Bank Of India Slashes Home Loan Interest Rates To The Industries’ Lowest Level

Leading public sector bank Bank of India (BOI) is thrilled to announce that it is providing the lowest interest rate in the industry for home loans. With a rate as low as 8.3% annually, BOI's Star Home Loan establishes a new benchmark for affordability in housing finance that is unrivalled by any other product offered by public or private sector banks.

Buyers can benefit from a hassle-free financing solution with the Star Home Loan, which has been developed with customer convenience in mind. An overdraft (OD) option is included in the loan package, which starts with EMIs as low as Rs 755 a month per lakh and offers home buyers a flexible and comprehensive financial support system.

The Star Home Loan extends its reach beyond conventional finance to support clean and renewable energy solutions in addition to supporting home establishment, refurbishment, and furnishings expenditures. As part of the ambitious PM Surya Ghar Muft Bijli Yojana, the bank provides up to Rs 10 lakh in financing for rooftop solar panel installation, at the same interest rate as home loans.

A special BOI Star Solar Rooftop Finance Loan has also been introduced by Bank of India in recognition of the rising significance of solar energy. It comes with no processing fees and an appealing interest rate that starts at 7.00% p.a. Through this program, those who want to install solar rooftops can get loans for up to 95% of the project's total cost, with a maximum 120-month repayment term.

Additionally, customers are eligible for a direct government subsidy of up to Rs 78,000. It is now more possible than ever to switch to solar energy because of Bank of India's dedication to supporting sustainable energy solutions and offering easily accessible financing options.

SBI offers starting rates at 8.4%, while Union Bank of India and Bank of Maharashtra provide home loans at 8.35% among public sector banks. Interest rates at Bank of Maharashtra range from 8.35% to 11.15%; at Union Bank of India, they range from 8.35% to 10.75%; at Bank of Baroda, they range from 8.40% to 10.65%; at State Bank of India, they range from 8.40% to 10-15%; and at Punjab National Bank, they range from 8.45% to 10.25%. Axis Bank offers a fixed interest rate between 8.75% and 13.30%, Canara Bank provides an interest rate range between 8.50% and 11.25%, and HDFC Bank offers a home loan interest rate range starting at 8.70%.