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As a surprise to borrowers in advance of Diwali, the leading public sector lender Bank of India (BOI) today announced a reduction in the interest rate on home loans. The bank has announced a reduction in interest rates for the BOI Star Home Loan scheme, which now has the ideal competitive interest rates beginning at 8.30% annually and with the lowest EMIs. Existing home loans from other banks or financial organisations can also be transferred by customers to Bank of India. The applicant for a home loan may also use an overdraft facility, which offers three advantages: a low-interest rate commitment, simple liquidity, and tax advantages.
In addition to lowering interest rates, the bank also stated that processing fees will be waived until December 31, 2022. This offer can be used to buy a piece of land, construct a home, acquire a new or used residence, or remodel or repair an existing house or apartment. Additionally, Bank of India provides loans for furniture and top-ups. The offer is backed by a quick and simple approval process that is accessible through all of Bank of India’s branches.
“Bank of India’s Star Home Loan provides a repayment period of up to 30 years. It also offers diverse EMI options for different periods during the loan tenure to accommodate a customer’s repayment capacity. No prepayment or part-payment charges are levied and borrowers receive a tax break on repaid interest and instalments. The interest is calculated daily to permit a lower interest amount,” said the lender in a statement.
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Featuring about BOI Star Home Loan scheme, Bank of India has mentioned on its website that it “Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat Maximum loan amount is Rs.500 lacs and repayment ranges up to 30 years, with reasonable margin and nominal processing charges. No commitment /administrative charges.” To avail loan for your dream home, just give a missed call at 8010968305 or SMS <HL> to 7669300024, according to the bank.
Meanwhile, commencing on October 17, 2022, Bank of Maharashtra (BoM) is no longer charging 8.30% for home loans; instead, 8.0% will be the new interest rate, which followed a cut of 30 bps. Interest rates on personal loans have reduced, falling from 11.35% to 8.9%, a 245 basis point fall whereas a special rate of 8% for home loans for defence personnel, including paramilitary forces, has also been announced by Bank of Maharashtra, which benefits both the salaried and pensioner categories.
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