(BOI) Bank Of India Loan Against Property
| Bank Of India is one of the largest public sector banks in India which provides the loan against property at attractive interest rates to the eligible borrowers starting from 8.85% p.a. The Bank Of India loan against property (LAP) interest rates range from 8.85% p.a. to 10.35% p.a. The BOI LAP loan popularly called as BOI mortgage loan is available for all kinds of profiles to meet their immediate requirement of funds for personal as well as business purposes with an option to avail a mortgage overdraft loan facility. The BOI offers LAP loans against the mortgage of a self/jointly owned, self-occupied, or rent-out residential & commercial properties with a repayment tenure up-to 15 years. The loan can be accessed from BOI’s widely spread branches all over urban as well as rural areas. |
Prominent Features Of Bank Of India Mortgage Loan
- Loans are available to meet your personal as well as professional needs.
- Both residential, as well as commercial property, can be given as collateral.
- Term loans and overdraft loans are available.
- Longer repayment tenures of up-to 15 years.
- Lower interest rates starting from 8.85% p.a. onwards.
- No hidden costs or administrative charges.
- Customized loan options and schemes are available.
- Nil prepayment charges for floating rate mortgage loans to individuals.
Purpose Of The BOI Mortgage Loans
The BOI Star Loan Against Property Scheme can be utilized for a variety of your personal as well as business needs other than those of speculative purposes such as investing in stocks or mutual funds, etc. The following are the reasons for which the BOI loan against property amount can be used.
Advantage of mortgage loan in BOI
- To meet the children’s educational needs or the educational expenses of family members including near relatives.
- For repairs, renovation, & extensions of your residential or commercial property.
- To buy or to construct a residential house/flat.
- To buy a plot of land for constructing a house/ building premises/ commercial use*.
- To repay your existing debts.
- To repay your other unsecured loans such as personal loans or business loans.
- To clear your obligations on the credit card outstanding.
- To meet your credit needs of trade, commercial activity, business expansions, other general business /professions such as to meet the marketing and overhead expenses, etc.
- To meet your working capital requirement.
Eligibility For Mortgage Loan BOI
The loan against property eligibility with Bank Of India is related to the value of your security i.e. the market value of your property, the minimum margin requirement, your net take-home pay, your creditworthiness, CIBIL scores, your repayment capacity, etc. Given below is the details of the LAP loan eligibility with BOI
| Eligible Profile | * Salaried * Self-Employed * Self-Employed Professionals * NRI Firms & Companies -> Proprietorship Firm -> Partnership Firm -> Private Limited Company * Others – societies, staff members, or HUFs |
| Maximum Age | * For salaried 21 years – 60 Years or retirement age whichever is earlier. * For Self-employed & Professionals 21 years – 70 years. |
| Property To Mortgage | * Residential * Commercial |
| Bank Of India Mortgage Loan Interest Rate | 8.85% p.a. – 10.35% p.a. |
| Maximum Tenure | * Term Loan – Up-to 15 years. * Overdraft Loan – Up-to 12 years. |
| Maximum Loan Amount | * Term Loan – Rs.7.50 Crores. * Overdraft Loan – Rs.5 Crores. |
| Minimum Business Vintage | 3 years. |
| Type Of Loan | * EMI-based term loan. * Reducible Overdraft loan against property. |
| LTV | 50% of the property value. |
| FOIR | 65% |
| CIBIL Scores | 675 & above. |
| Processing Fees | 1% of the loan amount plus applicable GST subject to a minimum of Rs.5000 & a maximum of Rs.50,000/- |
| Prepayment/ Foreclosure Charges | Allowed with NIL charges for floating rate loans to individuals. |
| Mortgage Schemes | * Mortgage loan * Mortgage overdraft loan * NRI Mortgage Loan * Mortgage loan balance transfer * Mortgage loan top-up * Loan Against Land |
Note: The above-mentioned BOI mortgage interest rates & charges are subject to change without prior notice.
Click to read more on loan against property eligibility.
Bank Of India Loan Against Property Interest Rates
Bank Of India LAP interest rates depend on your CIBIL scores. The higher the CIBIL scores the better is the BOI LAP interest rates. The BOI loan against property interest rates are uniform for all eligible borrowers i.e. salaried, NRI, self-employed or professional irrespective of the loan amount. The rates are linked to RBI’s Repo rates. The maximum spread for mortgage loan interest rate in Bank Of India is from 2% – 3.50%.
| CIBIL Scores | BOI Mortgage Loan Interest Rates For Individuals | |
| Term Loan | Reducible Overdraft | |
| 760 & Above | 8.85% p.a. | 9.10% p.a. |
| 675 – 759 | 9.35% p.a. | 9.60% p.a. |
| Below 675 | 9.85% p.a. | 10.35% p.a. |
| -1 & 0 | 9.60% p.a. | 9.85% p.a. |
| Other Than Individuals | ||
| 8.85% p.a. | 8.85% p.a. |
Note: (i) The above-mentioned BOI mortgage rates are subject to change without prior notice.
(ii) Interest rates for the CIBIL score below 675 are only to review accounts and not meant for fresh sanctions.
Bank Of India Mortgage Loan Schemes
1. BOI Star Loan Against Property
It is a term loan offered against the mortgage of residential & commercial property to fulfill the business & personal financial needs of the borrowers. The loan repayment will be in the form of equated monthly installments.
- Mortgage rates range from 8.85% p.a. – 10.35% p.a.
- The maximum loan tenure offered is up-to 15 years.
- The interest rate offered is variable interest rates.
- The maximum loan amount is up-to Rs.7.5 Crores.
- The maximum LTV is up-to 50% of the property value.
- The loans are also available to a borrower with minimum CIBIL scores of 675. Also, read how to apply for a loan with bad CIBIL.
- One-time processing fee of 1% of the loan amount plus applicable GST. (Minimum Rs.5000 & maximum Rs.50,000/-)
- Nil prepayment charges for variable interest rates for individuals.
Also, read the bestbanks for mortgage loans in India.
2. BOI NRI Mortgage Loan
It is a loan provided to Non-resident Indians against the mortgage of their residential property. The NRI must hold a valid Indian passport and must have a regular job abroad in a reputed Indian/ foreign company, organization, or government department along with a valid job contract/ work permit for a minimum of 3 years or employed/self-employed or having a business unit and staying abroad at least for past – 3years to avail a mortgage loan from BOI.
- NRI mortgage loan rate of interest ranges from 8.85% p.a. – 10.35% p.a.
- The maximum loan tenure offered is up-to 15 years.
- The maximum loan amount is up-to Rs.7.5 Crores.
- The maximum LTV is up-to 50% of the property value.
- Processing fee applicable is 1% of the loan amount plus GST subject to a minimum of Rs.5000 & a maximum of Rs.50,000/-.
- Compare BOI NRI mortgage loans with ICICI Bank NRI mortgage loans.
Read more For NRI Loan Against Property
3. BOI Reducible Mortgage Overdraft Loan
It is a mortgage loan provided with an overdraft facility to the eligible borrowers especially to meet the working capital requirement. The overdraft facility available is the reducible mortgage overdraft facility.
- The interest rates for reducible mortgage overdraft loans range from 9.10% p.a. – 10.35% p.a.
- The maximum loan tenure offered is up-to 12 years.
- The maximum loan amount is up-to Rs.5 Crores.
- The maximum loan amount for doctor/s (in the case of all joint accounts all to be doctors) is up-to Rs.7.5 Crores.
- The processing fee applicable is 0.50% of the sanctioned limit subject to a minimum of Rs.5000/- & a maximum of Rs.30,000/-
- The overdraft loans are to be renewed.
- The renewal processing charges for the subsequent years is 0.25% of the renewal limit subject to a minimum of Rs.2.500/- & a maximum of Rs.15,000/-
Read more on mortgage overdraft loans.
4. BOI Mortgage Loan Transfer
It is a loan available for all eligible borrowers to transfer their existing mortgage loans with other banks/lenders to Bank Of India at attractively low mortgage rates and processing fees with an option to reset the loan tenure to the maximum. Also, read on home loan refinancing.
- All loan scheme products such as NRI mortgage loans, mortgage overdraft loans, and simple term mortgage loans can be transferred.
- The interest rates for mortgage loan balance transfers range from 8.85% p.a. – 10.35% p.a.
- The maximum loan tenure offered is for term loans is up-to 15 years & up-to 12 years for overdraft loans.
- The maximum loan amount is up-to Rs.7.5 Crores.
- Additional top-up loans on mortgage loans can be applied subject to the loan eligibility.
- One-time processing fee of 1% of the loan amount plus applicable GST. (Minimum Rs.5000 & maximum Rs.50,000/-)
Also, click to read how to deal with the increasing interest rates of housing loans.
5. BOI Loan Against Agricultural Land
It is a term loan given against the mortgage of the agricultural land to the farmers for agricultural-related activities under the head Kisan All Purpose Term Loan.
- The maximum loan amount is up-to Rs.20 Lakhs.
- The margin requirement is 15% to 25%.
- The rate of interest, repayment tenure, as well as service charges/processing fees, will be informed at the time of loan application according to the extant guidelines issued from time to time by BOI.
Also, click to read important things to know before purchasing a land & availing the land loans.
Bank Of India Loan Against Property Documents Required
KYC
Pan Card, Adhar Card & Photograph
Income Documents
| Salaried * 4 months salary slips. * 2 years form 16 * 6 months bank account statement. | Self-Employed * 3 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. * 12 months bank account statement. * Business profile. * Business proofs. |
Property Papers
| Salaried * Prior Chain of Agreement. * OC/CC + approved plans. * Index 2. * Share Certificate. * Society Registration Copy. * Property tax. * Property maintenance bill. | Self-Employed * Prior Chain of Agreement. * OC/CC + approved plans. * Index 2. * Share Certificate. * Society Registration Copy. * Property tax. * Property maintenance bill. |
Additional Documents Required For Mortgage Loan Transfer
| Salaried * LOD (list of documents). * Outstanding letter. * 12 months repayment track record. | Self-Employed * LOD (list of documents). * Outstanding letter. * 12 months repayment track record. |
Other Documents
| Salaried Duly signed application form. Processing fee cheque. Any other document as asked by BOI. | Self-Employed Duly signed application form. Processing fee cheque. Any other document as asked by BOI. |
| For complete documentation till disbursements kindly refer to the links: |
| * Salaried * NRI | Self-employed * Proprietorship Firm * Partnership Firm * Private Ltd. Company |
How To Apply For BOI Mortgage Loan
You can apply for a mortgage loan with BOI offline as well as online from the comfort of your house. For offline application, you need to visit the nearest branch and for online you may visit the official website of Bank Of India and fill in the application form with the details. Before applying, do not forget to check the loan details, schemes, rate of interest, LTV funding, processing fees, closure charges, and other related charges to the loan.
Alternatively, you can also visit user-friendly online portals like Loanfasttrack to apply for a Bank Of India loan against property. Since it is also important to compare the mortgage rates of the leading banks and NBFC mortgage loans before applying for a loan against property, Loanfasttrack online portal will help you to compare rates of the top banks and use its mortgage eligibility calculator and know how to calculate mortgage EMI. Bank Of India mortgage application process with Loanfasttrack is hassle-free, quick, and transparent.
Read more, How To Apply Online For Home Loan, Mortgage Loan & Loan Transfers.
Compare BOI Loan Against Property With Top Lenders
| Parameter | Bank Of India | ICICI Bank | HDFC Bank | SBI Bank |
| Interest Rate | 8.85% p.a. – 10.35% p.a. | 7.70% p.a. – 9.75% p.a. | 7.50% p.a. – 10.95% p.a. | 8.45% p.a. – 10% p.a. |
| Tenure | Up-to 15 years | Up-to 20 years. | Up-to 15 years. | Up-to 15 years. |
| Processing Fees | Up-to 1% of the loan amount + applicable GST. (Min Rs.5,000/- & Max Rs.50,000/-) | Up-to 1% of the loan amount + applicable GST. | Up-to 1% of the loan amount + applicable GST. | 1% of the loan amount + applicable GST. (Max Rs.50,000/-) |
| Overdraft Facility | Yes | Yes | Yes | No |
| LTV | 50% | 70% | 65% | 65% |
| Maximum Loan Amount | Up-to Rs.7.5 Crores | Up-to Rs.10 Crores. | Up-to Rs.25 Crores. | Up-to Rs.7.5 Crores |
| Click for more details. | Click for more details. | Click for more details. |
Click to compare the rates of other leading banks.
Important Highlights To Remember:
- You can avail a mortgage loan from Bank Of India’s rural branches for your gram panchayat property.
Also, read Why is it difficult to get a loan on gram panchayat property?
- The mortgage loan is not provided against the vacant properties.
- Your total obligation to avail of a BOI LAP loan is not more than 70% of your net monthly income.
- You can avail of income tax benefits for mortgage loans on the interest amount paid subject to a maximum of up-to Rs.2 Lakhs per year. Read more about LAP tax benefits.
FAQs
Q. What is the current loan against property interest rates with the Bank of India in 2021?
Ans: The current LAP rates with Bank Of India range from 8.85% p.a. – 10.35% p.a.
Q. How do I know my EMI for a mortgage loan?
Ans: You will be informed by the banking officials about your monthly installments at the time of loan application. Additionally, youcan check your EMI for different loan tenures and loan amounts with the help of the Bank Of India loan against property EMI calculator. Alternatively, you can also visit Loanfasttrack’s EMI calculator and know your EMI along with the total interest payable for the tenure.
Q. Can I foreclose my BOI mortgage loan ahead of time? What are the charges?
Ans: Yes, you can foreclose your BOI LAP loan anytime with nil closure charges for BOI variable mortgage rates loan.
Also, read NOC (NO Objection Certificate) for home loan closure.
Q. What is the applicable benchmark rate of BOI mortgage loans?
Ans: RBLR- Repo Based Lending Rate, is the applicable benchmark rate for property loans in the Bank of India. The current RBLR with BOI is 6.85% p.a.
Q. I have an HDFC mortgage overdraft loan against property of Rs.45 Lakhs taken for the tenure of 15 years 3 years back. Can I transfer my loan to BOI and reset the tenure to 15 years?
Ans: Yes, you can anytime transfer your HDFC overdraft against property loan to BOI subject to your credit scores, eligibility & repayment track. However, for overdraft loans, the maximum tenure provided by BOI is up-to 12 years.
Q. What is the Bank Of India loan against property processing charges?
Ans: Along with the processing fees of up-to 1% of the loan amount plus applicable GST, you also need to pay the other charges for availing of a mortgage loan from BOI such as stamp duty/registered mortgage charge of 0.30% on the loan amount at the time of disbursement, CERSAI charge, property valuation & advocate’s fees for property legal report, property insurance premium, etc. The list of other charges & their amount will be communicated to you by the BOI at the time of mortgage loan application. additional GST will be applicable on all charges.
Also, read home loan sanction v/s home loan disbursement.
Q. My Indiabulls mortgage loan interest rate is very high? Can I transfer my loan to BOI?
Ans: BOI has restrictions on the mortgage loan transfers from the other lenders. Please check with the nearest branch for their updated regulations on LAP loan transfers from NBFCs.
Q. I am a Delhi-based IT engineer currently working in Hyderabad. I have a residential property in Delhi. From which city do I apply for mortgage loans in Hyderabad or Delhi?
Ans: You can apply from either of the city i.e. loan against property in Hyderabad BOI branch or loan against property in Delhi. However, there might be a difference in the processing time of the loan when you apply from another city. For any further queries, you may call experts at Loanfasttrack on 9321020476.
Q. I own a commercial property in joint names. Can I mortgage my commercial property? What will be my shared ownership eligibility?
Ans: Yes, you can mortgage your jointly owned commercial property, provided all the co-owners to the property have to be the co-applicants to the loans. An earning co-applicant can also help to enhance your loan eligibility subject to the property LTV ratio.
Also, read the benefits of applying for joint loans.
Q. Can I apply for a mortgage loan without ITR?
Ans: If you are self-employed you cannot apply for a mortgage loan without tax returns. Loan against property without documents – KYC, Income documents & Property documents cannot be applied.
Q. Can I apply for a loan against property without form 16 in Mumbai?
Ans: Yes, even if you do not have a form 16 you can apply for a loan against property without income proof in Mumbai provided you get a salary certificate from your employer or have a copy of the latest 3 years IT returns.
By,
Loanfasttrack
Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.
Contact Loanfasttrack:
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Email – info@loanfasttrack.com
Tel – 9321020476
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