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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

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Bank of India Home Loans

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


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●    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

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●    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


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