Bank of India reduces home loan interest rate

The majority of people want to own a home. If you are also dreaming of buying a house, well your time has come. As the Bank of India has reduced the interest rates on home loans, even the most costly homes are now within reach. The public lender’s Star Home Loan Scheme can be availed at 8.30 per cent per annum.

In a move to ease the repayment of loans, the public lender offers options to pay EMI in different fixed tranches for subscribers. Consumers have an exemption from prepayment or part payment fees. Bank didn’t take any type of charge on the paid EMI and tax also.

The interest on the loan is calculated on the daily basis so, the borrower has to pay the minimum interest. For unversed, the Bank of India also provides furniture loans and top-up facilities. Customers can avail of the benefit of this facility, at each and every branch of the bank. The Bank of India also eases the approval process of the loan.

Benefits of Bank of India Star Home Loan, Customers can transfer their existing home loans running in other banks or financial institutions. The applicant will get the facility of an overdraft.

Along with the low-interest rate loan facility, people will also get easy liquidity and tax exemption. You can take a loan for building a house, buying a plot or flat, or renovating old flats. The repayment tenure is 30 years.