Bank of India Home Loans

Bank of India is one of the nationalized banks in India. Bank of India is ranked as 1st among all the nationalized banks in India as the most trusted service brand by the 2011 ET Nielson survey. Bank of India is one among the many banks in India which provides housing loans. There are certain eligibility criterions and purposes for obtaining a housing loan from bank of India. The housing loan provided by bank of India is termed as star home loans.

Star home loans provided by the bank of India are given to those people who are eligible to obtain this loan. They include the salaried employees, professionals like doctors, engineers, lawyers, chartered accountants or self employed persons. Star home loans are also provided to group of individuals, NRI’s, HUF, PIOs, Prop Firm, partnership firm and corporate for purchase or construction of flats or houses for their employees.

Bank of India provides housing loans for the following purposes;

The maximum amount of loan provided by the bank of India for the construction or purchase of house or flat at metro cities like Mumbai, Kolkata, Chennai, Delhi etc is Rs. 5 crores and at other places is Rs. 3 crores. For the repair, renovation, extension or addition to house or flat, the maximum housing loan amount provided is Rs. 50 lakhs. For purchasing a plot as part of the composite loan, the maximum amount provided is Rs. 1 crore. The amount given for the furnishing of house or flat is 15% of the home loan, i.e. maximum of Rs. 5 lakhs.

The housing loan taken from bank of India must finish its repayment within 20 years. A maximum of 20 years including the moratorium period of 18 months are provided to pay back the taken loan amount in equated monthly installments or EMI. Progressive or step – up equated monthly installments (EMI) are also permitted in the repayment of housing loans from bank of India.

While taking a housing loan there are a lot of hidden charges in it like the processing charges, conversion charges, documentation charges and various other charges besides the loan amount and its interest rates. The housing loans provided by the Bank of India also include all these charges said above. But you can rely and trust bank of India in taking a housing loan as this bank has proved its worth and has a good reputation in the market.

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