Bank of India Loan Against Property

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All About Bank of India Loan Against Property

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‘Bank of India Loan Against Property’ is a scheme  providing loan(s)/over-draft facility against mortgage of property at very low interest-rates. Bank of India Loan Against Property is meant for the people who are in commerce, business and also professionals & self-employed, NRIs and individuals with high-net worth that include salaried-people, agriculturists and staff member(s). Bank of India Loan Against Property provides a chance for the customers by which they can borrow against a fixed asset (mortgage of property) at a short notice with minimal paperwork/attendant hassles.

Bank of India Loan Against Property

‘PRODUCT’ ‘BOI Star Mortgage Loan Scheme’
‘Purpose ‘
  • To satisfy the credit need(s) of trade, commercial work, other general business, Profession
  • To satisfy wedding or medical or educational costs for the family member(s) including near-relatives.
  • To under-take repair(s)/re-novation/extension to the residence or commercial property.
  • Purchase of consumer durable(s).
  • To buy / construct house/flat, purchase of plot.
  • To purchase 2/4 wheeler vehicle(s).
  • For going on pilgrimage/tour(s)/excursion(s), etc.
  • Repayment of existing loan(s) from other Bank(s)/FIs.
‘Target customers’ (Eligibility) People who are involved in trade, commerce and business, Professionals, ‘Self-employed’, Prop. Firms, partnership firms, ‘HUF’s, ‘NRI’s, individuals with high net-worth, salaried-people, agriculturist(s), staff member(s).
‘Type of advance’ Demand/Term-Loan/Overdraft
Overdraft facility  can also be permitted to eligible customers (other than salaried-people).
‘Quantum of advance’
(Rs. in lacs)
Min. Max.
 For agriculturists  0.50  2.00
 For Others :
Individuals/Prop. Firm/ 1.00 50.00
Partnership firm/
Company  :
Prop./Partnership 1.00 100.00
firm/company 1.00 100.00
‘Calculation of quantum of advance’ Their sanctioned limit is to be related to security-value & re-payment capacity of borrower, subject to :

  • ‘Salaried employees’:
  • 48 times of mnthly net emolument(s)
  • 4 times of net ‘annual-income’ with other ‘rental-income’ from property etc. based on Income-tax return(s)
  • ‘Self-employed’/’professional’s/ ‘individuals’ ‘engaged in trade’/ ‘commerce’/ ‘business’- 4 times of their net ‘annual income’ based on ‘income-tax returns’ (Average of Last 2/3 yrs).
  • Proprietorship’/’Partnership Firm’/’Company’ – Four times of Cash-accruals (i.e. ‘PAT’+ ‘Depreciation’) as per their ‘Audited Balance Sheet’/ P & L A/c (Avg. of Last 2/3 yrs).

For Individual(s):

  • While fixing the ‘limit’, it is to be 100% ensured that the net ‘take home pay’  is not less than 30% of ‘gross income’ of the applicant. For ‘Prop. Firm’/’Partnership firm’/’Company’: DSCR: Min. 1.5
  • Limit prescribed would be subject to a Max. of 70% in case of ‘salaried employees’ (50% in other cases) of value of property or eligibility level, whichever is lower.
  • ‘Salaried Employees’          30% *
  • Other(s)                             50% *
  • *On value of property being assessed by Bank’s approved value.
‘Rate of Interest’
  • Re-payment upto3 – 4.00% above ‘Base Rate’ 14.75% p.a.
  • Re-payment over 3 yrs – 4.50% above ‘Base Rate’ 15.25% p.a.
  • Interest concession for ‘woman beneficiaries’ 0.25% p.a.[All borrowers to be ‘women’]
  • In a/cs where ‘regular Overdraft facility’ is not proposed. :-
  • Within a period of eight yrs by way of EMIs. The re-payment shall commence from the month subsequent to the month in which ‘final disbursement’ is made or 6 mnths from the first disbursement. In case of agriculturists: The re-payment will be related to the generation of farm-income from crops and other subsidiary activities.
‘Security’ ‘Equitable’/’Legal Mortgage charge’ over ‘property’ in the name of ‘applicant’ or his/her ”spouse’ or ‘parents’ or ‘third-party’. The person in whose name the ‘property’ to be ‘mortgaged’ stands should either is a ‘borrower’/’co-borrower’ or ‘a guarantor’.


  • The property offered should be a ‘residential’ or ‘commercial building’ or a plot of land (‘residential’/’commercial’).
  • The property should be ‘self occupied’ or ‘leased’ out to acceptable individuals, govt. agencies, PSUs, Corporates, etc.
  • Agricultural-land is NOT accepted against  security purposes.
‘Processing Fees A/cs re-payable as per ‘Stipulated installments’:-

  • One time @ 1% of Loan amnt. Min.Rs.3,000/- and max.     Rs.30,000/-.
  • Overdraft Limit (not reducible as per ‘re-payment schedule’):
  • 0.25% of the ‘sanctioned-limit’, Min. Rs.3, 000/- and Max. Rs.10, 000/-     on ‘annual-basis’.
  • Document charge(s), advocate fee(s), architect fee(s) etc. on actual-basis.
  • Loan agreement copy charge(s):  As applicable
  • For ‘Partnership firms’/’Corporate’ –
  • Processing charge(s) will be double that of applicable to individual(s)
  • For Rural areas –Processing charge(s) will be 50% that of applicable to individuals in respect of loan(s) availed by borrowers from rural areas from the ‘Rural Branch(es)’.
  • Additional charges  –One time 25% of the ‘applicable processing charge(s)’ min. Rs.500/- max. Rs.3000/-
‘Equitable Mortgage Fee’

‘Charges for deviation from scheme norms’


  • Limit(s) (exceeding Rs.25 lacs upto Rs.50 lacs – Rs.6, 000/-)
  • Limit(s) (exceeding Rs.50 lacs–Rs.100 lacs – Rs.15, 000/-)


  • Limit(s) (exceeding Rs.25 lacs upto Rs.50 lacs – Rs.3,500/-)
  • Limit(s) ( exceed(s) Rs.50 lacs – Rs.100 lacs Rs.7,000/-)

For ‘every item of deviation’ from the scheme norm(s) –
One time 25% of the ‘applicable processing charges’ min.Rs.3, 000/-; max. Rs.10,000/- per a/cs.

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