Bank of India (BoI) cuts home loan interest rates by 8.30%

Apart from reducing the interest rates, the bank also said that the processing fee will be waived off till December 31, 2022. This offer can be used to purchase a piece of land, build a home, acquire a new or used residence, or to remodel or repair. An existing house or apartment. Additionally, Bank of India offers loans for furniture and top-ups. This offer is backed by a quick and simple approval process that is accessible through all Bank of India branches.

“Bank of India’s Star Home Loan offers a repayment tenure of up to 30 years. It also offers various EMI options for different tenors during the loan tenure to accommodate the repayment capacity of the customer. No prepayment or partial payment No charges are levied and borrowers get tax exemption on the interest and installments paid. The interest is calculated on a daily basis to allow for a lower interest amount,” the lender said in a statement.

Detailing about the BOI Star Home Loan Scheme, Bank of India on its website mentions that it is “for purchase of a plot for construction of a house, for purchase/construction of house/flat as well as for renovation/repair/ Provides loan for conversion/addition. Two House/Flat Maximum loan amount is Rs.500 lakh and repayment limit is up to 30 years, with reasonable margin and nominal processing fee. No commitment/administrative charges.” To get the loan for your dream home, as per the bank, just give a missed call on 8010968305 or SMS on

Meanwhile, starting on October 17th, 2022, Bank of Maharashtra (BOM) No longer charging 8.30% for home loans; Instead, 8.0% will be the new interest rate, which will be after the deduction of 30 bps. Interest rates on personal loans have dropped from 11.35% to 8.9%, a drop of 245 basis points, while a special rate of 8% for home loans for defense personnel including paramilitary forces has also been announced by Bank of Maharashtra, which benefits. Both salaried and pensioner categories.