About Bank of India Home Loan
There is nothing as important in anyone’s life as buying a home. You cherish thousands of dreams about your first home or buying a new home for your family and loved ones. You save over the years to buy that property for you. The decision of buying a home can’t be taken in a hurry as you need to analyze the information such as interest rate and other stuff, very minutely. There are many public and private banks offering home loan to the customers. You should not forget that you can avail the loan of up to a certain upper limit. Banks decide the loan limit and the maximum amount on your eligibility and repayment potentials. If the bank finds that your repayment potential is high and you also meet other eligibility criteria, the bank will easily give you a loan to fulfill your needs. A loan is an important financial tool in your financial journey if you don’t have sufficient funds. What is the best way to choose a bank as your loan partner? Well, there is no perfect tool or guide to select or rate a bank for borrowing the loan. But, you can choose a bank that is offering the lower rate of interest on flexible repayment terms.
Bank of India (BOI) provides you home loan to realise your dream of owning a home within your budget. BOI offers you loan to buy a plot for construction of a house, to purchase/construct house/flat as well as for renovation/repair/alteration /addition to house/flat. The bank offers you a home loan at a competitive interest rate. It also offers easy repayment facility of home loan. There are no pre-payment charges imposed on the loan. To avail home loan from BOI you need to follow a procedure and process of availing the loan. First, you have to submit the loan application along with all necessary and important documents with your recent photographs. There are other eligibility criteria to be met to avail a loan. Here are some important features and eligibility criteria of BOI home loan.
BOI Home Loan Interest Rates
|Up to 30 years
|No upper limit
|0.25% of the loan amount + GST
BOI Home loan Eligibility Criteria
Salaried employees, professionals, self-employed are eligible to apply for a home loan. The candidates who have a regular source of income and meet a standard of eligibility can also apply for this loan.
Factors Affecting BOI Home loan Eligibility
BOI will take into consideration the below-mentioned factors to decide your home loan eligibility and the amount of loan that can be disbursed to you.
- Monthly Salary
- Property Value
- Credit History
- Employment status for salaried
- Professional details/Business status
- Relationship with the bank
- Your employer’s category
Purpose of loan
You can apply for this loan if you want to purchase/construct house/flat. The loan is also available for renovation/repair/extend of existing house/flat. The bank offers loan to those candidates also who want to purchase a plot of land for construction of the house. You can also use the facility to the takeover of home loan from other banks or financial firms in case you are fulfilling the basic eligibility criteria of the bank.
Maximum Loan amount sanctioned
|Purpose of loan
|Maximum amount offered
|Construction/purchase of house/flat in non-metro cities
|INR 300 lakhs
|Construction/purchase of house/flat in metro cities: Delhi, Mumbai, Chennai, Kolkata
|INR 500 lakhs
|Repairs/renovation/extension to house/flat
|INR 50 lakhs
|Purchase of a plot
|INR 300 lakhs
|Loan for purchase of household articles along with home Loan for furnishing the house/flat
|15% of loan amount maximum
Maximum Tenure for loan: BOI offers you a loan for a maximum tenure of 30 years, which also includes the moratorium period of 36 months (max.) in the monthly installments, including bank’s approved projects. Your loan tenure should be completed before your retirement age in case you are a salaried person and before attaining 70 years in the case of professionals, self-employed and others. Repayment mode of up to 70 years is also available for those customers who will be having assured income post retirement income.