| Bank of India Star Loan Against Property Highlights 2023 | |
| Interest rates | 11.25% p.a. onwards |
| Loan amount | Up to 40% of the property value |
| Loan tenure | Up to 15 years |
| Processing fees | Up to 1% of sanctioned loan amount |
Note: Interest rates as of 14th November 2023
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Table of Contents
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.
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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 | 9.25-15.00 |
| IDFC First Bank | 9.00-16.50 |
| HDFC Bank Limited | 9.50-11.00 |
| 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 | 10.50-10.95 |
| Kotak Mahindra Bank | 9.15 onwards |
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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.
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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.