Bank Of India Slashes Home Loan Rates By 0.15% Until 31 March

Bank of India (BOI) has taken a significant step towards making the dream of owning a home more attainable for many. The public sector bank has recently announced a reduction in the interest rate on home loans by 0.15 per cent, bringing it down from 8.45 per cent to 8.3 per cent till 31 March.

BOI claims that the interest rate of 8.3 per cent is the most competitive among its peers, with leading banks like State Bank of India (SBI) and HDFC Bank offering a minimum rate of 8.4 per cent.

Furthermore, BOI is also extending a special interest rate of 7 per cent for rooftop solar panels, along with waiving the processing fee. This initiative aims to encourage the adoption of clean and renewable energy solutions. Under this scheme, borrowers can avail finance for up to 95 per cent of the project cost, with a maximum repayment period of 120 months.

After the interest rate cut, the monthly instalment (EMI) on a 30-year home loan is projected to be as low as Rs 755 per month. Additionally, BOI's home loan package offers an overdraft facility, providing flexibility and comprehensive financial support to homebuyers. Beyond covering traditional expenses like home construction, renovation, and furnishing, this offering extends its support to the installation of rooftop solar panels, up to Rs 10 lakh, at the same interest rate applicable for home loans.