Purchasing a home is one of the most important achievements in life. Whether it’s your first home or a new one for your family, it’s a dream you've cherished for years. Since purchasing a home involves a substantial financial commitment, it’s crucial to carefully analyze factors like interest rates and loan terms before making a decision.

Many public and private banks offer home loans, but each has a set upper limit based on your eligibility and repayment capacity. If a bank finds you financially stable and meeting the required criteria, securing a home loan becomes easier. Bank of India Home Loan helps turn your dream of owning a home into reality. BOI offers financing for purchasing a plot, constructing a house, buying a flat, or renovating an existing property at a competitive home loan interest rate, which can be pocket-friendly to you. 

In this article, you can learn how to apply along with the necessary documents. 

BOI Home Loan Interest Rate Details 2025

Below is a table showing the Bank of India Home loan Interest Rate and other home loan-related details of BOI home loans -

Types of Bank of India Home Loans

BOI Star Home Loan

This scheme helps in purchasing plots, constructing houses, buying flats, and renovating or extending existing properties. Existing home loan borrowers from other banks and HFCs can also transfer their loans to BOI at lower interest rates.

Loan Amount:

• Purchase/Construction of House/Flat: Up to Rs.3 crore (Rs.5 crore in metro cities like Mumbai, Delhi, Kolkata, and Chennai)
• Repair/Renovation/Extension: Up to Rs.50 lakh
• Plot Purchase: Up to Rs.3 crore

LTV Ratio: Up to 90% of market value
Tenure: Up to 30 years

BOI Star Diamond Home Loan

Designed for high-net-worth individuals (HNI) with an annual gross income of Rs.1 crore or more for the past three years, this scheme supports home purchases and property renovations.

Loan Amount: Above Rs.7.5 crore

BOI Star Smart Home Loan

Available to BOI salary account holders and existing/new savings/current account holders, this loan is for purchasing plots and constructing homes (construction must begin within five years of disbursement). It also covers home furnishing, solar PV purchases, and property renovations. Additionally, it offers a balance transfer facility for existing home loan borrowers from other banks and HFCs.

Minimum Loan Amount:

• Salaried: Rs.5 lakh
• Self-Employed: Rs.10 lakh

LTV Ratio: Up to 90% of market value

Tenure: Up to 30 years

BOI Star Top-Up Loan

Available for existing BOI home loan borrowers, this top-up loan provides additional funds for personal needs (excluding speculative purposes).

BOI Star Pravasi Home Loan Scheme

Designed for NRIs and Persons of Indian Origin (PIOs), this scheme supports plot purchases, home construction, balance transfers, home furnishing, solar PV purchases, and property renovations.

Loan Amount: Up to 90% of property value
Tenure: Up to 30 years

BOI Start Top-Up Loan 

This loan is available for existing home loan borrowers of Bank of India, providing additional funds for personal needs (excluding speculative purposes).

Loan Amount: Based on eligibility and existing loan amount

Tenure: Up to 30 years

BOI Home Loan Furnishing 

This loan is designed for financing home furnishing expenses, including furniture, fixtures, and interior work for a newly purchased or existing home.

Loan Amount: Up to 15% of the sanctioned home loan amount

Tenure: up to 10 years

BOI Home loan Eligibility Criteria

Salaried employees, professionals, and self-employed individuals are eligible to apply for a home loan. Here are the eligibility criteria for the Bank of India home Loan - 

Common Eligibility Criteria for BOI Home Loan Schemes

• Eligible Applicants: Resident Indians, NRIs, and PIOs
• Eligible Individuals: Salaried, Self-employed, and Professionals
• Eligible Non-Individuals: Group/Association of Individuals, HUFs, and Corporations (Trusts are not eligible)
• Age Criteria: Minimum 18 years to maximum 70 years at the time of final repayment

Scheme-Specific Eligibility Criteria

BOI Star Home Loan

• Available to all eligible individuals and non-individuals

BOI Star Diamond Home Loan

• High-net-worth individuals (HNI) with a minimum average gross income of Rs.1 crore & above in the last 3 years

BOI Star Smart Home Loan

• Existing SB/CD customers with an average balance above Rs.5,000 in the last 1 year
• New SB/CD customers with an opening balance above Rs.5,000
• Individuals with a salary account in BOI

BOI Star Pravasi Home Loan

• Only NRIs and PIOs are eligible
• Indian nationals employed in the merchant navy holding NRI status.
• Indian citizens working abroad with National/International government agencies

BOI Star Top-Up Loan

• Available to existing BOI home loan borrowers only

BOI Star Home Loan – Furnishing

• Same eligibility criteria as BOI Star Home Loan

Documents Required For Bank of India Home Loan Application

Common Documents

For Individuals (Salaried & Self-Employed)

1. Proof of Identity (Any one) -PAN Card, Passport, Driver’s License, Voter ID
    
2. Proof of Address (Any one) - Passport, Driver’s License, Aadhaar Card, Latest Electricity Bill, Latest Telephone Bill, Latest Piped Gas Bill
    
3. Proof of Income
   • For Salaried Individuals: Last 6 months' Salary/Pay Slips, One-year ITR/Form 16
   • For Self-Employed Individuals: Last 3 years ITR with Computation of Income, Profit & Loss Account, Balance Sheet, and Capital Account Statement

For Non-Individuals (Firms/Companies/Organizations)

1. KYC of Partners/Directors
2. PAN Card copy of the Company/Firm
3. Registered Partnership Deed/MOA/AOA
4. Certificate of Incorporation (as applicable)
5. Account Statement for the last 12 months
6. Firm’s Audited Financials for the last 3 years

Scheme-Specific Additional Documents

BOI Star Diamond Home Loan

• Minimum gross annual income of Rs.1 crore & above for the last 3 years must be supported by income proof.

BOI Star Smart Home Loan

• Must provide proof of being an existing SB/CD customer with an average balance of Rs.5,000 or more in the last year.
• New SB/CD customers must provide proof of opening balance above Rs.5,000.

BOI Star Pravasi Home Loan (For NRIs/PIOs)

• Additional Identity & Work Proof:

1. A passport with a valid visa
2. Work Permit
3. An ID card issued by the employer

• Address Proof (India & Foreign):

1. Proof of Address in India
2. Proof of Address in a Foreign Country
3. Proof of Address from Employer with contact details

• Income Documents:

1. Latest original salary slip
2. Annual Income Tax Return as per local rules for the last 2 years

• For Self-Employed NRIs

1. Membership in a professional organization
2. Government or local body permission/license to engage in business activity
3. Audited Financial Statements/Income Proof/Returns as applicable in the country of residence. 

BOI Star Top-Up Loan

• Available only to existing BOI home loan borrowers.
• The applicant must provide the latest repayment track record of their existing home loan.

BOI Star Home Loan – Furnishing

• All required documents are the same as the BOI Star Home Loan.
• Additional downloadable documents for loan application submission may be required.

How to Calculate Your Monthly Bank of India Home Loan EMI?

You can also calculate your EMI using the Wishfin Bank of India Home Loan EMI Calculator. The calculator takes into account the loan amount, interest rate, and loan tenure to help you arrive at the monthly EMI.

Here is an example for your reference: Suppose you are looking to take a home loan of Rs. 10,00,000 for 20 years at an interest rate starting from 8.10% p.a. Curious to know the EMIs for different loan tenures or interest rates? You can easily get an estimate using the Bank of India Home Loan EMI Calculator.

Factors Affecting BOI Home Loan Eligibility

When evaluating a home loan application, Bank of India (BOI) considers multiple factors to determine the borrower's eligibility and the maximum loan amount. Below are key aspects that impact home loan eligibility:

1. Monthly Salary

• Higher income increases loan eligibility as it ensures better repayment capacity.
• Lenders use the Fixed Obligation to Income Ratio (FOIR) to assess affordability. Typically, EMI should not exceed 50-60% of monthly income.

2. Age

• The minimum age requirement is 18 years, while the maximum is 70 years at the time of loan maturity.
• Younger applicants can get longer loan tenure (up to 30 years), which increases loan eligibility.
• Older applicants may get shorter tenure and might need to pay higher EMIs.

3. Property Value

• BOI finances up to 90% of the property value based on the Loan-to-Value (LTV) ratio.
• If the property is in a prime location with good resale value, it enhances loan eligibility.
• The bank conducts a valuation check to assess the property's worth before loan sanction.

4. Credit History

• A higher credit score (750 or above) improves the chances of loan approval at better interest rates.
• A poor credit score due to defaults, late payments, or multiple loan inquiries may lead to rejection or higher interest rates.
• BOI checks credit reports from CIBIL, Experian, and other credit bureaus before approval.

5. Employment Status (for Salaried Applicants)

• Stability in employment matters – minimum 2-3 years of work experience is preferred.
• Higher loan eligibility for applicants working in government, PSUs, MNCs, and reputed private firms due to job security.
• Frequent job changes may impact the application negatively.

6. Professional/Business Status (for Self-Employed)

• Minimum 3 years of stable income/business existence is required.
• Income proof (ITR, financial statements) is necessary to demonstrate repayment capacity.
• Higher eligibility for doctors, chartered accountants, lawyers, and established business owners.

7. Relationship with the Bank

• Having an existing relationship with BOI (salary account, fixed deposits, or previous loans) can improve chances of getting a loan.
• Existing BOI customers may get pre-approved home loans and preferential interest rates.

8. Your Employer’s Category

• BOI categorizes employers into different tiers based on financial stability and reputation.
• Employees of the government, PSU, and top-tier private sector companies have higher loan eligibility due to job security.
• Employees of startups or small firms may have stricter scrutiny and may need additional documents.

FREQUENTLY ASKED QUESTIONS

1. What is the latest Bank of India Home Loan interest Rate?

The Bank of India Home Loan interest rate starts from 8.10 % p.a. 

2. What is the maximum loan repayment period for BOI home loans?

The maximum repayment period for BOI home loans is up to 30 years.

3. What is the processing fee for BOI home loans?

The processing fee is up to 1% of the sanctioned loan amount.

4. How can I reach the Bank of India customer care department for a home loan?

You can contact BOI's customer care by dialing the toll-free numbers:​

• 1800 220 229
• 1800 103 1906