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Bank of India Home Loan Interest Rates 2022

Bank of India Housing Loan Interest Rate -Today

Last Updated 21st Jan 2022

Loan AmountBank of India Repo Rate Home Loan Rate
Upto ₹ 50 Lakh6.50%
₹ 50 Lakh - ₹ 1 Cr6.50%
₹ 1 Cr - ₹ 3 Cr6.50%
Above ₹ 3 Cr6.50%
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Bank of India Home Loan Rate

Bank of India offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.50% up to 7.15%. Apart from the interest rate, the bank also has various other charges such as Bank of India processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

Bank of India Home Loan Processing Fee and Other Charges

Bank of India home loan processing charges are upto 0.25% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Bank of India charges a minimum processing of ₹ 1,500 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.25% of the loan amount; minimum processing fee of ₹ 1,500 to maximum fee of ₹ 20,000
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on Bank of India Home Loans Schemes

Bank of India offers a housing loan interest rate at 6.50%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Bank of India home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are Bank of India home loan rates for multiple housing schemes.

Bank of India Home Loan Scheme Interest Rates
Bank of India Repo Rate Home Loan6.50% - 7.15%
BOI Star Smart Home Loan6.50% - 7.15%

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

The home loan interest rates in Bank of India for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 50 Lakh 6.50%
₹ 50 Lakh - ₹ 1 Cr 6.50%
₹ 1 Cr - 3 Cr 6.50%
Above ₹ 3 Cr 6.50%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 50 Lakh 6.50%
₹ 50 Lakh - ₹ 1 Cr 6.50%
₹ 1 Cr - 3 Cr 6.50%
Above ₹ 3 Cr 6.50%

Bank of India Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Bank of India Home Loan Rate For Women Bank of India Home Loan Rate For Govt Employee
Upto ₹ 50 Lakh 6.50% 6.50%
₹ 50 Lakh - ₹ 1 Cr 6.50% 6.50%
₹ 1 Cr - 3 Cr 6.50% 6.50%
Above ₹ 3 Cr 6.50% 6.50%

Bank of India Home Loan Balance Transfer Interest Rates

Bank of India home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Bank of India at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Bank of India offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate Bank of India
Maximum Annual Percentage Rate (APR) 6.52% to 7.17%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Bank of India Home Loan Interest Rate: 6.50% to 7.15%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 632 for 30 Years ₹ 1,00,000 loan at 6.50% (lowest rate, longest time period) to ₹ 1,987 for 5 Years ₹ 1,00,000 loan at 7.15% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.52% to 7.17%
  • Total cost payable over loan tenure: ₹ 1,17,897 for 5 Years loan to ₹ 2,28,045 for 30 Years loan

FAQs

Has Bank of India reduced home loan rates?

As per the current rates, Bank of India has cut its home loan rates by 0.45% from 6.95% to 6.50%, which is one of the best rates in the market. The new rates are effective from 01 Apr, 2021.

Why should I opt for balance transfer to Bank of India?

Bank of India offers lowest Home Loan EMI of ₹ 632 per lakh availed at the lowest interest rate 6.50% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 632 per lakh, you should consider the option for a loan transfer to Bank of India from your existing bank. Current Bank of India balance transfer rate is 6.50%.

Can Bank of India housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Bank of India to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Can Bank of India revise the home loan interest rates for their existing customers?

Yes, Bank of India offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Bank of India offer a concessional home loan interest rate for women?

Yes, Bank of India offers special home loan interest rates for women. As against Bank of India home loan rates for male which is 6.50%, the home loan interest rate for women starts at %.

What is the Bank of India home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, Bank of India provides home loan interest rate starting at 6.50%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

At what interest rate does an Bank of India employee get a home loan?

Bank of India offers concessional home loan rates of about 1% than the current home loan rates to Bank of India employees.

Is Bank of India home loan a floating rate loan or fixed-rate loan?

Bank of India home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Bank of India home loan rate today ?

Bank of India home loan rate today is in the range of 6.50% to 7.15%.The bank also charges a processing fee of upto Upto 0.25%, Minimum ₹ 1,500 Maximum ₹ 20,000 of the home loan amount.

How much interest does Bank of India take on home loans?

The rate of interest on Bank of India home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, Bank of India home loan current interest rate 2021 are in the range of 6.50% to 7.15%.


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Bank of India Home Loan News - Jan 2022
  • 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
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