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Owning a home is everyone’s ultimate dream, this is the abode where they wish to sit down and relax during their retirement years. Home loans were introduced to help individuals achieve this dream with required financial assistance. Often, individuals do not have the funds to buy their dream home by making a down-payment. Banks and NBFCs extend home loan to these individuals, where only a partial amount is brought in as down-payment and the balance is funded by the financial institution. The individual who borrows funds from banks and NBFC will pay back to the bank monthly installment, also called as Equated monthly installment. EMI includes Interest and principle. Among many institutions which extend home loans at attractive rates is Bank of India.
BOI, established in 1906 has been one of the most trusted and oldest banks in India which offers a range of customized banking products and financial solutions to its wide range of customers. The bank was nationalized in the year 1969 and operates with over 4200 branches over various parts of India.
Among many other unique home loan solutions offered by BOI is the BOI Star Smart Home loan which has some exceptional features and benefits including low interest rates, higher quantum of loan to value, longer tenure etc.,
BOI star smart home loan is specifically designed to offer easy EMI, convenience of operation to a wide variety of customers. Some of the key benefits and advantages are highlighted below –
There are certain charges and fees associated with any loan, including the home loans. The charges and fees for BOI Star Smart Home Loan are kept extremely nominal and are highly competent. Often, home loan charges are perceived to be high and hence, burdensome on the borrower. BOI Star Smart Home Loan breaks that myth, by offering loan at very low processing charges. The processing charge is fixed at 0.25% of the loan amount availed. This is irrespective of the quantum of loan, the minimum charges that are levied on the loan is Rs. 1000 and the maximum amount chargeable as processing fee is Rs. 20,000. The charges applicable for individual customers are mentioned above. If the applicant is a partnership firm or corporate, the charges will be double of what is charged to the individual. There is relief extended if the applicant is from rural area, the processing charges will be 75% of what is applicable to other (urban / semi-urban) individual customers.
Apart from these charges, the most significant charge that is applicable on all home loan is the interest rate. The interest rate is a part of the EMI(equated monthly instalment) paid by the borrower on a monthly basis. This is one of the basic criteria for home loan selection.
The home loan interest rates offered by BOI are extremely competent. The BOI Star Smart Home Loan offers the following interest rates depending on the loan amount availed –
These interest rates are extremely nominal considering that the competitor rates. Also, given the flexi-payment option, reducing interest burden feature, BOI Star Smart Home Loan remains one of the most attractive home loans to avail.
While there are ample benefits and attractive features offered by BOI Star Smart Home Loan, there are some basic eligibility criteria based on which one can apply for home loan with BOI. If these basic criteria are not met, there are high chances of loan rejection. It is suggested that the potential borrower should check for eligibility, since loan rejection could potentially lead to lower credit score which will affect all future loans for the potential borrower.
There are some eligibility criteria based on which one can avail BOI Star Smart Home Loan, the new customers and existing borrowers should fall within the criteria to avail the home loan from BOI. The eligibility criteria are mentioned below –
Customers with BOI account (savings / current) should have maintained atleast Rs. 5000 as minimum balance throughout the past year
New customers should open an account (savings / current) with BOI and deposit a minimum opening balance of Rs. 5000
Existing customers and new customers with salary account with BOI, where the salary gets auto credited into the existing BOI account are eligible to apply, provided the home loan EMI would be auto-debited from the same account
Self-employed professionals have to establish a steady source of income and stability of income by offering their ITR / computation or other bank statement as proof to be eligible for home loan
The savings or current account at BOI should be operational throughout the tenure of the loan. Typically, the debit would happen from this account unless otherwise agreed upon in the contract
There is a requirement to borrow a minimum home loan amount from BOI Star Smart Home Loan which makes it feasible for both borrower and bank to execute the herculean task of loan processing and procurement. The minimum loan amount is applicable differently for each type of applicant –
The maximum limit is not generally stipulated, it is as per the agreed normal home loan schemes. There are exceptions to the maximum limit, typically if the borrower has the income to bear a higher EMI burden or bring in additional collateral for the quantum of loan borrowed.
While the eligibility for home loan is established and the quantum of loan is decided, the prospective borrower has to now move to the most important step in the home loan processing, which is the documentation of BOI Star Smart Home Loan.
This is considered the most important and a tedious part of home loan application. To procure home loan, the potential borrower or applicant has to provide their documents which will lead to verification of identity, establishment of stability of income and checking for authenticity of the property that the borrower wishes to buy. The documents would differ depending upon the type of applicant. The difference is primarily due to the type of source of income.
While many banks have different norms for documentation, there is a set of standard documents which are required irrespective of the bank from which it is borrowed –
List of documents required –
For salaried individuals –
For self-employed / professionals –
For businesses /companies –
Many home loans require guarantor especially, since the property / apartment to be bought may depreciate over the loan tenure. Further, the real estate prices are unpredictable, hence, if the quantum of loan is particularly huge and the income proof submitted by the client is insufficient, there is a requirement for a guarantor to provide surety. The documents to be gathered from the guarantor (on a case – to – case basis) are mentioned below –
There is a list of property documents which needs to be filed with the banking authority to facilitate verification / authenticity / due diligence of the property.
In the case of apartments, typically some of the burden with regard to property documents is taken up by the builder. Hence, he may have some tie-ups with banks / NBFCs (non-banking financial corporations) where the loans are pre-approved. The potential customer may be required to submit only documents specific to verification of his identity, address and income.
Even NRIs can apply for home loan with BOI, there are stringent norms to establish KYC. Also, the banks statements / returns filed in the place of work / source of income is required to be filed.
1. What types of applicants can apply for home loan through Bank of India Star Smart Home Loan?
Salaried individuals, self-employed individuals, professionals, businesses / companies and NRIs can apply for Bank of India Star Smart Home Loan.
2. Are there any facilities available for the account (savings / current) associated with the home loan?
There are multiple benefits such as debit card, cheque book facility, mobile banking and internet banking facility extended to the account with BOI which is associated with the home loan from Bank of India Star Smart Home Loan.
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