Bank of India Loan Against Property

Some of the features of Bank of India Loan against Property are given below: 

1. Repayment period maximum of 15 years  
2. EMI Starting at Rs. 1143 per lakh  

1. A six-month holiday or moratorium,  
2. Maximum amount: 40% of the property's market value  
3. Facility for balance transfers and takeovers with additional loan funds 

Advantages of availing Bank of India Loan against Property 

Some of the advantages of availing Bank of India loan against property are given below: 

1. Interest rate is low 
2. Documentation process is minimum 
3. No penalty on prepayment of loan  
4. No hidden charges 

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:

Documents Required 

Given below are the list of documents required when applying for Bank of India Loan against Property: 

Proof of Identity (Choose one): PAN Card / Passport / Driver's License / Voter ID 

Proof of Address (Choose one): Passport / Driver's License / Aadhar Card / Most Recent Electricity Bill / Most Recent Telephone Bill / Most Recent Piped Gas Bill 

Proof of Income (Choose one based on your employment type): 

For Salaried Individuals: 

1. Proof of Income: Latest salary certificate and salary slip from your employer, which should include your name, job title, salary details, deductions, and copies of income tax returns for the past three years. 
2. Latest Income Tax Assessment Order. 
3. Advance tax challans for the current year. 
4. Income Tax Returns for the past three years. 

Additional Requirement for Salaried Individuals: 

1. An employer's certificate confirming details such as your date of birth, age, date of joining, and expected retirement date. 

For Self-Employed Individuals: 

1. If you are a business owner, provide copies of your financial statements (preferably audited) and income tax returns for the past three years. 
2. Include a copy of the latest income tax assessment order. 

1. Submit advance tax challans for the current year. 

Undertaking Regarding Loan Purpose: A statement or declaration explaining the purpose of the loan you are seeking.

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. The rate of interest for Bank of India Loan against Property starts from 11.25% p.a. onwards.

Charges related to BOI Loan Against Property

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

How to Apply for a Bank of India Loan against Property Online 

Given below are the steps you will need to follow to apply for a Bank of India Loan against Property online: 

1. Click on the link https://bankofindia.co.in/star-loan-against-property. 
2. Click on the ‘Apply Now’ button. 

1. You will be taken to a new page where you must complete the application form and enter all the required information. After entering the verification code, press ‘Submit.’ Observe the directions exactly. Your loan application will be authorised and the funds will be transferred to your bank account if all the information you supplied is accurate. 

You can also visit the nearest Bank of India branch to apply for Loan against Property. Fill in the application form and submit it along with all the necessary documents. They will be verified and if all the details are correct, the loan amount will be disbursed to your bank account. 

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score