BoI slashes home loan rates to 8.30 pc

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Bank of India has slashed home loan interest rates to 8.30 per cent per annum.

”Bank of India’s Star Home Loan now comes with a best-in-class competitive interest rate starting at 8.30% per annum with most affordable EMI beginning at Rs 755 per lakh. Customers can also transfer their existing home loans from other banks or financial institutions to the Bank of India.

“The Home Loan applicant can also avail of an overdraft facility wherein individuals enjoy three benefits namely low-interest rate commitment, easy liquidity and tax benefit,” a statement from the bank said.

This offer can be availed to purchase a plot or build a house, buy an old or a new flat and renovate or repair an existing flat/house, the statement added.

”Bank of India’s Star Home Loan provides a repayment period of up to 30 years. It also offers diverse EMI options for different periods during the loan tenure to accommodate a customer’s repayment capacity.

“No prepayment or part-payment charges are levied and borrowers receive a tax break on repaid interest and installments. The interest is calculated daily to permit a lower interest amount,” the statement added.