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Bank of India Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
BOI Star Home Loan 8.70% -9.60% ₹1,000 to ₹20,000 50 crores (maximum) 30 Years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been finalized for purchase
Benefits

  • Get loans at competitive interest rates
  • The borrowers can avail different equated monthly instalment amounts for different periods during the period of the loan to suit the customer’s repayment capacity
  • Interest on loan amount is calculated on a daily balance basis
  • Simplified application form for the convenience of customers as well as for speedy approval
  • Get Life Insurance Cover for loan protection
Eligibility

  • The applicant should be any one of the following to secure the home loan from Bank of India – Salaried Individual, Self-employed personal, professionals, Non-Resident Indians, Hindu Undivided Family, Proprietor Firm, Persons of Indian Origin, Partnership firms and Corporate
  • The minimum age of the applicant should be 21 years
  • The applicant should have a regular source of income to secure the home loan in Bank of India
Other Details

  • Prepayment of the loan amount is permitted.
  • No prepayment charges will be levied under floating interest rate option
  • Free Personal Accident Insurance Cover is provided
  • The maximum tenure of the loan is spread over 30 years
  • Get moratorium period, a maximum of 36 months
Star Diamond Home Loan 1 Year MCLR + 0.15 % - 1 Year MCLR + 0.20% Rs 1000 - Rs 20000 maximum of up to Rs 5 crores depends on loan amount
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been finalized for purchase
Benefits

  • Get a home loan at attractive interest rates
  • Women borrowers get more benefits over male counterparts
  • Minimum processing charges
  • Avail Star Diamond Home Loan at all the metros and metropolitan cities across India.
Eligibility

  • The loan is exclusively designed for High Net Worth Individuals or firms or corporates
  • This loan can be availed to accommodate partners or Directors of the companies whose average gross salary is Rs 1 crore and above for the last 3 years
Other Details

  • Maximum quantum of loan is Rs 5 crores
  • Margin is 25% on the pure value of property
  • Rate of interest in case of women borrowers is 1 Year MCLR + 0.15 %
  • Rate of interest in case of other borrowers is 1 Year MCLR + 0.20%
  • Minimum processing charges are Rs 1000
  • Maximum processing charges are Rs 20,000
Pradhan Mantri AwasYojana Scheme As per applicable card rate 0 maximum of up to Rs 12,00,000 20 years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been finalized for purchase
Benefits

  • Lowest interest rates
  • The loan is available exclusively for economically weaker sections
  • Get subsidy amount on the loan
Eligibility

  • The loan borrowers should fall under the economically weaker section.
  • In the case of the economically weaker section, the maximum household income per annum should be up to Rs 3,00,000.
  • In the case of the low-income group, the maximum household income per annum should be up to Rs 6,00,000.
  • The women should be the sole or co-owner of the property.
Other Details

  • The processing fee is waived under this loan.
  • Interest rate is as per applicable card rate
  • Maximum subsidy amount payable differs for each category of applicants
  • Subsidy percentage differs for each applicant and is based on the income level.
BOI Star Smart Home Loan 1 Year MCLR + 0.15 % -1 Year MCLR + 0.20 % 0 minimum of Rs 5 lakh 20
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been finalized for purchase
Benefits

  • The surplus amount invested can be used for personal or for business purpose.
  • This home loan offers liquidity as well as interest relief for borrowers.
  • The home loan account can be operated as an overdraft account to the drawing limit.
  • The surplus amount exceeding the threshold limit in a savings bank account or certificate of deposit account will be automatically transferred to the home loan account reducing the interest burden on the loan account.
Eligibility

  • The applicant should have a savings bank account (SB) or certificate of deposit (CD) with an average balance of Rs 5000 for last one year with the Bank of India.
  • Any new customer who opens an SB/CD account with the bank with Rs 5000 as the opening balance can apply for the loan.
  • The minimum age of the applicant should be 21 years
  • The applicant should have a regular source of income to secure the home loan in Bank of India
  • Those who have a salary account with Bank of India can apply for a home loan.
  • The SB/CD account has to be maintained throughout the tenure of the loan period.
Other Details

  • Get a loan of up to Rs 50 lakhs for repairs, renovation, an extension of houses.
  • Get a loan for installation of solar PVs at Home loan ROI.
  • Get a loan for the purchase of household furnishing items @ 15% of the home loan amount, maximum of Rs 5,00,000 under a secured personal loan.
Star Pravasi Home Loan Scheme 1 Year MCLR + 0.15 % -1 Year MCLR + 0.20 % depends on value of house of flat above Rs 75 lakhs up to 30 years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been finalized for purchase
Benefits

  • Get a home loan at attractive interest rates
  • The loan is meant exclusively for Non-Resident Indians
  • Lower Processing Charges
  • Tenure for repayment of the loan is spread over 30 years
  • Moratorium period is for up to a maximum of 36 months.
Eligibility

  • Applicants who are Non-Resident Indians and who hold a valid Indian passport can apply for a loan.
  • Persons of Indian Origin (PIOs) who hold a foreign passport and who have a steady source of income can also apply for the loan.
  • In case of a co-borrower, the individual has to be a resident Indian in which his/her income can also be considered for calculating the quantum of loan or for repayment capacity.
  • Foreign nationals of non-Indian origin cannot be considered as a co-owner or co-borrower.
Other Details

  • The loan has to be repaid before the date of retirement in case of salaried individuals and before attaining 70 years of age in case of others.
  • Repayment of the loan is allowed for up to 70 years in case of those salaried employees who are having assured income post retirement.
  • Processing charges for a loan up to Rs 20 lakhs are 15% on the pure cost of the first house or flat (excluding stamp duty, registration charges and so on).
  • Processing charges for a loan up to Rs 75 lakhs is 20% on the pure cost of the first house or flat (excludes stamp duty, registration charges).
  • Processing charges for loan amount above Rs 75 lakhs are 25% on the pure cost of the first house or flat (excludes stamp duty, registration charges).
Star Loan Against Property Scheme 1 Year MCLR +2.00% 0 based on value of property 30 years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been finalized for purchase
Benefits

  • The loan comes in handy when the credit needs of trade need to be fulfilled.
  • Avail loan at attractive interest rates.
  • Get a loan to undertake repairs or extension or renovation of the residential or commercial property.
Eligibility

  • People who are engaged in business and commerce, professionals, High Net Worth individuals, salaried employees, self – employed, proprietor firms, companies both public and private, Hindu Undivided Family (excluding partnership firms where HUF is a partner)
  • Societies, NRI’s (subject to compliance of Bank guidelines), staff members can avail this loan.
  • NBFCs, Trust and Partnership firm where HUF is a partner are not eligible for securing loan under this scheme
  • The salaried individuals should be in a permanent service
  • The maximum age of the individuals should not exceed 60 years
  • In case of a non-employed individual or self-employed or proprietary concerns the maximum age limit is 70 years
Other Details

  • Interest rates stands at 1 year MCLR + 2.00% per annum
  • The property which is mortgaged should be in the applicant's name.
  • Agricultural land is not accepted as a security for loans or for advances in this scheme
  • Property owned by the company or HUF or society cannot be mortgaged for a loan under this scheme.
BOI Star Top-Up Loan 0 0 2 Lakhs Up to 12 years
Details
Documents Required

  • Letter of guarantee OD 194 (if guarantee is require in existing home loan)
  • Other documents (if require for perfecting the security as per bank guidelines)
  • IFD-1 (term loan agreement)
  • L-516
  • L-515 (Declaration regarding relation to a senior officer or director of a banking company)
  • Oral assent for extension of mortgage.
Benefits

  • Full disbursement of loan or undertaking to restrict the borrowing to a specific amount.
  • Based on valuation of the property. Total loan including outstanding in existing home loan account not to exceed 75% of the distress value of the property.
  • The minimum loan limit Rs 2 lakhs
  • The applicant has to maintain an Average Quarterly Balance of Rs 5000/-
  • Minimum documentation
  • Low processing fees
  • Flexible interest rate.
  • Loan disbursement- As per the request of the borrower.
Eligibility

  • Valid mortgage must be available in the home loan account.
  • Borrowers must have an adequate repayment history of minimum 24 months, after the completion of moratorium period.
  • All existing applicant home loan borrowers having acceptable conduct of account for last the 2 years are eligible.
  • Fresh valuation of the property to be obtained for considering the limit. However additional limit cannot be considered due to revaluation before completion of 2 years from the date of previous sanction.
  • Interim report to be obtained alongwith latest property tax paid receipt, CHS charges paid receipt or NOC from society/builder as available.
Other Details

  • Star top up loan provides benefits to those applicants who want to meet there genuine needs other than uncertain purpose such as investment in equities.
  • Maximum repayment period- 12 years
  • Floating rate of interest and processing fees P.A (at monthly basis)
BOI Earnest Money Deposit (EMD) 1 year MCLR+5%+BSS(0.30%) 500 10 Lakhs 0
Details
Documents Required

  • - Self-attested Aadhar Card or PAN Card copy is mandatory.
  • - Proof of Identity(Any One): Voter Id Card, PAN, Passport, Driving License.
  • - Proof of Address/Residence: Receipt Copy of Telephone Bill, Electricity Bill, Gas Piped Bill.
  •   INCOME PROOF FOR SALARIED APPLICANT/CO-APPLICANT/GUARANTOR:-
  • - Copy of Form 16 for last 2 years or copy of IT returns for the last 2 financial years acknowledged by IT department.
  • - Salary slip or Salary certificate for last 3 months.
  •    INCOME PROOF FOR NON-SALARIED APPLICANT/CO-APPLICANT/GUARANTOR:-
  • - TDS Certificate(Form 16A if applicable)
  • - Certificate of eligibility (For C.A, Doctor and other professionals)
  • - IT returns for last 3 years.
  • - Business license details (or equivalent)
  • - Profit & Loss account and Balance Sheet for the last 3 years.
Benefits

  • Maximum loan amount Rs 10 lakhs
  • Margin 10%
  • Third-party guarantee of a person acceptable to the bank including that of close relative to be submitted.
  • Low processing fees
  • Minimum documentation
  • Low-interest rate
  • Processing fees- Rs 500 per application
  • Interest rate- 1 year MCLR+BSS(0.30%) to 1 year MCLR+5%+BSS(0.30%)
Eligibility

  • All persons fulfilling UDA(Urban Development Authority) eligibility criteria
  • Minors are not eligible
  • Quantum of loan- (For salaried) 12 times of gross monthly salary and Annual income for 1 year based on IT return (for non-salaried)
Other Details

  • MD provides to those applicants who are willing for acquisition of house/flat offered by Urban Development Authority like DDA(Delhi Development Authority), HUDCO(Housing & Urban Development Corporation), CIDCO(City & Industrial Development Corporation)/ State Government Housing Development Project etc.
  • REPAYMENT:-
  • Interest amount exceeding upfront amount paid, to be paid separately
  • If allotted loan can be considered under star home loan scheme, subject to bank's norms and loan amount of EMD can be adjusted against the home loan to be sanctioned.
  • In case allottee is not sanctioned a home loan or is not shared in bank's loan the advance will have to be repaid in 12 equated monthly instalments including up to date. ROI in such case will be 5% above the base rate.
  • If not allotted the refund amount will be appropriated towards repayment of the loan and upto date share.
FAQs

Q: What are the interest rates in Bank of India for a home loan?

A: Bank of India offers a home loan for its customer's with attractive and reasonable rates of interest.

The home loan interest rates offered by the Bank of India are from 8.50% to 8.60% for women borrowers it offers at a lesser interest rate which ranges from 8.45% to 8.55%.

Q: What are the different types of home loans in BOI?

A: BOI offers a home loan based on the customer's profile. The types of home loan are as follows:

  • Bank of India Star Home Loan.
  • Bank of India Star Diamond Home Loan.
  • BOI Star Smart Home Loan.
  • BOI Star Pravasi Home Loan.
  • Pradhan Mantri Awas Yojana(PMAY).
  • BOI Star Loan Against Property(LAP).

Q: What is the difference between BOI star home loan and Star Diamond Home Loan?

A: Bank of India Star Home Loan: This loan is offered for salaried employees, self-employed customers and professionals. Also, NRIs, HUF, PIOs, partnership firms, proprietorship firms and corporates can avail this loan with minimal documentation.

Bank of India Star Diamond Home Loan: This BOI home loan variant is specially offered for individuals, corporates and firms with high net worth, for residential accommodation of directors and partners who have an average gross income of at least 1 crore during the past 3 years following by audited Income Tax Returns or balance sheet.

Q: What do I have to provide as security for BOI Home loan?

A: Borrower needs to provide Mortgage or equitable mortgage on the property. Third party guarantee has to be provided as security if the mortgage could not be created before loan disbursement.

Q: What are the features of BOI Star Diamond Home Loan?

A: 1.This Bank of India Home loan is issued depending upon the location of the property or the flat or houses to be purchased.

2. The BOI Star Diamond loan is extended to all individuals with High Net Worth, Firms and corporate with a minimum average gross income of Rs. 1 crore and above as per the last three years audited balance sheet and IT returns.

3. The minimum loan amount to be sanctioned under this category is up to 5 crores only. However, no upper limit is set.

4. The eligible cities are only major and metro cities such as Mumbai, New Delhi and Delhi NCR, Kolkata, Chennai, Ahmedabad, Bangalore, Hyderabad and Pune.

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