Good News For Home Buyers! BOI Cuts Home Loan Rates To 8.3% Till Mar 31 | Personal Finance News

New Delhi: Ahead of Holi, the Bank of India has good news for customers. The public sector lender has announced a reduction in its new home loan rates. The rates have been lowered from 8.45 percent to 8.3 percent. Additionally, the bank has fully waived processing fees for this limited-time offer.

Offers Deadline

The offer is available until the end of this month, which means March 31, 2024. (Also Read: Unilever To Spin Off Ice Cream Unit; To Cut Around 75,00 Jobs)

Rooftop Solar Panels

In addition to home loans, the Bank of India is offering special financing for rooftop solar panels. These loans come at a reduced interest rate of 7 percent and do not include processing fees. (Also Read: Samsung Galaxy S24 Ultra Is Available For Just Rs 49,999 In Sale: Check Offer Details)

Benefits Of Offer

With a 30-year tenor home loan at 8.3 percent, the starting EMI (monthly installment) is as low as Rs 755 per lakh. Furthermore, the loan package includes an overdraft facility, providing flexibility and comprehensive financial support to homebuyers.

What Will Be Covered Under Scheme?

Bank of India’s home loan offering covers not only home construction, renovation, and furniture but also extends to promoting clean and renewable energy solutions.

The bank provides financial assistance for the installation of rooftop solar panels, up to Rs 10 lakh, at the same interest rate applicable for home loans.

Details Of Rooftop Solar Panel Loans

Rooftop solar panel loans are priced at 7 percent interest with no processing charges. Under this scheme, individuals aiming to set up a solar rooftop can avail finance for up to 95 percent of the project cost, with a maximum repayment period of 120 months.

Government Subsidy

Customers can also benefit from a government subsidy of up to Rs 78,000, which can be claimed directly, further enhancing the affordability of installing rooftop solar panels.

(With PTI Inputs)

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