Bank of India Home Loan Interest Rates, Schemes and Eligibility
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What is the current Bank of India home loan interest rate?
Bank of India home loan interest rates start at 7.45% p.a. for salaried borrowers with a credit score of 750+. The rate you get depends on your credit score, loan amount, and whether you choose a floating or fixed rate. MakaanLoan compares this against 25+ banks for free.
| Loan Category | Interest Rate Range (p.a.) | Max Tenure | Max LTV Ratio | Rate Verification |
|---|---|---|---|---|
| Salaried Borrowers (CIBIL 750+) | 7.45% – 7.90% | 30 Years | Up to 80% | Recently Verified |
| Self-Employed Professionals & Business | 7.60% – 9.15% | 25 Years | Up to 80% | Recently Verified |
| Balance Transfer from Other Lenders | Starts at 7.45% p.a. | Up to 30 Years | Up to 85% + Top-up | Recently Verified |
Popular Bank of India Home Loan Schemes
Explore specialized schemes tailored for salaried professionals, business owners, youth, and government employees.
Bank of India Regular Home Loan
Standard home loan for buying ready, under-construction, or resale properties with Bank of India
- Competitive repo-linked floating interest rates with automatic transmission
- Financing up to 90% of registered property value
- Tenures up to 30 years with structured repayment schedules
- Zero prepayment penalties for individual floating-rate borrowers
Bank of India Home Loan Balance Transfer
Switch your current high-interest home loan to Bank of India to lower monthly installments
- Substantially reduced interest rate margins and lower equated monthly installments
- Top-up loan facility available simultaneously for interior, personal, or business needs
- End-to-end documentation pickup and title deed transfer assistance
Bank of India Home Loan Top-Up
Quick supplemental funding at home loan interest rates for existing mortgage customers
- Access liquid cash at home loan rates far lower than personal loans or business credit
- Flexible tenures up to 15 years with minimal appraisal paperwork
- Multi-purpose utilization without end-use restrictions
Bank of India Plot & Construction Loan
Combined financing to purchase a freehold plot and construct a custom dream home
- Single loan umbrella covering land acquisition and stage-wise construction tranches
- Phased disbursement strictly aligned with on-ground civil progress milestones
- Interest charged only on the drawn tranche amount during construction period
Bank of India Home Loan EMI Calculator
Estimate your monthly installment based on Bank of India's live interest rate of 7.45% p.a.
Bank of India Eligibility Criteria
- Age Limit: 21 years at application, up to 65–70 years at maturity
- Minimum Income: ₹25,000/month for salaried; ₹3,00,000 annual net taxable income for self-employed
- CIBIL Score: 700+ preferred for best rate spreads
- Employment Vintage: 2+ years total work experience; 3+ years in continuous business
- Resident Status: Resident Indians, NRIs, and PIOs eligible across major schemes
Documents Required for Bank of India
- KYC: PAN card (mandatory for applicant & co-applicant), Aadhaar card, passport photos
- Salaried Income: Last 3 months payslips, 6 months salary bank statement, Form 16 / ITR
- Self-Employed: 3 years ITR with computation, P&L, balance sheet, 12 months bank statements
- Property Documents: Allotment letter, agreement for sale, sanctioned building plan, CC/OC
Frequently Asked Questions about Bank of India Home Loans
What is the current Bank of India home loan interest rate?
Bank of India home loan interest rates start at 7.45% p.a. and range up to 9.15% p.a., linked to repo rate benchmarks. Actual rate offers depend on your credit score, loan amount, and employment profile.
What is the standard processing fee charged by Bank of India?
Bank of India charges a standard processing fee of 0.5% of the sanctioned loan amount. When you apply through MakaanLoan, you can access exclusive fee concessions and special capped processing fee schemes.
Are there any prepayment or foreclosure penalties on Bank of India home loans?
Under Reserve Bank of India (RBI) regulations, Bank of India charges zero prepayment penalties or foreclosure charges on floating rate home loans for individual borrowers.
What is the minimum CIBIL score required for Bank of India home loan approval?
A CIBIL score of 700 or higher is preferred by Bank of India for standard approval, while scores of 750+ unlock the lowest starting rate slab of 7.45% p.a. Profiles with 650–700 are workable subject to compensatory underwriting.
How long does Bank of India take to sanction and disburse a home loan?
Digital in-principle sanction from Bank of India can be achieved within 48 to 72 hours once complete documentation is submitted. Final disbursement typically takes 3 to 7 working days post legal and technical verification.
Ready to apply for Bank of India Home Loan?
Submit your profile through MakaanLoan to lock in exclusive volume processing fee concessions (Makaanloan special offer of flat ₹5,900 processing fee), dedicated relationship management, and conditional in-principle sanction without bank branch visits.