• Bank of India Loan Against Property

    Bank of India offers loans against property as well where you offer your property as collateral in exchange for loan to meet your various requirements. It is easy to apply for a loan against property from Bank of India (BoI) and can be done both online and offline. The interest rate offered ranges between 8.85% p.a. and 9.35% p.a.

    Purpose of Bank of India Loan Against Property

    The loan against property can be taken for the following reasons

    • Commercial activities
    • Expenses related to education of any family member
    • Repairs or renovation of commercial or residential properties
    • Construction of flat or buying a plot for commercial activity
    • Payment of current loans

    Bank of India Loan Against Property - Eligibility Criteria

    The eligibility criteria and other conditions related to loans against property offered by Bank of India are listed in the table below:

    Eligible borrowers Ineligible borrowers
    • High-net worth individuals
    • Professionals
    • Self-employed
    • Salaried employees
    • Firms (proprietary and partnership)
    • Public and private LTD companies
    • HUFs
    • NRIs (subject to conditions)
    • NBFCs
    • Trusts
    • Partnership firms with HUF as a partner
    Types of loans/advances
    • Term Loan
    • Demand
    • Overdraft
    Age Maximum: 60 years (permanent service) 70 years (proprietary firms, non-salaried and self- employed persons)
    Security
    • Property must be in applicant or his or her spouse/relative‚Äôs name. In case of firms, property should be in the name of proprietor/partners/director
    • Any property which is owned by HUF or Society should not be pledged for loan by Karta/office-bearers
    • BOI does not accept agricultural land as security

    Mortgage Loan Interest Rates charged by Bank of India

    The following table shows the interest rates charged by Bank of India for loans against property

    RBLR 6.85%
    Type of facility Floating interest rate is linked to BOI RBLR
    Overdraft (reducible) RBLR (6.85%) + 2%= 8.85%
    Overdraft (non-reducible) RBLR (6.85%) +2.50% = 9.35%

    Charges related to BOI Loan Against Property

    Various charges related to loans against property offered by BOI are listed in the table below

    Equitable mortgage fee
    • Rs.5,000 (up to Rs.10 lakh)
    • Rs.10,000 (up to Rs.1 crore)
    • Rs.20,000 (up to 5 crore)
    Processing charges
    • 1% of amount sanctioned (loan)
    • 0.50% of (sanctioned) limit (non-reducible overdraft)
    • 0.50% of limit for 1st year plus service tax and 0.25% of the limit (reviewed) afterwards
        

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