Housing Finance Home Loan
BOB Housing Finance offers home loans up to 90% of your property’s value. PNB Housing Finance home loan interest rate starts from 8.25% p.a. for salaried and 8.55% p.a. for self-employed individuals. The borrowed amount can be repaid within 30 years of tenure or up to the age of 70. You can use the loan amount for house purchase, construction, and renovation.
Housing Finance Home Loan Highlights
The key features of BOB Housing Finance home loan are mentioned in the table below:
| Loan amount | Up to 90 % of the property cost |
|---|---|
| Rate of interest | Starts at 8.25% p.a. for salaried & 8.55% p.a. for self-employed |
| Tenure | Up to 30 years or up to the borrower’s age of 70 |
| Lowest EMI possible | Rs. 751 Per Lakh |
| Processing fee | 0.35% of the loan amount + GST |
| Prepayment charges | Up to 2% of principal paid + GST for fixed interest rate loan & up to 3% principal paid + GST for floating interest rate loan |
| Required CIBIL score | Minimum 611 |
| Monthly income | Rs. 15,000 or above |
BOB Housing Loan Interest Rate
PNB Housing Finance home loans are available at floating rates and vary as per the borrower’s credit score. The PNB Housing loan interest rates are linked to its benchmark rate .
The current rate of interest for BOB Housing is as below:
Interest rates for home loans up to Rs. 35 Lakhs
| Credit Score | Salaried | Non-Salaried |
|---|---|---|
| >=825 | 8.25% | 8.55% |
| >800 to 825 | 8.80% | 8.90% |
| >775 to 799 | 9.05% | 9.55% |
| >750 to <=775 | 9.15% | 9.70% |
| >725 to < =750 | 9.40% | 10.10% |
| >700 to <= 725 | 9.75% | 10.45% |
| >650 to <=700 | 10.15% | 10.65% |
| Up to 650 | 10.15% | 10.65% |
| New to credit (NTC) CIBIL >=170 | 9.95% | 10.35% |
| NTC CIBIL <170 | 10.05% | 10.45% |
BOB Housing Home Loan Comparison with Other Lenders
Below is the comparison table of BOB Housing home loan interest rates with some other top lenders:
| Bank/NBFC | Rate of Interest |
|---|---|
| State Bank of India | 7.50% – 8.45% |
| Bajaj Finserv | 7.45% – 18.00% |
| Kotak Mahindra Bank | 7.99% |
| HDFC Bank | 7.90% – 9.00% |
| IDFC First Bank | 8.85% |
| ICICI Bank | 7.70% |
| Tata Capital | 7.75% |
| Federal Bank | 8.75% |
Fees & Charges for Loan
| Processing fee | 0.35% of the loan amount + GST |
| Part/ full prepayment charges (floating interest rate) | Nil if the property is in the name of the individual & 2% of principal paid + GST if the property is in the name of the non-individual entity |
| Part/ full prepayment charges (fixed interest rate) | Nil, if the property is in the name of the individual & payment is made from own sources; 3% of principal prepaid + GST, if the property is in the name of the individual & payment is made by/from a third party/ if the property is in the name of non-individual entity |
| Cheque/ NACH mandate form return/ bounce charges | Rs. 750 + GST on 1st bounce & Rs. 1,000 + GST from 2nd bounce |
| Overdue charges | 24% p.a on unpaid EMI for the delayed period |
| Statement of account | Rs. 500 + GST (if ad hoc request received at branch/on e-mail) |
| Repayment schedule fee | Rs. 500 + GST (if ad hoc request received at branch/on e-mail) |
| List of documents fee | Nil if requested within 6 months from 1st disbursement & Rs. 750 + GST after that (if the request is received at branch/ on e-mail) |
| Loan pre-closure statement | Rs. 750 + GST |
| Provisional interest certificate | Rs. 500 + GST per instance after 2 provisional & 1 final interest sent through e-mail every year |
| Final interest paid certificate | Rs. 500 + GST per instance after 2 provisional & 1 final interest sent through e-mail every year |
| Copy of property documents | Rs. 500 + GST if received through an e-mail, Rs. 1,000 + GST for printed copies & Rs. 1,500 + GST, for more than 50 pages |
| Swap of repayment instructions | Rs. 750 + GST (for physical PDC/NACH mode) |
| Change of ROI from fixed to floating & from fixed/floating to fixed | 3% of POS + GST |
| Change of ROI from floating to floating (reduction in rate) | 0.5% of POS + GST |
| Swap of property fee | Rs. 25,000 + GST |
| Cash/single cheque EMI payment fee | Rs. 1,000 + GST |
| Custody charges (for property documents not taken back after loan maturity/ foreclosure) | Rs. 1,000 + GST p.m. (after 1 month of loan closure/ maturity) |
| Original property documents retrieval on request | Rs. 1,000 + GST |
| CERSAI fees | Rs. 100 + GST for loans disbursed after January 31, 2016 & Rs. 500 + GST for loans disbursed before that |
| CERSAI validation fees | Rs. 50 + GST |
| MODT/ registration of charge creation/ cancellation | Rs. 500 + GST |
| Non-submission of documents related to loan condition/ security | Rs. 1,000 p.m. |
| Title search fees | As per actual |
| Legal fee for loan appraisal | As per actual |
| Legal recovery fees | As per actual |
BOB Housing Finance Home Loan Eligibility
Anyone who meets the following BOB Housing home loan eligibility criteria can apply for the home loan at BOB Housing:
BOB Housing home loan eligibility criteria for salaried employees
- Age: The applicant must be above the age of 21 years at the time of loan application and should not exceed 70 years at the time of loan maturity.
- Residency: The applicant should be a permanent resident of India.
- Work experience: The applicant should have a minimum work experience of 3 years.
- Occupation: The applicant should be working in permanent service at a reputed company.
- Salary: The minimum salary required for a PNB Housing home loan is Rs. 15,000 per month or above.
- LTV: Up to 90% of the property’s cost.
- Credit Score: Minimum 611.
BOB Housing home loan eligibility criteria for self-employed/ business owners
- Age: The applicant must be above the age of 21 years at the time of loan application and should not exceed 70 years at the time of loan maturity.
- Residency: The applicant should be a permanent resident of India.
- Work experience: The applicant should have at least 3 years of business continuity.
- Occupation: The applicant should be a self-employed professional (such as a doctor/ engineer/ chartered accountant/ architect/ management consultant/ etc.) or a self-employed individual (such as an entrepreneur/ businessman/ freelancer).
- LTV: Up to 90% of the property’s cost.
- Credit Score: Minimum 611.
- Additional: The applicant must apply for income tax returns.
How to Calculate BOB Housing Finance Home Loan EMI?
You can easily calculate your PNG Housing Finance home loan EMI using an online tool called Home Loan EMI Calculator. PNB Housing home loan Calculator is also available on our website.
To calculate your loan EMI using the calculator, you just need to enter a few basic details i.e. the loan amount, rate of interest, and loan tenure. This calculator provides the amortisation schedule for the entire tenure of the home loan.
Documents Required
- In order to secure a Protium business loan from BOB Home Loan, a customer is required to furnish a handful of necessary documents, including a PAN and an Aadhaar.
- As a business unit, the firm should have proof of registering the business and government-validated documents that can act as proof of address for the business owner, as well as for the enterprise.
- A copy of the latest income tax return is required for a business loan over a loan amount of Rs 15 lakh, while a 9-month bank statement of the firm’s account is needed irrespective.