Bank of India (BOI) Home Loan
Bank of India home loan interest rate starts from 7.35% p.a. onwards, with loan tenures of up to 30 years.
The Bank of India housing loan can be availed for a maximum loan amount of up to Rs.5 crore.You can avail the Bank of India home loan to purchase or construct a house/flat or for the purpose of renovation/extending/repairing your house/flat. The bank also offers a takeover of home loan from other banks or financial institutions.
Bank of India Home Loan Details
Bank of India offers several home loans at affordable interest rates. They are easy to apply for and can be customised to your requirements. Here is a quick glance at the salient features of BOI home loan schemes:
RBLR Rates | 8.35% p.a |
Loan Amount | Minimum: NA, Maximum: Rs.5 crore |
Processing Fees | Up to 0.25% for Individuals (Min. Rs.1,500; Max. Rs.20,000) |
Penal Interest Rate | Not available |
Prepayment/Foreclosure Charges | Nil for floating-rate packages 0.65% to 2.25% of loan balance for fixed-rate packages |
Max Tenure | 30 Years |
Rate Packages Available | Floating/Fixed |
Note: The rates mentioned above are as of August 2025 and are subject to change at the discretion of bank.
Check with the bank to know if fixed-rate packages are available for you. Apart from the above, you may have to pay certain additional fees and charges, such as CERSAI fees and delay in filing of records. More details are available on our home loan processing charges page.
Major Banks Offering Home loan In India
BOI Home Loan Interest Rates
BOI housing loan interest rates are linked to the Repo Based Lending Rate (RBLR) as well as the individual's CIBIL Score. The RBLR currently stands at 8.35%. If your credit score is low, you may have to pay higher interest rates. There is no concession for women borrowers in the 760+ CIBIL score category. However, for CIBIL scores below 760, women borrowers are given a concession of 0.05%.
BOI Home Loan Scheme | Interest Rate |
BOI Star Home Loan | 7.35% p.a. onwards |
BOI Star Diamond Home Loan | 7.35% p.a. onwards |
BOI Star Smart Home Loan | 7.35% p.a. onwards |
Star Pravasi Home Loan | 7.75% p.a. onwards |
Star Top Up Loan | 7.35% p.a. onwards |
Star Home Loan Furnishing | 7.35% p.a. onwards |
Bank of India Home Loan Schemes
Bank of India (BOI) offers housing loans with attractive features and benefits with interest rates starting from 7.35% p.a. Loan tenures of up to 30 years, easy repayment options, and low processing fees starting from 0.25% of the loan amount, are features that make their home loans affordable. BOI home loans are also known for their simplified application process, excellent customer service, and fast approvals.
The four main housing loans offered by Bank of India are BOI Star Home Loan, Star Diamond Home Loan, BOI Star Smart Home Loan, and Star Pravasi Home Loan. From time to time, the bank offers discounts on home loan interest rates and processing fees during the festive season.
- BOI Star Home Loan* BOI charges 75% of the processing fees charged for individual applicants for rural applicants.**Interest rate is applicable for salaried individuals/professionals/self-employed persons/corporates/NRIs/PIOs/partnership firms/HUF/proprietor firm applicants.
- Interest Rate: 7.35% p.a. onwards
- Processing Fees: 0.25% of the loan amount (Min. Rs.1,500; Max. Rs.20,000) and 0.50% of the loan amount (Min. Rs.3,000; Max. Rs.40,000)
- Free personal accident insurance cover.
- Housing loans up to Rs.3 crore available for applicants of selected cities.
- 0.5% concession on interest rates for women borrowers.
- BOI Star Diamond Home Loan* BOI charges 75% of the processing fees charged for individual applicants for rural applicants.**Interest rate is applicable for high net worth individuals/firms/corporates
- Interest Rate: 7.35% p.a.
- Processing Fees: One-time processing fee of Rs.50,000 or maximum as per Star Home Loan Scheme, whichever is higher
- Up to Rs.5 crore loan amount available.
- Can be availed by individuals/firms/corporates with average minimum gross income of Rs.1 crore.
- Available for applicants from select cities (New Delhi, Hyderabad, Pune, Bangalore, Chennai, etc.).
- BOI Star Smart Home Loan*BOI charges 75% of the processing fees charged for individual applicants for rural applicants.**Interest rate is applicable for existing BOI savings bank account or current deposit customer or those who are willing to open an SB/CD/salary account with BOI
- Interest Rate: 7.35% p.a.
- Processing Fees: 0.25% of the loan amount (Min.Rs.1,500; Max. Rs.20,000) and 0.50% of the loan amount (Min.Rs.3,000; Max. Rs.40,000)
- Available for existing BOI savings account or current deposit customers.
- Available for new customers who open a new savings account/current deposit account.
- Minimum home loan for salaried at Rs.5 lakh and Rs.10 lakh for others.
- Star Pravasi Home Loan*All processing fees mentioned are excluding registration costs, stamp duty charges, etc*Can be availed by NRIS or PIOs.
- Interest Rate: 7.75% p.a.
- Processing Fees: 0.50% of the loan amount (Min.Rs.3,000; Max. Rs.40,000) and 0.25% of the loan amount (Min.Rs.1,500; Max. Rs.20,000)
- Available for NRIs with valid passport and Persons of Indian Origin (PIOs).
- Loan amount of up to Rs.5 crore to buy or construct a house/flat in select cities.
- Repayment tenure of up to 30 years.
Bank of India Home Loan Calculator
Before you avail a home loan, it is very important to know the EMI you will end up paying. This will help you plan your money better. You can use the Home Loan EMI Calculator available on BankBazaar to ascertain your future mortgage EMIs. This is a free tool which will help you understand how much money you should set aside every month to pay your mortgage.
To calculate the home loan EMI amount, you will be required to enter basic loan-related information such as the principal loan amount, the applicable interest rate, the loan tenure, and the processing fee charged.
The BankBazaar Home Loan EMI Calculator will also allow you to enter any prepayments you are planning to make and the frequency of such payments to give you accurate results.
Once you enter the required details and the EMI amount is generated, you will also be able to see the amortisation table. This table will give you a break-up of how your EMI amount will be posted towards the principal and interest on your loan. If you make any prepayments, this table will help you understand your overall interest savings. You can understand your loan repayment schedule payment better using this table.
Bank of India Home Loan Eligibility Criteria
The eligibility requirements for BOI home loans differ from one loan to another. The bank offers various housing finance schemes for salaried individuals, non-salaried individuals, NRIs, PIOs, individuals with high net worth, firms, corporates, etc.
Get in touch with the bank for more information.
Documents Required for All Home Loan Applicants
The list of documents required to avail a BOI home loan will be communicated to you by the bank when you make an enquiry or submit your application. However, many lenders require the below-mentioned documents to process a housing loan application:
Identity proof (Any one from the list)
Proof of Residence (Any one from the list)
- Aadhaar Card
- Passport
- Driving Licence
- Election ID
- Utility bills
Proof of income (For salaried applicants)
- Recent salary slips
- Recent bank account statement/passbook
Proof of income (for self-employed applicants)
- IT Returns
- Profit and Loss Statement
- Audited Balance Sheet
Property documents
- Sales deed
- No Objection Certificate (NOC)
- Sale agreement
- Registration documents
Bank of India Pradhan Mantri Awas Yojana
BOI offers home loans for eligible applicants under the Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY). This scheme aims to make housing affordable in India by offering an interest subsidy for eligible applicants. The beneficiaries are classified into the following groups:
- Economically Weaker Section (EWS)
- Low Income Group (LIG)
- Middle Income Group (MIG -I & MIG - II)
Benefits of BOI PMAY Scheme
- Interest subsidy of 3% to 6.50% available depending on the category of the beneficiary.
- Maximum subsidy amount of up to Rs.2.67 lakh can be availed based on the category of the beneficiary.
- Applicants with income from Rs.3 lakh to Rs.18 lakh can avail a housing loan under this scheme.
FAQs on Bank of India Home Loan
- How can I reach the Bank of India customer care department?
Dial the toll-free numbers 1800 220 229 or 1800 103 1906 to avail BOI phone banking services. Alternatively, you can also dial 022 4091 9191.
- I have a floating rate home loan and I want to prepay the loan. What are the prepayment charges?
If you have a floating rate home loan, BOI does not charge a prepayment fee. However, you will be allowed to make prepayments only after 6 months from the loan disbursement date.
- Does BOI offer Loan Against Property? What is the applicable interest rate?
Yes, Bank of India offers Loan Against Property.
- Can I transfer my existing home loan to BOI?
Yes. BOI allows home loan balance transfer. You will be able to transfer your existing mortgage from other banks or NBFCs to Bank of India. Get in touch with the bank for more details.
- How can I determine the interest cost of a Bank of India Home Loan?
You can compute the interest cost of your Bank of India Home Loan by utilising the Bank of India Home Loan EMI Calculator. Simply input the interest rate, loan amount, and tenure into the calculator, and you'll instantly receive the interest cost.
- What is the minimum credit score needed to qualify for a home loan from the Bank of India?
Bank of India does not stipulate a specific credit score requirement for applicants seeking home loans. However, it offers preferential interest rates to those with higher credit scores. For instance, individuals with credit scores of 800 and above are offered the lowest rates, followed by those with scores ranging from 750-799, 700-749, and below 700.
- How do I apply for a Bank of India Home Loan?
You have the option to apply for a Bank of India Home Loan either online through their official website or offline by visiting any Bank of India branch. To apply online, click on the 'BOI online' option on the homepage, navigate to 'Retail Loans' under 'Loan Services', and select 'BOI Retail Loans in just 59 minutes'. Choose the 'home loan' option, fill in the required details, and provide your contact number to receive an OTP for verification.
- Does the Bank of India offer any concessions on home loans?
Bank of India does not provide interest rate concessions to female applicants except for those with a CIBIL score below 700. However, it offers a five bps interest rate concession to female applicants with a CIBIL score below 700.
- Can applicants obtaining Bank of India Home Loans select between fixed and floating rates?
Bank of India exclusively offers home loans at floating rates. Thus, applicants do not have the option to choose between floating rates and fixed rates.
- Can I prepay my Bank of India Home Loan?
Yes, borrowers can prepay their Bank of India Home Loans without incurring any prepayment charges for loans with floating interest rates.
- What are the processing fees for Bank of India Home Loans?
The processing fee for Bank of India Home Loans is 0.25% of the sanctioned loan amount.
- What is the maximum loan repayment period for Bank of India Home Loans?
The maximum repayment period for Bank of India Home Loans is 30 years.
- What is the maximum loan amount provided by the Bank of India?
Bank of India offers a maximum loan amount of Rs. 5 crore, and eligible applicants can receive amounts exceeding this limit.
- Can I avail of tax benefits from Bank of India Home Loans?
As per Section 80C of the Income Tax Act, 1961, principal repayments up to Rs. 1,50,000 on your home loan are eligible for deduction from gross total income, subject to meeting prescribed conditions.
- Does the Bank of India facilitate balance home loan transfers?
Yes, you can transfer your existing home loan to the Bank of India.
News about Bank of India (BOI) Home Loan
The Bank of India Lowers RBLR for Home Loans, 2025
Following the Reserve Bank of India lowering the repo rate by 50 basis points on 6 June 2025, four major public sector banks have announced low RLLR (Repo Linked Lending Rates) for their home loans. The Bank of India has cut its RBLR for home loan interest rates from 8.85% to 8.35%. The new rate will be effective from 6 June 2025.
Bank of India Cuts Home Loan Rates to 8.3% till 31 March 2024
The Bank of India, a public sector lender, has announced a reduction in its new home loan rates from 8.45% p.a. to 8.3% p.a. and has fully waived off processing fees as a limited period offer until the end of this month till 31 March 2024. Claiming to offer the lowest rate among its peers, the bank positions itself competitively in the market. In contrast, industry leaders SBI and HDFC Bank start their lowest rates at 8.4% p.a. With a 30-year tenor home loan at 8.3% p.a., the starting EMI stands at Rs. 755 month per lakh. It provides financial assistance for the installation of rooftop solar panels, up to Rs. 10 lakh, at the same interest rate applicable for home loans. The bank will be offering special financing at a 7% p.a. interest rate with no processing fee. Under this scheme, individuals aiming to install solar rooftop panels can avail of finance up to 95% p.a. of the project cost, with a maximum repayment period of 120 months. Additionally, customers can benefit from a government subsidy of up to Rs. 78,000, which can be claimed directly.
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