Bank of India floated a special package under its Star Home Loan Scheme, which is applicable to new loans sanctioned between Dec 15, 2008 to June 30, 2009. The scheme offers an interest rate of 8.5 percent p.a. for limits upto Rs. 5 lacs taken for a maximum duration of 20 years. For the same time period, new loans with limits between 5 and 20 lacs would carry an interest rate of 9.25 percent.
These rates are for the first 5 years since the commencement of laon. After this period, the borrowers will have an option to select between a floating rate or a fixed rate. No extra charge is levied for switching over from floating to fixed or vice versa. Customers are also provided with other normal features of a typical Bank of India Star Home Loan Scheme, such as life insurance cover and zero processing charge. | 
