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Bank of India Home loans are designed specially to meet the individual demands of its clients. Customers can determine their loan eligibility from the Bank of India while applying. It is simpler for customers to complete their applications because the bank has minimum documentation requirements. Furthermore, the Bank of India provides flexible repayment options and low-interest rates. Additionally, users can apply for a home loan with the Bank of India because of its user-friendly online application process.
Established on September 7, 1906, Bank of India is a public sector bank with its headquarters in Mumbai, Maharashtra. With a strong focus on customer service, the bank is known for its social initiatives and its involvement in CSR activities. The bank has a focused approach to technology and offers its customers an array of digital banking services.
A home loan is a debt instrument, typically taken out by a borrower from a financial institution, i.e. bank or mortgage company, to purchase a home. The Bank of India home loan is perfect for financing your dream home. With competitive interest rates and swift disbursement, you can choose to repay the loan in 30 years. The Bank of India home loan eligibility criteria is designed to offer you a loan that best suits your financial needs.
The Bank of India offers several features and benefits that make it an attractive proposition for borrowers. Some key home loan features include low-interest rates, flexible repayment options, and hassle-free processing. The loan offers several benefits, such as top-up loans, pre-approved loans, and a balance transfer facility.
The eligibility criteria of Bank of India’s home loan is outlined below:
| Salaried Employees | Based on I-T returns, 72 times gross month-to-month salary or six times gross annual income. |
| Self Employed/ Professionals | based on I-T returns, six times gross annual income |
| HUF/ Partnership Firm/ Company | Based on Balance Sheet/P&L Accounts, six times cash accruals (PAT + Depreciation) |
There are a few factors that affect the eligibility criteria for a Bank of India home loan.
Bank of India offers home loans at competitive interest rates with low processing fees and other charges. The bank also offers different repayment options to suit the borrower’s needs. The following are the fees and charges associated with Bank of India home loans:
| Processing Fees | Up to 0.25% of the loan amount; |
| Penal Interest | N/A |
| Prepayment Charges |
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The documents mentioned below are required to begin the loan application process. Depending on the individual’s circumstances, additional documents may be required. For example, self-employed individuals may need to provide additional documentation regarding their income and assets.
The quantum of home loan offered by Bank of India is tabulated below:
| Construction or purchase of house | INR 3 crores to INR 5 crores |
| Purchase of Plot | INR 3 crores |
| Installation of Solar PVs | According to the limit fixed by the bank |
The EMI calculation for the Bank of India Home Loan works as follows:
The loan amount is first divided by the tenure of the loan in months. This gives us the principal amount that needs to be repaid each month. The interest for each month is then calculated on the remaining principal amount. The total EMI for the month is the sum of the principal and interest amounts.
Yes, the Bank of India offers economical and nominal interest rates on home loans ranging from 7.80% p.a.
Bank of India provides several benefits on home loans, which include competitive interest rates, flexible repayment options, and a doorstep service for loan applicants. Additionally, the bank offers a range of value-added services, such as a home loan balance transfer facility, a home loan top-up facility, and a home loan insurance facility.
Bank of India offers fixed and floating interest rates for home loans.
The documents required for a home loan application include KYC documents, property documents, and income statements.
You can apply for a home loan by visiting the official website of Bank of India.
You can track your home loan application status by visiting the official website of Bank of India and entering your application number and your mobile number.
Yes, Bank of India checks for CIBIL score of the applicant before proceeding with the application.
You can avail a home loan of upto INR 5 crores with Bank of India.
The KYC documents include Aadhaar Card, PAN Card, Driving License, Voter ID, and Passport.