Bank of India (BOI) Home Loan

Updated on June 16, 2025

Author: MybankingTips Team

Bank of India gives home loans starting at 8.30% interest per year. You can repay the loan over a maximum of 30 years, and they may lend you up to 90% of the property's value. They a lso have other options like home loans with overdraft, transferring your existing home loan balance to them, and a special program called 'Star Diamond Home Loan' for wealthy individuals who want larger loan amounts.

Bank of India Home Loan Highlights 
Interest Rate 8.30%-10.75% p.a.
Processing Charges NIL
Loan Tenure Up to 30 years
Loan Amount Up to 90% of market value

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan offered by Bank Of India
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

Bank of India Home Loan Interest Rates

Bank of India's Home Loan interest rates begin at 8.30% per year. They provide different interest rates based on the CIBIL score (credit score) and occupation of the applicants.

 

Types of Bank of India Home Loan

BOI Star Home Loan

  • Purpose: Bank of India has a special scheme called Star Home Loan that covers various needs like buying land, building a home, buying or constructing a house or apartment, and making improvements to your property. With this scheme, people who already have home loans from other banks or housing finance companies can switch their loans to Bank of India for lower interest rates.
  • Tenure: Up to 30 years
  • Loan Amount:
    • For purchasing land: Up to Rs. 3 crore
    • For repair, renovation, or extension: Up to Rs. 50 lakh
    • For buying or constructing a house or flat: Up to Rs. 3 crore (up to Rs. 5 crore in big cities like Mumbai, Delhi, Kolkata, Chennai)
  • LTV Ratio: Up to 90% of market value

BOI Star Top Up Loan

  • Purpose: Existing home loan borrowers of Bank of India have the option to avail of Star Top-up Loans, which are additional loans on top of their existing home loans. These top-up loans can be used to finance personal needs, excluding speculative purposes.
  • LTV Ratio: Up to 90% of property value

BOI Star Pravasi Home Loan Scheme

  • Purpose: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO) have access to the BOI Star Pravasi Home Loan scheme. This scheme caters to various needs such as purchasing plots and constructing homes, transferring balances from existing loans, home furnishing, buying Solar PV, and making additions, extensions, or renovations to existing properties.
  • Loan Amount: Up to 90% of property value
  • Tenure: Up to 30 years

Star Diamond Home Loan

  • Purpose: Bank of India provides the Star Diamond Home Loan scheme specifically for High Net Worth Individuals (HNI) who have had an annual gross income of Rs 1 crore or more for the last 3 years. This scheme is tailored for purchasing homes or making additions, extensions, or renovations to existing properties.
  • LTV Ratio: Up to 8% of Pure Property Value
  • Loan Amount: Above Rs. 7.5 crore

BOI Star Smart Home Loan

  • Purpose: Customers who have a salary account with Bank of India or those who have existing or new savings/current accounts with the bank can opt for the Star Smart Home Loans. This loan can be used for purchasing a plot with construction, given that the construction begins within 5 years from the date of loan disbursement. Additionally, applicants can use this loan for home furnishing, buying Solar PV, or making additions, extensions, or renovations to existing properties. Moreover, the Star Smart Home Loan scheme provides the option of transferring existing home loans from other banks and housing finance companies.
  • Tenure: Up to 30 years
  • LTV ratio: Up to 90% of market value
  • Minimum Loan Amount:
    • For salaried- Rs 5 lakh
    • For self-employed- Rs 10 lakh

Also Read : Best Home Loan EMI Calculator

Bank of India Home Loan Processing Fee and Other Charges

Home Loan Schemes Processing Charges
For all Home Loan Schemes NIL

Also read: Best Home Loan Fees and Charges

Bank of India Home Loan Eligibility Criteria

Eligibility for Star Pravasi Home Loan Scheme

  • Minimum age at the time of loan application: 18 years.
  • Maximum age at the time of loan maturity: 70 years.
  • Nationality: NRIs/Person of Indian Origin.
  • Indian citizens working abroad on assignment with National/International government agencies.
  • Indian citizens working in the merchant navy with NRI status.

Eligibility for Star Home Loan

  • Minimum age at the time of loan application: 18 years.
  • Maximum age at the time of loan maturity: 70 years.
  • Nationality: Resident Indians, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are eligible.
  • Job profile: Individuals, including salaried, self-employed, and professionals, as well as non-individuals such as Hindu Undivided Families (HUFs), corporations, and groups or associations of individuals, can apply. However, trusts are not eligible for this loan scheme.

Eligibility for Star Diamond Home Loan

  • Minimum age at the time of loan application: 18 years.
  • Maximum age at the time of loan maturity: 70 years.
  • Job Profile: High Net Worth Individuals (HNI), including salaried individuals, self-employed individuals, and professionals, as well as non-individual entities such as Hindu Undivided Families (HUFs), corporations, and groups or associations of individuals, are eligible.
  • Nationality: Resident Indians, Persons of Indian Origin (PIOs), and Non-Resident Indians (NRIs) are eligible.
  • Minimum average gross income of Rs 1 crore and above during the last 3 years is required for eligibility.

Eligibility for Star Smart Home Loan

  • Salaried employees: Must have salaried accounts with Bank of India.
  • Self-employed professionals: Includes individuals such as lawyers, doctors, Chartered Accountants (CA), Company Secretaries (CS), engineers, etc.
  • Existing savings/current account customer: Must have an average balance of Rs 5,000 for the past 1 year.
  • New customer: Must open a new savings/current account with an opening balance of Rs 5,000.li>

Also Read : Best Home Loan Eligibility

Documents Required for Bank of India Home Loan

Here are the documents required for individuals applying for the BOI Home Loan scheme:

ID Proof:

  • Passport
  • PAN card
  • Driving License
  • Voter ID

Address Proof:

  • Passport
  • Driving License
  • Aadhar Card
  • Latest electricity bill
  • Latest telephone bill
  • Latest piped gas bill

Income Proof:

For Salaried Individuals:

  • Salary slips for the latest 6 months
  • Income Tax Returns (ITR) or Form 16 for the latest year

For Self-employed Individuals:

  • Income Tax Returns (ITR) for the last 3 years
  • Income computation statement
  • Profit & Loss account
  • Balance sheet
  • Capital account statement

For Other than Individuals:

  1. Certificate of incorporation.
  2. KYC (Know Your Customer) documents of partners/directors.
  3. Account statement for the last 1 year.
  4. Copy of PAN card of the firm/company.
  5. Registered Partnership Deed/Memorandum of Association/Articles of Association (MOA/AOA).
  6. Audited financial statements of the firm/company for the last 3 years.

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

To apply for a Bank of India Home Loan, you have two options: online through the official website or offline by visiting any Bank of India branch. Here's how you can apply online: Visit the official website of Bank of India. Click on the "BOI online" option on the home page. Under "Loan services," go to "Retail Loans." Select "BOI Retail Loans in just 59 minutes." Choose the "home loan" option on the page and fill in the required details. Enter your contact number. An OTP will be sent to this mobile number. Enter the OTP, set a new password, and click on "Proceed." Following these steps will help you initiate the online application process for a Bank of India Home Loan.

Bank of India offers home loan interest rates starting from 8.30% per annum. The bank determines the interest rate based on the credit score and occupation profile of the home loan applicants, which may result in different rates for different individuals. Also read: Best Home Loan Balance Transfer

Bank of India does not provide interest rate concessions specifically to women applicants, except for those with a CIBIL score below 700. For female applicants with a CIBIL score below 700, the bank offers an interest rate concession of 5 basis points (bps). This concession aims to support applicants who may have a lower credit score and provide them with slightly more favorable loan terms

You can use the Bank of India Home Loan EMI Calculator to estimate the interest cost of your home loan. Simply input the interest rate, loan amount, and loan tenure into the calculator, nd it will provide you with the interest cost instantly. This can help you plan your loan repayment and understand the total interest you'll pay over the loan tenure.

Bank of India does not have a specific credit score requirement for applicants seeking home loans. However, it does offer lower interest rates to those with higher credit scores. For instance, individuals with credit scores of 800 and above are eligible for the lowest interest rates, followed by those with scores of 750-799, 700-749, and below 700, respectively. This tiered approach incentivizes maintaining a good credit score and rewards responsible borrowing behavior with more favorable loan terms.

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