Bank of India Loan Against Property

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Required Documents to Apply for an Bank of india loan against property

BOI has a very minimal documentation process for LAP. If you are a salaried employee or a self-employed individual, you can just submit the below list of documents to the bank, along with their application form with your signatures.

Salaried income documents

  • KYC of applicant & Co-Applicant
  • Last 3 Month Salary Slip of Applicant
  • Last 12 month Bank Statement of applicant & co-applicant
  • Last 3 year ITR with computation of income of applicant & co-applicant
  • Last 2 Year Form 16 of applicant
  • 26AS of last 2 year of applicant & co-applicant
  • Appointment letter of applicant if available
  • Agreement to Sale if purchase case
  • Property Paper with complete chain of last 13 years
  • LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
  • Sanction letter of all running loan
  • Latest utility Bill if owned residence or rent agreement if rented
  • 2 Reference with contact details

Self Employed person documents

  • KYC of applicant & Co-Applicant
  • Last 3 year ITR with computation of income of applicant & co-applicant
  • Last 3 year audited balance sheet of applicant
  • Last 3 year Tax audit report of applicant
  • Last 12 month Bank Statement of applicant & co-applicant
  • 26AS of last 2 year of applicant & co-applicant
  • Copy of GST registration
  • Copy of MSME registration
  • Copy of Last 12 month GST return
  • Agreement to Sale if purchase case
  • Property Paper with complete chain of last 13 years
  • LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
  • Sanction letter of all running loan
  • Debt Sheet
  • Latest utility Bill of residence if owned or rent agreement if rented
  • Latest utility Bill of Office if owned or rent agreement if rented
  • 2 Reference with contact details
  • Last 3 year Debtors & Creditors on letter head
  • List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP

Some Important Points

1. KYC Means
If Applicant is
  • Company-MOA, AOA, COI , PAN Card
  • Partnership Firm/LLP- Partnership Deed & PAN Card
  • Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
For Co-Applicant
  • KYC means  Adhaar Card, PAN Card, Passport Size Photo

Co-Applicant means in case of
  • Company : Directors
  • Partnership firm/LLP : Partners
  • Proprietorship Firm : Spouse of Proprietor
2. If LAP is applied with Government Bank then 30 year chain is required
3. If applicant is professional, then his professional degree is required
Share & Apply

A loan against property is a secured category of the loan in which you keep your asset with the bank. And this asset can either be your own house, land, or any commercial building. There have been many banks in the market these days that have been offering such loans. However, the Bank of India is one of the leading banks today, offering the lowest interest rates to its customers. In this category of loan, you offer your property as collateral to BOI and, in exchange, they give you a loan to meet any of your requirements. The loan procedure of the Bank of India is simple and can be done both online and offline. The main benefit of LAP is that you do not need to sell your house in case of a financial emergency; you can just keep it as collateral with the bank. BOI offers LAP to both self-employed and salaried individuals with minimal documentation. Not only is the loan flexible, but BOI even offers higher loan amounts as compared to all other categories of loans. So, in case of any kind of financial need, you should surely go ahead and take advantage of being offered by BOI by applying for LAP.

Interest Rates

The Bank of India offers a Loan Against Property with attractive interest rates starting at just 8.85% p.a. The Bank of India offers LAP to their customers based on CIBIL scores. The higher the CIBIL score, the higher the loan amount will be for you. The interest rates for loans against property are the same for salaried and self-employed individuals because the rates are directly linked to the RBI’s repo rates.

CIBIL Scores

BOI Interest rates

Term Loans

Reducible Overdraft

760 and above

8.85% p.a.

9,10% p.aa

675 - 759

9.35% p.a.

9.60% p.a.

Below 675

9.85% p.a.

10.35% p.a.

-1 and 0

9.60% p.a.

9,85 % p.a.

Other than individuals

8.85% p.a.

8.85% p.a.
Work Process

Save Your Time with a Simple Loan Process

01
Visit Our Website

For the first step, you will have to visit our website to explore the loan options that fit your needs.

02
Select and Apply

Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.

03
Submit Your Document

One of the most important steps. Now you will have to submit all the required documents digitally.

04
Enjoy Your Financial Freedom!

Once your application is approved based on your eligibility, you will receive your loan amount shortly.

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