Founded in the year 1906 in Mumbai by a group of businessmen Bank of India is serving the people of India for more than a century. At the present time the nationalized bank has more than 2644 branches in all parts of India among which 93 branches are specialized branches.
The Bank of India takes good care of the consumer need and also offers personal finance so that its customers do not have to abandon their little happiness in lives due to lack of adequate finance offers personal loans for many cause it offers auto loans, mortgage loans, educational loans, holiday loans and home loans.
The home loan offered by Bank of India has many facilities that are not only lucrative but also pocket friendly. The bank provides home loans for purchasing a plot or for construction of a house. The loan facility also support buying or constructing a house or flat and even furnishing it ? after all it is your home!
The Bank of India offer home loan amounting to maximum Rs. 30 millions or 300 lakhs. The repayment time of the loan ranges up to 20 years.
The bank charges a reasonable amount as a margin and as processing charges and do not burden you with commitment or administrative charges. The interest rates of Bank of India are very competitive and there is EMI facility too. Depending on your repayment capacity you can pay different EMI for different periods in the duration of loans. Bank of India also gives you the permission of prepay the loan amount so that you can reduce your liabilities at your convenience.
The home loan of Bank of India comes with a great advantage that the interest on loan amount is calculated on daily balance basis that results into lower interest rates. The NRI’s and any people of Indian origin can avail the home loan facility of Bank of India.
The procedure of taking home loan is very fast and simple and every home loan come with a free personal accident coverage. The Bank of India also offers a life insurance coverage of the borrowers of the loan which is however optional.
With all these facilities the home loan facility of Bank of India is really a wise choice for loan while buying your dream home.