BOI Star Loan Against Property

Loan Against Property 211 views

Want to make the best use of your property? Looking for sufficient funds to meet your various needs? For all such needs, Loan Against Property is a solution for you. With the help of this loan, you can make the best out of your property, and can get enough funds so as to give wings to your dreams. Yes, it’s time to turn your dreams into reality as Bank of India (BOI) brings to you one of its best products i.e. LAP. So, avail BOI Star Loan Against Property and utilize the potential of your property to its fullest.

To know more about BOI loan against property, go through this article further.

BOI Star Loan Against Property Details

ParticularsDetails
Interest Rates10.75%-11.25% p.a.
Loan Amount4 times-48 times of average net annual income
Tenure12 Years
Processing Fees1% of the loan amount
Penal Charges2% on the EMI

Eligibility Criteria for BOI Star Loan Against Property

  • Individuals in permanent service max. 60 years.
  • For Proprietary concerns/Self Employed/non-salaried people – Maximum -70 Years
  • People engaged in trade, commerce and business, professionals, self-employed, individuals with high net worth, salaried people, Proprietary firms, Partnership firms, Companies (Pvt. /Public Ltd.,) HUFs (excluding partnership firms where HUF is a partner), Societies, Staff members, NRIs- subject to compliance of Bank’s/RBI guidelines
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Type of Advance:
Demand/Term Loan & Overdraft (Reducible/Non-Reducible)

Quantum of Advance:
The quantum of advance to be related to the value of security, margin requirement , take home pay and repayment capacity of the proponent , subject to limits as under :-

 Demand/Term LoanOverdraft (Reducible)Overdraft (Not-Reducible)
Individual-Salaried/ Self-employed/ Professionals500200NIL
Doctor/s- in case of joint accounts all to be doctors500500NIL
Others i.e. Proprietorship/ Partnership Firm/Company etc.500500500

BOI Star Loan Against Property Eligibility

Other than the general eligibility criteria to apply for a mortgage loan or loan against property, there are certain factors on the basis of which the loan amount is calculated. So, the factors on the basis of which the loan amount is calculated are:

  • Market value of the property– Bank of India gives the maximum loan amount up to 60% of the market value of the property.
  • Loan tenure– The bank gives the flexible repayment tenure up to 12 years.
  • Rate of interest– For loan against property, the interest rate on Loan/Overdraft Reducible (Monthly Reducible Limit) is 1.50%+ 1 Year MCLR that is 10.75% per annum and for Overdraft (Non-Reducible) is 2.00% + 1 Year MCLR that is 11.25% per annum.
  • Repayment capacity– The repayment capacity is the amount of the money that you can pay after meeting all the financial liabilities.

BOI Star Loan Against Property EMI Calculator

With the help of Bank of India Loan EMI calculator, you can calculate the monthly installments of the loan that you will pay. This tool works on the basis of the loan amount, tenure, and the rate of interest offered to you by the bank. Other than the EMI, the loan calculator also tells you the detail information about the total interest outgo and the total amount that you pay.

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For example, if you are applying for a loan against your property at Bank of India for the loan amount of Rs. 15,00,000 for 12 years and the bank is offering you the interest rate of 11.20% p.a., the EMI, total interest outgo and total amount payable from your pocket will be Rs.18,981, Rs. 12,33,304, and Rs.27,33,304 at the end of your loan tenure.

Here is a table where you can see the EMI, interest and total amount payable on the same amount of loan for different tenures.

Table showing EMI, interest outgo and total amount payable on your loan against property.

Amount (in Rs.)Interest Rate (p.a)Loan Tenure (in years)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount (Principal + Interest) (in Rs.)
150000011.20%1132712925501592550
150000011.20%2700511812271681227
150000011.20%3492502730101773010
150000011.20%4389143678781867878
150000011.20%5327634658071965807
150000011.20%6287055667612066761
150000011.20%7258426707002170700
150000011.20%8237257775762277576
150000011.20%9221058873372387337
150000011.20%10208339999222499922
150000011.20%111981311152672615267
150000011.20%121898112333042733304

Amortization Table

YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
1629381648341437062
2703611574111366701
3786571491151288044
4879341398381200110
5983051294671101805
6109898117874991907
7122858104914869049
813734790425731702
915354474228578158
1017165556117406503
1119189635876214607
1221478313245

Documents Required For BOI Star Loan Against Property

SalariedSelf-employed IndividualsSelf-employed Professionals
Complete Application Form with Passport Size PhotographComplete Application Form with Passport Size PhotographComplete Application Form with Passport Size Photograph
Proof of IdentityProof of IdentityProof of Identity
Proof of Residential AddressProof of Residential AddressProof of Residential Address
Proof of AgeProof of AgeProof of Age
Latest 3 months salary slip showing statutory deductionsAcknowledged IT returns for last 2 yearsAcknowledged IT returns for last 2 years
Bank statements for the last 3 months showing last 3 salary creditsP&L account, Balance sheet certified / audited by CA & Computation of Income for the last 2 years with all Annexure and Auditors ReportP&L account, Balance sheet certified / audited by CA & Computation of Income for the last 2 years with all Annexure and Auditors Report
NA
Primary Bank account statements for the last 6 monthsPrimary Bank account statements for the last 6 months
NA
For Partners of the Partnership firm additionally Partnership deed is requiredNA
NA
Share holding Pattern or Memorandum and articles of association duly attested by CANA
NA
List of directorsNA
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Features & Benefits of BOI Star Loan Against Property

  • Higher Loan Amount
  • Convenient Loan Repayment Options
  • Both Residential and Commercial Property Accepted as Collateral
  • Minimal Documentation
  • Faster loan Approvals
  • Attractive Interest Rates