20,00,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Bank of India Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Bank of India 2021

Last Updated 29th Nov 2021

Eligibility CriteriaBank of India Home Loan
Eligible Age of Borrower21 - 60 years
Home Loan Eligibility Calculator

What is Bank of India Home Loan Eligibility?

Bank of India offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Bank of India home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Bank of India home loan using the Bank of India home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Bank of India?

Bank of India Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Bank of India Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Bank of India home loan age limit to get a Bank of India home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Bank of India offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Bank of India Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Bank of India home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Bank of India, the loan amount that you will be eligible for would be ₹ 28,62,226 to ₹ 51,41,852 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 57,24,452 to ₹ 1,02,83,703 for the same property at the same rate depending on your age at the time of loan application. However, Bank of India asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years51.42 Lakh77.13 Lakh1.03 Cr
30 years51.42 Lakh77.13 Lakh1.03 Cr
35 years48.13 Lakh72.20 Lakh96.27 Lakh
40 years43.59 Lakh65.39 Lakh87.18 Lakh
45 years37.31 Lakh55.96 Lakh74.62 Lakh
50 years28.62 Lakh42.93 Lakh57.24 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Bank of India home loan eligibility.

  • Nature of employment: Bank of India will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Bank of India requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Bank of India based on Value of Property

  • Value of property: Bank of India does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Bank of India's legal team.

The housing loan eligibility calculator of Bank of India can be a useful tool to assess your eligibility for the loan.

Bank of India Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Bank of India to determine your home loan eligibility. Bank of India considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Bank of India home loan is 0.65. Calculate your eligibility with the Bank of India home loan calculator and apply for the eligible loan amount hassle-free.

Bank of India Home Loan Eligibility for Women

In the case of a sole woman applicant, Bank of India offers a concessional home loan rate of 8.15% for women borrowers, although the eligibility criteria are the same for them. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Bank of India Home Loan

Bank of India considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Bank of India. However, a low CIBIL score reduces your chances to get a home loan. Bank of India requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Bank of India Home Loan Eligibility?

You can enhance the Bank of India home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Bank of India’s Home Loan Eligibility Calculator?

To check Bank of India home loan eligibility perform the following steps:-

  • Go to the Bank of India website
  • Now navigate to the option Bank of India home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .


What is the criteria to get Bank of India home loan?

The basic criteria to get a home loan from Bank of India are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Bank of India?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Bank of India?

The minimum salary required to avail home loan from Bank of India is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Bank of India.

Is Bank of India good for home loan?

The lowest interest rate provided by Bank of India is 6.50% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
Bank of India Home Loan News - Dec 2021
  • 2021-10-18 : Bank of India Cuts Interest Rate on Home Loan
    Bank of India has reduced the home loan interest rate by 35 basis points. With this cut, the interest rate on home loans starts at 6.50 percent against earlier 6.85 percent. These rates are applicable for the new loans as well as balance transfers till December 31, 2021.
  • 2020-08-03 : Bank of India posted PAT of Rs. 845.78 crore in Q1FY21
    Bank of India posted a net profit of Rs.845.78 crores for the period ended June 30, 2020, as against a net profit of Rs.3600.65 crores for the period ended March 31, 2020. Further, the Bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.12022.48 crores during the period ended June 30, 2020.
  • 2019-11-05 : Bank of India reports Rs 266 crores profit in the second quarter
    Bank of India earned a net profit of Rs 266 crore in the second quarter of the present fiscal year. The Bank claims the profit because it experienced a growth in its net interest income and a decline in its provision for bad and doubtful retail loans, like home and personal loans. Further, the total income of the Bank increased by Rs 11,985.50 crores.
  • 2019-09-09 : Cheaper home loans with Bank of India
    In a bid to attract more customers during the festive season, Bank of India is providing home loans at cheaper rates. The state-owned bank has decided to waive off processing fees and to provide loans up to Rs 30 lakh at 8.35 percent. Further loan amount above Rs 30 lakhs will be provided at repo linked interest rates.
  • 2019-08-21 : Bank of India and Indian overseas bank to introduce online portal for retail loans
    In a bid to expand retail loan business, public sector banks like Bank of India and Indian Overseas Bank are planning to introduce retail loans like housing, car loans and personal loans on the portal, psbloansin59minutes. Currently, it is open to sanction only MSME loans, but soon, retail loans will also be granted through the portal. This is done to ensure the easy availability of loans and to save borrower’s and banker’s time.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Please wait while your information is being processed...