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 Star Mortgage Loan Scheme Download document
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This scheme provides loan/overdraft facility against mortgage of property at low rate of interest. The scheme is for people engaged in trade, commerce & business and also professionals & self employed, Prop. Firm, partnership firm, companies, NRIs and individuals with high net worth including salaried people, agriculturists and staff members. The product provides an opportunity to customers to borrow against a fixed asset (mortgage of property) at a short notice without much paper work/attendant hassles.
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Product
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BOI Star Mortgage Loan Scheme
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Purpose
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a. To meet the credit needs of trade, commercial activity, other general business, Profession as also for their bonafide requirements.
b. To meet marriage or medical or educational expenses of family members including near relatives.
c. To undertake repairs/renovation/extension to the residence/commercial property.
d. Purchase of consumer durables.
e. To purchase/construct house/flat, purchase of plot.
f. To purchase 2/4 wheeler vehicles.
g. For going on pilgramage/tours/excursions, etc.
h. Repayment of existing loans from other Banks/FIs.
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Target customers (Eligibility)
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People engaged in trade, commerce and business, Professionals, Self-employed, Prop. Firms, partnership firms, HUFs (excluding NBFC, Trade, partnership firms where HUF is a partner), companies, NRIs, individuals with high networth, salaried people, agriculturists, staff members.
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Type of advance
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Demand/Term Loan/Overdraft (reducible as per repayment schedule).
Overdraft facility (not reducible as per repayment schedule) can also be permitted to eligible customers (other than salaried people).
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Quantum of advance
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| (Rs. in lacs) |
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Min. |
Max. |
| a. For agriculturists |
0.50 |
2.00 |
| b. For Others : |
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| Individuals/Prop. Firm/ |
1.00 |
50.00 |
| Partnership firm/ |
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| Company : |
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| Prop./Partnership |
1.00 |
100.00 |
| firm/company |
1.00 |
100.00 |
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Calculation of quantum of advance
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The sanctioned limit is to be related to the value of security & repayment capacity of borrower, subject to :
i. Salaried employees :
ii. Self-employed/professionals/ individuals engaged in trade/ commerce/ business- 4 times of their net annual income based on income-tax returns ( Average of Last 2/3 years).
iii. Proprietorship/Partnership Firm/Company - Four times of Cash-accruals (i.e. PAT+ Depreciation) as per their Audited Balance Sheet/ P & L Account ( Average of Last 2/3 years).
Note:
1. For individuals :
While fixing the limit , it is to be ensured that the net take home pay (net of EMI [notional EMI in case of non reducible OD] of proposed advance ) is not less than 30% of gross income of the applicant. For Prop. Firm/Partnership firm/Company: DSCR : Min. 1.5
2. Limit prescribed would be subject to a Maximum of 70% in case of salaried employees(50% in other cases) of value of property or eligibility level, whichever is lower.
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Margin
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Salaried Employees 30% *
Others 50% *
*On value of property [Lower of Market Value /Distress Sale value/Registration Value as on date of valuation] assessed by Bank's approved valuer.
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Rate of Interest
w.e.f. 1.07.2010
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Repayment upto 5 years – 5.00% above Base Rate Min. 13.00% p.a.
Repayment over 5 years – 5.50% above Base Rate Min. 13.50% p.a.
Interest concession for woman beneficiaries 0.25% p.a.[All borrowers to be women]
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Repayment
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In accounts where regular Overdraft facility is not proposed. :-
Within a period of eight years by way of EMIs. The repayment shall commence from the month subsequent to the month in which final disbursement is made or 6 months from the first disbursement, Whichever is earlier. In case of agriculturists : The repayment will be related to the generation of farm income from crops and other subsidiary activities.
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Security
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Equitable/Legal Mortgage charge over property in the name of applicant or his/her spouse or parents or third party. The person in whose name the property to be mortgaged stands should either be a borrower/co-borrower or a guarantor.
Note :
a. The property offered should be a residential or commercial building or a plot of land (residential/commercial).
b. The property should be self occupied or leased out to acceptable individuals, government agencies, PSUs, Corporates, etc.
c. Agricultural land is NOT accepted as security for this facility .
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Processing Fees
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1. Accounts repayable as per Stipulated instalments :-
- One time @ 1% of Loan amount. Min.Rs.3000/- and max. Rs30000/-.
2. Overdraft Limit ( not reducible as per repayment schedule ) :
- 0.25% of the sanctioned limit, Min. Rs.3,000/- and Max. Rs.10,000/- on annual basis.
- Documents charges, advocate fee, architect fee etc. on actual basis.
Loan agreement copy charges : As applicable
For Partnership firms/Corporates –
Processing charges will be double that of applicable to individuals
For Rural areas –Processing charges will be 50% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches.
Additional charges for deviations from the scheme norms –One time 25% of the applicable processing charges min. Rs.500/- max. Rs.3000/-
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Equitable Mortgage Fee
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General :
i. Limits exceeding Rs.25 lacs upto Rs.50 lacs - Rs.6,000/-
ii. Limits exceeding Rs.50 lacs – Rs.100 lacs - Rs.15,000/-
SME :
i. Limits exceeding Rs.25 lacs upto Rs.50 lacs - Rs.3,500/-
ii. Limits exceeding Rs.50 lacs – Rs.100 lacs Rs.7,000/-
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Charges for deviation from scheme norms
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For every item of deviation from the scheme norms –
One time 25% of the applicable processing charges min.Rs.3,000/-; max. Rs.10,000/- per a/c.
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Loan at the sole discretion of the Bank of India.
For more information, you may contact nearest branch of the Bank.
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