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BOI Star Loan Against Property, loan against property.#Loan #against #property

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Loan against property

Loan against property

Star Loan Against Property Scheme

  1. PURPOSE :

  1. 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.

    1. Suitable declaration to be submitted by the applicant regarding the purpose.

  • The facility not extended for speculative purposes including investing in equities;

  • The facility is not extended to builders/developers/promoters/real estate agents for real estate activities such as purchase of land/construction with intent to sell or holding real estate stock for sale / re-sale purposes.

  • *Advance for purpose (d) above to be based on mortgage of property already owned by the proponent.

    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.

    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);

    Demand/Term Loan , Overdraft (Reducible/Non-Reducible)

    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 :-

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