Bank of India Home Loan Interest Rate

• To purchase/build a house/flat/renovate/extend/repair an existing house/flat, the maximum loan amount is Rs.3 crores, with payback terms of up to 30 years and fair processing fees. 
• There are no commitment/administrative fees.
• Attractive home loan interest rates are available in the industry.
• Option for varied EMI levels for different periods of the loan's tenure to meet the customer's repayment capabilities.
• There are no prepayment penalties with the floating rate option.
• Interest is calculated on a daily balance basis, which benefits customers by resulting in a lower interest amount.
• Simplified application form/procedures for client convenience and quick approvals
• Borrowers receive life insurance coverage for loan protection (optional)
• Personal Accident Insurance is offered at no cost (Renewed at the bank's discretion)

Here is the Bank of India home loan interest rate for 2024

Here are the different types of home loans offered by Bank of India-

This loan is for the purchase of a site for a home building, purchase/construction of a house/flat, renovation/repair/alteration/addition to a house/flat, and balance transfer. Up to Rs. 3 crores for the purchase/construction of a house/flat (up to Rs 5 crore in metro cities like Mumbai, Delhi, Kolkata, and Chennai.) Up to Rs 50 lakh for renovation, repair, or extension.

This is a loan that serves the home loan facility with an overdraft. The minimum loan is Rs. 5 lakhs for salary, and Rs. 10 lakhs for others. The maximum for this facility is based on the normal home loan scheme.

The Star Diamond Home Loan is for Individuals with high net worth, firms, and corporations seeking residential accommodation for their directors and partners with a minimum average gross income of Rs 1 crore or more as per ITR and audited balance sheets for the last three years. The loan amount for it is over Rs. 5 crores and can be availed of up to 75% of the property cost. 

The motive of this loan scheme is an overdraft facility. 

This loan scheme serves a purpose that is not speculative. The loan amount for this scheme is Rs. 2 lakhs onwards. Up to 75% of the property's value can be availed through it. It has a tenure of 12 years. 

This scheme is For the purchase/construction of a house/flat, the repair/renovation/extension of an existing house/flat, the acquisition of a plot, and the transfer of a balance. The amount of loan for construction is Rs. 5 crores. For repairs, the value is up to Rs. 50 lakhs. In the case of the Purchase of the plot, it is up to Rs. 1 crore. 

This is a loan scheme to finance the payment of an Earnest Money Deposit for the assignment of plots or flats under the Urban Development Authority's program.

1) For Star Home Loan: self-employed, Salaried employees, professionals, PIO, NRI, HUF, partnership businesses, and sole proprietorships.

2) For Star Smart Home Loan: Existing customers, new customers with new accounts, salaried employees with salary accounts, and self-employed persons with accounts.

3) For Diamond Home Loan: High net worth individuals, firms, companies, and metro city residents.

4) For Star Pravasi Home Loan: NRIs, and PIOs.

5) For Star Top-Up Loan: existing borrowers.

• ID Proof: PAN, Driver's license, Voter ID, Aadhaar Card, or Passport.
• Proof of Residence: Voter ID, Passport, Aadhaar, Utility Bills, or Driver's license.
• Proof of Income: Salary slips, or recent bank statements.