Bank of India Home Loan: Eligibility & Interest Rate

If you’re interested in taking out a home loan, it’s important to understand what Bank of India offers and what you need to provide in order to qualify. In this article, we’ll go over all the key features of their home loans, as well as the interest rate and eligibility requirements. Finally, we’ll provide a list of required documents so that you can be sure to apply correctly.

Bank of India Home Loan Highlights

Interest Rate7.80% p.a. onward
Loan Amountup to Rs 5 crore
Loan TenureUp to 30 years
Processing ChargesNIL
bank of india home loan

Bank of India Home Loan

The bank has a wide network of branches across the country which makes it easy for the customer to get a home loan. Bank of India home loan interest rates start from 7.80% p.a. and have a repayment tenure of up to 30 years.

You can take home loans from the bank for the purchase of plots for construction of house, purchase/construction of house/flat as well as renovation/repair/conversion/addition to house/flat. The maximum loan amount of the loan is up to 85% of the property value.

Bank of India Home Loan Interest Rate

The Bank of India offers home loans with an interest rate starting at 7.80% p.a. for a loan amount of up to Rs 5 crore. The interest rates are affected by the credit score of the applicant as you can see in the table below.

CIBIL ScoreInterest Rate
800 and above7.80% p.a. onwards
750 to 7997.90% p.a. onwards
700 to 7498.00% p.a. onwards
Below 7009.45% p.a. onwards
9.50% p.a.(for others)9.50% p.a. onwards
-1 and 08.10% p.a. onwards

Read Also – HDFC Personal Loan

Bank of India Home Loan EMI Calculator

If you are looking for a home loan with an EMI (equated monthly instalment) of ₹ x per month, Bank of India has the best home loan options available. The bank offers home loans with EMI ranging from ₹ 2,000 to ₹ 75,000 per month. To calculate the EMI for a given home loan, please enter the following information into the bank’s home loan EMI calculator: Loan amount, Interest rate (%) and tenure.

Types of Bank of India Home Loan

Types of Bank of India home loans are available in a variety of terms, with interest rates that vary based on the loan product and the applicant’s credit score.

The types of Bank of India home loans available to borrowers include:

1. BOI Star Home Loan

The Bank of India has launched a regular home loan scheme for plot purchase, home construction, purchase/construction of house/flat, renovation/repair/alteration/addition to flat/house. The interest rates for this scheme are quite low and it is ideal for people who want to finance their home purchase or construction project.

You can also use this scheme to transfer your existing home loans from other banks and HFCs to the Bank of India at lower interest rates. So if you are looking for a convenient and affordable way to get a home loan, the Bank of India regular home loan scheme is definitely worth considering.

  • Loan Amount:
    • For purchase/construction of house/flat: up to Rs 5 crore
    • For repair/renovation/extension- Up to Rs 50 lakh
  • Tenure: Up to 30 years.

2. BOI Star Smart Home Loan

The Bank of India offers a home loan with an overdraft facility. The overdraft facility allows you to borrow up to 85% of the value of your home, which means you can cover any unexpected expenses without having to worry about going into debt.

  • Loan Amount: Minimum Rs. 5 lakh & Maximum up to Rs 5 crore.

3. Star Diamond Home Loan

Bank of India offers a wide range of home loans for individuals with high net worth, firms and corporates for residential accommodation for their directors and partners with a minimum average gross income of Rs 1 crore and above as per ITR and audited balance sheets for the last year.

  • Loan Amount: Over Rs. 5 crore
  • LTV Ratio: Up to 75% of property cost

4. BOI Star Pravasi Home Loan Scheme

Bank of India, the largest state-owned bank in India, has come up with a range of home loans for NRIs and PIOs for purchase/construction of house/flat, repair/renovation/extension of existing house/flat, plot purchase and balance transfer. The loans are available at concessional interest rates and have flexible repayment terms.

  • Loan Amount:
    • For construction/purchase of house/flat: Up to Rs. 5 crore
    • For repair/renovation/extension: Up to Rs 50 lakh
    • Plot purchase: Up to Rs 1 crore
  • Tenure: Up to 30 years

5. Pradhan Mantri Awas Yojna (PMAY)

Pradhan Mantri Awas Yojna is an ambitious rural housing scheme launched by the Indian government in 2015. The scheme provides financial assistance to the beneficiaries who are looking to build a house under the Pradhan Mantri Awas Yojna.

The interest subsidy for this scheme is Rs 2.67 lakh for Economically Weaker Sections, Low Income Groups and Middle Income Groups.

The interest subsidy will be automatically credited to the borrowers’ bank accounts within two weeks of receiving the loan sanction letter from the bank.

Bank of India Home Loan Eligibility Criteria

  • salaried individuals, non-salaried individuals, NRIs, PIOs, high net worth individuals, firms and corporates.
  • Net Take Home Pay:
Salaried Employees72 times gross monthly salary/6 times gross annual income based on ITR
Self-employed/Professionals6 times gross annual income based on ITR
HUF/Proprietorship/Partnership Firm/Company6 times of cash accruals as per balance sheet/P&L account

Documents Required for a Bank of India Home Loan

Identity proofAadhaar Card
PAN Card
Driving Licence
Voter ID
Proof of ResidenceUtility bills
Aadhaar Card
Driving Licence
Proof of income (For salaried applicants)Recent salary slips
Recent bank account statement/passbook
Proof of income (for self-employed applicants)IT Returns
Profit and Loss Statement
Audited Balance Sheet

How To Apply For Bank of India Home Loan

To apply for a home loan through Bank of India, you need to visit a branch of the bank. The process of applying for a home loan through Bank of India is fairly simple. Here are the steps that you need to follow:

  • Visit a branch of Bank of India and present your identity card and proof of address such as utility bills or voter’s ID card.
  • Complete the application form and submit it with the required documents.
  • Depending on your eligibility, you may be asked to take an approval letter from your employer or a sanction letter from the lending institution.
  • Once the application is processed, you will receive a decision letter from the bank detailing the outcome of your application.

Bank of India Home Loan Customer Care Number

If you have any problems with your home loan, or if you just want to chat with a representative about your banking experience in general, don’t hesitate to contact Bank of India’s customer care team. They’ll be happy to help you out and answer any questions you may have about their products and services.

  • Toll-Free Number: 1800 103 1906
  • Chargeable number: 022 – 40919191 (24 X 7)

Read Also – Canara Bank Gold Loan


Q. What is the interest rate I am going to be paying on my home loan?

Ans. The interest rate you will be paying on your home loan will depend on your credit score and other factors. Typically, the interest rate for a home loan with the Bank of India ranges from 7.80% – 9.65% p.a.

Q. What is the maximum loan amount I can borrow?

Ans. The maximum loan amount you can borrow is Rs 5 crore in metro cities like Mumbai, Delhi, Kolkata, Chennai etc

Q. How long does it take for the bank to approve my loan application?

Ans. The bank generally takes around 7-10 days to approve your loan application. However, this timeline may vary depending on the specific case.


Bank of India offers home loans to individuals and families in India. The loan amount that you can borrow is determined by your finances and the property value that you are purchasing. Bank of India provides a variety of features, such as easy online application, flexible repayment terms, and low-interest rates. To be eligible for a Bank of India loan, you will need to provide documentation such as your ID card and proof of residence.

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Hey, I'm Ansar Ansari a professional blogger and web designer. I like to gain every type of knowledge that's why I have done many courses in different fields like banking, finance, and business. I love thrills and travelling to new places and hills.

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