Apply Now

Bank of India Loan Against Property

Bank of India loan against property is one of the secured loans offered by BOI loans under which the individuals get an incredible chance to make best use of their commercial, industrial or residential property to generate finance for various possible reasons. In this loan, the lender provides you funds and takes your property as collateral. The Bank of India mortgage loan fulfills your loan requirements of up to Rs 10 crore and avails you the loan for the tenure of up to 15 years. This loan is offered at affordable rates of interest that range from 8.85% per annum to 9.35% per annum.

Bank of India Loan Against Property Interest Rates 2021

Loan Amount

Up to Rs 10 crore

Interest Charges

Starts at 8.85% per annum and goes up to 9.35% per annum

Processing Fees

Up to 1% of the loan amount plus applicable taxes 

Tenure

Up to 15 years

BOI Loan Against Property Features & benefits

Look at the top highlights of Bank of India Starloan against property:

  • Purpose

The BOI Star loan against property is your gateway to raising funds to fulfill your financial needs for various reasons. The loan is offered in case when you have personal reasons (such as construction/renovation of a house, meeting educational/wedding expenditure), debt consolidation or expansion of business. 

  • Loan Amount 

The loan amount offered under BOI loan against property is Rs 5 lacs and it ranges up to Rs 10 crore. The loan amount is decided upon a heck of factors which include your income, repayment track, requirements and overall eligibility profile.

  • Rate of Interest 

The Bank of India loan against property interest rates start from 8.85% per annum and costs up to 9.35% per annum. The BOI loan against property interest rates are impacted by a number of parameters including the loan repayment loan, your relationship with the bank and loan amount.

  • Loan Repayment Tenure 

BOI mortgage loan features an friendly repayment tenure. The loan repayment period offered by the lender is 15 years.

Eligibility for Bank of India Loan Against Property (LAP)

You need to keep up with Bank of India loans against property eligibility requirements which will increase your chances of getting the loan quickly. The BOI mortgage loan eligibility requirements include your age, status of employment etc. and many other factors.

Here are the Bank of India mortgage loan eligibility criteria:

  • The BOI mortgage loan is offered to the salaried individuals, self employed individuals and professionals.
  • The loan is also offered to the partnership firms, proprietary firms, public ltd. companies, private ltd. companies and NRIs. 
  • The applicants should be at least 21 years of age at the time of loan application.
  • The salaried applicants must not be more than 60 years of age of loan tenure termination.
  • The self employed applicants and professionals must not be more than 70 years of age of loan tenure termination.

Documents Required for BOI Loan Against Property

When applying for a BOI loan against property, you need to make sure that you have all the required documents in check for the process. You need to keep all the Bank of India loans against property documents that are required for the loan. 

Here are the BOI mortgage loan documents that you need to present to the bank at the time of loan application:

Documents 

Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Address Proof

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

Income Proof

Salary Slips, Bank Statements, Form 16

Balance sheet and profit and loss account, IT Returns, Business Proof

Other Documents

Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank

Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank

Compare other bank loan against property interest rate

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

SBI Bank Loan Against Property

Starts at 10.85%

YES Bank Loan Against Property

Starts at 10.50%

IDBI Bank Loan Against Property

Starts at 11.25%

RBL Bank Loan Against Property

10.65% to 16.25%

HSBC Bank Loan Against Property

Starts at 8.60%

Indusind Loan Against Property

Starts at 9.00%

ICICI Bank Loan Against Property

Starts at 8.75%

IDFC Loan Against Property

Starts at 8.15%

Bank of India Loan Against Property EMI Calculator 

Bank of India mortgage loan EMI calculator is a tool that helps you know the monthly cost of your BOI mortgage loan EMI. Checking the loan amount EMI will allow you to structure your monthly budget and consider your repayment tenure options. 

You can check the loan EMI amount using the Bank of India loan EMI calculator. Alternatively you can hit the BankSathi loan EMI calculator where you have to enter loan amount, repayment term, interest rate and hit the calculate button.

The BankSathi loan calculator will fetch you the detailed calculation of monthly and annual cost of your Bank of India loan against property EMI.

How to Apply Bank of India Loan Against Property?

You can head to the nearest branch of Bank of India in case you want to get the mortgage loan from there. All you need to do is navigate to the branch and apply for the BOI loan against property offline.

The bank official will serve  you the necessary assistance with mortgage loan application. When you go to the branch, it is advised that you carry all the important documents that you will be required to provide with your loan application. 

Apart from visiting the branch, you can reach out to the Bank of India customer care regarding the BOI loan against property application and find assistance with the application. 

Bank of India Mortgage Loan Customer Care Number 

Do you need more assistance related to the Bank of India loan against property? You can have answers to all your queries related to the BOI mortgage loan simply by contacting the BOi customer support via their toll free number.

Mentioned below are the Bank of India customer care numbers which you can dial in case of any query or grievance:

1800 220 229, 1800 103 1906

Other Product Of Bank Of India

FAQs On Bank Of India Loan Against Property

Q.1 What is the processing fee on the Bank of India loan against property? 

The bank charges a processing fee of up to 1% of the total mortgage loan amount plus applicable taxes. 

Q.2 What are the interest charges on a Bank of India mortgage loan?

The Bank of India loan against property interest rates range from 8.85% per annum to 9.35% per annum.

Q.3 What is the maximum loan amount can I avail on Bank of India mortgage loans?

The bank allows you to avail the Bank of India mortgage loan amount of up to Rs 10 crore.

Q.4 What is the maximum loan repayment tenure offered for Bank of India loans against property?

You can get a Bank of India loan against property for the repayment term of up to 15  years. 

Q.5 What kind of property can I pledge to get a Bank of India mortgage loan?

You can pledge your residential, commercial or industrial property as collateral to get the Bank of India loan against property.

Q.6 How can I repay my Bank of India mortgage loan?

You can repay BOI loan against property using the following payment methods:

  • Electronic Clearing Service 
  • Standing Instructions 
  • Internet Banking 
  • Post-Dated Cheque

Q.7 What is the age limit to apply for a Bank of India loan against property?

The minimum age of loan applicants should be 21 years at the time of loan application and the maximum age should not be above 70 years when the tenure completes 

Last Updated on : 10/May/2021

Know More About

Bank Of India Loan Against Property

You're eligible for a Bank Of India Loan Against Property if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Loans Against Properties is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of India Loan Against Property Interest Rates

Updated on 25 Nov 2017

Bank Of India Loan Against Property Details
Interest Rate (Monthly reducing balance) 8.85% - 9.35%
Processing Fees 1%
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Loans Against Properties EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959