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Bank of India Home Loans

Bank of India home loans are one of the best home financing options in India. More and more people are resorting to home loans offered by Bank of India.

About Bank of India Home Loans

Bank of India home loans serve a variety of purposes of the borrowers. Given below are the important features of Bank of India home loans:

  • Loans are available for buying a plot for construction of a home, for buying/constructing a flat/house and for repair/renovation/modification/extension to flat/house and beautification of house.
  • The maximum amount of loan is Rs.300 lakhs with a maximum repayment term of up to 20 years, with affordable margin and minimal processing fees. No obligation/administrative fees.
  • Loans are offered with competitive interest rates that are compatible with prevailing market rates
  • Bank of India offers the option for separate EMI amounts for separate periods throughout the duration of the loan to fit the repayment ability of borrowers.
  • Prepayment of loan is allowed
  • Calculation of interest is done on the basis of daily balance which is of significant benefit to customer since it leads to reduced interest amount.
  • Loans are available for NRIs as well as Persons of Indian Origin (PIOs).
  • Easy application form/procedures for the benefit of customers and quick loan approval.
  • Personal Accident Insurance cover is available with the loan free of cost.
  • Life insurance coverage is available to borrowers for loan protection (not compulsory)

Who are eligible for Bank of India home loans?

The following individuals are eligible for Bank of India home loans:

  • Salaried employees
  • Professionals
  • Lawyers
  • Doctors
  • Chartered Accountants
  • Engineers
  • Self-employed persons.

Applications will also be taken into account in special circumstances from NRIs, Group of individuals, HUF (Hindu Undivided Family), PIOs (Persons of Indian Origin), Proprietary Firm, corporate entities and Partnership firms.

Purpose of Bank of India home loans

Bank of India home loans are availed for the following purposes:

  • For extension/renovation/maintenance of current flat/house.
  • For buying/constructing a flat/house.
  • For acquiring domestic appliances together with the flat/house for decorating the house/flat.
  • For buying a plot of land for constructing a house.

Amount of Bank of India home loan

The amount that you can borrow as home loan from Bank of India is as follows:

  • For purchasing/constructing a flat/house - Rs.300 lakhs
  • Renovation/maintenance/extension/modification to flat/house - Rs.20 lakhs
  • Buying a plot - Rs.30 lakhs
  • Acquiring/Buying domestic appliances for decorating the flat/house - Rs. 1.00 lakh (15% of the amount of home loan)

The minimum amount of housing loan is as follows:-

At Urban and Metro Centres:- Rs. 1 Lakh

At Rural and Semi Urban Centres:- There is no minimum amount of loan.

Repayment of Bank of India home Loans (can be modified)

The repayment terms for Bank of India Home Loans are quite flexible - maximum 20 years including a maximum postponement period of 18 months in monthly installments. The procedure of repayment will commence on accomplishment of purchase/construction of flat/house or 18 months following the first installment, whichever is earlier.

If you have a Bank of India branch near your home, you can visit there and go for a home loan to own your dream home.

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The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities.
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