Home Loan EMI Calculator

BANK OF INDIA

1. HOME LOAN ELIGIBILITY

• Applicant Type:

• Resident Indians, NRIs, and Persons of Indian Origin (PIOs).

• Salaried individuals, self-employed professionals, and non-individual entities like partnerships and corporations.

• Exclusions: Trusts are not eligible for this loan scheme.

• Age Criteria:

• Minimum age: 18 years.

• Maximum age: 70 years at the time of final repayment.

• Co-Applicant: Income of a close relative (co-applicant) can be considered for eligibility.

2. HOME LOAN CHARGES

• Processing Charges (PPC):

• For Individuals:

• One-time fee of 0.25% of the loan amount.

• Minimum: ₹1,500; Maximum: ₹20,000.

• For Non-Individuals:

• One-time fee of 0.50% of the loan amount.

• Minimum: ₹3,000; Maximum: ₹40,000.

3. HOME LOAN INTEREST RATES

• Starting Rate of Interest (ROI): 8.40%.

• Rate Determinants:

• Linked to the applicant’s CIBIL Personal Score.

• Calculated on a daily reducing balance.

4. DOCUMENTS REQUIRED FOR HOME LOAN

For Individuals:

1. Proof of Identity (any one): PAN Card, Passport, Driver's License, Voter ID.

2. Proof of Address (any one): Aadhaar Card, Passport, Driver's License, or Latest Utility Bills (Electricity, Telephone, Piped Gas).

3. Proof of Income:

• For Salaried: Last 6 months’ salary slips and 1-year ITR/Form 16.

• For Self-Employed: Last 3 years’ ITR with Computation of Income, Profit & Loss Account, Balance Sheet.

For Non-Individuals:

• KYC of Partners/Directors.

• PAN Card of Company/Firm.

• Partnership Deed or MOA/AOA.

• Certificate of Incorporation (if applicable).

• Firm's account statements for the last 12 months.

• Firm’s audited financials for the last 3 years.

5. FEATURES & BENEFITS OF HOME LOAN

• Loan Tenure: Maximum of 30 years (360 months).

• Moratorium Period: Holiday period of up to 36 months.

• EMI Rates: Starting from ₹755 per lakh.

• Flexible Income Considerations: Co-applicant income can be added for eligibility.

• Top-Up Loan: Instant availability for additional funds.

• Overdraft Facility: Smart Home Loan (OD facility) for the entire limit or outstanding balance.

• Diverse Loan Purposes:

• Purchase of a plot (with construction planned within 5 years).

• Renovation, extension, or furnishing of a home.

• Purchase of solar PV systems under home loan rates.

• Balance Transfer Facility: Allows takeover from another lender with additional loan amounts.

• Flexible EMIs: Step-up and step-down EMI options available.

• Free Accidental Insurance: Coverage up to ₹5 crore.

• No Prepayment Penalties: For early repayment of the loan.

• Minimal Documentation: Hassle-free and quick processing.