{"id":9227,"date":"2018-07-11T21:32:57","date_gmt":"2018-07-11T16:02:57","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=9227"},"modified":"2019-09-25T11:53:00","modified_gmt":"2019-09-25T06:23:00","slug":"bank-of-india-mortgage-loan","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/bank-of-india-mortgage-loan\/","title":{"rendered":"Bank of India Mortgage Loan"},"content":{"rendered":"<p>Founded in 1906, the Bank of India (BOI) currently has around 4963 branches, 54 zonal offices, 5 subsidiaries across the country and one overseas joint venture. The Bank of India aims to provide proactive, state-of-art and innovative banking solutions to customers. BOI offers a wide range of products and services catered to various sectors from corporate and\u00a0SME\u00a0to rural and retail among others.\u00a0<strong>Bank of India offers loans against property (Mortgage Loan)<\/strong>\u00a0as well.<\/p>\n<div class=\"row btm-pad product-landing-btn-block\">\n<div class=\"col-md-12 link-section\">\n<h2>Purpose of Bank of India Mortgage Loan\/Loan against Property<\/h2>\n<p>The loan against property can be taken for the following reasons<\/p>\n<ul>\n<li>Commercial activities<\/li>\n<li>Expenses related to education of any family member<\/li>\n<li>Repairs or renovation of commercial or residential properties<\/li>\n<li>Construction of flat or buying a plot for commercial activity<\/li>\n<li>Payment of current loans<\/li>\n<\/ul>\n<h2>Bank of India (BOI) Mortgage Loan<\/h2>\n<p>The eligibility criteria and other conditions related to\u00a0loans against property\u00a0offered by Bank of India are listed in the table below:<\/p>\n<table class=\"table table-curved\" border=\"1\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Eligible borrowers<\/p>\n<p>Ineligible borrowers<\/td>\n<td>\n<ul>\n<li>High-net worth individuals<\/li>\n<li>Professionals<\/li>\n<li>Self-employed<\/li>\n<li>Salaried employees<\/li>\n<li>Firms (proprietary and partnership)<\/li>\n<li>Public and private LTD companies<\/li>\n<li>HUFs<\/li>\n<li>NRIs (subject to conditions)<\/li>\n<\/ul>\n<ul>\n<li>NBFCs<\/li>\n<li>Trusts<\/li>\n<li>Partnership firms with HUF as a partner<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Types of loans\/advances<\/td>\n<td>\n<ul>\n<li>Term Loan<\/li>\n<li>Demand<\/li>\n<li>Overdraft<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Age<\/td>\n<td>Maximum: 60 years (permanent service)<\/p>\n<p>70 years (proprietary firms, non-salaried and self- employed persons)<\/td>\n<\/tr>\n<tr>\n<td>Security<\/td>\n<td>\n<ul>\n<li>Property must be in applicant or his or her spouse\/relative\u2019s name. In case of firms, property should be in the name of proprietor\/partners\/director<\/li>\n<li>Any property which is owned by HUF or Society should not be pledged for loan by Karta\/office-bearers<\/li>\n<li>BOI does not accept agricultural land as security<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Quantum of loan\/advance<\/p>\n<p>Salaried and self-employed\/professionals<\/p>\n<p>Doctors<\/p>\n<p>Partnership\/proprietorship firm or company<\/td>\n<td>4 times of annual net income (IT returns of last 2-3 years) or 48 times of take home salary<\/p>\n<p>4 times of annual net income (average) based on the income tax returns of last 2 to 3 years<\/p>\n<ul>\n<li>Overdraft (reducible)<strong>:<\/strong>\u00a04 times of annual net income (average) of last couple of years<\/li>\n<li>Overdraft (reducible):20% of turnover on the basis of balance sheet (last 2 to 3 years) which is duly audited<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Repayment &#8211; Loans<\/p>\n<p>Overdraft (non-reducible)<\/p>\n<p>Overdraft (reducible)<\/td>\n<td>Maximum: 12 years (EMIs)<\/p>\n<p>Interest charged on a monthly basis<\/p>\n<p>Maximum: 12 years<\/td>\n<\/tr>\n<tr>\n<td>Margin<\/td>\n<td>\n<ul>\n<li>Nil (limit based on registration value)<\/li>\n<li>50% of distress sale value<\/li>\n<li>60% of market value<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Mortgage Loan Interest Rates charged by Bank of India<\/h2>\n<p>The following table shows the interest rates charged by Bank of India for loans against property<\/p>\n<table class=\"table table-curved\" border=\"1\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Base rate<\/td>\n<td>9.7% (from October 2015b onwards)<\/td>\n<\/tr>\n<tr>\n<td>Type of facility<\/td>\n<td>Floating interest rate is linked to BOI base rate<\/td>\n<\/tr>\n<tr>\n<td>Overdraft (reducible)<\/td>\n<td>Base rate+1.5%=\u00a0<strong>11.45%<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Overdraft (non-reducible)<\/td>\n<td>Base rate+2%=\u00a0<strong>11.95%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Charges related to BOI Mortgage Loans<\/h2>\n<p>Various charges related to loans against property offered by BOI are listed in the table below<\/p>\n<table class=\"table table-curved\" border=\"1\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Equitable mortgage fee<\/td>\n<td>\n<ul>\n<li>Rs.5,000 (up to Rs.10 lakh)<\/li>\n<li>Rs.10,000 (up to Rs.1 crore)<\/li>\n<li>Rs.20,000 (up to 5 crore)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>Processing charges<\/td>\n<td>\n<ul>\n<li>1% of amount sanctioned (loan)<\/li>\n<li>0.50% of (sanctioned) limit (non-reducible overdraft)<\/li>\n<li>0.50% of limit for 1st year plus service tax and 0.25% of the limit (reviewed) afterwards<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Founded in 1906, the Bank of India (BOI) currently has around 4963 branches, 54 zonal offices, 5 subsidiaries across the country and one overseas joint venture. The Bank of India aims to provide proactive, state-of-art and innovative banking solutions to customers. BOI offers a wide range of products and services catered to various sectors from &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/bank-of-india-mortgage-loan\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bank of India Mortgage Loan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9227","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Antworks Money &#8211;  The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/bank-of-india-mortgage-loan\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:description\" content=\"Founded in 1906, the Bank of India (BOI) currently has around 4963 branches, 54 zonal offices, 5 subsidiaries across the country and one overseas joint venture. 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