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Bank of India Home Loan Interest Rates 2021

Bank of India Housing Loan Interest Rate -Today

Last Updated 09th Jul 2021

Current Bank of India Home Loan interest rates Jul 2021 starts at 6.95% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.25%, Minimum ₹ 1,500 Maximum ₹ 20,000.

Loan AmountBank of India Repo Rate Home Loan Rate
Upto ₹ 50 Lakh6.95%
₹ 50 Lakh - ₹ 1 Cr6.95%
₹ 1 Cr - ₹ 3 Cr6.95%
Above ₹ 3 Cr6.95%
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Current Bank of India Home Loan Rate

Today Bank of India home loan interest rates are in the range of 6.95% to 7.15%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.95%.

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 Loan6.95% - 7.15%
BOI Star Smart Home Loan6.95% - 7.15%

Bank of India Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Bank of India for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 50 Lakh 6.95%
₹ 50 Lakh - ₹ 1 Cr 6.95%
₹ 1 Cr - 3 Cr 6.95%
Above ₹ 3 Cr 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 50 Lakh 6.95%
₹ 50 Lakh - ₹ 1 Cr 6.95%
₹ 1 Cr - 3 Cr 6.95%
Above ₹ 3 Cr 6.95%

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
Foreclosure Charges Nil for floating rate home loans

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 lowest home loan balance transfer rate of 6.95%.

Illustration on Home Loan Interest Rate Bank of India
Maximum Annual Percentage Rate (APR) 6.97% 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: 6.95% to 7.15%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 662 for 30 Years ₹ 1,00,000 loan at 6.95% (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: 6.97% to 7.17%
  • Total cost payable over loan tenure: ₹ 1,19,166 for 5 Years loan to ₹ 2,38,802 for 30 Years loan

FAQs

What is Bank of India Home Loan Interest Rate?

Bank of India Home Loan interest rate ranges between 6.95% to 7.15%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Bank of India reduced home loan rates?

Presently, Bank of India offers personal loans at an interest rate starting at 6.95%. There has been no change in personal loan rates of Bank of India for a long time and continue to stand at 6.95%.

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

Bank of India offers lowest Home Loan EMI of ₹ 662 per lakh availed at the lowest interest rate 6.95% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 662 per lakh, you should consider the option for a loan transfer to Bank of India from your existing bank.

  • Bank of India offers RBI Repo Rate linked Home Loan which starts at 6.95%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Bank of India Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.95% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Bank of India Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Bank of India Repo Rate linked Home Loan rate will cut from 6.95% to 6.8%.

What is the current Bank of India Home Loan rate?

The current Bank of India Home Loan rate starts from 6.95% with a processing fee of Upto 0.25%, Minimum ₹ 1,500 and Maximum ₹ 20,000.Bank of India housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Bank of India offers different home loan rates for different home loan products.

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.

What are the interest rates of home improvement loans in Bank of India?

You can avail of Bank of India home loans for home improvement at regular home loan rates starting at 6.65%.

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

Bank of India home loan rates change for the existing customers if they have availed 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 6.95%, the home loan interest rate for women starts at %.

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

Bank of India home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Bank of India provides home loan interest rate starting at 6.65%.

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 rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


Bank of India Home Loan Reviews 2.5/5  by 1 customers
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Bank of India Home Loan News - Jul 2021
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*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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