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Bank of India Home Loan Eligibility Calculator

Bank of India Home Loan Eligibility in India 2021

Last Updated 10th May 2021

Eligibility CriteriaBank of India Home Loan
Eligible Age of Borrower21 - 60 years
  • Bank of India home loan eligibility is calculated based on your age, income, property value and repayment capacity.
  • Increase your Bank of India housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan
Home Loan Eligibility Calculator

Bank of India Home Loan Eligibility based on Salary

Bank of India offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Bank of India:

  • Net income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.95% offered by Bank of India, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be ₹ 28,05,329 to ₹ 49,09,752 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,10,658 to ₹ 98,19,504 for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.10 Lakh73.65 Lakh98.20 Lakh
30 years49.10 Lakh73.65 Lakh98.20 Lakh
35 years46.19 Lakh69.29 Lakh92.38 Lakh
40 years42.08 Lakh63.12 Lakh84.16 Lakh
45 years36.27 Lakh54.41 Lakh72.54 Lakh
50 years28.05 Lakh42.08 Lakh56.11 Lakh

You may consider repaying any loans with short tenure and high EMI in order 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.

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. Bank of India home loan age limit to get the loan is 21 years of age at the time of loan commencement. Bank of India offers home loans for a maximum period of 30 Years years subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 Years years for salaried borrowers and 30 Years years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years30 years30 years
30 years30 years30 years
35 years25 years30 years
40 years20 years25 years
45 years15 years20 years
50 years10 years15 years

Home Loan Eligibility Bank of India based on Value of Property

  • Value of property: Bank of India will 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%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

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

Minimum CIBIL Score for Bank of India Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, Bank of India will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to Bank of India will get approved. However, low CIBIL score will decrease your eligibility to get home loan. Bank of India requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Bank of India.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Bank of India, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator Bank of India for quick calculation of your home loan eligibility.

Bank of India Housing Loan Eligibility Calculator based on FOIR

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

Bank of India Home Loan for Women Eligibility

In the case of sole woman applicant, Bank of India offers concessional home loan rate of 8.85% for women borrowers, although the eligibility criteria are the same for them. In 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.

Other Loan Calculators


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.

Is Bank of India good for home loan?

The lowest interest rate provided by Bank of India is 6.95% 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.

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Bank of India Home Loan News - Jun 2021
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    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.
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    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.
  • 2019-05-17 : Bank of India posts Rs. 252 crores profit on lower provisioning
    Bank of India (BoI) has reported a net profit at Rs. 252 crores during the Q4 of FY19 as compared to Rs. 3,969 crore in the year-ago quarter. The profit is driven mainly by robust growth in net interest income and a sharp decline in loan loss provisions. Additionally, the lender is hoping to grow retail loans including home loans and mortgage loans around 15% in the near future.
*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
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