Bank of India Lowers Interest Rates on Home Loans Through March 31 by 0.15%

Realizing the goal of owning a home is one of life’s greatest achievements. A recent significant move by the Bank of India (BOI) would bring you one step closer to realizing your ambition of owning the home of your dreams. The public sector bank has declared a reduction in the interest rate for house loans. The Bank of India has declared a 0.15 percent reduction in home loan interest rates, from 8.45 percent to 8.3 percent.

This limited-time offer is valid until the end of this month. There is going to be no processing cost. The bank said that their 8.3% interest rate is the lowest in its category when compared to its rivals. According to the bank, the minimum rate at prestigious institutions like HDFC Bank and the State Bank of India (SBI) is 8.4%. This deal is only available until March 31.

According to BOI, it is also providing rooftop solar panel buyers with a special interest rate facility of 7% and a waiver of the processing charge. A maximum payback term of 120 months is available to those who want to install solar panels on their rooftops. Financing up to 95% of the project cost is available under this program. According to the bank, the monthly installment (EMI) for a 30-year house loan would be Rs. 755 after the interest rate reduction.

An overdraft facility is included in the loan package, providing homeowners with a complete and adaptable financial assistance network. The house loan package goes beyond traditional lending by including coverage for furnishings, home renovations, and building costs. By offering financial support for rooftop solar panel installation up to Rs 10 lakh at the same interest rate as house loans, it seeks to encourage clean and renewable energy options.