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Bank of India Home Loan

Bank of India Housing Loan 2021

Last Updated 10th May 2021

Bank of India is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.95% with quick approval and online process. Home Loan in Bank of India is quite popular with its special features and attractive rates under various Bank of India home loan schemes for different income and occupation groups. Some of the key features of Bank of India housing loan are:

  • Bank of India also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Bank of India has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Bank of India home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Bank of India Home Loan Details

Bank of India offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Bank of India

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.95%
Interest Rate Linked To RLLR
Processing Fee Upto 0.25%, Minimum ₹ 1,500 and Maximum ₹ 20,000
Lowest EMI Per Lakh ₹ 662
  • Purpose of Loan: Bank of India house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Bank of India Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80% to 85%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.95% to 7.15%.
    • Bank of India home loan EMI per lakh starts from ₹ 662. However, you can calculate your home loan EMI using Bank of India home loan calculator 2021.
  • Special schemes: Bank of India offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Bank of India Home Loans

Some of the features and benefits of Bank of India Home Loans are listed as follows:-

  • Bank of India Home Loan Interest Rate starts from 6.75%.
  • Bank of India charges a processing fees of Upto 0.25%, Minimum ₹ 1,500 and Maximum ₹ 20,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Bank of India is per lakh offered at the lowest interest rate of 6.75% at the longest loan tenure of 30 years.
  • Bank of India allows prepayment of home loans with Nil charges on floating rate loans.
  • Bank of India has an average customer rating of 2.5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Bank of India?

Getting a home loan from Bank of India is fairly easy with an online application process. 5 Steps for Bank of India Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Bank of India and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Bank of India or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Bank of India’s representative will visit your home or office to collect your documents.
  • Step 4: Bank of India will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Bank of India and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Bank of India Home Loan Documents Required

To apply for a home loan in Bank of India, the bank asks you to submit the following Bank of India Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Bank of India account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Bank of India Home Loan EMI Calculator

Bank of India home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Bank of India Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Bank of India Home Loan Eligibility Calculator

Bank of India Home loan eligibility calculator is an online tool that helps the Bank of India home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Bank of India Home Loan with Other Banks

FAQs

What are the documents required for home loan Bank of India?

To apply for Bank of India Home Loan, you will be required to submit Bank of India home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Bank of India ?

Below-mentioned is the reason why you must avail a home loan from Bank of India

Can I apply for an Bank of India home loan online?

Yes, you can apply for a Bank of India home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Bank of India home loan scheme?

Choosing the best Bank of India home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Bank of India home loan scheme is based on one’s needs.

Is Bank of India good for a home loan?

Bank of India is one of the best home loan lenders in the country. Currently, Bank of India home loan interest rate 2021 starts at 6.65%.

How can I check my Bank of India home loan status?

One can check their Bank of India home loan status on Bank of India’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Bank of India mobile app

What is the eligibility for a Home Loan of Bank of India?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Bank of India Home Loan procedure?

There are two methods to complete the application for Bank of India Home Loan Process online:

  • Apply online at Bank of India official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Bank of India house loan?

Bank of India offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does Bank of India check CIBIL for home loan?

Yes, to avail home loan from Bank of India, you must fulfill Bank of India Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Bank of India?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Bank of India can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Bank of India is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Bank of India Home Loan News - Jun 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.
  • 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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