Bank of India announces Star Home Loan Special Scheme

Bank of India announces Star Home Loan Special Scheme. The detais are

I. Period of this package : This package is applicable to only new loans sanctioned upto Rs.20.00 lacs between the period 15.12.2008 to 30.06.2009 (first disbursement) and shall not apply to swapping of loans (take over of loans from other Banks) .

II. Margin :

For Loans upto Rs.5.00 lacs	10%
For Loans over Rs.5.00 lacs upto Rs.20.00 lacs	15%

iii. Insurance : offer Life Insurance cover to our borrowers who have availed home loan under this package covering the loan

outstanding.

iv. Processing charges : No processing charges.

v. Prepayment charges : No Prepayment charges for borrowers who avail loan under this special package

vi. Fixed/Floating Rate of Interest : a)

These rates are fixed for a period of first 5 years. Reset after 5 years.

b) After 5 years, the borrower will have an option to choose between fixed or floating rate, prevailing at that time.

c) At the time of switch over no charges would be levied. (from fixed to floating).

vii. Rateof Interest :

ROI- For New Loans w.e.f. 15.12.2008 upto 30.06.09

For Limits upto Rs.5 Lacs

Max. Repayment upto 20 years

8.50% p.a.

ROI- For New Loans w.e.f 15.12.2008 upto 30.06.09

Limits >Rs.5 lacs Rs.20 Lacs

Max. Repayment upto 20 years

9.25% p.a.

For more information, please visit here

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