STAR HOME LOANS - Bank Of India Festival offer

1  Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat, furnishing of house.


2  Maximum loan amount is Rs.300 lacs and repayment ranges upto 20 years, with reasonable margin and nominal processing charges. No commitment /administrative charges. 


3  The loan is available at very competitive rates of interest, currently available in the industry. 


4  Option for different EMI amounts for different periods during tenure of loan to suit customers repayment capacity. 


5  Prepayment of Loan permitted 


6  Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount. 


7  Loan to NRIs as well as Persons of Indian Origin. 


8  Simplified application form/procedures for convenience of customers, and speedy approvals. 


9  Free Personal Accident Insurance cover 


10  Life Insurance Cover to borrowers for Loan Protection(optional) 


11  Please visit our nearest Branch and avail loan to own your dream home 



Eligibility Salaried employees , Professionals like Doctors Lawyers, Engineers , Chartered Accountants, Self –employed persons. Group of Individuals , NRIs, PIOs, HUF, Prop. Firm. Partnership Firm and Corporates(for purchase/construction of houses/flats for their employees).
Purpose
To Purchase / construct house / flat
To renovate /extend / repair existing house /flat
To purchase a plot of land and construction of house. (Composite Loan)
To acquire household articles along with house / flat for furnishing the house /flat
To take over housing loans extended by other banks/FIs /NBFCs
Quantum of Loan For Construction/ Purchase of a house/ flat –
At Metros (Mumbai/Delhi/Kolkata/Chennai) – Rs.500 lacs. Other Places Rs.300 lacs.
For repair/renovation / extension /addition to house / flat – Rs 50 lacs.
For purchase of a plot – Rs 100 lacs (part of composite loan)
For furnishing the house / flat -15% of Home loan,  max. Rs 5  lac.
Loan eligibility :


Salaried employees : 72 times of gross monthly salary or 6 times of gross annual income based on I.T.Returns
Self –employed Professionals /Individuals  engaged in Trade / Commerce / Business : 6 times of gross annual income based on I.T. Returns
HUF/ Proprietorship / Partnership Firm / Company ; 6 times of cash accruals (PAT + Depreciation) as per their balance Sheet / P&L account
Other  stipulations :


In case of Individuals : Net take home pay/Income (net of EMI on  proposed Home loan) Min.40% of Gross pay/income
In case of  HUF/ Prop / Partnership firm / Company/DSCR: Min 1.5
Margin :
  1st House 2nd & subsequent house
For limits upto Rs 20 lacs     20% 25%
For limits over Rs 20 lacs upto Rs 50 lacs   25% 30%
For limits over Rs 50 lacs                   30% 40%
of the project cost, i.e. cost of construction / acquisition /renovation/ extension /repair etc.


cost incurred for purchase of plot  and / or Pledge of liquid securities like Bank TDRs /NSCs/ KVPs etc. (to the extent of face value only) can be treated as margin.


   
Repayment :


Maximum 20 years including moratorium period of 18 months in  equated monthly installments
Progressive / Step-up  EMI also permitted.


Processing charges
For Individuals -  For Loans upto Rs.25 lacs One time @ 0.50% of loan amount – min. 
Rs.4000/- and max. Rs.10,000/-
For Loans over Rs.25 lacs upto Rs.75 lacs -  One time flat Rs.20,000/-
For loans over Rs.75 lacs upto Rs.300 lacs -  One time flat Rs.25,000/-
For loans over Rs.300 lacs -  One time flat Rs.50,000/-
For Firms/Corporates -  charges double that of Individuals
For Rural Areas -  75% of charges that of applicable to individuals  for borrowers of rural areas from Rural Branches.
Conversion Charges
For switch over from fixed to floating or vice-versa:
i. Fixed to Floating ROI:@0.25% p.a on  o/s balance for the remaining maturity of the loan;
(Maximum Charge :2.10% of the outstanding balance )


Documentation charges Rs.1000/-
Other Charges Charges applicable in case of deviation of Rs.5,000/- per deviation from scheme norms.  Stipulated charges for availing switch over from floating to fixed and vice versa.
Rate of Interest
  
Floating-p.a at monthly rests (Under Festival Offer valid upto 31.03.2012):-



Upto 5 years


>5 -10 years


>10-15 years


>15-20 years


Upto Rs.25 lacs


Base Rate


Base rate


Base Rate


Base Rate


>Rs.25 lacs to Rs.75 lacs


0.25% >BR


0.25% >BR


0.25% >BR


0.25% >BR


>Rs.75 lacs


0.75% >BR


0.75% >BR


0.75% >BR


0.75% >BR


Rate of Interest –Floating (Normal Rate of Interest)





Upto 5 years


>5 -10 years


>10-15 years


>15-20 years


FOR LIMITS UPTO RS.25 LACS:


Base Rate


Base Rate


0.25%>BR


0.25%>BR


FOR LIMITS OVER RS.25 LACS BELOW RS.75 LACS :


0.25%>BR


0.50%>BR


0.75%>BR


1%>BR


FOR LIMITS OF RS.75 LACS & ABOVE


0.75% >BR


  1%>BR


1.25%>BR


1.50>BR


Interest on daily reducing balances. Interest applicable to residents as well as non-residents.


Present Base Rate is 10.75% p.a. w.e.f 28.07.2011
Salient Features –
Higher loan eligibility ; * Flexible EMI ;  * Competitive Interest Rate;
No 3rd Party Guarantee – where mortgage is available before disbursement;
Free Personal Accident insurance Cover (Death and Permanent disablement);
Optional Life Insurance Cover from Star Union Dai-ichi LIC Ltd;
No Pre-Payment charges[Pre-Payment charges in case of take  over of accounts abolished w.e.f 16.12.2011];No hidden charges;
No Administration fees ;* No commitment charges;
Terms and Conditions apply.Loan at the sole discretion of Bank of India.
For further information, you may contact nearest branch of the Bank. 

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