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Bank of India Loan Against Property

Bank of India Mortgage Loan Interest Rates 2021

Last Updated 09th Jul 2021

Bank of India is one of the largest Public Sector Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 8.85% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of Bank of India Loan against property are mentioned below: Check Best Offers

Processing Fee Upto 1.00%
Max Tenure 12 years
Lowest EMI ₹ 1,130 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 70 years for Self Employed
    Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

    Bank of India Loan Against Property Fees and Other Charges

    Along with Bank of India Loan against Property Rates, Bank of India also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Bank of India LAP Loan is 0.75%. This fee is charged by Bank of India to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in Bank of India for Salaried Employees

    The mortgage loan interest rates in Bank of India for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 8.85%
    ₹ 30 Lakh - ₹ 75 Lakh 8.85%
    ₹ 75 Lakh - ₹ 1 Cr 8.85%
    Above ₹ 1 Cr 8.85%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 8.85%
    ₹ 30 Lakh - ₹ 75 Lakh 8.85%
    ₹ 75 Lakh - ₹ 1 Cr 8.85%
    Above ₹ 1 Cr 8.85%

    Bank of India Property Loan Interest Rate for Business Man or Self Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 8.85%
    ₹ 30 Lakh - ₹ 75 Lakh 8.85%
    ₹ 75 Lakh - ₹ 1 Cr 8.85%
    Above ₹ 1 Cr 8.85%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 8.85%
    ₹ 30 Lakh - ₹ 75 Lakh 8.85%
    ₹ 75 Lakh - ₹ 1 Cr 8.85%
    Above ₹ 1 Cr 8.85%

    Steps to Apply for Bank of India Loan Against Property

    You can apply for Bank of India Loan against property through online as well as offline modes. To apply for a loan through offline mode, you need to visit the official Bank of India bank branch and fill the application form along with the required documents for loan against property. The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.

    To apply online for Bank of India Loan against Property online, you need to follow these steps:-

    • Visit the official website of Bank of India and navigate to Loan Against Property.
    • Before applying, now check your eligibility for Bank of India Loan against Property.
    • Check various details about the loan, such as interest rates and other charges.
    • If you are satisfied and have cross verified all the details, fill the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Apart from that, you can also visit online marketplaces like MyLoanCare to apply for a Bank of India Loan against property. Here, you can compare offers Bank of India with other top banks and can use the EMI and Eligibility calculators to plan your expenses and loan repayments. Bank of India Loan against property application process at MyLoanCare is hassle-free and transparent.

    Compare Bank of India Loan Against Property Interest Rate with Top Banks

    Bank of India offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Interest Rate 8.85% - 9.35% 8.80% - 9.30% 8.75% - 9.90%
    Processing Fees Upto 1.00%
    Min ₹ 5,000 Max ₹ 50,000
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.75%
    Loan Tenure 12 Years 15 Years 15 Years
    Maximum Loan Amount ₹ 5 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 70 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,130 per lakh ₹ 1,002 per lakh ₹ 999 per lakh
    Bank of India Floating Rate on Loan Against Property

    As on 25 Jul, 2021, Bank of India offers the lowest rate starting at 8.85%. Bank of India Loan against property rates have been dropped by 1.8%, from the earlier rate of 10.65% with effect from 01 Apr, 2021.

    Bank of India Mortgage Loan Interest Rates
    Bank of India Loan Against Property Floating 8.85%
    Bank of India Loan Against Property Floating
    Loan AmountCurrent LAP Rates
    Upto ₹ 30 Lakh 8.85%
    ₹ 30 Lakh - ₹ 75 Lakh8.85%
    ₹ 75 Lakh - ₹ 1 Cr8.85%
    Above ₹ 1 Cr 8.85%
    with OD Facility
    Loan Amount Rate
    Upto ₹ 30 Lakh 11.15%
    Above ₹ 30 Lakh - ₹ 75 Lakh 11.15%
    Above ₹ 75 Lakh - ₹ 1 Cr 11.15%
    Above ₹ 5 Cr 11.15%

    Bank of India Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    01 Apr, 2021 8.85%
    31 Mar, 2021 8.85%
    30 Mar, 2021 8.85%

    Factors Affecting Bank of India Loan against Property Interest Rates

    Some of the factors that impact Bank of India Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Bank of India depend upon the loan amount you apply. You can get a minimum loan of ₹ 10 Lakh from Bank of India.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.
    • Type of loan opted for: Bank of India offers differential rates for customers different profiles and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.
    • Your profession: Bank of India may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    Bank of India Loan Against Property Eligibility Criteria

    Bank of India has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 60 years
    Loan Amount ₹ 10 Lakh to ₹ 0 Cr
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    Bank of India Mortgage Loan Interest Rate and EMI Calculator

    You can also use an online Bank of India Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • The Bank of India Mortgage Loan EMI calculator helps you calculate your monthly EMI at different rates of interest and check and compare the lowest EMI per lakh on LAP.
    • You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor that affects your EMI is the loan against property interest rate. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.
    Loan Against Property Top up, Transfer in Bank of India

    Bank of India offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Bank of India at an affordable interest rate, higher loan amount and convenient loan tenure. Bank of India loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Bank of India are 8.85%. Along with that, you can also avail of additional top-up on your loan against property.

    Loan Against Property Bank of India Products

    Bank of India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Commercial Property Mortgage Loan

    • Commercial property mortgage loan by Bank of India allows the loan borrower to borrow funds by keeping the commercial property as security with the bank.
    • The loan is taken to meet the credit needs of business or profession, to meet personal expenses, for renovation or construction of house or business premises, or to repay existing loans. The purpose of the loan is to be declared to the lender.
      • The loan can be taken by self-employed individuals, salaried employees, proprietary firms, partnership firms, Pvt or public limited companies, societies, staff members, or HUFs(Excluding the partnership firms where HUF is one of the partners).

      Loan Against Residential Property

      • Commercial property mortgage loan by Bank of India allows the loan borrower to borrow funds by keeping the residential property as security with the bank.
      • The loan is taken to meet the credit needs of business or profession, to meet personal expenses, for renovation or construction of house or business premises, or to repay existing loans. The purpose of the loan is to be declared to the lender.
        • The loan can be taken by self-employed individuals, salaried employees, proprietary firms, partnership firms, Pvt or public limited companies, societies, staff members, or HUFs(Excluding the partnership firms where HUF is one of the partners).

        Bank of India Loan Against Property Documents Required

        For Self-Employed

        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 2 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
        • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
        For Salaried employee
        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 2 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
        • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
        Property documents
        • Registered Sale Deed/ Conveyance/ Lease Deed
        • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
        • Latest House Tax Return/ Receipt
        • Approved Building Plan from Municipal Corporation

        FAQs

        What is Bank of Indias loan against property interest rate?

        Bank of India offers loan against property at a rate of 8.85% with the lowest EMI of ₹ 1,130. If you are currently paying a higher interest rate than Bank of India rate, you can opt for a balance transfer of loan to Bank of India.

        Did Bank of India Loan against property rates drop?

        Yes, Bank of India loan against property rates has decreased by 1.8% from the previous rate of 10.65% to 8.85%. The lowest mortgage rates of Bank of India are effective from 01 Apr, 2021.

        How to increase my eligibility on Bank of India Mortgage loan?

        If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

        Can I foreclose my Mortgage loan? What are the charges applicable?

        Yes, you can foreclose your Bank of India loan against property anytime you want with Nil foreclosure charges.

        What is the maximum loan tenure I can opt under Bank of India Property loan?

        Bank of India offers a maximum tenure of 12 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

        What is the benchmark rate applicable for Mortgage loan?

        The benchmark rate applicable for property loans in Bank of India is RLLR

        Can I transfer my LAP from another bank to Bank of India?

        Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Bank of India offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Bank of India are 8.85%.

        What is Bank of India mortgage loan processing fees?

        The loan processing fee charged is 1.00% of the total loan amount.

        What security do I need to provide for Bank of India Mortgage Loan?

        Bank of India requires a registered mortgage of the property against which the bank will provide you a loan.

        • Property on which you intend to take loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
        • Your total EMIs on all loans and credit cards (from Bank of India and other banks) are no more than 60 - 70% of your net monthly income.
        • You have not defaulted on loans or credit card dues to Bank of India and other banks and all EMI's have been paid. Note that Bank of India can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to Bank of India in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
        • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
        • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

        Are prepayment or foreclosure charges applicable on Bank of India loan against property?

        You can prepay loan against property (LAP) without any penalty or charges in case:

        • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
        • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

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        Bank of India Loan Against Property News - Jul 2021
        • 2020-08-03 : Bank of India posted PAT of Rs. 845.78 crore in Q1FY21
          Bank of India posted a net profit of Rs.845.78 crores for the period ended June 30, 2020, as against a net profit of Rs.3600.65 crores for the period ended March 31, 2020. Further, the Bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.12022.48 crores during the period ended June 30, 2020.
        • 2019-05-17 : Bank of India posts Rs. 252 crores profit on lower provisioning
          Bank of India (BoI) has reported a net profit at Rs. 252 crores during the Q4 of FY19 as compared to Rs. 3,969 crore in the year-ago quarter. The profit is driven mainly by robust growth in net interest income and a sharp decline in loan loss provisions. Additionally, the lender is hoping to grow retail loans including home loans and mortgage loans around 15% in the near future.
        • 2019-05-13 : Bank of India lowers MCLR rates by 5 basis points
          Bank of India (BoI) has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.20% and 8.30% respectively. While for 3 months, the rate has been revised to 8.45%. While for 1 year the rate now stands at 8.70%. The revised rates are effective from May 10, 2019.
        • 2019-04-11 : Bank of India cuts 6-month MCLR by 5 basis points, other rates unchanged
          Bank of India (BoI) has reduced its marginal cost-based lending rate (MCLR) by five basis points for the six-month tenure. Other rates have been left unchanged. Now, the MCLR rate for 6 months have been reduced to 8.55% from 8.6% earlier. The new rate is effective from April 10.
        • 2018-11-20 : Bank of India revises MCLR rate
          Bank of India has revised MCLR for the month of November. The rates continue to be in the range of 8.15% to 8.65%. The new rates for six months MCLR now stand at 8.55% and that of one year is 8.65%. The revised rates are effective from November 10, 2018.
        *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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