Individuals planning for construction of the house, flat, or renovation are interested in going for bank of India home loan as the interest rate is low compared to other banks.
Individuals planning for home loan opt Bank of India Home Loan interest rate. The bank enquires about the eligibility, Processing Fee, Interest rates, and Documents required for personal loan from Bank of India Housing loan. Customers are keen in knowing the Interest Rates of home loan as they starts from 10.00% to 10.25% Per Annum.
Documentation process for home loan includes:
- Completed loan application form
- Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving Licence/ Income Tax PAN (card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
- Property tax receipt/ Passport/ Voters ID card)
- Proof of business address for non-salaried individuals
- Statement of Bank Account/ Pass Book for last six months
- Signature identification from present bankers
- Personal Assets and Liabilities statement
The salaried employees, self-employed professionals, professionals like Doctors, Lawyers, Engineers, and Charted-Accountants are included to the home loan added list.
Benefits and Features:
To purchase or construct house, flat, renovate the home availing personal loan. These include extended repair existing house/flat. Attractive home loan interest rates, according to the home loan policy available from the bank of India home loan interest rate. Option that the customers in choosing different EMI amounts for different periods on home loan. During tenure of loan customers repayment capacity in paying the home loan should be verified. The prepayment of Loan permitted for the home loan customers. Customers should pursue simplified application form. The procedures of home loan for should be easy for the convenience of customers. It supports the speedy approval of home loan. The Free Personal Accident Insurance cover should be inclusive of home loan.
Customers are curious in the home loan interest rates as they reduce burden on the individual’s pocket. The tenure term of loan upto Rs 30 lacs supports at an interest of 10.00%. The interest rate of loan for Rs. 30 to 75 lacs is 10.10%. The home loan more tham Rs 75 lacs Bank of India interest rate is 10.25%
Bank of India Home Loan Interest Rate
Bank of India is one of the most popular banks in the Indian banking field. With thousands of employees working in it, and many branches whole over India, this bank has earned a good name in the banking field. I am sure that many out of you reading this article now, rely on Bank of India for their banking needs. Anyways, all those of you who are looking to take a bank loan, must be finding it hard to select the right bank, right?
In case you are wondering what a ‘good’ bank means, let me tell you that in home loans, a bank is good if its interest rate is very low, the approval time is less. and the service provided by the bank is good. If you are wondering if Bank of India satisfies all these, then let me tell you that Yes, it does so. The service and approval time are just amazing, while the interest rate is low too. Oh! So you want to know about Bank of India home loan interest rate? Then read out the below section.
The interest rate starts from 10.25 percent p.a. for loan amount of up to Rs. 30 lacs. This much interest rate stands among the industry’s lowest ones. In case you are opting for loan amount more than Rs. 30 lacs, then the interest rate is 10.35 percent annum. Here is good catch. In most of the banks, the interest rate increases by 0.25 percent, but here is an increment of 0.10 percent only. Great indeed! This much interest rate is applicable for the amount from Rs. 30 lac to Rs. 75 lac. For Rs. 75 lac and above, you are supposed to pay the 10.50 percent interest rate per annum.
The formalities and required documents’ information can be obtained from the official website of Bank of India. Just follow the simple process to apply for the home loan from this esteemed bank. If you have got any doubts about Bank of India home loan interest rate, then feel free to reach us via the below comment box.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.