Financial emergencies are a part of life and dealing with these financial emergencies can be difficult unless you have some savings to fall back on. Meeting expenses of a business, sudden medical issues, marriage, higher education, etc. can be tough sometimes. You might have a sizeable corpus with you, but certain financial emergencies can create a situation of panic when the amount required is much more than your savings. In such a scenario, it is very easy to feel overwhelmed by the situation, and you will be wondering where you can get the money from. For such financial emergencies, Bank of India offers Loan Against Property. Under this option, you can keep your property as collateral and get a loan from the bank to take care of your financial requirements. Moreover, you need not make any lump sum payments rather you have to repay the loan through equated monthly instalments (EMIs) over the repayment tenure as specified by the bank.
Bank of India is a public sector bank with its headquarters situated in Mumbai. Bank of India comes under the list of top 5 banks in the country. Establishes in 1906, it was nationalized by the Government of India in the year of 1969 and presently has 5100+ branches across urban, semi-urban, and rural centers. Ranked among the top banks in India, Bank of India provides its customers with attractive rates of interest and excellent customer services. The Loan Against Property provided by the Bank of India follows an easy process.
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Bank of India is a public sector bank which has been ranked amongst the top 5 India banks. Being a commercial bank, it has expertise in advancing loans to its customers for varied needs.
Given below are some of the reasons why you should go for Bank of India Loan Against Property:
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Loan Against Property offered by Bank of India comes with the following features and benefits:
Bank offers the amount, which is the lowest of the above-mentioned parameters.
|Type of Borrower||Demand/Term Loan||Overdraft (Reducible)||Overdraft (Non-Reducible)|
|Individual-salaried/self-employed||5 Crores||2 Crores||Not Applicable|
|Doctor/in case of joint accounts all to be doctors||5 Crores||5 Crores||Not Applicable|
|Others||5 Crores||5 Crores||5 Crores|
Also Read - Dos & Don’ts of Applying for a Loan Against Property
The interest rates of the Bank of India Loan Against Property depends on and linked to the 1 year Marginal Cost of Fund Based Lending Rate (MCLR) of the bank.
The current 1-year MCLR is 8.35% w.e.f 10.08.2019.
The applicable rates of interest are as follows:
|Type of Loan||Applicable Interest Rate|
|Loan/ Overdraft Reducible (Monthly Reducible Limit)||1 Year MCLR +2% = 10.35%|
|Overdraft (Non-Reducible)||1 Year MCLR + 2.50% = 10.85%|
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Bank of India generally provides 3 types of Loan Against Property. They are mentioned as below:
The amount of loan totally depends upon the value of the property. The loan sanctioned also depends upon the salary or annual income of the applicant. The maximum amount of loan provided on each type of property differs as all of them are not the same. Applicants will be liable to pay EMIs based on the amount of loan sanctioned by the bank to them.
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Bank of India, like every other financial institution, requires certain documents from the applicants along with the application for a Loan Against Property:
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You avail multiple benefits when you apply for Bank of India Loan Against Property on MyMoneyMantra, as the entire process is effortless and convenient. Ours is an online platform that specializes in finance and loans. Being in partnership with more than 90 banks and other financial institutions, our experts have the knowledge, experience and expertise to make your journey, right from the application to the disbursal, as easy and hassle-free as possible.
Additionally, for most people, the world of finance seems complicated; hence, having someone knowledgeable by your side to navigate you through this process can make it easier and more convenient. MyMoneyMantra is an online platform where financial specialists assist applicants and help them through the entire process of application, document submission, verification, and disbursement to help customers avail the loan in the most hassle-free and convenient manner possible. Moreover, as all the operations are conducted online, you don't even have to leave the comfort of your home to avail the advantage and convenience offered by our services.
Also Read - 5 Steps to Choose the Ideal Lender for Loan Against Property
Following are the steps to avail Bank of India Loan Against Property through MyMoneyMantra:
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The bank also offers the following products:
BOI Star Smart Home Loan
|Star Pravasi Home Loan||BOI Star Diamond Home Loan||Pradhan Mantri Awas Yojana||BOI Star Education Loan|
|BOI Star Vidya Loan|
|BOI Star Top Up Loan||BOI Star Vehicle Loan||BOI Star Personal Loan||BOI Star Mitra Personal Loan|
|BOI Star Pensioner Loan||Star Holiday Loan||BOI Star Doctor Plus||BOI Star IPO||Pradhan Mantri Kaushal Rin Yojna (Skill Loan)||Earnest Money Deposit (EMD) Scheme|
|Bullion Banking||Export Finance||Channel Credit||Discount Future Cash Flows||Foreign Currency Swing Limit||ExportersGold Card|
|Traders||Dual Currency Swing Limit||Bill Finance||Bank Guarantee||Kisan Credit Card Star||BOI Kisan Shatabdi Krishi Vikas Card|
|Kisan Samadhan Card||Bhumiheen Kisan Card||Housing Loan To NRIs/PIOs||Overdraft Against Securities||Loan Against FCNR (B) Deposits||MSME Finance|
|Credit Cards||Prepaid Cards||Business Cards||NRI Deposits||Term Deposits||Tax Saving Deposits|
|Savings Account||Salary Account||Current Account||NRI Accounts||Motor Accident Claims Annuity (Term) Deposit Account (MACAD)||CASA Term Insurance|
The most convenient method to calculate the EMI for Bank of India Loan Against Property is using MyMoneyMantra's EMI Calculator. Simply visit the MyMoneyMantra and select EMI Calculator mentioned under Financial Tools. Simply enter the required information, and you will be provided with the amount of EMI you are expected to pay for a specific loan amount, interest rate, and loan tenure.
Also Check: CIBIL Defaulters List
Processing fees levied by Bank of India for a Loan Against Property are:
|Processing Charges (all charges include GST)|
Loan/ Overdraft Reducible (Monthly Reducible Limit)
For loan repayable by instalments:
1% of sanctioned loan amount, minimum Rs. 5,000 and maximum Rs. 50,000.
For mortgage OD (reducible):
For mortgage OD (non-reducible):
0.50% of the sanctioned/reviewed limit,
|For rural areas||75% of normal applicable charges in respect to loans availed by borrowers from rural areas from rural branches.|
You can contact Bank of India through:
Toll-free number: 1800-220-229 or 022-4091-9191
Star House, C - 5, "G" Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
The maximum repayment tenure offered by Bank of India for its Loan Against Property is 12 years or 144 months.
Customers can mortgage residential, commercial, or industrial properties for Bank of India Loan Against Property.
One of the most convenient ways to calculate the EMI for Bank of India Loan Against Property is through the EMI Calculator available on MyMoneyMantra website.
Anyone who wants to apply for the Bank of India Loan Against Property can do it by three methods:
The maximum amount you can get is 5 Crores.
The current 1-year MCLR is 8.35% w.e.f 10.08.2019.