Bank of India provides loans to purchase a plot for construction of a house, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat.

Eligibility:
Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate companies.

Purpose:
To purchase/construct house/flat/ renovate/extend/repair existing house/flat/ purchase a plot of land for construction of house/take over of home loan from other banks/FIs (subject to conditions).

Quantum of Loan

For constrcution/purchase of a house/flat - Rs 300 Lakhs (Rs 500 Lakhs in major metros viz Mumbai, Kolkata, New Delhi and Chennai)

Repairs/renovation/extension to house/flat –Rs.50 lacs

Purchase of a plot - Rs.300 lacs

Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lacs is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any.

Loan for installation of Solar PVs at Home Loan ROI, as per limit fixed by the Bank
Note: Minimum Home Loan :- For Metro/Urban Centres :-Rs. 1 Lac


Processing Charges

Individuals
For all loan amounts - @0.25% of loan amount Min.Rs.1, 000 and Max. Rs.20,000/-(Plus S.T)

For Partnership firms & Corporate Borrowers 
Processing charges will be double that of individuals. 

For Rural areas 
Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper Charges etc., At actuals.

PROCESSING CHARGES WAIVED FROM 11.09.2015 TO 31.12.2015


Margin:

1st House

    For loan up to 20 Lacs - 15%
    For loan up to 75 Lacs - 20%
    For loan above 75 Lacs - 25%


    2nd House or subsequent home

      For loan up to 20 Lacs - 20%
      For loan up to 75 Lacs - 20%
      For loan above 75 Lacs - 25%


      Where cost of house exceeds Rs.10 lacs – Margin is calculated on pure cost of the house/flat excluding stamp duty, Registration and other documentation charge. 

      For houses with cost not exceeding Rs.10 Lacs – expenses towards stamp duty, registration and other documentation charge can be included in the project cost.

      Repayment (Can be customised)
      Highly flexible - maximum 30 yrs. including moratorium period upto 36 months (max.) in monthly installments, including Bank’s approved projects. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others. Repayment upto 70 years also allowed to salaried employees having assured post retirement income

      Eligible Quantum of Loan/ EMI
      Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower 

      Salaried
      72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.

      Self Employed/Professionals etc.
      6 times of Gross annual income based on I-T Returns

      HUF/Proprietorship /Partnership Firm/ Company
      6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account

      In case of Individuals 

      Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-


        Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40% 
        Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30% 
        Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25%


        In case of HUF/Proprietorship/ Partnership firm/Company:
        DSCR should be minimum 1.5.

        Rate of Interest (Floating ROI- linked bank’s base rate , p.a. at monthly rests)

          FOR LIMITS UPTO RS.75 LACS : Base Rate - 09.95%
          FOR LIMITS Rs.75 Lacs & above : 0.25% above Base Rate presently 10.20%
          RATE OF INTEREST AT BASE RATE PRESENTLY 9.95% IRRESPECTIVE OF LIMIT FROM 11.09.2015 to 31.12.2015


          Security
          Mortgage/Equitable Mortgage (1st charge) on land/flat/house. Third Party guarantee (if mortgage could not be created before or at the time of disbursement).

          Special Features

            Free Personal Accident Insurance cover for the borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
            Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
            Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme
            Loan for installation of Solar PVs at home loan ROI


            Other Features:


              Interest on Daily Reducing Balance Basis
              No Pre-Payment Charges on Floating Rate Loans
              Facility for step up/ step down EMIs
              Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
              Inclusion of Income of Close relatives for enhanced loan
              Tax Benefit on Interest and Installments repaid in Home Loans
              Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:


              It may be noted that the above is subject to change at the bank's discretion from time to time.
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  • Can you please help to have a list of conditions for this purpose of loan.

    "take over of home loan from other banks/FIs (subject to conditions)."
    CommentQuote
  • What is so special about bank of India offer that it deserves a thread, the starting contents of which are directly posted from their website.

    Do let me know the major plus points vs other banks ( share and enjoy )so that i can shift my almost eight digit loan to boi. )so that i can shift my almost eight digit loan to boi.
    CommentQuote
  • Originally Posted by Que Sera
    What is so special about bank of India offer that it deserves a thread, the starting contents of which are directly posted from their website.

    Do let me know the major plus points vs other banks ( share and enjoy )so that i can shift my almost eight digit loan to boi.

    Hey, it is to make users aware of the housing loans from various banks. Other banks will follow soon. :)

    And yes, it is from their website; need to provide facts, right? :)

    Hey, it is to make users aware of the housing loans from various banks. Other banks will follow soon. :)

    And yes, it is from their website; need to provide facts, right? :)

    Hey, it is to make users aware of the housing loans from various banks. Other banks will follow soon. :)

    And yes, it is from their website; need to provide facts, right? :)

    Hey, it is to make users aware of the housing loans from various banks. Other banks will follow soon. :)

    And yes, it is from their website; need to provide facts, right? :)
    CommentQuote
  • Originally Posted by Malvish
    Hey, it is to make users aware of the housing loans from various banks. Other banks will follow soon. :)


    Cool if you say so.

    With the original post almost three months old, guess i will need a lot of patience for the others. And the lack of analysis led me to think it was advertising.

    In my opinion, mere copy paste jobs do not add value. Further these offers change so fast that the info is useless.

    A comparative between major banks or a idea on hidden traps may be better but it would require time and research
    CommentQuote
  • Originally Posted by Que Sera
    Cool if you say so.

    With the original post almost three months old, guess i will need a lot of patience for the others. And the lack of analysis led me to think it was advertising.

    In my opinion, mere copy paste jobs do not add value. Further these offers change so fast that the info is useless.

    A comparative between major banks or a idea on hidden traps may be better but it would require time and research


    Yes, it was posted and then left for various reasons. However, the entire section will be rewritten.

    Well, your suggestion is good and we will really consider it as something has been initiated already.

    Thanks a lot. :)
    CommentQuote