Bank of India Loan Against Property

Bank of India Star Loan Against Property Highlights 2023
Interest rates	11.25% p.a. onwards
Loan amount	Up to Rs 7.5 crore
Loan tenure	Up to 15 years for term loans
	Up to 12 years for reducing overdraft
Processing fees	Up to 1% of sanctioned loan amount

Note: Interest rates as of 17th May 2023

Bank of India Star Loan Against Property Interest Rates

Bank of India offers loan against property based on the credit score of its applicants. Mentioned below are the term loan and overdraft LAP interest rates:

Star LAP Term Loan Interest Rates

CIBIL Score	Interest Rates (p.a.)
760 and above	11.25%
675 and 759	11.75%
Below 675 (only for the purpose of reviewing of account and not meant for fresh sanction)	12.25%
-1 & 0	12.00%

Star LAP Overdraft (reducible) Interest Rates

CIBIL Score	Interest Rates (p.a.)
760 and above	11.50%
675 and 759	12.00%
Below 675	12.75%
-1 & 0	12.25%

The final loan against property interest rates offered to the applicant would depend on their monthly income, job profile, employer’s profile, etc.

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	10.60-11.30
Bank of Baroda	10.85-16.50
PNB Housing Finance	9.65-13.00
IDFC First Bank	9.00-16.50
HDFC	8.95-10.25
L&T Housing Finance	9.50 onwards
LIC Housing Finance	9.50-11.55
Godrej Housing Finance	9.75 onwards
ICICI Bank	10.85-12.50
Tata Capital	10.10 onwards
Bajaj Housing Finance	8.50-18.00
Axis Bank	9.90-10.35
Kotak Mahindra Bank	9.15 onwards

Bank of India Star Loan Against Property Fees and Charges

Processing fees

For loan repayable by installment	One time @ 1% of sanctioned loan amount Min. Rs 5,000 and Max. Rs 50,000
For Mortgage Overdraft (reducible)	0.50% of the Sanctioned limit min. Rs 5,000 and Max. Rs.30,000 for 1st year at the time of original sanction.
	0.25% of the Reviewed limit min.Rs 2,500 & Max. Rs 15,000 for subsequent years
For rural areas	75% of the normal applicable charges in respect of loans availed by borrowers from rural areas from rural branches

Bank of India Star Loan Against Property Eligibility Criteria

Only Individual customers:

• Resident Indians (both existing and new)
• Regular and confirmed employees/individuals with high net worth.
• Professionals, self-employed and people engaged in trade, commerce and business, engaged in business/profession for a minimum period of 3 years.

Non Resident Indians:

• Non-Resident Indians (NRIs) holding Indian passports having a regular job abroad in a reputed Indian / foreign company, organization or government department.
• NRIs holding a valid job contract / work permit for minimum past -3- years or employed / self-employed or having a business unit and staying abroad at least for past -3 years.

Maximum age:

• Individuals in permanent service: 60 years or Retirement age whichever is earlier.
• For self-employed/non-salaried people, sanctioning authority may relax the age limit by 10 years i.e. up to 70 years.

Along with the above-mentioned factors, Bank of India may also consider the liabilities, assets owned and income profile to evaluate the loan against property eligibility of its applicants.

Bank of India Star Loan Against Property Documents Required

• Proof of identity (any one): PAN/Passport/Driver Licence/Voter ID
• Proof of Address (any one): Passport/Driver Licence/Aadhar Card/ Latest Electricity Bill/Latest Telephone Bill/Latest Piped gas bill
• Proof of Income for Salaried (any one):
  • Latest salary certificate, salary slip from employer showing name, designation, salary details of deductions and copies of income tax returns of last 3 years together with latest income tax assessment order and advance tax challans of current year and Income Tax Return for last 3 Years.
  • Employer’s certificate about birth date, age, Date of joining, likely date of retirements, etc.
• Income Proof for Self-employed: In case of Businessman: copies of financial statement (preferably audited) & Income tax returns for last three years together with copy of latest income tax assessment order and advance tax challans of current year.
• Undertaking Regarding Purpose of Loan

The bank may also ask for additional documents for loan against property based on individual profile.