Availing a home loan is no more a hassle as Bank of India is here to help. The bank by offering the best of home loans ensures to fulfill the dream home wish of many. The lender by offering the loan at attractive interest rates helps in lowering down your EMI and Interest burden. However, in order to know more about the interest rates offered by Bank of India Home Loan, take a look at the table below.
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Bank of India Home Loan Interest Rates September 2023
Interest Rate is that one important thing that an individual looks in any loan facility. The affordable interest rates of Bank India Home Loan facility makes it one of the attractive options around. Ranging from 8.85% onwards per annum, Bank of India Home Loan interest rates help you lower down your overall EMI and Interest burden from your pocket.
The table below shows the interest rate as well as other critical information.
| Loan Aspects | Details |
|---|---|
| Home Loan Interest Rate | 8.85% onwards |
| Maximum Loan Amount | Up to INR 500 Lakh |
| Maximum Tenure | 30 Years |
| Processing Fee | 0.25% of the total Loan Amount plus Applicable GST charges Minimum INR 1,500 Maximum INR 20,000 |
| Prepayment Charges | Nil |
Bank of India home loan interest rates are decided upon the CIBIL Score of an individual and the Loan to Value (LTV) ratio. We are providing details about the Bank of India Home Loan Interest Rates in the table below.
Floating Rate for Loan Tenure upto 30 years
The rate is set keeping in mind the CIBIL score and LTV ratio. Glance at the table below for specific rates.
| CIBIL Score | For Salaried | For Self-employed |
|---|---|---|
| Score of 760 and above | 6.90% per annum ( No Further Concession for Women Borrowers) | |
| CIBIL Score between 725 to 759 | 7.00% (No Further Concession for Women Borrowers) | |
| CIBIL Score between 675 and 724 | 7.10% (No Further Concession for Women Borrowers) | |
| CIBIL Personal Score of -1 and 0 | 7.10% (No Further Concession for Women Borrowers) | |
| CIBIL Score Below 675 | Women Borrowers - 8.55% | Women Borrowers - 8.70% |
| Others - 8.60% | Others - 8.75% | |
Bank of India Home Loan Balance Transfer Facility
Is your EMI amount too high for comfort? Maybe your current interest rate is much higher. To reduce the burden, you can shift the outstanding balance to Bank of India if it gives you lower rates on the said transaction. The lower rates will help reduce the Equated Monthly Installment and interest outgo over the course of a loan.