Bank Of India Home Loan Interest Rate at 8.30% to 10.75%

Calculate Bank Of India Home Loan EMI Calculate EMI Now

About Bank of India Home Loan Interest Rate

Bank of India (BOI) is one of the largest lenders in India. It was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai with a paid-up capital of Rs.50 lakhs and 50 employees. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. It has a brand image with rich 112 years of performance having 5100 branches as on 31 January 2017. It has overseas presence in 22 foreign countries spread over 5 continents. It offers a wide range of Home Loan Schemes to different classes of customers to fulfil their dream of owning a home.

BOI provides home loan for different needs and purposes such as for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, etc. BOB offers customised Home Loan solutions, best-in-class services and simplified loan process.

Why Bank of India Home Loan?

1. BOI provides a range of Home Loan Schemes designed for different needs of customers
2. Home loan interest is calculated on a daily reducing basis
3. Offers complimentary personal accident insurance with every Home Loan
4. It has PAN India branch network provides easy access to the customers
5. Pre Approved loan offers and preferential home loan interest rate for existing home loan borrowers
6. It provides Flexible Repayment Options to the borrowers
7. Quick & Hassle-free processing
8. Easy and fast approval & disbursal of home loans
9. It provides rebate in Income Tax
10. Has dedicated team of well-experienced employees
11. Transparent process with no hidden charges
12. Offers loan upto 90% of property value
13. 24/7 helpline of BOI offers timely assistance to the customers
14. Moreover, BOI is one of the biggest PSU banks in India hence strong trust factor of people is involved

Purpose of Bank of India Home Loan

• Purchase a Plot for construction of a House
• Purchase | construct house | flat
• for renovation | repair | alteration | addition to house | flat
• Take over from other Banks/ HFCs/ NBFCs/ FIs, etc.

Margin or Loan to Value Ratio (LTV) Ratio: For New Home Loan

Eligibility Criteria of Bank of India Home Loan

Documents Required for Bank of India Home Loan

Documents Required for Guarantor

• 2 passport size colour photographs
• Identity Proof (Voter ID Card/ Passport/ Driving License/ PAN Card)
• Address Proof (Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voter ID Card)
• Signature Identification from present banker
• Assets and liabilities Statement

Fees & Charges on Bank of India Home Loan

Bank of India MCLR (Marginal Cost of Funds Based Lending Rate) with effect from 01.09.2024

Loan Amount of Bank of India Home Loan

Loan offered to the borrower is completely customised as per the requirement and the eligibility criteria of the customer. The value of loan depends upon applicant's income, repaying capacity, age, assets and liabilities, credit score, tenure of the loan, cost of the proposed property, previous credit history.

Maximum loan amount offered by Bank of India is Rs.500 lakhs, however, how much will be approved to the applicant fully depends on the descrition of the bank on case to case basis.

Margin of Bank of India Home Loan

Margin for Bank of India Home loan ranges from 15% to 25% of the loan amount. It depends upon the scheme and loan amount availed by the borrower.

Repayment of Bank of India Home Loan

The repayment of Bank of India Home Loan can be done in Maximum 30 years or upto 70 years of the age of borrower, whichever is earlier.

Security of Bank of India Home Loan

Being it a secured loan, the borrower is required to do Equitable | Registered Mortgage of the Property in question in favour of the bank. However, the bank may ask for other security also based on the case.

Bank of India Home Loan Schemes

(1) BOI Star Home Loan: This is a regular and most demanding home loan scheme that offers Housing Loan at attractive rates and ensure a house for all.

Important Features:

1. Purpose: 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, etc.
2. Option for different EMI amounts for different periods during tenure of loan to suit customer's repayment capacity
3. Free Personal Accident Insurance cover
4. Life Insurance Cover to borrowers for Loan Protection(optional)
5. Processing fee:
   • For Individuals: 0.25% of Loan Amount (Min. 1,500 & Max. Rs 20,000)
   • For Firms & Corporate: double that of applicable to individuals
   • For Rural Areas: 75% that of applicable to individuals
6. Eligibility: Resident Indians, Non-Resident Indians (NRIs), Persons of Indian origin (PIOs), Overseas Citizens of India (OCI) - Individuals, corporate.
7. Maximum Loan Amount: Rs.500 lakhs
8. Margin:15% to 25%
9. Maximum Tenure: Max. 30 years
10. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
11. Interest Rate:

    CIBIL-Personal Score	Interest Rate (p.a.)
    675 & Above	8.40% to 9.55%
    Below 675	10.65% to 10.85%
    -1 and 0	8.80%

(2) BOI Star Smart Home Loan: This is home loan scheme in which Home Loan sanctioned will be linked with Savings Account and this home loan account can be operated as an overdraft account upto the drawing limit.

Important Features:

1. Purpose: 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, etc.
2. The account will be linked to SB/CD account of the customer and balance above a threshold limit is automatically transferred to the Home Loan Overdraft Account in multiples of Rs.5,000
3. The surplus amount, above threshold limit , in SB/CD account will be automatically transferred to Home Loan Account resulting in reduction of interest burden
4. The home loan account can be operated as an overdraft account upto the drawing limit
5. Life Insurance Cover to borrowers for Loan Protection(optional)
6. Free accidental insurance coverage up to limit Rs.5 Crores
7. Processing fee:
   • For Individuals: 0.25% of Loan Amount (Min. 1,500 & Max. Rs 20,000)
   • For Firms & Corporate: double that of applicable to individuals
   • For Rural Areas: 75% that of applicable to individuals
   • Nil upto 31.03.2018
8. Eligibility: Existing SB/CD customer with average balance of Rs.5,000. Professionals like Doctors, Lawyers, Engineers, Chartered Accountants and business man having regular source of income. SB/CD Account to be maintained throughout the tenure of the loan.
9. Minimum Loan Amount: Rs.5 lakhs for salaried & Rs 10 lakhs for others
10. Maximum Loan Amount:As per normal home loan scheme
11. Margin:15% to 25%
12. Maximum Tenure: Max. 30 years
13. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
14. Interest Rate:

    CIBIL-Personal Score	Interest Rate (p.a.)
    675 & Above	8.40% to 9.55%
    Below 675	10.65% to 10.85%
    -1 and 0	8.80%

(3) BOI Star Pravasi Home Loan: This scheme has especially been designed for Non Resident Indians (NRIs) or Persons of Indian Origin (POI)

Important Features:

1. Purpose: 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, takeover of home loan from other banks/ FIs, etc.
2. Option for different EMI amounts for different periods during tenure of loan to suit customer's repayment capacity
3. Free Personal Accident Insurance cover
4. Life Insurance Cover to borrowers for Loan Protection(optional)
5. Processing fee:
   • For Individuals: 0.25% of Loan Amount (Min. 1,000 & Max. Rs 20,000)
   • For Firms & Corporate: double that of applicable to individuals
   • For Rural Areas: 75% that of applicable to individuals
6. Eligibility: Non-Resident Indians (NRIs) and Persons of Indian origin (PIOs)
7. Minimum Loan Amount:For Metro/ Urban Centres :-Rs. 1 Lakh
8. Maximum Loan Amount:

   Purpose	Loan Amount
   For Construction/ Purchase of home/ Flat	Maximum Rs.300 Lakhs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata, New Delhi and Chennai)
   For Repairs/ Renovations/ Extension of house/ flat	Maximum of Rs. 50 lakhs
   For Purchase of a Plot	Maximum of Rs. 100 lakhs
   For Furnishing the house/ flat	15% of Home Loan amount Maximum Rs. 5 lakhs

9. Margin:15% to 25%
10. Maximum Tenure: Max. 30 years
11. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
12. Interest Rate:

    Category of Borrower	Interest Rate (p.a.)
    Women	8.30% to 10.60%
    Others	8.30% to 10.75%

(4) BOI Star Diamond Home Loan: This is home loan scheme which has especially been designed for High Net Worth Individuals (HNI) and Firms or Corporate for residential accommodation of their partners/directors

Important Features:

1. Purpose: 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, etc.
2. Processing fee: One time processing charge of Rs.50,000 or maximum as per Star Home Loan Scheme, whichever is higher. No other charges will be applicable except actual out of pocket expenses. (Plus taxes)
3. Eligibility: High Net worth Individuals, Firms/ Corporate for residential accommodation of their partners/directors, having minimum average gross income of Rs.1 crore and above during the last 3 years as per audited balance sheet /IT Returns
4. Eligible Loan Amount: Over Rs. 5 crore
5. Margin: 25% on pure Value of Property
6. Maximum Tenure: Max. 30 years
7. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
8. Interest Rate:

   CIBIL-Personal Score	Interest Rate (p.a.)
   675 & Above	8.40% to 9.55%
   Below 675	10.65% to 10.85%
   -1 and 0	8.80%

(5) BOI Pradhan Mantri Awas Yojana (PMAY): The scheme is available to only urban poors in EWS/ LIG category. It offers Housing Loan to Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category at attractive rates. Borrowers will get Credit Linked Subsidy at the rate of 6.50% upto Rs. 6 lakhs for max. 20 years. Maximum subsidy amount will be Rs 2,67,280 only.

Important Features:

1. Purpose: To extend home loan for purchase, new construction and addition of home, to existing dwelling units as incremental housing, for construction of house/ flat
2. Eligibility: Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category. Joint owners from the same family are also eligible. Beneficiary family should not own an all weather dwelling unit either in his/ her name or in the name of any member of his/ her family in any part of India.
   • EWS households - households having an annual income up to Rs.3,00,000 and house size with carpet area upto 30 square meter.
   • LIG households - households having an annual income above Rs.3,00,000 and up to Rs.6,00,000 and house size with carpet area upto 60 square meter.
3. Maximum Loan Amount: Customised depending upon income criteria, repayment capacity, age of the applicant / co-applicant (s) and LTV/Margin norms.
4. Margin: 10% to 25%
5. Maximum Tenure: Max. 30 years
6. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
7. Interest Rate:

   CIBIL-Personal Score	Interest Rate (p.a.)
   675 & Above	8.40% to 9.55%
   Below 675	10.65% to 10.85%
   -1 and 0	8.80%

How to Apply for Home Loan from BOI under Pradhan Mantri Awas Yojana (PMAY)?

First of all, you apply for home loan from Bank of India and along with your loan application, you need to fill the Pradhan Mantri Awas Yojana (PMAY) Form and submit it with your loan application form with the bank. Bank will take care of its processing. Bank will check your eligibility and if you are eligible in the category you have applied for like EWS/ LIG, then accordingly the interest subsidy would be credited in your bank account.

(6) BOI Star Top Up Loan: BOI offers customers to borrow certain amount over and above their home loan amount.

Important Features:

1. Customer should already have a BOI Home Loan Account
2. The interest rates are much lower than usual personal loan interest rates.
3. Purpose: All permitted bonafide purposes other than speculative purpose such as investment in equities.(Suitable undertaking to be obtained in this regard)
4. Processing fee:
   • For Individuals: 0.25% of Loan Amount (Min. 1,000 & Max. Rs 20,000)
   • For Firms & Corporate: double that of applicable to individuals
   • For Rural Areas: 75% that of applicable to individuals
   • Nil upto 31.03.2018
5. Eligibility: All Existing Individual Home Loan borrowers having satisfactory conduct of account for last 2 years are eligible (Firms, HUFs, corporates not included)
6. Minimum Loan Amount: Rs.2 lakhs
7. Maximum Loan Amount: Based on valuation of property. Total Loan including outstanding in existing Home Loan account/s not to exceed 75% of the distress value of the property.
8. Margin:15% to 25%
9. Maximum Tenure: Not to exceed repayment period in Home loan. Maximum 12 Years.
10. Interest Rate: Home Loan account plus premium of 0.50%, subject to Minimum of MCLR i.e. 8.50%
11. Interest Rate:

    Category of Borrower	Interest Rate (p.a.)
    Women	Respective Home Loan + 0.50% subject to minimum RBLR
    Others	Respective Home Loan + 0.50% subject to minimum RBLR

Tax Benefits of availing Home Loan

There are two types of tax benefits associated with home loan for Resident Indians:

Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).

Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.

What is the Impact of MCLR on EMI of Bank of India Home Loan Borrowers?

After April 1, 2016, all bank loans (including home loans) are linked to the bank's MCLR with or without a mark-up or spread (bank margin). Earlier, they were linked to the bank's base rate. All banks are required to disclose their MCLR each month.

Banks generally hike MCLR, whenever there is a hike in Repo Rate by the RBI. Banks may increase MCLR due to surging bond yields and higher provisioning requirements, even when the RBI has not hiked Repo Rate.

Home Loan Interest Rate can be equal to the MCLR or have a 'margin' or 'mark-up' or 'spread' but can never be lower than MCLR.

Home Loan Interest Rate is linked to the bank's MCLR. If MCLR goes up, the home loan rates will also go up. Home Loan Interest Rate will not be impacted by hike in MCLR only if banks reduce the mark-up (margin) in the home loan. If MCLR goes down, the home loan rates will also go down.

For MCLR-linked home loans, the rate is reset after 6 or 12 months according to the agreement between the borrower and the bank. The interest rate applicable on the reset date will become the new rate on which the future EMI's will be calculated.

What should Base Rate Home Loan Borrowers do?

Home Loan Interest Rate of old home loan borrowers (who had taken home loans before April 1, 2016) are linked to the base rates of the banks. Hence the EMI which they are paying is also linked to base rate. Banks have always remained very sluggish for passing on the benefits of RBI rate cuts to the borrowers.

Now after April 1, 2016, Home Loan Interest Rate is linked to MCLR (Marginal Cost of funds based Lending Rate) for home loan borrowers in order to resolve the problems of the Base Rate regime.

It will be beneficial for them to switch to MCLR linked rate if the difference between what they are paying (under base rate) and what the bank is offering (under MCLR) is significant. So they must switch to MCLR linked rates, if outstanding loan is high and the remaining tenure is also long.

In that situation, Base Rate Borrowers have following two options:

(1) Switch to MCLR linked home loan with the same bank: It is beneficial, in case the bank is charging a nominal switching fee such as 0.50% or less on outstanding amount.

(2) Transfer the loan to another bank on MCLR: It is feasible, if new bank has waived off processing fee (which they generally do in order to attract the customer and increase their business) or is charging very less processing fee and legal and transfer costs.

The borrower must compare both the above-mentioned options and opt for the one which is more beneficial to them in terms of money saved. It will result not only in reduction of future EMIs but also a huge amount of interest will be saved during remaining tenure.

One may as well continue the loan on base-rate especially if the maturity is near and need not go through the process of conversion.

Further, the Reserve Bank (RBI) is going to link the base rate for loans given by banks to the MCLR from April 1, 2018. Once it happens, the base rate will automatically increase or decrease along with the MCLR without any specific action required for adjustment. This will be very beneficial for the home loan borrowers whose rates (EMIs) are still linked to the base rate.

EMI Payment Methods of Bank of India Home Loan

You can repay Bank of India home loan in any of the following methods:

(1) Electronic Clearing Service (ECS): Electronic Clearing System is preferred for faster payments and collections. If you have an account with other bank than Bank of India then you can use ECS for loan repayment. You will have to fill up a form and submit the same with your bank for debiting EMI every month from your account. In this case, your EMI will be automatically debited every month from your bank account and credited to Bank of India towards loan repayment instalment.

(2) Standing Instruction (SI): If you maintain your account with Bank of India, then you can use this method. Under this method, you will have to issue a Standing Instruction to Bank of India to debit your EMI amount on a due date every month from your Bank of India account and credit to Bank of India loan account towards loan repayment instalment. You save a lot of time and energy by giving standing instructions to the bank to carry out the transaction on your behalf each time.

(3) Post-Dated Cheques (PDCs): In this method, you need to submit post-dated EMI cheques to Bank of India for a certain period of time, which are deposited by the Bank of India on the due date. This alternative is cumbersome and time-consuming and involve a manual procedure of visiting the Bank of India in a timely manner.

Points to Note Regarding EMI Payment Methods

1. A fresh set of PDCs need to be submitted in a timely manner.
2. Post Dated Cheques are accepted only for non-ECS locations.
3. It is good to pay your EMIs either through the Standing Instruction or ECS for faster and timely remittance of your loan instalments.

In case of Prepayment of Bank Of India Home Loan, will EMI change?

One can pre-pay Bank Of India Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:

1. He can continue with the existing and reduce the loan tenure
2. He can reduce the EMI and keep the loan tenure the same

Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.

Ways to Reduce your Bank of India Home Loan EMI

• Negotiate with your banker on lower interest rate
• Apply for longer tenure
• Give maximum amount as down payment
• Pre-pay loan amount
• Switch to another bank/ FI offering lower interest rate

Latest News on Bank of India Home Loan

• September 1, 2024: Bank of India revises MCLR w.e.f. 01.09.2024
• February 1, 2024: Bank of India revises MCLR w.e.f. 01.02.2024
• November 1, 2021: Bank of India cuts MCLR by 5 basis points i.e. by 0.05% for 1 month and 3 month tenors w.e.f. 01.11.2021
• February 1, 2021: Bank of India revises its MCLR
• January 29, 2020: Bank of India plans to raise Rs. 1,000 crore by selling shares to institutional investors in February, 2020
• December 9, 2019: Bank of India cuts 1-year MCLR by 20 basis points i.e. by 0.20%
• August 9, 2019: Bank of India lowers MCLR by 25 basis points i.e. by 0.25% w.e.f. August 10, 2019
• June 10, 2018: Bank of India hikes MCLR by 10 basis points i.e. by 0.10%
• February 10, 2018: Home loans taken prior to April 2016 may become cheaper
• September 7, 2017: Bank of India cuts lending rates by 0.05-0.10%

FAQs on Bank of India Home Loan

1. What is an EMI?

   EMI or Equated Monthly Instalment is a fixed amount paid by you to the bank on a specific date every month. The EMI's are fixed when you borrow money from the bank as a loan. EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank alongwith interest.

2. What is Pre-EMI Option?

   Pre-EMI is an option in which the borrower has to pay only interest on loan amount during the progress on the construction of the project. The actual EMI payment will be started only after his/ her possessing the house.

3. What are the various interest rates offered on home loans?

   Interest rates offered vary for women borrowers and others. Women borrowers are offered home loan at lower interest rate in Bank of India.

4. What is the eligibility criteria for getting Bank of India home loan?

   The eligibility criteria for Bank of India Home Loan is as follows:

   Basis	Salaried Customers	Non Salaried Customers
   Age	Minimum 18 years & Maximum 70 Years	Minimum 18 years & Maximum 70 Years
   Income	Annual income must be atleast Rs.1.2 lakhs	Annual income must be atleast Rs 2 lakhs
   Job/ Business Experience	1 Year	2 Years
   Age of Co-applicant	Minimum 18 years	Minimum 18 years

5. Can joint-applications be made for Bank of India Home Loans?

   Yes. Joint applicants can be made for Bank of India Home Loans.

6. What processing fee is charged by Bank of India home loan?

   Bank of India charges a low processing fee for its home loans which is as mentioned below:

   • For Individuals: 0.25% of Loan Amount (Min. 1,000 & Max. Rs 20,000)
   • For Firms & Corporate: double that of applicable to individuals
   • For Rural Areas: 75% that of applicable to individuals
7. What are the maximum number of properties that I can own?

   You can own as many properties as you want.

8. What is a down payment?

   Down payment is the amount that is paid by the borrower on an up-front basis. Banks usually pay around 75% to 85% of the cost of the property, hence the rest amount the borrower needs to pay as down payment.

9. What is the average tenure of a home loan?

   Home loans average tenure ranges generally between 3 and 30 years.

10. Can I pre-pay my Bank of India home loan? Is there any penalty?

    Yes. You can pre-pay your Bank of India home loan with nil penalty for floating rate home loan and with upto 2% of pre-payment penalty for fixed interest home loan.

11. What security do I need to furnish for Bank of India home loan?

    The property purchased out of the loan is taken by Bank of India as the security. However, if Bank of India feels then it can ask for additional securities too.

12. Who is an NRI?

    NRI or Non Resident Indian is a citizen of India or a foreign national of Indian origin living outside India for the purpose of employment, business or any other vocation, which would indicate his intention to stay outside India for an indefinite period of time. An Indian would also be termed as an NRI if his stay in India is less than 182 days.

13. What is the mode of payment for NRI home loans?

    Generally, payments are made through NRI Account like NRO, NRE, NRNR and FCNR accounts. NRI home loan can be paid by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI.

14. What kind of job makes me eligible for Bank of India home loan?

    You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.

15. What is the tax benfits available on Bank of India home loan?

    As per Section 80C of the Income Tax Act, in case of the principal amount, you can claim a deduction of upto Rs 1.5 lakhs while in case of interest, it is upto Rs. 2 lakhs.

16. Are long-term home loans beneficial or short-term loans?

    It dependes on the financial status of the borrower. If he wants lower EMIs then Long-term loans, if not, then he can go with short-term loans with higher EMIs with the benefit of lesser interest.

17. Do I have to pay only fixed rate of interest or floating rate is also there in Bank of India Home Loan?

    No, you have the option to choose any kind of rate of interest you want to pay. You can pay floating rate of interest which is linked with the MCLR and keeps changing from time to time.

18. My EMI is increased due to an increase in the rate of interest being it flexible. What do I do for lower EMI?

    EMI increases with the increase in the rate of interest if you have opted for floating rate. You may ask your bank for increasing the loan tenure, if you want to get your EMI reduced or you can make some part pre-payment to your bank for reduction in EMI.

19. What are different modes of payment of EMI of Bank of India Home Loan?

    The EMI can be paid through various modes such as Post dated cheques, Electronic Clearing Service (ECS), Standing Instruction (SI), etc.

20. Can I apply for a home loan to renovate my home or flat?

    Yes, you can apply for home loan for any purpose such as buying a home, constructing a home, repairing of your home, home improvement, balance transfer and home renovation.

21. What is the difference between EMI and Pre-EMI?

    You repay your home loan through Equated Monthly Instalments (EMI), which includes principal and interest component. EMI repayment starts from the month subsequent to the month of final disbursement. Pre-EMI is only a simple interest, which you are required to pay every month till the loan is not fully disbursed.

22. How to get my Income Tax certificate from Bank of India?

    Income Tax certificate will be despatched to your after the end of financial year by Bank of India. You may also contact your nearest Bank of India branch or your can also send a request through its website for the same.

Contact details of Bank Of India, Bank Of India SMS balance check number SMS banking, Bank Of India mobile banking, Bank Of India toll free number,Bank Of India toll free number 24*7, Bank Of India miss call number.

• MISSED CALL NUMBERS - 9015135135
• CUSTOMER CARE NUMBERS - 1800220229, 18001031906, 022-40919191
• CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229

Bank Of India Contact Details

• BANK OFFICIAL WEBSITE - https://www.bankofindia.co.in
• CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9015135135
• CUSTOMER CARE NO. - 1800220229, 18001031906, 022-40919191
• TOTAL BRANCHES - 4892
• TOTAL ATMS - 6771
• HEADQUARTER - Mumbai
• BANK ADDRESS - BANK OF INDIA STAR HOUSE C - 5, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.

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