Availability of a home loan is no more a hassle as the Bank of India is here to help. The Bank of India Home loan Interest Rates ensures to fulfill the dream home wish of many. The lender by offering the loan at attractive interest rates helps in lowering your EMI and Interest burden. However, to know more about the interest rates offered by Bank of India Home Loan, take a look at the table below.
Bank of India Home Loan Interest Rate February 2025
The affordable interest rates of the Bank India Home Loan facility make it one of the most attractive options around. Ranging from 8.35% onwards per annum, Bank of India Home Loan interest rates help you lower your overall EMI and Interest burden from your pocket.
The table below shows the interest rate as well as other critical information.
| Loan Aspects | Details |
|---|---|
Home Loan Interest Rate | 8.35% onwards |
Maximum Loan Amount | Up to INR 5 Crores |
Maximum Tenure | 30 Years |
Processing Fee | 0.25% of the total loan amount plus applicable GST charges. Minimum INR 1,500 Maximum INR 20,000 |
Prepayment Charges | Nil |
BOI Home Loan Interest Rates based on the CIBIL Score
Bank of India home loan interest rates are decided upon the CIBIL Score of an individual and the loan-to-value (LTV) ratio. We are providing details about the Bank of India Home Loan Interest Rates depending on the CIBIL Scores in the table below.
This table contains the retail loans on a floating rate of interest. The rate is set keeping in mind the CIBIL score. Glance at the table below for specific rates.
Floating Interest Rates
| CIBIL Score | For Salaried | For Self-employed |
|---|---|---|
825 and above | 8.40% | |
Between 800 to 824 | 8.50% | |
Between 760 and 799 | 8.70% | |
Between 725 and 759 | 8.80% | |
Between 675 and 724 | 9.55% | |
Below 675 | (Women Beneficiary) | |
Salaried presently 10.65% | Non-Salaried presently 10.80% | |
(For Others) | ||
RBLR + 1.35% presently 10.70% | RBLR +1.50% presently 10.85% | |
Personal Score of -1 and 0 | 8.80% | |
Fixed Interest Rate
| CIBIL Score | For Salaried | For Self-employed |
|---|---|---|
825 and above | 10.70% | |
Between 800 to 824 | 10.70% | |
Between 760 and 799 | 10.70% | |
A score between 725 and 759 | 10.80% | |
Between 675 and 724 | 10.90% | |
Score below 675 | Women Beneficiary | |
Salaried 12.00% | Non-Salaried 12.15% | |
For Others | ||
Salaried 12.05% | Non-Salaried 12.20% | |
Score of -1 and 0 | 11.00% | |
Benefits of Bank of India Home Loans
These are some of the benefits of the Bank of India home loans -
- Low Interest Rate – Competitive rates make home financing more affordable with lower monthly EMIs.
- Minimal Documentation – Simple and hassle-free application process with basic paperwork requirements.
- No Hidden Charges – Transparent loan terms with no undisclosed fees, ensuring complete clarity for borrowers.
- No Prepayment Penalty – Borrowers can repay the loan early without incurring any extra charges, helping them save on interest.
- Free Accidental Insurance Coverage – Complimentary accidental insurance coverage of up to Rs.5.00 crores, offering financial protection to the borrower.
Bank of India Home Loan Features
Here are some of the Bank of India Home loans with all the features of home loan as well its home loan interest rates, read to understand in a better way -
- Flexible Repayment Tenure – Maximum tenure of up to 360 months, allowing convenient long-term repayment.
- Holiday/Moratorium Period – Enjoy a grace period of up to 36 months before starting EMI payments.
- Affordable EMI Options – EMIs start as low as Rs.755 per lakh, making repayments budget-friendly.
- Co-Applicant’s Income Considered – The income of a close relative co-applicant can be included to enhance loan eligibility.
- Smart Home Loan (OD Facility) – Overdraft facility available for the entire loan limit or outstanding balance at home loan interest rates.
- Plot Purchase Financing – Loans available for purchasing plots, with a condition to construct a house within 5 years.
- Property Renovation & Extension – Loan facility provided for additions, extensions, or renovations of existing properties.
- Furnishing Loan – Financing available for house furnishing at home loan interest rates.
- Balance Transfer with Additional Loan – Option to transfer an existing loan from another bank with an additional top-up facility.
- Instant Top-Up Loan – Quick and hassle-free top-up loan facility for extra financial support.
- Solar PV Financing – Loans available for purchasing solar panels at home loan interest rates.
- Insurance as Part of Loan – Insurance premiums can be included under the project cost and treated as part of the home loan.
- Step-Up/Step-Down EMI Option – Flexible EMI repayment options that can be increased or decreased based on income flow.
Factors that Affect the Bank of India Home Loan Interest Rate
These are some of the factors that might affect the Bank of India home loan interest rate. Keep these points in mind and apply for the Bank of India Home Loan -
- Credit Score – A higher credit score can help secure lower interest rates.
- Loan Amount & Tenure – Larger loan amounts or longer tenures may impact interest rates.
- Applicant's Profile – Income, employment type, and financial stability influence the rate.
- Type of Interest Rate – Fixed or floating interest rates can affect the overall cost.
- Repo Rate & Market Conditions – Changes in RBI policies and economic conditions impact rates.
- Property Location & Value – The property's market value and location can influence the rate.
Bank of India Home Loan Balance Transfer Facility
Is your EMI amount too high for comfort? Maybe your current interest rate is much higher. To reduce the burden, you can shift the outstanding balance to the Bank of India if it gives you lower rates on the said transaction. The lower rates will help reduce the Equated Monthly Installment and interest outgo throughout a loan.
Calculate Your Monthly EMI Of a Home Loan on the EMI Calculator
To calculate EMIs on Bank of India Home Loan at different interest rates, use the online Wishfin Bank of India Home Loan EMI calculator to quickly and easily calculate your EMIs.
You can simply put the following details -
- Loan Amount
- Tenure
- Interest Rate
For Ex: The table below displays the equal monthly payments (EMIs) for a Rs.55,00,000 home loan with interest rates ranging from 8.35% up to and say up to 10% annually for terms up to 30 years. You can change the loan amount and other details to suit your needs.
| Tenure (In Years) | EMI (at 8.35% interest rate) | EMI (at 10% interest rate) |
|---|---|---|
5 | Rs. 1,12,443.72 | Rs. 1,16,858.75 |
10 | Rs. 67,751.69 | Rs. 72,682.91 |
15 | Rs. 53,678.17 | Rs. 59,103.28 |
20 | Rs. 47,209.41 | Rs. 53,076.19 |
25 | Rs. 43,732.92 | Rs. 49,978.54 |
30 | Rs. 41,706.95 | Rs. 48,266.44 |
*Note: The highest interest rate i.e. 10.00%p.a is only for an example*
Summarising!
Bank of India home loan interest rates are affordable and flexible. With competitive rates, a daily reducing balance method, and no prepayment penalties, customers can enjoy cost-effective financing with complete transparency. The bank also offers special benefits such as concessional rates for women, flexible repayment options, and loan facilities for various housing-related needs. Overall, Bank of India's home loan interest rates provide a smart and reliable solution for individuals looking to fulfill their dream of owning a home.
FREQUENTLY ASKED QUESTION
1. What is the current interest rate for Bank of India home loans?
The interest rate of Bank of India home loans ranges from 8.35% onwards per annum.
2. Does the Bank of India offer fixed or floating interest rates?
Yes, the Bank of India provides both fixed and floating interest rate options to suit different borrower preferences.
3. What factors can affect my home loan interest rate?
Key factors include credit score, income level, loan amount, tenure, property value, and market conditions.
4. How does the loan tenure affect the interest rate?
Longer loan tenures may result in slightly higher interest rates, whereas shorter tenures could help reduce the overall interest burden.
5. How is interest calculated on a Bank of India home loan?
Interest is calculated on a daily reducing balance basis, meaning you pay interest only on the outstanding principal amount.
6. Is there any special interest rate for salaried or self-employed individuals?
Interest rates may vary based on employment type, with special schemes available for salaried and self-employed individuals.
