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bank of india loan against property
BOI offers LAP to both self-employed and salaried individuals with minimal documentation. Not only is the loan flexible, but BOI even offers higher loan amounts as compared to all other categories of loans.Powered By
bank of india loan against property
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Here are a few factors
| Location | PAN India |
| CIBIL Score | 675+ |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | 18 Year to 75 Year |
| Loan Amount & Tenure | 10
Lac to No Limit (1 Year to 7 Year) |
| Login Fees | NIL |
| Rate of Interest & Type | 9.50% to 12% (Reducing) |
| TAT | 15 Days |
| Processing Fees | Upto 1% of Loan amount |
| Foreclosure Charges | NIL |
| Insurance | Property Insurance |
| Minimum Business Vintage | 2 year |
| Lock In Period | NIL |
| Part Payment Allowed | Yes |
| LTV | Upto 60% of Market Value |
| Product | BT+Top UP, Fresh Loan, Seller BT, LRD |
| Program | Income Program |
| FOIR | 1.
Salaried- 4-6 Time of gross annual Salary 2. Self Employed-4-5 time of average annual income of last 3 year |
| Cautious Profile | No Cautious Profile |
| Negative Profile | No Negative Profile |
| Funded Property | Residential
Property, Commercial Property, Industrial Property, Plot, School, Hospital, Hotel, Mall, Godown |
| Negative Property | Un-approved Property |
| Accepted Collateral | Other than negative property |
| Specific Property wise Funding Limit | No |
| Any Specfic Product for Professionals | No |
| USP | No Negative Profile |
| Additional | 1. Chain of property must be clear Property chain for last 30 year |
Required Documents to Apply for an Bank of india loan against property
BOI has a very minimal documentation process for LAP. If you are a salaried employee or a self-employed individual, you can just submit the below list of documents to the bank, along with their application form with your signatures.
Salaried income documents
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KYC of applicant & Co-Applicant
-
Last 3 Month Salary Slip of Applicant
-
Last 12 month Bank Statement of applicant & co-applicant
-
Last 3 year ITR with computation of income of applicant & co-applicant
-
Last 2 Year Form 16 of applicant
-
26AS of last 2 year of applicant & co-applicant
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Appointment letter of applicant if available
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Agreement to Sale if purchase case
-
Property Paper with complete chain of last 13 years
-
LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
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Sanction letter of all running loan
-
Latest utility Bill if owned residence or rent agreement if rented
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2 Reference with contact details
Self Employed person documents
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KYC of applicant & Co-Applicant
-
Last 3 year ITR with computation of income of applicant & co-applicant
-
Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Last 12 month Bank Statement of applicant & co-applicant
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26AS of last 2 year of applicant & co-applicant
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Copy of GST registration
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Copy of MSME registration
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Copy of Last 12 month GST return
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Agreement to Sale if purchase case
-
Property Paper with complete chain of last 13 years
-
LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
-
Sanction letter of all running loan
-
Debt Sheet
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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2 Reference with contact details
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Last 3 year Debtors & Creditors on letter head
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Some Important Points
If Applicant is
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
Co-Applicant means in case of
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
3. If applicant is professional, then his professional degree is required
A loan against property is a secured category of the loan in which you keep your asset with the bank. And this asset can either be your own house, land, or any commercial building. There have been many banks in the market these days that have been offering such loans. However, the Bank of India is one of the leading banks today, offering the lowest interest rates to its customers. In this category of loan, you offer your property as collateral to BOI and, in exchange, they give you a loan to meet any of your requirements. The loan procedure of the Bank of India is simple and can be done both online and offline. The main benefit of LAP is that you do not need to sell your house in case of a financial emergency; you can just keep it as collateral with the bank. BOI offers LAP to both self-employed and salaried individuals with minimal documentation. Not only is the loan flexible, but BOI even offers higher loan amounts as compared to all other categories of loans. So, in case of any kind of financial need, you should surely go ahead and take advantage of being offered by BOI by applying for LAP.
Interest Rates
The Bank of India offers a Loan Against Property with attractive interest rates starting at just 8.85% p.a. The Bank of India offers LAP to their customers based on CIBIL scores. The higher the CIBIL score, the higher the loan amount will be for you. The interest rates for loans against property are the same for salaried and self-employed individuals because the rates are directly linked to the RBI’s repo rates.
|
CIBIL Scores |
BOI Interest rates |
|
|
Term Loans |
Reducible Overdraft |
|
|
760 and above |
8.85% p.a. |
9,10% p.aa |
|
675 - 759 |
9.35% p.a. |
9.60% p.a. |
|
Below 675 |
9.85% p.a. |
10.35% p.a. |
|
-1 and 0 |
9.60% p.a. |
9,85 % p.a. |
|
Other than individuals |
||
|
8.85% p.a. |
8.85% p.a. |
|
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
Yes, you can apply for a loan against jointly owned properties, provided all the documents are required for the joint owner as well as the co-applicant in the LAP.
No, without tax return documents, you are not eligible to apply for the loan against properties.
Yes, BOI offers loan transfer options only for their customers.
If you have another co-applicant in your LAP and they are earning well, So you can make them the primary applicant to get a high loan amount against your property.
The Bank of India offers a Loan Against Property with attractive interest rates starting at just 8.85% p.a. The interest rates for loans against property are the same for salaried and self-employed individuals because the rates are directly linked to the RBI’s repo rates.
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