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Key Features of Bank of India Star Pravasi Home Loan

  • Competitive Interest Rates: Floating interest rates starting from 8.00% p.a. (as of April 2025), with lower rates for applicants with high credit scores (800+). Special concessional rates may be available for women borrowers.
  • High Loan Amounts: Up to ₹3 crore (extendable to ₹5 crore in metro cities like Mumbai, Delhi, Kolkata, Chennai). No upper cap on loan amount, subject to Loan-to-Value (LTV) ratio (up to 90% of property value).
  • Long Repayment Tenure: Loan tenure extends up to 30 years, providing flexibility in repayment and lower Equated Monthly Installments (EMIs). Moratorium period for under-construction properties included in the tenure.
  • Versatile Loan Usage: Purchase of house/flat, construction on owned plot, plot purchase, renovation, extension, furnishing, or balance transfer of existing loans.
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    • Loan Tenure: Up to 30 years, providing flexibility in repayment. The moratorium period (if applicable, e.g., for under-construction properties) is included in the loan tenure and does not extend beyond it.
    • Processing Fees: For individuals: 0.25% of the loan amount (minimum ₹1,500, maximum ₹20,000).
      For non-individuals (e.g., partnership firms, corporates): 0.50% of the loan amount (minimum ₹3,000, maximum ₹40,000).
      For rural areas: Same range as for individuals (₹1,500–₹20,000).
    • Free Accidental Insurance: Free accidental insurance coverage up to a limit of ₹5 crore, subject to terms and conditions.
    • Top-Up Loan Facility: Option to avail top-up loans for additional funding needs, with a maximum repayment period of 12 years for top-up loans.
    • Repayment Flexibility: Option to pay different EMI amounts during the loan tenure based on the borrower’s payment capacity. Repayment through Equated Monthly Installments (EMIs) via Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts.
    • Minimal Documentation:
      • Identity Proof: PAN, Passport, Driver’s License, or Voter ID
      • Address Proof: Passport, Driver’s License, Aadhar Card, or utility bills (electricity, telephone, or piped gas)
      • Income Proof:
        For salaried NRIs: Latest 6 months’ salary slips, 1 year ITR, or Form 16
        For self-employed NRIs: Last 3 years’ ITR, Profit & Loss account, Balance Sheet, and Capital Account Statement
      • Property Documents: Sale agreement, development agreement, conveyance deed, or approved plan copy
      • Other Documents: Valid passport with visa, employment contract, and overseas bank statements for the last 6 months
    • Tax Benefits: NRIs can claim tax deductions on the interest component (up to ₹2 lakh) and principal component (up to ₹1.5 lakh) if the property is vacant. If the property is rented out, the entire interest payable can be claimed as a tax deduction.
    • Power of Attorney (POA): NRIs can appoint a Power of Attorney in India to manage the loan process and property purchase in their absence, facilitating disbursement without needing to be physically present.
    • Balance Transfer Facility: Existing home loan borrowers from other banks or housing finance companies can transfer their loans to Bank of India to benefit from lower interest rates and better terms.
    • Online Application: NRIs can apply for the loan online through the Bank of India’s official website (“BOI Online” option) or offline by visiting any branch.
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Benefits of Bank of India Star Pravasi Home Loan

  • Competitive Interest Rates: Floating interest rates start at 8.00% p.a., with lower rates for high credit scores (800+) and special rates for women borrowers. Interest charged on reducing balance method.
  • High Loan-to-Value (LTV) Ratio: Finance up to 90% of the property's value, minimizing upfront payments. Higher loan amounts in metro cities (up to ₹5 crore).
  • Flexible Loan Tenure: Tenure of up to 30 years allows lower EMIs, supporting various income levels and age profiles (loan maturity up to 70 years of age).
  • Versatile Loan Usage: Use the loan for buying, constructing, renovating, extending, or furnishing residential properties. Balance transfer of existing loans also available.
    • Tax Benefits: Eligible NRIs filing taxes in India can claim deductions on both principal (under Section 80C) and interest paid (under Section 24), reducing taxable income.
    • No Prepayment Charges: Floating-rate home loans can be prepaid or closed early without penalty, allowing interest savings.
    • Affordable Processing Fees: Low processing fee of 0.25% of loan amount for individuals. Periodic campaigns may offer fee waivers.
    • Convenient Application Process: Apply online via Bank of India's website or BOI Online app. Doorstep document collection available.
    • Currency and Account Flexibility: Loan disbursed to NRE/NRO accounts. Repayment through same accounts in foreign currency.
    • Free Accidental Insurance: Complimentary accidental insurance coverage up to ₹5 crore, subject to terms.
    • Top-Up Loan Facility: Additional funding available through top-up loans with repayment up to 12 years.
    • Pan-India Accessibility: Extensive Bank of India branch network provides local support. Dedicated NRI customer care.
    • Secure and Transparent Process: Property-backed loans with clear terms. Support for legal and technical property verification.
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How to Apply for Bank of India Star Pravasi Home Loan

  • Option 1: Online Application
    1. Visit Bank of India's Official Website: www.bankofindia.co.in
    2. Navigate to 'NRI Services' and select 'Star Pravasi Home Loan'
    3. Click on 'Apply Online' or 'BOI Online' option
    4. Fill the application form with personal, professional, and property details
    5. Upload scanned copies of required documents
    6. Submit the application and note the reference number for tracking
    7. Track status through BOI online banking using your credentials
  • Option 2: Offline Application (Branch Visit)
    1. Locate the nearest Bank of India branch (preferably NRI-specialized branch)
    2. Obtain and fill the Star Pravasi Home Loan application form
    3. Submit form with self-attested copies of required documents
    4. Complete verification process
    5. Loan approval and disbursal
    6. Carry original documents for in-person verification
    7. Request receipt or acknowledgment after submission

Eligibility Criteria for Bank of India Star Pravasi Home Loan

  • Nationality and Status: Must be an NRI (Indian citizen residing abroad) or PIO (foreign citizen of Indian ancestry). Indian citizens working abroad with government agencies or merchant navy also eligible.
  • Age: Minimum: 18 years at application. Maximum: 70 years at loan maturity.
  • Income Requirement: Stable income sufficient to cover EMIs (typically not exceeding 50-60% of monthly disposable income).
  • Work Experience: Minimum 1 year of continuous employment or business abroad preferred.
  • Credit Score: A good credit score (typically 750 or above) improves approval chances and interest rates.
  • Property Eligibility: Must be residential property in India (purchase, construction, renovation). Agricultural land excluded.
  • Co-Applicant: Optional but recommended to enhance loan eligibility (e.g., spouse, parent).
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Documents Required for Bank of India NRI Home Loan

  • Identity and Status Documents:
    • Passport copy (for NRIs) or foreign passport with PIO/OCI card (for PIOs)
    • Valid visa/work permit
    • PAN card (mandatory for transactions above Rs. 10 lakh)
  • Address Proof:
    • Overseas address proof (utility bill, driving license)
    • Indian address proof (if applicable)
  • Income and Financial Documents:
    • Last 6 months' salary slips (for salaried) or 3 years ITR (for self-employed)
    • Last 6 months' bank statements (NRE/NRO/foreign account)
    • Employment contract or appointment letter
    • Business registration documents (for self-employed)
  • Property Documents (if finalized):
    • Agreement to sale
    • Title deeds and chain of ownership
    • Approved plan and completion certificate
    • No-objection certificates (NOCs) and encumbrance certificate

Factors Affecting Bank of India NRI Home Loan Approval

  • Applicant's Profile: Nationality, age, employment stability, credit score (preferably 750+), and country of residence stability.
  • Income and Financial Stability: Income level, debt-to-income ratio, and financial discipline. Stable employment/business history preferred.
  • Property Details: Type, value, location, legal/technical clearance, builder reputation (for under-construction properties).
  • Loan Amount and Tenure: Requested loan amount versus repayment capacity and LTV ratio (up to 90%).
  • Documentation: Completeness and authenticity of submitted documents. Overseas documents may require attestation.
  • Interest Rates and Costs: Current market rates (starting from 8.00% p.a.) and processing fees (0.25-0.50% of loan amount).
  • Repayment Capability: Stable repayment sources through NRE/NRO accounts and EMI flexibility.
  • Regulatory Compliance: Adherence to RBI and FEMA guidelines for NRI property purchases in India.
  • Co-applicant or Power of Attorney (POA): Presence of reliable resident Indian co-applicant or POA strengthens application.
  • Economic Conditions: Global and Indian economic factors, currency exchange rates, and real estate market trends.

Frequently Asked Questions (FAQs)

What is Bank of India Star Pravasi Home Loan?
The Star Pravasi Home Loan is a specialized loan scheme offered by Bank of India for NRIs and PIOs to purchase, construct, renovate, or extend residential properties in India. It features competitive interest rates (starting from 8.00% p.a.), long repayment tenures (up to 30 years), and flexible repayment options.
Who is eligible for Bank of India NRI Home Loan?
  • NRIs: Indian citizens residing abroad for employment or business.
  • PIOs: Foreign citizens of Indian ancestry (with PIO/OCI card).
  • Indian citizens working abroad with government agencies or merchant navy.
  • Age: 18 to 70 years (at loan maturity).
  • Income: Stable income sufficient to cover EMIs.
  • Work Experience: Preferably 1 year of continuous employment abroad.
What types of properties can I purchase with this loan?
  • Purchase of a house or flat (new or existing).
  • Construction of a house on owned land.
  • Purchase of residential plot for construction.
  • Renovation, extension, or furnishing of existing residential property.
  • Balance transfer of existing home loans from other banks.
  • Agricultural land, plantation properties, or farmhouses are not eligible.
What is the maximum loan amount I can get?
  • Up to ₹3 crore for most locations.
  • Up to ₹5 crore in metro cities (Mumbai, Delhi, Kolkata, Chennai).
  • Subject to Loan-to-Value (LTV) ratio of up to 90% of property value.
What are the interest rates for the NRI Home Loan?
  • Floating interest rates start from 8.00% p.a. (as of April 2025).
  • Lower rates for applicants with high credit scores (800+).
  • Special concessional rates may be available for women borrowers.
Is a co-applicant mandatory?
A co-applicant is not mandatory but recommended to enhance loan eligibility. It can be a spouse, parent, or close relative residing in India.
Can I apply for the loan from abroad?
Yes, you can apply online through Bank of India's website (www.bankofindia.co.in) or BOI Online app. You can also appoint a Power of Attorney (POA) to handle the process in India.
What is the processing fee?
For individuals: 0.25% of loan amount (minimum ₹1,500, maximum ₹20,000). For non-individuals: 0.50% (minimum ₹3,000, maximum ₹40,000). Special campaigns may offer fee waivers.

List of Bank of India NRI Home Loan Products

  • Star Pravasi Home Loan for Purchase of House/Flat
  • Star Pravasi Home Loan for Construction of House
  • Star Pravasi Home Loan for Purchase of Residential Plot
  • Star Pravasi Home Loan for Plot Purchase and Construction
  • Star Pravasi Home Loan for Renovation/Extension
  • Star Pravasi Home Loan for Home Furnishing
  • Star Pravasi Home Loan for Balance Transfer
  • Star Pravasi Top-Up Loan