Bank of India Home Loan
Get Bank of India home loan up to Rs. 5 crores and move into your dream home
Loan Details
Interest Rate
6.95% onwards
Processing Fee
0.25% of Loan Quantum
Prepayment
Charges
No prepayment charges under floating rate option
Tenure
Up to 30 years
- Eligibility Factors
- Documents Required
- Loan Verification Process
- Rate of Interest
a) Eligible applicants – Resident Indians, NRIs, and PIOs
b) Age – 18 years onwards. The loan should be repaid up to retirement or within 70 years of age
c) Credit score – Loan available at all credit scores
d) Employment type – Salaried, self-employed, HUFs, partnership firms, proprietorship firms, and corporates
e) Eligible amount of loan –
o Salaried employees – 72 times the gross monthly salary or 6 times the gross yearly income
o Self-employed individuals or professionals – 6 times the gross yearly income
o Businesses – 6 times the value of cash accruals
● For salaried individuals –
- o Application form, filled and signed with the applicant’s photographs attached to it
- o Identity proof of the applicant
- o Age proof of the applicant
- o Bank statement showing the transactions of the last 6 months
- o Salary Slips of the last 3 months
- o Form 16 issued by the employer
- o Income Tax Returns
- o Title Deed of the property being financed with the loan
● For self-employed individuals
- o Application form, filled and signed with the applicant’s photographs attached to it
- o Identity proof of the applicant
- o Age proof of the applicant
- o Income Tax Returns
- o Financial statements of the business that should also be audited by a CA. Such statements include the Balance Sheet and the Profit and Loss Account
- o Bank statements showing the transactions of the last 12 months
- o Partnership Deed for partnership firms, Memorandum of Association and Articles of Association for companies, CA’s certificate showing the profit-sharing ratio/ director’s list/shareholding pattern, LLP Agreement in case of LLPs
- o Address proof of the business
- o Title Deed of the property being financed with the loan
● Choose the type of Bank of India’s home loan that you want
● Fill in and apply on Apnapaisa.com.
● A representative from Apnapaisa.com will get in touch with you and verify the loan details
● We would pick up your documents at a time and place convenient to you
● After the documents are collected, they would be verified and then your home loan request would be approved
● You would have to sign the loan agreement and the amount of the loan would be credited to your bank account