home Loan Interest Rates for Existing Customers

Bank of India offers home loan products for both new and existing customers. As an existing customer of the Bank of India, you may be eligible for certain benefits such as lower interest rates, reduced processing fees, and faster loan disbursal. The interest rates for the Bank of India home loan products range from 7.80% to 10.65% per annum.

Factors that affect Bank of India Home Loan Interest Rate and EMI

The Bank of India Home Loan Interest Rate and EMI (Equated Monthly Installment) are affected by a range of factors. Here are some of the primary factors that can impact your Home Loan interest rate and EMI:

• Credit score: Your credit score is one of the most important factors that banks consider when determining your Home Loan interest rate. A high credit score is likely to result in a lower interest rate, while a low credit score may result in a higher interest rate.
• Loan amount: The loan amount you seek also affects the Home Loan interest rate. Generally, larger loan amounts may attract lower interest rates, while smaller loans may have higher interest rates.
• Loan tenure: Loan tenure refers to the duration of the loan repayment period. Generally, longer repayment periods may attract a higher interest rate, while shorter repayment periods may have lower interest rates.
• Income and employment history: Your income and employment history can also impact the Home Loan interest rate. Generally, individuals with stable jobs and higher incomes may be offered lower interest rates.
• Property type: The property you purchase or already own can also impact the Home Loan interest rate. Banks may offer different interest rates for apartments, independent houses, and commercial properties.
• Market conditions: The Home Loan interest rate can also be affected by the overall economic and market conditions prevailing during your loan application. If interest rates are high, banks may charge a higher interest rate on Home Loans.
• Loan-to-value (LTV) ratio: The LTV ratio is the amount of the loan you are seeking in relation to the value of the property. A higher LTV ratio may result in a higher interest rate.

It’s important to note that these factors can vary from bank to bank, and it’s always a good idea to shop around and compare rates from different lenders before finalising your Home Loan.