Bank of India Home Loans

BOI Star Home Loan

Processing Fee
2

Loan Amount
₹ 5 Crores Max.
Tenure
1 - 30 Years

Bank of India Home Loan

Bank of India provides you home loans of minimum Rs. 1 lac to maximum Rs. 5 crores and even provide higher loan amount to high net worth individuals and firms/corporates. The interest rate charges by Bank of India for home loan ranges from 8.70% per annum to 8.80% per annum, calculated on daily reducing balance. Bank of India offers you tenure to repay the amount from 1 year to 30 years. Apart from it, BOI provides you Free Personal Accident Insurance cover and Life Insurance Cover to borrowers for Loan Protection(optional).

Bank of India is a good fit for you if?

High Networth Individuals/Firm/Corporates – Unlike regular salaried and self-employed applicants, Bank of India offers home loans of above Rs. 5 Crores for high net worth individuals and firms/corporates.

Bank of India Home Loan at a glance

Annual Interest Rate

8.70% - 8.80%

Loan Term

Up to 30 Years

Loan Amount

Rs. 1 Lac - Rs. 5 Crores

Above Rs. 5 Crores for High Net Worth Individuals and Firms/Corporates

Pre-Payment Charges

Zero to 2.25% of the outstanding amount

BOI provides you loan amount of minimum to Rs. 1 lac and maximum to Rs. 5 crores and above for high net worth individuals and firms/corporates. At an annual interest rate of 8.70%-8.80%. Bank of India offers you tenure to repay loan amount of 1 year to 30 year. Bank of India doesn't take s any prepayment charges on floating rate loans. Bank of India takes no charges for prepayment of home loan fees payable for partial or full prepayments irrespective of the source.

Why Choose Bank of India?

No Prepayment Charges on Floating Rate Loans – Bank of India doesn't take s any prepayment charges on floating rate loans. Bank of India doesn't takes any charges for prepayment of home loan fees payable for partial or full prepayments, whether the borrower pays funds from his/her pocket or not.

Interest Calculation on Daily Reducing Balance – Interest is calculated on daily reducing balance as compared to many other banks calculating interest on monthly reducing balance. Interest is calculated on daily reducing balance basis is a great advantage to customer as it results in lower interest amount.

Step Down EMI Facility – BOI provides you up with the facility of step up loan EMI where you can pay a lower Equated Monthly Installment (EMI) during the initial years of repayment and gradually increase the EMI as the tenure progresses. Bank of India offers option for different EMI amounts for different periods during tenure of loan to suit customer's repayment capacity.

Step Up EMI Facility – BOI also provides you up with the facility of step down loan EMI where you pay higher EMIs initially and the amount decreases after a defined period.This helps you to reduce your interest burden substantially by paying a higher principal amount and at the same time enjoy the flexibility of the money flow.

What to watch out for?

High Processing Fee Range – Bank of India charges you high Processing fee of upto Rs. 20,000. While if you see, Axis Bank charges you 10,000 of processing charges. Which as compared to BOI is low.

Loan Above Rs. 5 Crores available in limited locations – BOI offers you home loan of above Rs. 5 Crores in only Metros and Major cities mentioned as follows – Mumbai, New Delhi & Delhi NCR, Chennai, Kolkata, Bangalore, Ahmedabad, Hyderabad and Pune.

Compare Bank of India Home Loans to Other Banks

Bank Name Bank of India Kotak Mahindra Bank Union Bank of India

Typical APR

8.70% - 8.80%

8.70%

8.65% - 12.65%

Loan Term

Up to 30 Years

5 Years - 20 Years

Up to 30 Years

Maximum Lending Amount

Rs. 5 Crores

Above Rs. 5 Crores for High Net Worth Individuals and Firms/Corporates

Rs. 20 Crores

Rs. 2 Crores

Processing Fee

0.25% of the loan amount

Min Rs. 100 to Max Rs. 20,000

Upto 1.25% of Loan amount

0.50% of the loan amount

Max Rs. 15000 & NIL for BSNL Employees

Time to Funding

Within 5 working days

Within 7 working days of approval

Within 5 working days

Pre-Closure

Zero to 2.25% of the outstanding amount

Zero to 4% of the balance amount Zero to 2% of the balance amount

If you compare BOI with Kotak Mahindra Bank and Union Bank of India then BOI provides you with APR of 8.70% to 8.80%, while Kotak Mahindra Bank APR is 8.70% and Union Bank of India APR is 8.65% to 12.65%. Bank of India provides you loan amount of maximum upto Rs. 5 crores and above for high net worth individuals and firms/corporates, while Kotak Mahindra Bank provides you loan amount of Rs. 20 crores within 4 hours of approval and Union Bank of India they provides you the maximum loan amount of Rs. 2 crores and above in some cases. Hence, Bank of India is not a good choice if you want to avail funds as high as Rs. 20 Crores like Kotak Mahindra Bank.

Bank of India offers you tenure to repay the loan amount up to 30 years, while Kotak offers tenure of 5 years to 20 years and Union Bank of India offers tenure of upto 30 years. Bank of India charges processing fee of 0.25% of the loan amount subject to minimum of Rs. 100 to maximum to Rs.20,000. Kotak Mahindra Bank charges you processing fee of upto 1.25% of the loan amount while Union Bank of India takes 0.50% of the loan amount as processing fee which goes to maximum Rs.15,000. Bank of India does not takes any pre closure charges on floating rate loans while Kotak Mahindra bank and Union Bank of India charges an amount up to 4% of the balance amount and up to 2% of balanced amount respectively.

Am I Eligible?

  • National rental income can be considered in case of 2nd House or employees staying in Staff Quarters.

Loan Offerings

BOI Star Home Loan

  • Bank of India provides you home loans to purchase a Plot for construction of a House, purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat including loan takeover from other banks. Bank of India provides you loan of minimum Rs. 1 lac and maximum upto Rs. 5 crores at an interest rate equal to 8.70% per annum for Female applicants and 8.75% per annum for male applicants. Bank of India offers you tenure to repay the loan as long as up to 30 years including moratorium period of upto 36 months.
  • Bank of India provides you loan amount of maximum upto Rs. 3 Crores for construction/purchase of a house/flat, subject to maximum Rs. 5 Crores in major metro cities such as Mumbai, Kolkata, New Delhi and Chennai and maximum loan amount upto Rs. 50 Lacs for repairs/renovation/extension to house/flat. For purchasing a plot, maximum loan amount provided is upto 3 crores.
  • The applicant can be a salaried employee, professional, self-employed persons, NRIs, PIOs, HUFs, and Proprietor Firm, Partnership firms or a corporate. The borrower can avail a free Personal Accident Insurance cover, covering accidental death as well as permanent total disablement as per terms of insurance policy covering loan outstanding as on the date of accident. The borrower can also avail life Insurance cover, at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Limited at borrower's own expenses & option. Loan should be repaid before Salaried applicant reaches the retirement age and Self-Employed reaches the age of 70 years. Age limit of upto 70 years also allowed to salaried employees where post retirement income is assured. Salaried applicant can borrow upto 72 times of gross monthly salary or 6 times of gross annual income as per the ITR.
  • Self-Employed can borrow upto 6 times of Gross annual income as per the ITR. HUF/Proprietorship /Partnership Firm/ Company can borrow 6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account. Security in the form of mortgage/Equitable Mortgage on land/flat/house should be provided to the bank. Bank of India asks for a third Party guarantee, if mortgage could not be created before or at the time of disbursement. BOI provides you facility for 100% loan irrespective of stage of construction – The proponent will be eligible for loan subject to obtention of minimum marks or minimum entry level norm fixed by the bank.

BOI Star Home Loan Top Up

  • Bank of India provides top-up loans for all existing individual home loan borrowers having satisfactory record for last 2 years after completion of moratorium period where valid and enforceable mortgage should be available in the Home Loan account. However, the Firms, HUFs, corporates are excluded from the eligibility criteria. BOI Star Loan Top Up provides you loan of minimum amount of Rs. 2 lacs where maximum loan amount is limited to 75% value of the property including outstanding in existing Home Loan account at an Interest rate equal to 8.75% per annum for Female applicants and 8.80% per annum for male applicants. BOI offers you tenure equal to existing home loan period, subject to maximum 12 years.
  • Documents required:
    • Duly signed Loan Agreement
    • Declaration regarding relation to senior officers of the Bank, or a Director or near relative of the Director of a Banking company etc.
    • Oral Assent for Extension of Mortgage (Extension of Mortgage by recording continuation of oral assent/memorandum of entry/deed of further charge as the case may be)
    • Letter of Guarantee
    • Other documents ,if any, for perfecting the security as per bank guidelines /legal opinion.

BOI Star Diamond Home Loan

  • BOI Star Diamond Home Loan is special home loan offering for High Networth Individuals, Firms/ Corporate having minimum average gross income of Rs. 1 crore and above during the last 3 years as per audited balance sheet /IT Returns and taking loan for residential accommodation of their partners/directors. Bank of India provides the loan amount of up to Rs 5 crores and above for Star Diamond Home Loan. However, this offering is available within some major Metros and Major cities only, i.e. Mumbai, New Delhi & Delhi NCR, Chennai, Kolkata, Bangalore, Ahmedabad, Hyderabad and Pune. The interest rate applicable is equal to 8.70% per annum for female applicants and 8.75% per annum for male applicants. BOI charges you one time processing fee of Rs. 50,000 or maximum as per Star Home Loan Scheme, whichever is higher. No other charges will be applicable except actual out of pocket expenses.

BOI Star Pravasi Home Loan

  • BOI Star Pravasi Home Loan provides home Loan for Non Resident Indians (NRIs) holding valid Indian Passport and Persons of Indian Origin (PIOs) holding Foreign Passport, where he/she have a steady source of income. PIOs to substantiate PIO status by current passport indicating birth place in India, copy of Indian Passport held earlier, Parents or grandparents passport with details substantiating his claim as PIO or copy of PIO Card.
  • Documents required:
    • Copy of PAN Card
    • Last 12 months bank statement
    • Proof of existing repayments, if any
    • Loan Application along with KYC Details and 3 photographs
  • Documents required for property:
    • Allotment letter
    • Advance money receipt
    • Title Deed

Bank of India Home Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Union Home Loan

8.65% - 12.65% per annum (Floating & Fixed)

Union Home Loan for BSNL Employees

8.65% - 8.70% per annum (Floating)

Union Awas Loan

8.65% - 12.65% per annum (Floating & Fixed)

Union Top Up Loan

9.70% - 9.95% per annum (Floating)

Union SmartSave Home Loan

8.90% - 9.20% per annum (Floating & Fixed)

Union Paradise Loan

8.65% - 12.65% per annum (Floating & Fixed)

How to Apply for Bank of India Home Loan?

At Paisa

    • Check the personal loan offer which suits you best and click on apply now
    • Fill the required details (purpose,annual salary,EMIs you can pay)
    • Choose the loan you want to take
    • After this submit the details.

At nearest Union Bank of India Branch

    • Visit the nearest branch of Union bank along with the loan application form and required documents. Click here to download Union Bank of India Home Loan Application. If you want to apply for top-up loan, you can download the application form from here.
    • Fill up the form if you are stuck with some query may ask at MAY I HELP YOU desk in the bank.
    • Submit the form in the bank

After I Apply?

Check loan status

  • Through Status Tracking Page
    • Click here to go on online retail loan application page.
    • Then click on "existing"
    • After this put up your reference number and mobile number
    • Click the submit button
  • Through Customer Care
    • First you need to dial 1800-22-2244 / 1800-208-2244 (Toll-Free) and wait for the IVR options.
    • If you want to proceed in hindi you will have to press 1, if want to proceed in english press 2, for regional language press 3.
    • Now, press 2 for product related services and your call will be transferred to Customer Customer Executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50% of the loan amount

Maximum Rs. 15,000


NIL

For BSNL Employees

Foreclosure Charges

NIL

For Floating / Fixed rate loans if paid from own funds or Balance Transfer


2% of the average outstanding balance in last 12 Months.

For Balance Transfer on Fixed rate loans.

The processing fee charged by Union Bank is 0.5% on the total loan amount to maximum of Rs. 15000. Union Bank doesn't charges any processing fee from BSNL(Bharat Sanchar Nigam Limited) employees. While, if you see Axis Bank charges 1% processing fee on the total loan amount. Some bank doesn't take foreclosure charges. In Union Bank the Foreclosure charges are nil in case for floating/fixed rate loans if paid from own funds or balance transfer. On the outstanding amount 2% is taken as a foreclosure charge from the Union Bank while, ICICI bank takes 5% of the foreclosure charges.

FAQs

How can I contact Union Bank of India Customer Support?

You can contact Union Bank of India Customer Care either at their contact numbers or at their email address. To contact Union Bank of India Customer Support at their contact number, you can dial either of the following number – 1800-22-2244 (Toll-Free) / 1800-208-2244 (Toll-Free), 080-25300175, +91-802-530-2510 (for NRIs).

Apart from it, you can write an email to them at [email protected].

What is the MCLR Rate applicable on Home Loan?

Interest rate is linked to one year MCLR which is 8.55%.

Do I have to provide any guarantee to avail the loan?

Third party guarantee is not mandatory for Resident Indian. However, in case of NRI Home Loan, One/two guarantors of Indian Residents, having means equivalent to that of the loan amount are necessary.Under Union Awas Loan a third party guarantee is also required.

What Housing Projects are approved by Union Bank of India?

You can click here to check approved projects.