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.
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BOI Star Loan Against Property Details
|Interest Rates||10.75%-11.25% p.a.|
|Loan Amount||4 times-48 times of average net annual income|
|Processing Fees||1% of the loan amount|
|Penal Charges||2% 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
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 Loan||Overdraft (Reducible)||Overdraft (Not-Reducible)|
|Individual-Salaried/ Self-employed/ Professionals||500||200||NIL|
|Doctor/s- in case of joint accounts all to be doctors||500||500||NIL|
|Others i.e. Proprietorship/ Partnership Firm/Company etc.||500||500||500|
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.
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.)|
|Year||Principal (in Rs.)||Interest (in Rs.)||Balance Amount (in Rs.)|
Documents Required For BOI Star Loan Against Property
|Salaried||Self-employed Individuals||Self-employed Professionals
|Complete Application Form with Passport Size Photograph||Complete Application Form with Passport Size Photograph||Complete Application Form with Passport Size Photograph|
|Proof of Identity||Proof of Identity||Proof of Identity|
|Proof of Residential Address||Proof of Residential Address||Proof of Residential Address|
|Proof of Age||Proof of Age||Proof of Age|
|Latest 3 months salary slip showing statutory deductions||Acknowledged IT returns for last 2 years||Acknowledged IT returns for last 2 years|
|Bank statements for the last 3 months showing last 3 salary credits||P&L account, Balance sheet certified / audited by CA & Computation of Income for the last 2 years with all Annexure and Auditors Report||P&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 months||Primary Bank account statements for the last 6 months|
|NA||For Partners of the Partnership firm additionally Partnership deed is required||NA|
|NA||Share holding Pattern or Memorandum and articles of association duly attested by CA||NA|
|NA||List of directors||NA|
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