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Bank Of India Home Loan Interest |
The interest rate on Bank of India home loan is charged through a floating rate of interest and the rate changes according to the amount of loan availed from the bank. The bank offers very flexible and competitive rates of interest on its home loan schemes in comparison with its other contemporary banks from both the public and the private sector. The interest rates keep changing accordingly with the market movements and the bank keeps offering information on its revised rates by updating its website.
The interest on housing finance is a market driven phenomena and is probably the most important factor any home loan seeker takes into account. In India, the home loan interest rate is computed through two ways either the fixed rate of interest or floating interest rate. The rate of interest provided on home loans is a significant element from the realty sector's point of view. There is a cut-throat competition between various banks and financial institutions as more and more private and public sector banks are vying for customer attention and are thus offering mortgage loan at cheap rates of interest. In India, its the 'Finance Authority of India' that generally approves the rate of interest.
The BOI charges the rate of interest on its various housing loan types under the floating rate of interest scheme which goes up or down on the basis of the flow of the market. In case the interest rate in the market is low the interest amount on Bank Of India home finance charged would be low and in case it's high the rate would be higher. Bank Of India offers assorted interest rate schemes for the customers seeking home loan. The bank offers following rate of interest schemes under the floating interest rates type:
Bank of India Home Loan Rates
• For loans from 5 lacs to Rs. 30 lacs the rate of interest charged is at the rate of 9.25%.
• For loan schemes amounting from Rs. 30 lacs to Rs. 50 lacs the rate of interest charged by the bank is 10.25%.
• The bank charges an interest of 11% on loan schemes corresponding from Rs. 50 lacs to over 75 lacs.
For more on Bank Of India Home loan interest rate log on to the link given below
http://www.bankofindia.com/Interestrate.aspx .
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