{"id":8672,"date":"2018-07-04T08:08:19","date_gmt":"2018-07-04T02:38:19","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=8672"},"modified":"2021-08-26T14:50:27","modified_gmt":"2021-08-26T09:20:27","slug":"bank-of-india-home-loan","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/bank-of-india-home-loan\/","title":{"rendered":"Bank of India Home Loan"},"content":{"rendered":"

Bank of India home loans can be used for purchasing a plot, construction of a house or to buy a fully-constructed house. With a pioneer in home loans portfolio like Bank of India, you can be assured of a peaceful and hassle-free property financing experience.<\/p>\n

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Bank of India Home Loans Eligibility:<\/h2>\n
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Bank of India Star Home Loan Eligibility:<\/strong><\/p>\n

This loan is offered for salaried employees, self-employed customers and professionals. Also, NRIs, HUF, PIOs, partnership firms, proprietorship firms and corporate can avail this loan on request.<\/p>\n

Bank of India Star Diamond Home Loan Eligibility:<\/strong><\/p>\n

This BOI home loan variant is specially offered for individuals, corporate and firms with high net worth, for residential accommodation of directors and partners who have an average gross income of at least Rs.1 crore during the past 3 years according to the audited\u00a0Income Tax Returns\u00a0or balance sheet.<\/p>\n

BOI Home Loan Documentation:<\/h2>\n

Applicants will be required to submit a proof of income, Identity proof and other property related documents. Do enquire with Bank of India for a complete list of documents required before applying for a home loan.<\/p>\n

New Bank of India Home Loan Interest Rate:<\/h2>\n

Bank of India offers its customers incredibly attractive and reasonable\u00a0rates of interest on their home loans. The interest rates are among the most competitive in the market and is calculated by taking into consideration the loan balance on a day to day basis. This method of interest calculation is extremely advantageous to the bank\u2019s customers as it reduces the amount of interest they pay on their home loans.<\/p>\n

The home loan interest rates offered by Bank of India are as follows:<\/strong><\/p>\n

\n\n\n\n\n\n\n\n
BOI Home Loan Scheme<\/th>\nRate of Interest<\/th>\n<\/tr>\n<\/thead>\n
Star Home Loan<\/td>\n* 1 year MCLR irrespective of the limit<\/td>\n<\/tr>\n
Star Smart Home Loan<\/td>\n<\/tr>\n
Star Diamond Home Loan<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Bank of India MCLR Rate for Home Loans:<\/h2>\n

Bank of India recently set its\u00a0Marginal Cost of Funds Based Lending Rate\u00a0(MCLR) at 8.30% for a tenor of one year<\/strong>. The new Rate is effective from 10th March 2018.<\/p>\n

The MCLR Rates set by Bank of India are as follows:<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n
Loan Tenor<\/th>\nMCLR Rate<\/th>\n<\/tr>\n<\/thead>\n
Overnight<\/td>\n7.80 %<\/td>\n<\/tr>\n
1 Month<\/td>\n8.00%<\/td>\n<\/tr>\n
3 Months<\/td>\n8.10%<\/td>\n<\/tr>\n
6 Months<\/td>\n8.25%<\/td>\n<\/tr>\n
1 Year<\/td>\n8.30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Features of Bank of India Home Loan:<\/h2>\n