Bank of India Home Loan Interest Rate

Each loan applicant has a different purpose for obtaining a home loan from the bank. The Bank of India understands this and has hence created a wide range of popular home loan products for its customer base. The Bank of India home loan interest rate starts at 8.30% p.a., and the processing fees on all new home loans offered until 31 Dec 2023 enjoy a 100% waiver. With minimum documentation and no hidden charges on home loan applications, the bank is one of the renowned names in the home loan market. 


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Bank of India Home Loan Key Highlights

Amount of Loan Up to Rs. 5 crore
Rate of Interest Starting from 8.30% p.a.
Processing Fees

Waived off until 31 Dec 2023

Max Tenure for Loan Repayment Up to 30 years

Bank of India Home Loan Interest Rates in 2024

The bank offers a wide range of home loan offerings to its customers at relatively competitive rates of interest, which are detailed in the table below for the different home loan categories. The Bank of India home loan interest rate 2023 starts at 8.30% p.a.

Loan Category Rate of Interest on Home Loan
For applicants with CIBIL score of 800 and over Salaried (8.30% p.a. onwards) | Non- Salaried (8.30% p.a. onwards) 
For other applicants Salaried (8.40% p.a. - 8.90% p.a.) | Non- Salaried (8.40% p.a. - 8.90% p.a.) 
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Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants

Retail Prime Lending Rate: 9.25%

Loan Category Interest Rate for (CIBIL score >=825)
All loan 8.30% p.a. onwards(Salaried) | 8.30% p.a. onwards(Self Employed) 

Star Pravasi Home Loan Interest Rate

Loan Category Home Loan Interest Rate
For NRIs 8.45% p.a. - 9.65% p.a. onwards 

Top-Up Loan Interest Rates

Loan Category Home Loan Interest Rate
Star Top-Up Loan 8.30% p.a. - 10.65% p.a. 

Interest rates were last updated on 16th November 2023

Bank of India Home Loan Interest Rates for All Schemes in India

Bank of India aims to meet the varied housing finance needs of a varied customer base in India. The bank provides an array of home loan products, each of which is designed to meet a different housing requirement for the applicant. Bank of India home loans start from 8.30% p.a. onwards and go up to 10.65% p.a. Tabulated below are the various interest rates for each of the home loan plans on offer by the Bank of India.

PNB Home Loan Plans Plan Interest Rate
Star Home Loan
  • 8.30% p.a. onwards
Star Pravasi Home Loan
  • 8.30% p.a. - 9.65% p.a.
Star Diamond Home Loan
  • 8.30% p.a. - 9.65% p.a.
Star Smart Home Loan
  • 8.30% p.a. - 9.65% p.a.
Star Home Loan - Furnishing
  • 8.30% p.a. - 9.65% p.a.
Star Top-Up Loan
  • 8.30% p.a. - 10.65% p.a.

Bank of India Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft

To offer the maximum convenience to its loan applicants, the Bank of India offers many valuable features in its housing finance segment. The key ones are explained below:

Bank of India Home Loan Balance Transfer

If your current bank’s home loan interest rate is getting unaffordable to bear, the Bank of India presents the option to seamlessly transfer the balance amount of your existing home loan amount from your bank to BOI and avail of the latter’s attractive rates of interest starting at as low as 8.30% p.a.

Bank of India Home Loan Top-Up

Need extra money to buy furnishings for your newly moved-in home but don't have ready cash in hand? Bank of India's special top-up home loan scheme can be of help here. It is called Star Top-Up Loan and helps you conveniently top up your current home loan with an additional amount without pushing you to go through all the formalities again and apply for a fresh one. Bank of India home loan top-up interest rate ranges between 8.30% p.a. and 10.65% p.a.

Bank of India Home Loan Overdraft

The overdraft facility at BOI allows you to make withdrawals from your home loan account, which you can also operate as an overdraft account with the bank, up to the excess amount that you have deposited therein for future contingencies. These could be spending on renovations, upgrades, or immediate buying of the house for which you would need ready cash. With a small amount deposited every month into your home loan account (also used as an overdraft) with the Bank of India, you can withdraw funds up to the excess available and meet your personal home requirements. 

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Compare Bank of India Home Loan Interest Rate with Top Banks

The Bank of India offers competitive interest rates on all its home loan products. Taking a home loan, however, is a crucial decision, and it helps to do your homework before applying for the loan. Given below are the current home loan interest rates and processing fees for the Bank of India, as well as a few other leading banks in the country, for your reference.

Bank/NBFC Rate of Interest on Home Loan Processing Fee
IDFC Bank 8.75% p.a. onwards Up to 1% of the sanctioned loan amount Salaried applicants - 0.2% onwards of the loan amount | Self-employed applicants - 0.5% of the loan amount
SBI 8.40% p.a. onwards 0.35% of loan amount + GST
Union Bank of India 8.55% p.a. onwards Nil up to 15 Nov 2023
Yes Bank 9.35% p.a. onwards 1.5% of the loan amount or Rs. 10,000 (whichever is higher)
ICICI Bank 9.25% p.a. onwards 0.50% of loan amount + applicable taxes
Bank of India 8.30% p.a. onwards Waived off on new home loans until 31 Dec 2023

Bank of India Home Loan Balance Transfer Interest Rates

If your current home loan amount interest rates are becoming a regular bother, the good news is that you can consider switching your withstanding loan amount to the Bank of India. With its competitive rates of interest and quality customer service, the bank does seem to be an alluring choice for many home loan applicants in India. Bank of India home loan balance transfer interest rates start at 8.30% p.a. The simple and hassle-free procedure to apply for a home loan balance transfer with the Bank of India is as follows:

  • Go to Repay Right on the website of BASIC Home Loan.
  • On the form provided on the page, key in all the important details about your current loan amount (withstanding), current rate of interest p.a. on the existing loan amount, new rate of interest p.a. for Bank of India home loans, current loan repayment tenure, and current EMI amount. 
  • Click on Next to submit the form.
  • On the next page, you will be able to see your total savings on the home loan amount with Bank of India Home Loan Balance Transfer.
  • Alternatively, feel free to connect with the BASIC Home Loan team to guide you through the home loan balance transfer from your current bank to the Bank of India.

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How to Calculate Bank of India Home Loan Interest Rates?

If you are unsure about the rate of interest payable on the specific loan amount you wish to avail of with the Bank of India Home Loans, the best way is to use the online home loan EMI calculator, which is readily available at EMI. For a better reference, we list below the interest rate and the EMI amounts payable on home loans from the Bank of India, as an example.

Bank of India Home Loan EMI Calculator 2024

Loan Amount Rate of Interest EMI for 10-Year Loan Tenure EMI for 20-Year Loan Tenure EMI for 30-Year Loan Tenure
Rs. 10 lakh 8.30% p.a. Rs. 12,292 Rs. 8,552 Rs. 7,548
Rs. 20 lakh 8.30% p.a. Rs. 24,584 Rs. 17,104 Rs. 15,096
Rs. 30 lakh 8.30% p.a. Rs. 36,876 Rs. 25,656 Rs. 22,644
Rs. 40 lakh 8.30% p.a. Rs. 49,167 Rs. 34,208 Rs. 30,191
Rs. 50 lakh 8.30% p.a. Rs. 61,459 Rs. 42,760 Rs. 37,739
Rs. 60 lakh 8.30% p.a. Rs. 73,751 Rs. 51,312 Rs. 45,287
Rs. 70 lakh 8.30% p.a. Rs. 86,043 Rs. 59,864 Rs. 52,835
Rs. 80 lakh 8.30% p.a. Rs. 98,335 Rs. 68,417 Rs. 60,383
Rs. 90 lakh 8.30% p.a. Rs. 1,10,627 Rs. 76,969 Rs. 67,931
Rs. 1 crore 8.30% p.a. Rs. 1,22,919 Rs. 85,521 Rs. 75,478

The figures in the table above are based on an 8.30% p.a. interest rate offered by the Bank of India Home Loan. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.


Bank of India requires all its home loan applicants to submit the following documents as part of the home loan application process:

  • Identity proof documents
  • Income proof documents for both salaried and self-employed applicants
  • Property-related documents for proof

To check your eligibility for applying for a home loan with the Bank of India, click on or speak to one of BASIC team representatives, who will help you determine your eligibility for a home loan.

BASIC Home Loan has all the required details on the home loan interest rates, processing fees, and the different home loan products available at the Bank of India. Visit the website or reach out to our team for more information.

The Bank of India has done a 100% waiver of its processing fees on home loan applications until 31 Dec 2023. 

Bank of India home loans currently start at an 8.30% per annum interest rate.

Star Top-Up Loan is one of the many home loan plans offered by the Bank of India to its home loan applicants. The scheme is designed to help current home loan customers instantly top up their existing home loan amounts with additional funds for meeting expenses on extension, addition, or renovation of their existing residential properties. 

The rate of interest on a home loan top-up scheme at the Bank of India is generally higher than the original home loan interest rate due to the additional funds offered over and above the existing home loan amount sanctioned. 

Yes, the Star Top-Up Home Loan with the Bank of India requires the applicants to meet the following eligibility criteria:

  • Applicants should be at least 18 years old and up to 70 years of age at the time of final loan repayment
  • They should be Indian residents/NRIs
  • They must be either salaried or self-employed professionals
  • Non-individuals such as HUFs, groups/associations of individuals, and corporations are also eligible for the top-up loan