Bank of India Star Pravasi NRI Home Loan

Non-Resident Indians (NRIs) face extra challenges when it comes to getting a home loan in India due to the stricter KYC guidelines set by most banks for an NRI home loan. However, Bank of India Star Pravasi NRI Home Loan scheme offers hassle-free home loans to NRI customers.  

Bank of India Star Pravasi NRI Home Loan
Bank of India Star Pravasi NRI Home Loan

Also Read: NRI Home Loan Interest Rate 2021: Top 10 Lenders

Features and benefits of Bank of India Star Pravasi NRI Home Loan


  • For the purchase/ construction of house/ flat
  • For the purchase of plot to construct a house on it
  • For renovation/ extension/ repair of existing house/ flat
  • Takeover of home loan from other lenders – subject to conditions 

Also Read: Why should an NRI buy a house in India?

Quantum of loan

PurposeQuantum of loan
For construction/ purchase of a house/ flatRs. 300 lakh (Rs. 500 lakh in metro cities like Mumbai, Delhi, Kolkata and Chennai)
For renovation/ repairs/ extension of house/flat Rs. 50 lakh
For purchase of a plot to build a house Rs. 1 cr
Minimum home loan for metro/ urban citiesRs. 1 lakh
Quantum of Bank of India Star Pravasi Home Loan

Note: A secured personal of 15% of home loan subject to max Rs. 5.00 lakh is offered with the same interest rate as applicable on home loan for purchasing household articles, for 10 years. 

Quantum of NRI home loan based on the income/ repayment capacity of borrower

Applicant typeQuantum of loan
Salaried employees72 times of the monthly salary or 6 times of gross annual income based on IT Returns
Self-employed individual/ professional6 times of gross annual income as per IT Returns
HUF/ partnership firm/ company6 times of cash accruals (PAT + Depreciation) as per balance sheet
Eligible quantum of loan


  • Mortgage/ Equitable Mortgage (1st charge) on flat/ house/ plot/ apartment.
  • Credit report from CIBIL or any other recognized credit agency in India.
  • You will need to submit a credit report from a Credit Rating Agency in your country of residence, if the report can be procured easily. 
  • Individuals living in the UK, USA, Canada, Germany, South Africa, Malaysia, Singapore, Japan, etc. can easily access the report. 

Other attractive features

  • Interest will be applicable on a reducing balance after each EMI payment
  • No prepayment penalty in case of floating home loan interest rates
  • Step-up/ step-down EMI option

Bank of India Star Pravasi Home Loan interest rate

BuyersInterest rate
For women beneficiary  RBL + 0.05% = 6.90% p.a.
For other borrowersRBL + 0.10% = 6.95% p.a.
BOI Star Pravasi home loan interest rate

Fees & other charges

For individual applicant

Loan amountProcessing charges
For all loan amount0.25% of the loan amount (subject to min: Rs. 1500 and max: Rs. 20,000)
Processing charges

For partnership firms/ corporates

Loan amountProcessing charges
For all loan amount0.50% of the loan amount (subject to min: Rs. 3000 and max: Rs. 40,000)
Processing charges

For rural areas

Loan amountProcessing charges
For all loan amount75% of the charges applicable to individuals in respect of loan availed by borrowers from rural branches (subject to min: Rs. 1500 and max: Rs. 20,000)
Processing charges

Eligibility for BOI Pravasi Home Loan

  • Non-Resident Indians (NRIs) holding a valid Indian passport
  • Persons of Indian Origin (PIOs) holding foreign passport
  • PIOs should either be born in India or their parents/ grandparents should have the current or old passport with details substantiating their claim as PIO.

Co-borrowers: All co-owners can be co-applicants for the loan. Resident Indians can also be co-applicant. Income of co-applicants can also be considered for the quantum of loan and repayment. 

Bank of India Star Pravasi Home Loan Repayment


Bank of India offers a home loan for flexible repayment tenure customized to suit your repayment capacity. You can get a home loan for up to 30 years (including the moratorium period up to 36 months). The tenure will depend on the number of floors in case of a township project in monthly instalments, including bank’s approved projects. Salaried buyers are required to repay the loan before retirement. Self-employed professionals and individuals before reaching 70 years of age. Salaried employees having assured income post retirement can repay even after the age of 70 years. 

Modes of repayment 

  • The loan can be repaid in EMIs out of funds in your NRI (NRE, FCNR or NRO) account in India.
  • Ideally standing instructions shall be given for recovering the EMIs from your NRE or NRO accounts.
  •  Close relatives (as defined in Section 6 of the Indian Companies Act 1956) of an NRI borrower in India could also repay the EMI through their bank account, if any. 
  • Rental income from the Indian property, which is considered for estimation of eligibility, could also be credited directly to the credit of your house loan account. 

Documentation procedure

Common documents required:

  • A duly filled home loan application form along with passport size photograph
  • Photocopy of passport with visa stamp on it
  • Photocopy of PAN card
  • Address proof in India (if the address is different from the one stated in your passport)
  • Contact information of family or close relative in India
  • Credit Bureau Report from your country of residence
  • CIBIL report
  • All the documents related to property
  • Cheque for processing fees, charges for title search report, valuation report and other applicable charges, if any

For salaried applicants

  • Work permit papers
  • Complete address of the company/ organization along with name and contact info of your department head 
  • Employment contract in the official language of the country translated into English 
  • Photocopy of ID card issued by the present employer
  • Photocopy of CDC (Continuous Discharge Certificate (CDC) for loan applicant employed in Merchant Navy
  • Complete details of past job experience 
  • Details of overseas bank account along with salary credit for the past year
  • Statement of the bank account in India
  • Recent original salary slips (for the last 3 months or more)
  • Annual NRI Income Tax Return filed according to the guidelines applicable 

For self-employed professionals/ individuals 

  • Affiliation of the professional organization
  • Government or local body authorization or license to conduct any business activity

Fill this online form to apply for an NRI home loan

NRI Home Loan – Interest Rates 2021, Eligibility

Also Read: Investment in India by NRI: Real Estate 2021

If you want to get a home loan in India, you can get in touch with us. We at SBNRI are here to help you out with everything related to home loans and other financial and legal services required by NRIs. 

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