Company Profile

Bank of India’s foundation was laid on 7^th Sept, 1906. The Bank was under private ownership and control till July 1969 when it was nationalized along with 13 other banks. The bank has blossomed into a mighty institution with a strong national presence and sizable international operations. Currently, it has a total of 3101 branches across India.

Bank of India offers a basket of products and services inclusive of home, auto, educational and personal loan. Under the home loan offering, a customer can purchase a plot for construction of a house, purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat, furnishing of house.

Analysis

LOAN TO VALUE RATIO – Bank of India Home Loans can be applied for a maximum of 80% of the property value subject to credit discretion and are accompanied by a specially-designed insurance cover. This feature is very much comparable to other products in the market; banks like Standard Chartered, ICICI, PNB and SBI also offer loans up to 80% of the property value. Few banks are more lenient when it comes to loan to value ratio.

TENURE – Bank of India Home Loans are available for a maximum tenure of up to 20 years.

INTEREST RATE –

No loans are offered at fixed rate of interest.

PREPAYMENT CHARGES – On prepayment of the loan, in part or full, a loan seeker is charged an early redemption charge of 2 % of the amount being prepaid. This feature is very much comparable to PNB, IDBI and HDFC Bank’s offering.

PROCESSING FEES

For individuals:

In case of partnership firms and corporate borrowers, processing charges will be double that of applicable to individuals.