Bank of India provides home loans @ 9.25% p.a. up to a period of 30 years and amounts of up to INR 5 crores. Also, it provides home loans along with an overdraft facility, home loan balance transfer facility, and a special scheme called ‘Star Diamond Home Loan’ to HNI individuals with higher loan amounts.
It can be used for a variety of purposes, just like the Bank of Baroda Home Loan, like buying a plot, purchasing a flat, constructing a house, and even extending the existing residence with a home loan.
| A Snapshot of Bank of India Home Loan | |
| Interest Rate | 9.25%-10.75% p.a. |
| Loan Amount | Up to 85% of the property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | NIL |
Comparison of Home Loan Interest Rates Offered by Various Banks
Below mentioned is the comparison of interest rates offered by various banks to avail of home loans:
| Name of Lender | Up to INR 30 Lakh | Above INR 30 Lakh to INR 75 Lakh | Above INR 75 Lakh |
| SBI | 8.50% – 10.15% | 8.50% – 10.05% | 8.50% – 10.05% |
| HDFC | 8.50% – 10.35% | 8.50% – 10.60% | 8.50% – 10.70% |
| LIC Housing Finance | 8.60% – 10.35% | 8.60% – 10.55% | 8.60% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.75% – 14.50% | 8.75% – 13.00% | 8.75%-11.35% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 9.15% – 10.65% | 9.15% – 10.65% | 9.15% – 10.90% |
| Union Bank of India | 9.00% – 10.75% | 9.00% – 10.95% | 9.00% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 9.15% onwards | 9.15% onwards | 9.15% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
Types of Bank of India Home Loan
Below mentioned are the different types of Bank of India Home Loan:
- Star Home Loan
- Star Diamond Home Loan
- Star Smart Home Loan
- Star Pravasi Home Loan
- Star Top-Up Loan
- Star Home Loan- Furnishing
Purpose of Star Home Loan
This loan can be used to purchase of plot, construction of house/ flat, renovate/repair/alter/addition to a flat or house. It can also be availed for the home loan transfer of existing home loans from other banks to the Bank of India at a lower rate of interest.
Loan Amount
- For Purchase/ Construction of House/ Flat- Up to INR 3 crores (up to INR 5 crore in metro cities like Mumbai, Delhi, Kolkata, Chennai)
- For Repair/ Renovation/ Extension- Up to INR 50 lakh
LTV Ratio:
| Loan Amount | For 1st house | For subsequent house |
| For loan amounts up to INR 20 lakh | 85% | 80% |
| For loan amounts up to INR 75 lakh | 80% | 80% |
| For loan amounts above INR 75 lakh | 75% | 75% |
Tenure: Up to 30 years
Features of Star Home Loan
- Maximum quantum up to 90% of market value
- Maximum repayment tenure up to 360 months
- Holiday/Moratorium period up to 36 months
- EMI starts @ INR 776/-per Lakh
- Income of co-applicant (close relative) considered for eligibility
- Smart Home Loan (OD facility) for entire limit/outstanding balance @ROI of Home Loan
- For purchase of plot (house to be constructed within 5 years)
- Loan facility for addition/extension/renovation of existing property
- Loan facility for furnishing of house @ROI Home Loan
- Takeover/Balance Transfer facility with an additional Loan amount
- Instant Top-Up Loan Available
- Loan facility for purchasing Solar PV @ROI Home Loan
- Insurance premium considered under Project Cost (treated as Home Loan component)
- Step up/Step Down EMI facility
Benefits:
Below mentioned are the benefits of the Bank of India Star Home Loan:
- Low-interest rate
- Minimal documentation
- No hidden charges
- No prepayment penalty
- Free accidental insurance coverage up to the limit of INR 5 Crores
Eligibility Criteria:
Below mentioned are the eligibility criteria for the Bank of India Star Home Loan:
- Resident Indian/NRI/PIO are eligible
- Individuals: Salaried/Self-employed/Professionals
- Non-individuals: Group/Association of Individuals, HUF, Corporates
- Trust is not eligible under the scheme
- Age: Minimum 18 years to a maximum age of 70 years at the time of final repayment
Documents Required
Below mentioned are the documents required to apply for a Bank of India Star Home Loan:
For Individuals:
- Proof of identity (anyone): PAN/Passport/Driver’s Licence/ Voter ID
- Proof of Address (any one): Passport/Driver’s Licence/ Aadhar Card/ Latest Electricity Bill/Latest Telephone Bill/Latest Piped gas bill
- Proof of Income (anyone): For salaried: Latest 6 Month’s Salary/Pay Slip and One-year ITR/Form16 For Self-employed: Last 3 years ITR with Computation of Income/Profit & Loss Account/Balance\ Sheet/Capital Account Statement
For Other Than Individuals
- KYC of Partners/Directors
- PAN Card copy of Company/Firm
- Partnership Deed/MOA/AOA
- Certificate of incorporation as applicable
- Account statement for last 12 months
- Firm’s Audited Financials for the last 3 years
Interest Rates & Charges
Below mentioned are the interest rates & charges to apply for a Bank of India Star Home Loan:
Interest Rates:
- ROI is linked with CIBIL Personal Score (in the case of individuals)
- Ranging from 9.25%
- ROI is calculated on a daily reducing balance
| CIBIL Score | Salaried | Non-Salaried |
| 800 and above | 9.25% p.a.
(no concession for women applicants) |
|
| 750 to 799 | 9.35% p.a.
(no concession for women applicant) |
|
| 700 to 749 | 9.45% p.a.
(no concession for women applicant) |
|
| Below 700 | 10.55% p.a.
(for women applicant) |
10.70% p.a.
(for women applicant) |
| 10.60% p.a.
(for others) |
10.75% p.a.
(for others) |
|
| -1 and 0 | 9.55% p.a.
(no concession for women applicants) |
|
Charges:
- PPC for Individuals: One time @0.25% of the Loan amount: Min. INR 1500/- to Max. INR 20000/-
- PPC for Other than Individuals: One time @0.50% of the Loan amount: Min. INR 3000/- to Max. INR 40000/-
Different Ways to Check Bank of India Loan Application Status
Online Modes:
- Step 1: Visit the official website of the Bank of India.
- Step 2: Under the tab “Online Services” section, click on the “Loan Application Status”
- Step 3: Enter the Loan Application Number along with the mobile number.
- Step 4: Click on “Submit” to view the application status.
Offline Modes:
- By calling:
Call on the toll-free customer care number i.e. 1800 103 1906 and the chargeable number–(022) – 40919191. These are available 24*7to check the loan application status.
- By visiting the nearest branch
Applicants can also visit the nearest branch of the Bank of India to know the application status of their loan. By using the Branch Locator, applicants may find their nearest branch.
