BOIK received its banking license on 6 May 1953. Its first office opened in Mombasa, the same year. In 1954 it opened its first branch in Nairobi, in the Heritage Building. It plans to increase its footprint to eight branches before 1 July 2015.
With effect from 14.09.2016, we have implemented the Central Bank of Kenya guidelines as per circular No.4 of 2016 dated 13.09.2016 and the maximum rate of interest applicable on advances will be four percent over CBR.
Central Bank of Kenya has revised Central Bank Rate (CBR) to 7.00% p.a. with effect from 29th April 2020. Hence, our Rate of Interest on KSH Loans/Advances based on this floating rates will accordingly get revised with effect from 29th April 2020 for existing A/Cs linked to CBR.
The Bank gives hassle free loans for all your requirements at very competitive rates of interest. Loans are instantly given against our Term deposit receipts. We also give loans against deposit with any branch of Bank of India in India or globally subject to regulations of the respective countries.
Pursuant to Government of Kenya Circular No. 15 of 2019 dated 26.11.2019 advising repeal of Interest Rate Cap under section 33B of the Banking Act, Bank of India has introduced the Bank-Base Rate (Risk Based Pricing) for the new loans. The Base Rate presently is 13.00 %.
IV) Age : Repayment Period for salaried persons as well as others : Up to the age of 70
Years. Age mentioned above is the outer limit i.e the age by which the repayment period should be over. It is not an entry age.
For Salaried : Latest Annual Salary Certificate, Monthly Salary slip for 3 months from employer showing name, designation, details of deductions from salary and copies of income tax returns for last 3 years.
In case of businessmen: Copies of financial statements (preferably audited) and Income Tax Returns for last 3 years.
Family members can be taken as co borrowers to meet income/EMI criteria as per details below:-
a.In case owner of property is male: Wife, parents, sons, daughter-in-law
b.In case owner of property is female: Husband, parents of husband, sons, daughter in law.
Quantum of Loan
Margin* on Home Loan for 1st Home
Margin for 2nd or subsequent house [with our without existing home loans]
UptoKsh 25.00 Mn
Over Ksh 25.00 Mn to KES 100.00 Mn
VII)Net Take home Pay/Income (NTH):
In respect of home loan to individuals: Net take home pay/income (Net of EMI of proposed loan) is stipulated as under:-
Gross Monthly Income upto Ksh 100,000/-
Gross Monthly Income over Ksh 1,00,000/- uptoKsh3.00 Mn
Gross Monthly Income over Ksh 3.00 Mn
For Firm / Corporate
VIII)Quantum of Loan:(Ksh In Mn)
i. Construction/Purchase of a house/flat –
ii. For purchase of a plot
iii. For addition/extn./repair/ renovation of house/flat
iv. Furnishing of house/flat, Solar PVs [15% of Home Loan].
IX)Calculation of Quantum of Loan :
Calculation of Quantum of Loan is linked to the Income of Proponent/borrower as mentioned below :-
Quantum of Loan
Salaried Employees :
72 times of gross monthly salary OR 6 times of gross annual income based on Income Tax Returns;
Self-employed/Professionals Individuals engaged in Trade/ Commerce/ Business :
6 times of their gross annual income based on Income Tax Returns;
Prop. FirmPartnership firm/Corporate Borrowers :
6 times of cash accruals (PAT + Depreciation) as per their audited Balance sheet/P&L A/c.
For new Construction / New Purchase from builder
Normal Repayment Period -20 Years including moratorium period upto 24 months.
20 Years Including moratorium period of 24 months.
For Repair/Renovation /Addition /Alteration
Legal mortgage of the land/flat/house proposed to be financed, guarantee of spouse if he/she is not a co borrower, consent from the spouse for creation of charge over the property .
XII)KYC Norms:- As per CBK guidelines
XIII)Rate of interest:
For limits in KSH- Base Rate +0.00%pa
For limits in other currencies- Applicable 3M/6M USD/EURO/GBP Libor+ 6.00%pa
For Others:- Risk Based Pricing
One time 1.00%pa
XV)Other costs:- External costs like cost of valuation, legal cost , insurance, stamping
etc. to be incurred by the borrower separately.
*Other terms and conditions apply
BANK OF INDIA IS HAVING FIVE BRANCHES IN KENYA, WHICH ARE NAMED AS NAIROBI, MOMBASA, INDUSTRIAL AREA, WESTLANDS AND ELDORET BRANCHES. EVERY BRANCH IS HEADED BY BRANCH MANAGER/HEAD. OVERALL BANK OF INDIA, KENYA CENTRE IS HEADED BY THE CHIEF EXECUTIVE, WHSOE OFFICE IS LOCATED AT NAIROBI.
Name of the Branch Head
Mr. Navin Kumar Lal
Kenyatta Avenue, PO Box-30246-00100 , Nairobi, Kenya