www.loanmoney.in info@loanmoney.
in +91-8130-222-111
Bank of India Loan Against Property
Bank of India offers Loan against Property to the customers if they need to expand their
business or want money for personal use. The loan is given upto 40% of the market’s value
for tenure of 12 years.
Loan against Property Bank of India
Loan against Property interest rates offered by Bank of India depends upon MCLR
Floating rates changes with a single change in Bank of India MCLR rate in your loan tenure.
You should go for floating rates if you can take the risk of hike in interest rates
Bank of India offers Property Loan based on 1 Year MCLR which is currently 8.40%
Bank of India mortgage loan interest rate depends upon
Loan amount: Bank of India mortgage loan rate depends upon the loan amount you apply
for. Higher the loan amount, lesser will be the interest rate
Company where you work: Bank of India has a list of companies to which they lend Loan
Against Property. Interest rate will be less if your company is listed
Your Salary: Income helps you in identifying your rate of interest. Bank of India interest rate
varies with your monthly income. Higher the income, less will the rate of interest
Feel Free to connect anytime at
info@loanmoney.in or +91-8130222 111
Loan Against Property Charges
Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure
period. Bank of India allows prepayment of loan against property with Nil prepayment charges
Processing Fee - Bank of India asks for a processing fee of 1.00% of loan amount with applicable service tax
Bank of India Loan Against Property EMI Calculator
Loan Against Property EMI of Bank of India is a fixed amount that you pay each month towards the repayment of your Loan till the
end of tenure
Bank of India Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check
lowest EMI per lakh on Loan Against Property
You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the
EMI
Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
Loan tenure matters equally as higher tenure reduces your EMI
Feel Free to connect anytime at
info@loanmoney.in or +91-8130222 111
Eligibility of Loan Against Property in Bank of India relies upon different factors but the
most important factor is your ability to repay the loan. The main factors on which
the eligibility of an applicant depends are
Age: Bank of India offers loan against property for a maximum tenure of 12 years if the
borrower’s age does not exceed above 60 years for salaried and 70 years if you are
self employed. Apply for loan at smaller age, higher will be the chances of loan
approval
Value of the property: Bank of India decides your loan amount based on the market
value of the property which you place as your collateral for the loan. Bank of India
lends less than the market value of the property. As per RBI guidelines, the
borrower also has to show some contribution. Ratio of loan amount to value of
home is called Loan to Value (LTV) ratio. Bank of India gives maximum LTV of 40%
for property loans depending upon market value of the property
Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the
maximum EMI that you can pay. Bank of India checks your past CIBIL history, repayment record of credit
cards and existing loans that can impact your loan against property eligibility. If you have any other loan
running whose EMI you are paying currently, then you are supposed to close your loan to get higher
loan against property eligibility. Bank of India does not specify any particular CIBIL score for being
eligible for a property loan. However, it is observed that a score of 700 and above is desirable
To reduce your burden of higher EMIs, Bank of India gives you a maximum tenure of 12 years for a
maximum loan amount of Rs.50,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan
tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
Income: Loan against property are mostly taken by the people who are self employed in order to
expand their business. However, in order to increase the loan amount you may club the income
of family members like your spouse, parents, children and siblings
Business person should be in business from the past 0 years and minimum ITR of last 2years
is required as proof to Bank of Indi
Feel Free to connect anytime at
info@loanmoney.in or +91-8130222 111
Loan Against Property for Salaried employee Bank of India documents
required
Filled up loan application form
2 Passport Size Photo
ITR of last 2 years
Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
Residential Address Proof - Leave and License/ Registered Rent
Agreement/ Utility Bill (upto 3 months old), Passport
Income Documents – 6 monthspayslip, 2 years Form 16, 6 months
bank statement showing salary credit and any EMI debit
Feel Free to connect anytime at
info@loanmoney.in or +91-8130222 111
Bank of India Loan Against Property Interest Rates
Interest Rate 10.50% - 10.50%
Check Best Offers
Lowest EMI Rs. 1,224 per lakh
Max Tenure 12 years
Processing Fee Upto 1.00%
Prepayment, Foreclosure Allowed with nil charges for floating rate loans to
Charges individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 70 years for Self Employed
Feel Free to connect anytime at
info@loanmoney.in or +91-8130222 111
What are the five things to check before applying for loan against property in
Bank of India?
Property on which you intend to take loan is not a vacant land, has an approved
map plan and is in municipal area. You must attach the entire chain of title
documents of the property and its approved building plan with the loan
application.
Your existing EMI’s 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 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 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 in your own business or practice, your business must
have been in existence for at least three years and last three income tax returns
with audited financials must be available
Feel Free to connect anytime at
info@loanmoney.in or +91-8130222 111
2/16 Kalkaji, New Delhi, India - 110019
Mail us: info@loanmoney.in
+91-9810-306-899 /+91-8130-222-111
www.loanmoney.in |www.blog.loanmoney.in
Social Media
https://www.facebook.com/loanmoney.in
https://twitter.com/loanmoneyIn
https://plus.google.com/+LoanMoney
https://www.youtube.com/c/LoanMoney
https://www.linkedin.com/company/loanmoney.in
The Best way to own Money
