Bank of India  
Home Loan Interest Rates

Additional Info: Also check Bank of India Balance Check

• Bank of India offers Home Loans to salaried employees, self-employed individuals, and self-employed professionals.
• Special Home Loan interest rates are offered to women customers
• Applicant should be in the age group of 21 to 60 years to avail a Home Loan from Bank of India.
• Security for a Home Loan is the property mortgaged for purchase, renovation or construction.
• The maximum Home Loan to Value (LTV) Ratio is 85% at Bank of India.
• The maximum loan repayment tenure for the Home Loan up to 30 years.

Additional Info: Also check DDA Housing Scheme 2024

Following are the factors that play an important role to determine the interest rate on the Home Loans:

• Loan amount: The Home Loan Interest Rate depends upon the loan amount the applicant wishes to borrow from the lender. The higher is the Home Loan amount, the lower will be the interest rate.
• Your salary/ income: The salary/ income of the applicants determines their repayment capacity. The Bank of India offers Home Loan at different interest rates based on the income of the borrower. The higher is the income of the borrower, the lower will be the interest rate offered to them.
• Type of loan opted for: The interest rate on the Home Loan depends upon the type of Home Loan one wishes to apply for. The interest rate also depends upon the fixed or floating rate scheme an applicant is applying for the Home Loan.
• Category of applicant: Special Home Loan interest rates are offered to women borrowers.
• Existing relationship with the bank: Bank of India may offer a low interest rate on Home Loan to its existing customers.

Tip: Best Home Loan for Salaried Person before applying for a loan

Some of the charges levied by Bank of India apart from interest rates are mentioned below:

Additional Info: You can also avail Loan Against Property without Income Proof and ITR

• The rate of interest is calculated on daily reducing balance thereby ensuring low interest cost for the borrower.
• There is no pre-payment charge on floating rate loans.
• The borrowers get flexibility to opt for step up/ step down EMIs.
• The borrower can use notional rental income in case of 2nd House or income of close relatives for enhanced loan eligibility.
• Standard tax benefit on home loan repayment applicable.

Additional Info: Also Check Best Banks for Home Loan in India in 2022

To calculate Bank of India Home Loan Interest, use online Home Loan EMI Calculator. 

The calculation works as per mathematical formula:  

Interest Amount= Principal Loan Amount x Interest Rate x Time 

However it is instant and convenient to use. All you need to do is share loan details like loan amount, interest rate and tenure and press the submit button. The calculator will instantly share loan EMI, total repayment and total interest amount.

Using MyMoneyMantra Home Loan EMI calculator you will also get amortization schedule for the loan. 

Additional Info: Also check SBI Home Loan EMI Calculator