Bank of India Star Loan Against Property

Loan Against Property from Bank of India.

Bank of India’s BOI Star Loan Against Property, a low-interest loan to consolidate your debts.

Bank of India BOI Star Loan Against Property

This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs. Usually, a mortgage loan is used to meet financial expenses such as wedding expenses, travel expenses, education expenses and so on but it can also be used to consolidate debts. This loan cannot be availed for speculative reasons.

Features of Mortgage Loan from Bank of India

Why this Loan?

  • The Bank of India Loan Against Property is meant for borrowers who need assistance to meet financial needs. It can also be availed as a consolidation loan to pay off their high-interest credit card debts and loans
  • BOI offers this loan as a reducible overdraft, non-reducible overdraft, demand loan or term loan
  • This loan can also be used to takeover loan availed from another bank

Loan Amount

  • The quantum of loan sanctioned under this loan scheme depends on the value of security (property in this case), take-home pay/pension of the borrower, repayment capacity of the borrower, etc. We suggest getting in touch with the bank to discuss your requirements and get a custom quote


  • The applicable interest rate on this loan is defined as the sum of two factors namely, Repo Based Lending Rate (RBLR) of Bank of India and Strategic Premium (SP)
  • As of October 2020, the RBLR of Bank of India is 6.85% and the SP for this loan is 2.00% for demand loan, term loan and reducible overdraft and 2.50% for a non-reducible overdraft. This brings the effective interest rate at 8.85% for demand loan, term loan and reducible overdraft and 9.35% for non-reducible overdraft


  • Term Loan: As of October 2020, the repayment period for this loan is not mentioned on the bank’s website. Please call a bank representative to get more details
  • Overdraft: It must be repaid with 12 months and can be renewed on an annual basis after review


  • Salaried, professionals, self-employed professionals and business owners who have been employed or engaged in business for at least the past 3 years
  • Hindu Undivided Families (HUFs), proprietary firms, partnership firms, private limited companies, public limited companies, societies. However, partnerships where an HUF is a partner are not eligible
  • Non-Resident Indians (NRIs) are eligible for this loan
  • Bank of India staff members are also eligible for this loan
  • The mortgaged property should be owned by the borrower

Security Needed

  • The bank accepts mortgage of immovable properties including residential property, commercial property and plot of land other than agricultural land

Margin Money (Borrowers Contribution to Total Cost)

  • As of October 2020, the margin charged by the bank on this loan is not mentioned on their website. It may be that the bank does not ask for a margin since it is a secured loan. We suggest talking to a bank representative for details

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, and margin is 20%, then you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges up to 1% of the loan amount for processing the loan, with a minimum of Rs. 5,000 and up to Rs. 50,000

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Reference Facts

  • Bank of India Website: and
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906