One of the biggest milestones in a person’s life is achieving the dream of buying their own house. A recent key decision taken by the Bank of India (BOI) will move you a notch closer to your dream of purchasing your dream house. The public sector bank has announced a cheaper rate of interest on home loans. Bank of India has announced to reduce the interest rate on home loans by 0.15 per cent from 8.45 per cent to 8.3 per cent.
This limited-period scheme will remain in effect till the end of this month. No processing fee will be charged. The bank claimed that the interest rate of 8.3 per cent is the lowest in its category among its competitors. The bank said that the minimum rate in leading banks like State Bank of India (SBI) and HDFC Bank is 8.4 per cent. This offer is valid only till March 31.
BOI said that it is also offering a special interest rate facility of 7 per cent for rooftop solar panels, with the processing fee also being waived. Under this scheme, individuals aiming to set up a solar rooftop can avail finance up to 95 per cent of the project cost, with a maximum repayment period of 120 months. The bank said that after the interest rate cut, the monthly instalment (EMI) on a 30-year home loan will come to Rs 755 per month.
The loan package is enriched with an overdraft facility, offering a flexible and comprehensive financial support system for homebuyers. In addition to covering home construction, renovation, and furniture expenses, the home loan offering extends its reach beyond conventional financing. It aims to promote clean and renewable energy solutions by providing financial assistance for the installation of rooftop solar panels up to Rs 10 lakh at the same interest rate applicable for home loans.
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