Bank Of India Home Loan borrower can get the unique advantage of higher loan eligibility, with a lower initial installment. The Bank of India home loan applicant can get up to 30% higher amount against one's current income and the installment amount gets stepped up over the years.
Bank of India offers Home Improvement Loans for renovation /refurbishment of one's home. One can avail a loan up to Rs. 50 Lakhs and the interest rate is same as that of the Home Loans. The loan covers up to 70% of the cost of improvement and the repayment period is 15 years.
Bank of India Home Loan Features -
- Bank of India offers home loans for the first purchase in ready construction, under construction property, purchase in re-sale, self construction and extension of existing living space.
- The home loan amount can be up to 80% of the Cost of Property.
- The applicant can conveniently repay the loan over a period up to 25 years.
- The bank provides the choices of both Floating rate of Interest or at the Fixed rate of Interest or at the combination of both Fixed and Floating rates, for the repayment of the home loan.
- Bank of India Home loan must terminate before or when the borrower turns 65 years of age or before retirement, whichever is earlier.
- The applicant must be 21 years of age, at the time when the loan amount is sanctioned.
- The applicant must be either self employed or salaried individual, with a regular source of income.
- An Indian resident, whether salaried or self-employed, can apply for Bank of India Home Loan. In case if the applicant is an NRI, he/she should be salaried.
- Bank of India home loans come with benefits like easy interest rates, simplified documentation, doorstep service and free personal accident insurance.
- Bank of India Home Loans allows the customer to transfer the balance of his/her existing home loan from other banks. Moreover, Bank of India Home Loans are also liable to tax benefits.
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