• Bank of India Loan Against Property

    Founded in 1906, the Bank of India (BOI) currently has around 4963 branches, 54 zonal offices, 5 subsidiaries across the country and one overseas joint venture. The Bank of India aims to provide proactive, state-of-art and innovative banking solutions to customers. BOI offers a wide range of products and services catered to various sectors from corporate and SMEto rural and retail among others. Bank of India offers loans against property as well.

    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


    Maximum: 60 years (permanent service)

    70 years (proprietary firms, non-salaried and self- employed persons)


    • Property must be in applicant or his or her spouse/relative’s 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

    Quantum of loan/advance

    Salaried and self-employed/professionals


    Partnership/proprietorship firm or company

    4 times of annual net income (IT returns of last 2-3 years) or 48 times of take home salary

    4 times of annual net income (average) based on the income tax returns of last 2 to 3 years

    • Overdraft (reducible): 4 times of annual net income (average) of last couple of years

    • Overdraft (reducible):20% of turnover on the basis of balance sheet (last 2 to 3 years) which is duly audited

    Repayment - Loans

    Overdraft (non-reducible)

    Overdraft (reducible)

    Maximum: 12 years (EMIs)

    Interest charged on a monthly basis

    Maximum: 12 years


    • Nil (limit based on registration value)

    • 50% of distress sale value

    • 60% of market value

    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

    Base rate

    9.7% (from October 2015b onwards)

    Type of facility

    Floating interest rate is linked to BOI base rate

    Overdraft (reducible)

    Base rate+1.5%= 11.45%

    Overdraft (non-reducible)

    Base rate+2%= 11.95%

    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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