|Bank of India offers a variety of loans for personal as well as commercial purposes. It offers personal loans such as educational loans, car loans, gold loans, holiday loans and so on. Now, the bank has introduced a new scheme called the Bank of India Loan Against Property or the LAP. With this, you can avail loan against your house, flat or an apartment and use the amount given by the bank for any of your personal uses. Mostly it is used by people for their child's higher education, or to enjoy a vacation somewhere abroad, or even for organizing a dream wedding.
Bank of India loan against property scheme is also called the Star Mortgage Loan Scheme. It provides finances against the market value of your house at affordable interest rates. This scheme is open to everybody who has had a stable income and is in a position to repay the loan amount to the bank. All professionals whether self employed or employed in an organization can apply to this scheme. This product given out by the Bank of India does not involve much of paper work as it offers loans as soon as possible. Loan against property or LAP can also be availed for business purposes such as buying a commercial property, expanding the business or any other trade activities. It is also given to people who are engaged in agricultural activities, or have plans to open a partnership or a proprietorship firms.
The maximum amount of Bank of India loan against property given to agricultural activities is Rs 2 lakhs and the minimum given is Rs 50,000. Whereas, for partnership or proprietorship firms the minimum itself is Rs 1 lakh and the maximum amounting up to Rs 100 lakhs. The interest rates that the Bank of India charges is at 13% p.a with a BPLR or 1%. You also have to submit all the necessary documents in order to get the loan approved. Bank of India loan officials would fix up a personal appointment with you and would explain all the different charges available such as the processing fee or any other fee.
All the rates mentioned here at the sole discretion of Bank of India. They are subject to change without giving any notice in advance. You can contact the bank directly for current rates that are applicable on loan against property.
For more details on the Bank of India loan against property you can log on their official website or click on the link given below: