Bank of India Mortgage Loan
Bank of India Mortgage Loan - http://www.loansandcredits.in/apply-bank-of-india-mortgage-loan/
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Apply Bank of India Mortgage Loan
Apply Bank of India Mortgage Loan :- To see how a mortgage loan advance functions, envision obtaining a cash-flow to support a startup or pay for a current business’ development without swearing anything against the acquired sum.[/vc_column_text][/vc_column][/vc_row][vc_row 0=""][vc_column width="1/2"][contact-form-7 id="3155"][/vc_column][vc_column width="1/2"][vc_column_text]
Bank of India Mortgage Loan
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 plot of land for construction of house/ premises for business/commercial use *;
- For Repayment of existing loans availed from other Banks / FI’s conforming to the extant guidelines regarding “takeover” of account.
People engaged in trade, commerce and business, professionals, self-employed, individuals with high net worth, salaried people, Proprietary firms, Partnership firms, Companies (Pvt. /Public Ltd.,) HUFs (excluding partnership firms where HUF is a partner), Societies, Staff members, NRIs- subject to compliance of Bank’s/RBI guidelines.
INELIGIBLE PERSONS: NBFC, Trust and Partnership firm where HUF is a partner are not eligible for advances under this scheme.
ADVANCES TO INDIVIDUALS: MAXIMUM AGE LIMIT:
a) Individuals in permanent service max. 60 years.
b) For Proprietary concerns/Self Employed/non-salaried people – Maximum -70 Years
(Age limit is the maximum age at the end of the repayment Period);
TYPE OF ADVANCE :
Demand/Term Loan , Overdraft (Reducible/Non-Reducible)
- QUANTUM OF ADVANCE :
The quantum of advance to be related to the value of security, margin requirement , take home pay and repayment capacity of the proponent , subject to limits as under :-
| Demand/Term Loan | Overdraft (Reducible) | Overdraft (Not-Reducible) | |
| Individual-Salaried/ Self-employed/ Professionals | 500 | 200 | NIL |
| Doctor/s- in case of joint accounts all to be doctors | 500 | 500 | NIL |
| Others i.e. Proprietorship/ Partnership Firm/Company etc. | 500 | 500 | 500 |
Loan EMI Calculator
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MARGIN (ON VALUE OF PROPERTY):
i. Nil Margin for loan limit provided on the basis of Circle Rate/Registration value of the property (100% Loan amount);
ii. 60 % of Market value (40 % Loan amount);
iii. 50% of Distress Sale Value (50% Loan amount); whichever is lowest of i, ii & iii.
*Value of property for calculation of quantum of advance/determining margin will be lowest of Market value, Distress Sale value and Registration of value of property/similar property as on date of valuation.
REPAYMENT TERMS:
| For loans ( Repayable by EMI) | Max. 12 years by way of equated monthly installments (EMIs) |
| Overdraft : (Reducible Limit) | Drawing Limit to be reduced on monthly basis as per sanction terms to bring down the balance to zero at the end of repayment period. Total Repayment period of max. 12 years. ( Interest to be serviced on monthly basis) |
| Overdraft: (Non-reducible) | Interest to be serviced on monthly basis, as per sanction terms. |
SECURITY :
Equitable / Legal mortgage charge over the property (including registration of equitable mortgage charge in applicable states & Registration of EQM charge with CERSAI in eligible accounts) ;
Obtaining personal guarantee of additional individual(s) at the discretion of the sanctioning authority.[/vc_column_text][/vc_column][/vc_row][/vc_section]
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