BANK OF INDIA HOME LOAN BALANCE TRANSFER

Shifting your home loan to Bank of India (BOI) can bring several advantages, such as competitive interest rates, flexible payment options, and low processing fees.

FEATURES

Maximum repayment tenure of up to 360 months.
Up to 36 months of holiday/moratorium period.
EMI starting at Rs. 755 per lakh.
Income of a co-applicant (close relative) can be considered for loan eligibility.
Smart Home Loan with overdraft facility for the entire limit or outstanding balance at the home loan rate of interest.
Loan available for purchasing plots, with the condition to construct a house within five years.
Financing options for additions, extensions, or renovations of existing properties.
Loan options for furnishing houses at the home loan rate of interest.
Balance transfer facility with the option for an additional loan amount.
Instant Top Up Loan available.
Loan facility for purchasing Solar PV systems at the home loan rate of interest.
Insurance premiums can be included in the project cost, treated as a component of the home loan.
Step up/Step down EMI options available.

BENEFITS

Low interest rates.
Minimal documentation requirements.
No hidden fees.
No penalty for prepayment.
Complimentary accidental insurance coverage up to Rs. 5 crore.

ELIGIBILITY

Eligible applicants include Resident Indians, NRIs, and PIOs.
Individuals (salaried, self-employed, professionals) and groups (associations of individuals, HUFs, corporates) can apply.
Trusts are not eligible under this scheme.
Age criteria: minimum 18 years and maximum 70 years at the time of the loan’s final repayment.

INTEREST RATE & CHARGES

Interest rates start from 8.35%.
Interest rates for individuals are linked to the CIBIL Personal Score.
Interest is calculated on a daily reducing balance.
Processing Fee for Individuals: One-time charge of 0.25% of the loan amount, ranging from Rs. 1500 to Rs. 20000.
Processing Fee for Non-Individuals: One-time charge of 0.50% of the loan amount, ranging from Rs. 3000 to Rs. 40000.

HOME LOAN BALANCE TRANSFER PROCESS TO BANK OF INDIA

Application Submission: Start by applying to BOI, either online or at a branch. You’ll need to detail your existing loan, personal info, and financial status.
Documentation: Gather and submit the following:
- Proof of Identity: Aadhaar card, PAN card, passport, or driving license.
- Proof of Address: Electricity bill, telephone bill, or any other valid proof.
- Income Proof:
  - Salaried Individuals: Last 3 months’ salary slips, Form-16 or employer’s letter, and last 6 months’ bank statements.
  - Self-Employed Individuals: Last 3 years’ Income Tax Returns with computation, CA-audited financials (if applicable), and 6 months’ primary bank statements.
- Property Documents: Original sale deed, title deed, approved building plan, and NOC from builder or society.
- Existing Loan Documents: Loan account statement for the last 12 months and a foreclosure letter from your current lender.
Loan Evaluation and Approval: BOI evaluates your application based on credit score, repayment history, and property value. Approval comes with a sanction letter detailing loan amount, interest rate, and terms.
Balance Transfer Execution: Upon approval, BOI disburses funds directly to your current lender to clear the outstanding balance, transferring property documents to BOI.

BENEFITS OF TRANSFERRING TO BANK OF INDIA

Competitive Interest Rates: Attractive rates starting from 8.80% per annum, potentially reducing your interest payments.
Flexible Repayment Tenure: Repayment period up to 360 months for manageable EMIs.
No Prepayment or Foreclosure Charges: No charges for floating rate loans, offering flexibility in managing your loan.
Top-Up Loan Facility: Available for eligible borrowers for additional financial needs related to housing.

CONSIDERATIONS BEFORE TRANSFERRING

Processing Fees: BOI may apply a processing fee. Check the specific charges during the application.
Eligibility Criteria: Confirm you meet BOI’s requirements:
- Age: 18 to 70 years at the time of final repayment.
- Income: Stable income, whether you are salaried or self-employed.
- Credit Score: A favorable credit score is crucial for approval.
Documentation: Complete and accurate documentation is essential for a smooth transfer.

Frequently Asked Questions

What are the eligibility criteria for transferring my home loan to Bank of India?

Eligibility includes being a Resident Indian, NRI, or PIO, aged between 18 and 70 years at the time of final repayment. Both salaried and self-employed individuals with a stable income and a good credit score are eligible.

What documents are required for a home loan balance transfer to the Bank of India? benefits of transferring my home loan to Bank of Baroda?

Required documents include proof of identity (Aadhaar, PAN, passport, or driving license), proof of address, income proof (recent salary slips, income tax returns, or bank statements), property documents (sale deed, building plan, NOC), and existing loan documents (loan statement, foreclosure letter).

How long does the loan approval and balance transfer process take?

The time frame varies based on individual circumstances but generally involves application submission, document review, loan evaluation, and finally, balance transfer upon approval. It’s best to consult directly with BOI for specific timelines.

Are there any processing fees involved in the home loan balance transfer to BOI?

Yes, BOI charges a processing fee which can vary depending on the loan amount and the applicant’s profile. It’s advisable to check the current rates directly with the bank during the application process.

What benefits can I expect from transferring my home loan to Bank of India?

Benefits include competitive interest rates starting from 8.80% per annum, flexible repayment tenures up to 360 months, no charges for prepayment or foreclosure for floating rate loans, and the possibility of availing a top-up loan for additional financial needs.

BANK OF INDIA HOME LOAN BALANCE TRANSFER

FEATURES

BENEFITS

ELIGIBILITY

INTEREST RATE & CHARGES

HOME LOAN BALANCE TRANSFER PROCESS TO BANK OF INDIA

BENEFITS OF TRANSFERRING TO BANK OF INDIA

CONSIDERATIONS BEFORE TRANSFERRING

Frequently Asked Questions

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Home Loan Transfer

Loan Against Property

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