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Old 29th October 2016, 11:55 AM
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Default Bank Of India Loan Against Property

Hello Buddy , I want to Know Apply for Loan Against Property in Bank Of India , For it Would you please tell me What is the Required Eligibility , Interest Rates and List of Necessary Documents List ?
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Old 29th October 2016, 01:20 PM
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Default Re: Bank Of India Loan Against Property

Bank of India was Founded in 1906,

Bank of India offers Loans Against Property (Mortgage Loan) as well.

The eligibility criteria and other conditions related to loans against property offered by Bank of India are listed in the table below:

Age

Maximum: 60 years (permanent service)

70 years (proprietary firms, non-salaried and self- employed persons)

Quantum of loan/advance
4 times of annual net income (IT returns of last 2-3 years) or 48 times of take home salary

Salaried and self-employed/professionals
4 times of annual net income (average) based on the income tax returns of last 2 to 3 years

Repayment - Loans
Overdraft (non-reducible) (reducible)

Maximum: 12 years (EMIs)
Interest charged on a monthly basis
Maximum: 12 years

Margin

Nil (limit based on registration value)
50% of distress sale value
60% of market value

Loan Interest Rates

Base rate

9.7% (from October 2015b onwards)

Type of facility

Floating interest rate is linked to BOI base rate

Overdraft (reducible)

Base rate+1.5%= 11.45%

Overdraft (non-reducible)

Base rate+2%= 11.95%

Charges :


Equitable mortgage fee


Rs.5,000 (up to Rs.10 lakh)

Rs.10,000 (up to Rs.1 crore)

Rs.20,000 (up to 5 crore)

Processing charges


1% of amount sanctioned (loan)

0.50% of (sanctioned) limit (non-reducible overdraft)

0.50% of limit for 1st year plus service tax and 0.25% of the limit (reviewed) afterwards

For More Details Here Attachment of this page


Last edited by shikha; 29th October 2016 at 01:54 PM.
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