Bank of India cuts home loan rates by 15 bps to 8.3% till March 31

Public sector lender Bank of India on Tuesday announced a reduction in new home loan rates to 8.3 per cent from 8.45 per cent and fully waived off processing fees as a limited period offer till the end of this month.

The bank claimed that at 8.3 per cent, it has the lowest rate among its peers. For SBI and HDFC Bank, which are the industry leaders, the lowest rate begins at 8.4 per cent. The offer is valid up to March 31, it added.

The bank also said it is offering special financing for rooftop solar panels at 7 per cent interest rate and with no processing fee. At 8.3 per cent, a 30-year tenor home loan will have a starting EMI of Rs 755 per month per lakh.

The loan package is further enhanced with an overdraft facility, providing a flexible and comprehensive financial support system for homebuyers, it said.

Besides covering home construction, renovation and furniture, its home loan offering broadens its scope beyond traditional financing to promote clean and renewable energy solutions by offering financial assistance for installation of rooftop solar panels up to Rs 10 lakh at the same interest rate applicable for home loans.

Rooftop solar panel loans are priced at 7 per cent with no processing charges. 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.

A customer also can benefit from a government subsidy of up to Rs 78,000 which can be claimed directly.