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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.
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| Loan Amount | ₹100,000 |
| Interest % | 11 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,838 |
| Total Interest | ₹ 6,058 |
| Loan Amount + Interest | ₹ 106,058 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 56,997 | ₹ 4,869 | ₹ 61,866 | ₹ 43,003 | 57.00 % | |||||||||||||||||||||||||||||||||||||||||||
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| ₹ 43,000 | ₹ 1,190 | ₹ 44,190 | ₹ 3 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||
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For the first step, you will have to visit our website to explore the loan options that fit your needs.
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
One of the most important steps. Now you will have to submit all the required documents digitally.
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
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.
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. |
|
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.
The eligibility of LAP with the Bank of India is directly related to the value of your property. Given below are the details of the eligibility criteria depending upon whether you are a salaried or a self-employed individual.
|
Eligibility Profile |
Companies
|
|
Age criteria |
For salaried individuals - 21 years to 60 years of age For self-employed individuals and professionals - 21 years - 71 years of age |
|
Kind of property for loan |
|
|
Loan Tenures |
Term loan is up to 15 years Overdraft loan is up to 12 years |
|
Loan amount |
10 lakhs to 5 crores |
|
CIBIL score |
650 and above |
|
Loan to value ratio |
Up to 50% of the property value |
|
Processing fee |
1% of the loan amount |
Submit your Aadhaar Card, PAN Card, and a photograph.
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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