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Bank of India Housing Loans

 

Bank of India provides housing loans for purchase/constructing a flat or house, for purchase of a plot for the purpose of home construction, or for renovation/ extension of your existing home. The bank offers a high loan amount upto 3 crore rupees under its popular scheme – Star Home Loans.

 

Why Bank of India Housing Loans?

 

  • Attractive interest rates starting at 10.00% (for floating upto 5 years tenure), best among the housing finance companies.

  • Loan amount upto 3 crore rupees with nominal processing fee.

  • Repayment period of upto 20 years for buying/constructing a home.

  • Interest charged on daily reducing balance which is of great advantage to customer as it results in lower interest amount.

  • No prepayment charges on loans if pre-payment is made from own sources of the borrower.

  • No commitment /administrative charges.

  • Options for different EMI amounts for different periods during tenure of loan to suit the customers' repayment capacities.

  • Option to choose between floating rate of interest and fixed rate of interest.

  • Hassle free procedures and speedy loan approvals.

  • Free personal accident Insurance cover.

  • Life Insurance Cover to borrowers for loan protection(optional at a low premium)

 

 

 

Eligibility:

 

Bank of India housing loan is available to salaries person, self-employed, businessmen, as well as NRIs with a steady source of income. Proof of salary, bank statements and IT returns are required to avail the loan. Amount of loan is also related with the borrower's profession Like Doctors are eligible for loans upto 6 times their gross annual income while a Chartered Accountant can avail a loan upto 5 times his gross annual income.

 

Documentation:

 

  • Loan application form with 2 passport size photos of applicant.

 

  • Copy of the approved plan for the proposed construction / extension / addition.

 

  • Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board.

 

  • Salary Certificate and Form No.16 (in case of salaried persons).

 

  • IT Returns filed for the past two years (in case of non-salaried persons).

 

  • A brief note on the nature of business, year of establishment, type of organization

(in case of self-employed).

 

  • Balance sheet and profit and loss account for the past 3 years (in case of self-employed).

  • Loan processing fee cheque.

     

 

 

Interest rates

 

 

 

Floating Rate

Upto 5 yrs

>5-10 yrs

>10-15 yrs

>15-20 yrs

< RS.25 LACS

10.00

10.00

10.25

10.25

>RS.25 LACS UPTO RS.75 LACS

10.25

10.50

10.75

11.00

RS.75 LACS & ABOVE

10.75

11.00

11.25

11.50

Interest on daily reducing balances. Base Rate at 10% w.e.f. 5th May 2011

 

 

 

Housing Loan EMI Calculator