Bank of India Star Diamond Home Loan
Under its retail banking arm, Bank of India offers the BOI Star Diamond Home Loan, a unique loan product that features high loan amounts, easy repayment terms, low rates of interest (starting at 6.50% p.a.), and much more to make it easier for you to own your dream home
Features – BOI Star Diamond Home Loan:
- Quantum of Loan: The BOI Star Diamond Home Loan has been designed keeping your needs in mind, as well as the rising real estate prices. This loan can be availed for an amount as high as Rs 5 crore.
- Geographical location of Property / House / Flat: This home loan may only be taken for purchasing a house or flat in metro cities, which are New Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Ahmedabad, Pune, Delhi NCR, Kolkata and Pune.
Interest Rate – BOI Star Diamond Home Loan:
Bank of India offers very competitive rates on their home loan products. With the Star Diamond Home Loan, interest is charged on the basis of RBLR and the current rates are charged starting at the rate of 6.50% p.a. Based on the CIBIL of the borrower, the rates can go up to 8.35% p.a.No processing charges will be levied on home loans till 31 December 2021.
New MCLR Rate for BOI Star Diamond Home Loan:
Floating interest rate is applicable on Bank of India Star Diamond Home Loan.The interest rate is based on the Repo Based Lending Rate (RBLR) and the Marginal Cost of Funds based Lending Rate (MCLR).The RBLR with effect from 1 June 2020 is 6.85% while the MCLR with effect from 1 October 2020 is 7.35%.
Quantum of Loan:
The BOI Star Diamond Home Loan has been designed keeping your needs in mind, as well as the rising real estate prices. This loan can be availed for amounts higher than Rs. 5 crore.
Eligibility – BOI Star Diamond Home Loan
Following is the criteria applicable to apply for the BOI Star Diamond Home Loan.
- High Net worth Individuals (HNIs).
- Corporations or firms who wish to take the loan in order to purchase residential accommodation for their directors or partners.
- Individuals having an average gross income of Rs 1 crore or above, as per their audited balance sheet or IT returns, for the past 3 years.
FAQs on Bank of India (BOI) Star Diamond Home Loan
- What are the entry level norms applicable on this home loan?
For individuals, the entry level norms applicable as per the home loan model. For firms and corporations, the entry level norms will be applicable as per the SBS/MS/LC Model.
- Are there any processing charges applicable on this loan?
On the BOI Star Home Loan, a processing charge of Rs 50,000 or for a maximum amount as per the Star Home Loan Scheme, whichever amount is higher.
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