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.
The loan against property can be taken for the following reasons
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||
|Types of loans/advances||
|Age||Maximum: 60 years (permanent service) 70 years (proprietary firms, non-salaried and self- employed persons)|
The following table shows the interest rates charged by Bank of India for loans against property
|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%|
Various charges related to loans against property offered by BOI are listed in the table below
|Equitable mortgage fee||
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