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Bank of India (BOI) lowers mortgage interest rates to 8.30%

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To surprise pre-Diwali borrowers, the main public sector lender, the Bank of India (BOI), today announced an interest rate cut on home loans. The bank announced an interest rate reduction for the BOI Star Home Loan program, which now offers ideal competitive interest rates starting at 8.30% per annum and with the lowest EMIs. Existing home loans from other banks or financial organizations can also be transferred by customers to Bank of India. The applicant for a home loan can also use an overdraft facility which has three advantages: a commitment at a reduced rate, simple liquidity and tax advantages.

In addition to lowering interest rates, the bank also said that processing fees will be waived until December 31, 2022. This offer can be used to buy land, build a house, acquire a new residence or buy used, or renovate or repair. an existing house or apartment. Additionally, Bank of India provides loans for furniture and refills. The offer is backed by a simple and fast approval process accessible at all Bank of India branches.

“The Bank of India Star Home Loan offers a repayment period of up to 30 years. It also offers various EMI options for different periods during the term of the loan to suit a customer’s repayment capacity. No prepayment or partial payment charges are levied and borrowers receive tax relief on interest and installments repaid. Interest is calculated daily to allow for a lower interest amount,” the lender said in a statement.

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Bank of India Home Loan Interest Rates (bankofindia.co.in)

Introducing the BOI Star Home Loan Scheme, the Bank of India mentioned on its website that it “provides loans to buy land for construction of a house, to buy/build a house/apartment, as well as for renovation/repair/modification/addition”. home/apartment Maximum loan amount is Rs.500 lacs and repayment ranges are up to 30 years with a reasonable margin and nominal processing fee. No commitment or admin fees.” To get a loan for your dream home, just make a missed call to 8010968305 or text at 7669300024, depending on the bank.

Meanwhile, effective October 17, 2022, the Bank of Maharashtra (BoM) no longer charges 8.30% for home loans; instead, 8.0% will be the new interest rate, which followed a 30 basis point cut. Interest rates on personal loans fell from 11.35% to 8.9%, a drop of 245 basis points while a special rate of 8% for home loans for defense personnel , including paramilitary forces, was also announced by Bank of Maharashtra, which benefits the salaried and pensioner categories.

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