Bank of India Loan Against Property in Purnea, Bihar

Bank of India is one of the largest public sector banks in the country which offers the lowest rates on Loan Against Property. Currently, the bank offers loans starting from 8.85% with quick approval. Getting a loan against property from the Bank of India is simple as the process is quick and approval is done fast. With flexible repayment, this loan is preferable and affordable for all.

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

Bank of India Loan Against Property Important Information

Purpose

To meet the credit needs of trade, commercial activity, other general business/ profession, as also for their bona fide requirements;

To meet educational expenses of family members including near relatives;

To undertake repairs/renovation/extension to the residential/commercial property;

To purchase / construct residential house / flat, purchase of a Plot of land for construction of house/premises for business/commercial use *;

E. Repayment of existing loans availed from other Banks / FI’s conforming to the extant guidelines regarding “takeover” of account.

Any other purpose except for financial speculation of any nature.

Eligibility Criteria for Bank of India Loan Against Property

Resident Indians: Existing or New customers

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 (NRIs)

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.

Documents Required for Bank of India Loan Against Property

Application form with photograph

Any one of the following as proof of residence

Aadhar card

Ration card
Telephone bill

Electricity bill

Voter ID card

Fees & Charges for Bank of India Loan Against Property

Processing Fees: 5000/ to 50000/-

Pre Payment Charges: Nil

Minimum Income: 12000 Per Month

Interest Rates: 8.85% – 9.35%

Loan Amount: 3 Lakh – 10 Crore

Repayment Period: Upto 12 Years

FAQ for Bank of India Loan Against Property

What is the maximum loan amount I can get from a Bank of India loan against property?

You can get up to 4 times of annual net income (IT returns of last 2-3 years) or 48 times of take home salary as the loan amount.

Can I make a prepayment of the loan against property?

The bank allows prepayment on loan against property that has a floating rate of interest. No prepayment charges are to be paid.

Can I pre-close my loan against property account?

Yes, you can. You need to submit a written request to the nearest Bank of India branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.

What is the loan tenure for a Star Top Up Loan?

The Star Top Up Loan must be repaid in a maximum of 12 years. No extension will be given for this loan.

Note:This content is taken from Bank of India website

Purpose for Loan Against Property

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