Bank of India (BOI) lowers mortgage interest rates to 8.30%

In addition to lowering interest rates, the bank also said that processing fees will be waived until December 31, 2022. This offer can be used to buy land, build a house, acquire a new residence or buy used, or renovate or repair. an existing house or apartment. Additionally, Bank of India provides loans for furniture and refills. The offer is backed by a simple and fast approval process accessible at all Bank of India branches.

“The Bank of India Star Home Loan offers a repayment period of up to 30 years. It also offers various EMI options for different periods during the term of the loan to suit a customer’s repayment capacity. No prepayment or partial payment charges are levied and borrowers receive tax relief on interest and installments repaid. Interest is calculated daily to allow for a lower interest amount,” the lender said in a statement.

Introducing the BOI Star Home Loan Scheme, the Bank of India mentioned on its website that it “provides loans to buy land for construction of a house, to buy/build a house/apartment, as well as for renovation/repair/modification/addition”. home/apartment Maximum loan amount is Rs.500 lacs and repayment ranges are up to 30 years with a reasonable margin and nominal processing fee. No commitment or admin fees.” To get a loan for your dream home, just make a missed call to 8010968305 or text at 7669300024, depending on the bank.

In the meantime, effective October 17, 2022, Bank of Maharashtra (BoM) no longer charges 8.30% for home loans; instead, 8.0% will be the new interest rate, which followed a 30 basis point cut. Interest rates on personal loans fell 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, was also announced by Bank of Maharashtra, which benefits the salaried and pensioner categories.