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Loan Details

Interest Rate


Starting at 8.85%

Processing Fee

Up to 1% of the loan amount, minimum Rs 5000 and maximum Rs 50,000

Prepayment

Charges

Nil

Tenure


Up to 12 years

  • Eligibility Factors
  • Documents Required
  • Loan Verification Process
  • Rate of Interest

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Bank of India Loan Against Property
 

a. Age: Minimum-21 years

Maximum- 60 years for individuals in permanent service and
70 years for firms

 

b. Credit Score: 650 and above

 

c. Employment Type: -Salaried

-Self-employed

- Professionals

- Proprietary Firms

- Partnership Firms

- HUF

- HNI individuals

- Private and Public Limited Companies

- NRIs

- Societies

 

d. Minimum Gross Income (monthly): 25-40% for individuals

Minimum 1.5 DSCR or ISCR as applicable for firms

 

e. Work Experience: As per the bank’s criteria, depending on
the borrower eligibility

 


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Borrowers need to furnish the following standard documents:


· Loan application form with photographs.

· Identity proof –Aadhar card, passport, photo PAN card, driving licence, voter ID card or other valid proof.

· Address proof – Aadhar card, electricity bill, telephone bill or other valid proof.

· Income proof – Salary slip, ITR returns – personal or business as applicable, bank statement or other valid proof.

· Any other document requested by the bank to determine eligibility and proof of ownership of the property.



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Bank of India offers loan against property at floating ROI. The current interest rate starts from 8.85% onwards.