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Bank of India Loan Against Property Eligibility Calculator

Bank of India Loan Against Property Eligibility Criteria 2021

Last Updated 18th Oct 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 70 years
Maximum Loan Tenure 12 years 12 years
  • Bank of India loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your Bank of India mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Bank of India Loan Against Property Eligibility

Bank of India allows you to fund immediate or urgent needs with a loan against property. Bank of India loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. Bank of India lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

Bank of India Loan Against Property Eligibility Based on Age

    Bank of India considers your age as one of the important parameters to calculate your Bank of India property loan eligibility. To be eligible for availing a loan from Bank of India, one has to be of 21 years of age. The maximum age for loan from Bank of India can be 60 years. Bank of India eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 12 Years 12 Years
30 Years 12 Years 12 Years
40 Years 12 Years 12 Years
50 Years 10 Years 12 Years
60 Years - 10 Years

Bank of India Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Bank of India typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Bank of India to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 25.93 Lakh 38.90 Lakh 51.86 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Bank of India loan against property eligibility.

  • Nature of Employment: Bank of India will check whether you are salaried or self employed. Bank of India requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Bank of India Property Loan Eligibility Based on Value of Property

  • Value of Property: Bank of India does not finance the entire property value. The maximum Loan Against Property Eligibility would Depend upon the value of the property. You can get a maximum of 40% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 8 Lakh. The percentage of Bank of India loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 40% ₹ 20 Lakh ₹ 8 Lakh
    Residential Property 40% ₹ 20 Lakh ₹ 8 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Bank of India, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Bank of India.

Bank of India Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Bank of India requires a minimum credit score of 650 to be eligible for a property loan.

Bank of India Mortgage Loan Eligibility Based on FOIR

Bank of India calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Bank of India calculates your fixed obligations to monthly income ratio that should not be more than 65% to get a mortgage loan from Bank of India. Always calculate your eligibility with Bank of India mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

How to Calculate Bank of India Loan Against Property Eligibility?

To check loan against property eligibility Bank of India follow the below given steps:-

  • Visit to the Bank of India website.
  • Click on Bank of India loan against property.
  • To check eligibility criteria use a Bank of India loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for Bank of India Loan against property.

Bank of India Loan Against Property Schemes Eligibility

Bank of India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular Bank of India loan against property products with their basic eligibility are listed 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.
  • 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.

Documents Required for Bank of India Loan on Property

To avail Bank of India loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

FAQs

What factors determine the eligibility criteria of property loan from Bank of India?

The factors that determine the eligibility criteria of Bank of India property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Bank of India mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 0 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure Bank of India of your ability to repay the loan.

What is the minimum and maximum age required for Bank of India loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from Bank of India. Bank of India considers your age as an important parameter to determine your Loan against property tenure.

What is the tenure of Bank of India property loan?

Bank of India offers property loan for a tenure upto 12 years. However, longer the loan tenure, higher will be the eligibility. Also, higher loan tenure means higher rate of interest.

How much Bank of India mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Bank of India up to 40% of the market value of the property if they mortgage residential property whereas you can avail up to 40% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Bank of India if I am not a Bank of India customer?

Yes, you can get a loan against property from Bank of India if you are not a Bank of India customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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Bank of India Loan Against Property News - Oct 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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