Bank of India Loan Against Property
Last Updated : Feb. 6, 2023, 1:42 p.m.
About Bank of India Loan Against Property
Now get the funds against your property and utilise your idle property to help you in times of requirement. Bank of India provides you with the loan against property to meet the credit needs of trade, commercial activity, educational expenses and to undertake repair, renovation or extension to both the residential and commercial property. The loan amount disbursed by the bank can also be used to purchase/construct residential house/flat, purchase of the plot for construction of house/ premises for business/commercial use. The loan is provided at decent rates for the flexible tenure range. The details of the loan product are provided below.
Bank of India Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 8.85% - 9.35% |
| Loan Amount | As per individual’s repayment capacity |
| Tenure | 12 years |
| Processing Fee | 1% of the loan amount, subject to minimum ₹5000 and maximum ₹50000 + S.T. |
How to Apply
To avail the loan, the borrower needs to file the application. To do the same the customer has to visit the bank branch where the bank executive will guide through the process.
Bank of India Mortgage Loan Calculator
Is calculating EMI bothering you so much? If yes, then use Bank of India Loan Against Property to compute your installment amount and the repayment amount. The calculator is specifically designed to calculate the absolute amount the borrower has to pay to the lender in order to settle the loan. It makes the calculation easy and provides the spontaneous result. The borrower has to enter few details such as the loan amount, tenure and repayment period and the result will be displayed on the screen.
For example – On the loan amount of ₹25 lakhs availed for the period of 12 years at the interest rate of 10.40% p.a., the repayment amount will be as provided in the below-mentioned table.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 1,10,666 | ₹ 2,54,824 | ₹ 23,89,333 |
| 2 | ₹ 1,22,740 | ₹ 2,42,749 | ₹ 22,66,593 |
| 3 | ₹ 1,36,131 | ₹ 2,29,358 | ₹ 21,30,461 |
| 4 | ₹ 1,50,984 | ₹ 2,14,506 | ₹ 19,79,476 |
| 5 | ₹ 1,67,457 | ₹ 1,98,033 | ₹ 18,12,019 |
| 6 | ₹ 1,85,727 | ₹ 1,79,762 | ₹ 16,26,291 |
| 7 | ₹ 2,05,990 | ₹ 1,59,499 | ₹ 14,20,300 |
| 8 | ₹ 2,28,465 | ₹ 1,37,025 | ₹ 11,91,835 |
| 9 | ₹ 2,53,391 | ₹ 1,12,098 | ₹ 9,38,444 |
| 10 | ₹ 2,81,037 | ₹ 84,452 | ₹ 6,57,406 |
| 11 | ₹ 3,11,699 | ₹ 53,790 | ₹ 3,45,706 |
| 12 | ₹ 3,45,968 | ₹ 19,783 | ₹ 0 |
Bank of India Loan Against Property Eligibility Criteria
The loan can be availed by the candidates adhering to the eligibility standards. The eligibility criteria is as mentioned –
- Segment – The loan is provided to the people engaged in trade, commerce and business. The bank provides loan to the salaried, professionals, self-employed, individuals with high net-worth, public/private limited companies, HUFs and societies.
- Age – The maximum age of the individuals in permanent service should be 60 years. Whereas, for Proprietary concerns/Self Employed/non-salaried people the maximum age limit is 70 years.
Bank of India Loan Against Property Documents Required
- Loan application form
- Identity proof (PAN Card/Driving License/Voter ID/Adhaar Card, etc.)
- Address proof (Driving License/Voter ID/Adhaar Card/Ration card, etc.)
- Income proof
- Salary slip
- Bank statements
- Property details
Features
- Quick processing
- Flexible repayment period up to 12 years
- Reasonable interest rate
- High disbursal amount
- Simple documentation