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BOI Star Home Loan

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 Maximum loan amount is Rs.500 lacs and
repayment ranges up to 30 years, with reasonable margin and nominal processing charges. No
commitment /administrative charges
2. The loan is available at very competitive rates of interest, currently available in the industry.
3. Option for different EMI amounts for different periods during tenure of loan to suit customers
repayment capacity
4. Prepayment of Loan permitted. No prepayment charges under floating rate option
5. Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower
interest amount.
6. Loan to NRIs as well as Persons of Indian Origin.
7. Simplified application form/procedures for convenience of customers, and speedy approvals.
8. Free Personal Accident Insurance cover (Renewed at banks discretion)
9. Life Insurance Cover to borrowers for Loan Protection(optional)
10. Please visit our nearest Branch and avail loan to own your dream home
Eligibility
Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs,
HUF, and Prop. Firm, Partnership firms and corporate
Purpose

To purchase/construct house/flat
To renovate/extend/repair existing house/flat.
To purchase a plot of land for construction of house
Take over of home loan from other banks/FIs- subject to conditions

Quantum of Loan
For construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata,
New Delhi and Chennai)

Repairs/renovation/extension to house/flat Rs.50 lacs


Purchase of a plot - Rs.100 lacs
Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of
Home Loan amount Max. Rs. 5.00 lacs is offered under Secured Personal Loan with same Rate of
Interest as applicable under Home Loan with maximum repayment period of 10 years including
moratorium period, if any.
Loan for installation of Solar PVs at Home Loan ROI, as per limit fixed by the Bank

Note: Minimum Home Loan :- For Metro/Urban Centres :-Rs. 1 Lac


Processing charges / Other expenses
FOR INDIVIDUALS

Loan Limit

Charges- One Time (inclusive of ST)

For All Loan amounts

@0.25% of loan amount Min.Rs.1, 000 and Max.


Rs.20,000/-

For Partnership firms & Corporate Borrowers Processing charges will be double that of individuals.
For Rural areas Processing charges will be 75% that of applicable to individuals in respect of loans availed by
borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper Charges
etc., At actuals.
Margin
For

Loan

upto

For Loan up to

For Loan above

Margin

Rs.20 Lacs

Rs.75 Lacs:

Rs.75 Lacs:

For 1st House

15%

20%

25%

For 2nd or Subsequent Home Loan/House/Flat

20%

20%

25%

Where cost of house exceeds Rs.10 lacs Margin is calculated on pure cost of the house/flat excluding stamp
duty, Registration and other documentation charge.
For houses with cost not exceeding Rs.10 Lacs expenses towards stamp duty, registration and other
documentation charge can be included in the project cost.
Repayment(can be customized)
Highly flexible - maximum 30 yrs. including moratorium period upto 36 months (max.) in monthly
installments, including Banks approved projects. Loan to be normally repaid before date of retirement in case
of salaried persons and before attaining 70 years of age in case of others. Repayment upto 70 years also allowed
to salaried employees having assured post retirement income
Eligible Quantum of Loan/ EMI
Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower
Salaried Employees :

72 times of gross monthly salary or 6 times of gross annual income based


on I-T Returns.

Self-employed/ Professionals etc.

HUF/Proprietorship
Company

/Partnership

6 times of Gross annual income based on I-T Returns


Firm/

6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L


Account

In case of Individuals
Net Take Home pay (NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as
under :i. Gross Monthly Income up to Rs.1 Lacs NTH Minimum 40%
ii. Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum 30%

iii. Gross Monthly Income over Rs.5 Lacs NTH Minimum 25%
In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5.

Rate of Interest (Floating ROI- linked banks base rate , p.a. at monthly rests)

Irrespective of Repayment period

FOR LIMITS UPTO RS.75 LACS : Base Rate

09.95%

FOR LIMITS Rs.75 Lacs & above


0.25% above Base Rate presently 10.20%

Security
Mortgage/Equitable Mortgage (1st charge) on land/flat/house. Third Party guarantee (if mortgage could not be
created before or at the time of disbursement).
Special Features

Free Personal Accident Insurance cover for the borrower (covering accidental death as well as
permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date
of accident(Renewal at the discretion of the Bank).
Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during
tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at
borrowers own expenses & option.
Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme
Loan for installation of Solar PVs at home loan ROI

Other Attractive Features

Interest on Daily Reducing Balance Basis


No Pre-Payment Charges on Floating Rate Loans
Facility for step up/ step down EMIs
Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
Inclusion of Income of Close relatives for enhanced loan
Tax Benefit on Interest and Installments repaid in Home Loans
Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:
RATING EXERCISE: The proponent will be eligible for loan subject to obtention of minimum marks or
minimum entry level norm fixed by the bank.

BOI Star Smart Home Loan


Eligible Customer

Existing SB/CD customer with average balance of Rs.5000/- for last one year and New customer who opens
a new SB/CD account with opening balance of Rs.5000/-. Present /prospective Salaried Employees whose
salary is credited to BOI Branch and repayments are proposed to be made from this account, irrespective of
minimum balance & all other self-employed persons, Professionals like Doctors, Lawyers, Engineers,
Chartered Accountants and business man having regular source of income. SB/CD Account to be
maintained throughout the tenure of the loan.
Minimum Home Loan
For salaried Minimum Rs. 5 Lacs
For other Minimum Rs.10 Lacs
Maximum Limit As per normal home loan scheme.
Type of Loan
Home Loan Overdraft- Account. The account will be linked to SB/CD account of the customer and balance
above a threshold limit is automatically transferred to the Home Loan Overdraft Account in multiples of
Rs.5000/- .
(There will be sweep out of funds from SB/CD Accounts but there will be no sweep in from loan account)
The threshold limit to be decided by the customer in advance and the same to be above the minimum
balance requirement of concerned account. The borrower could also directly deposit surplus amount to the
loan account.
Drawing Power (DP)
No. credit is allowed till full disbursement is made or borrower conveys his firm intention to discontinue
further availment of loan, which cannot be amended subsequently ; DP is fixed in the account to correspond
to borrowers eligibility depending on the progress of work completed less stipulated margin. Outstanding
should not exceed DP. After commencement of EMI, Drawing Power in the Overdraft will be reduced on
monthly basis to the extent of principal component of the EMI so that the overdraft is liquidated at the end
of the loan tenure (Interest component of the EMI remitted will service interest obligations ); Drawing limit
and sanction limit to be reduced simultaneously on every repayment of EMI.
Repayment
Borrowers will have to remit Equated monthly installments (EMIs) as in the case of usual home loans,
through standing instructions for debit of account or PDCs/ECS, as per extant instructions.
Repayment by standing instructions for debit of account or Post Dated Cheques as per extant instructions.
Payment of EMI every month is compulsory, since it is OD account and any default in repayment will lead
to slippage of accountto NPA category.
Facilities available for operation of account
Cheque Book, Debit-Card, Internet Banking Facility , Mobile Banking etc., only after full disbursement and
one after completion of moratorium period. Branch authority to provide authorization through system for
the same.
Benefit to the customer
i.

The surplus amount, above threshold limit , in SB/CD account will be automatically transferred to
Home Loan Account resulting in reduction interest burden ;

ii.
iii.
iv.
v.

The home loan account can be operated as an overdraft account upto the surplus amount deposited in
the account.
The surplus amount deposited could be utilized for personal /business purpose ;
The scheme offers liquidity as well as interest relief.
Since deposit of surplus funds results in low interest liability,larger portion of EMI will go towards
reduction in principal loan amount. This will ensure early closure of Home Loan Account.

Rate of Interest (ROI)

Maximum Repayment period upto 30


years

Upto Rs.75 Lacs

Over
Rs.75
Lacs up
to
Rs.100
Lacs

Over
Rs.100
Lacs

BASE RATE

10.20

10.20

10.20

PREMIUM

0.00

0.25

0.50

EFFECTIVE APPLICABLE RATE

10.20

10.45

10.70

Processing Charges
For Individuals

Loan Limit

Charges- One Time (inclusive of ST)

For All Loan amounts

@0.25% of loan amount Min.Rs.1, 000 and Max.


Rs.20,000/-

For Partnership firms & Corporate Borrowers

Processing charges will be double that of individuals.


For Rural areas
Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers
from rural areas from the Rural branches
All other terms and conditions
As per Star Home Loan Scheme / Star Diamond Home Loan Scheme

Star pravasi home loan scheme


Eligible Borrowers

Non Resident Indians (NRIs) holding valid Indian Passport ;


Persons of Indian Origin (PIOs) holding Foreign Passport .Having steady source of income .

[PIOs to substantiate PIO status by current passport indicating birth place in India, copy of Indian Passport
held earlier , Parents or grand parents passport with details substantiating his claim as PIO or copy of PIO
Card ]
Co-Borrowers
All co-owners to be co-applicants for the loan. Co-applicant also could be a resident Indian in which case
his/her income also could be considered for calculation of quantum of loan /repayment capacity . However ,
foreign national of non Indian origin can not be included as a co-owner or co-borrower .
Purpose

To purchase/construct house/flat
To renovate/extend/repair existing house/flat.
To purchase a plot of land for construction of house
Take over of home loan from other banks/FIs- subject to conditions .

Quantum of Loan
For construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata,
New Delhi and Chennai)
Repairs/renovation/extension to house/flat Rs.50 lacs

Purchase of a plot - Rs.100 lacs


Loan for purchase of household articles along with home Loan for furnishing the house/flat @15%
of Home Loan amount Max. Rs. 5.00 lac is offered under Secured Personal Loan with same Rate of
Interest as applicable under Home Loan with maximum repayment period of 10 years including
moratorium period, if any.

Note: Minimum Home Loan :- For Metro/Urban Centres :-Rs. 1 Lac


Processing charges / Other expenses
FOR INDIVIDUALS

Loan Limit

Charges- One Time (inclusive of ST)

For All Loan amounts

@0.25% of loan amount Min.Rs.1, 000 and Max.


Rs.20,000/-

For Partnership firms & Corporate Borrowers Processing charges will be double that of individuals.
For Rural areas Processing charges will be 75% that of applicable to individuals in respect of loans availed
by borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper
Charges/CERSAI charges , etc., At actuals.
Margin
For Loan upto Rs.20
Lacs

For Loan up to Rs.75


Lacs:

For Loan above Rs.75


Lacs:

1st House/Flat

15% on pure cost of the


house/flat
excluding
stamp duty, registration
etc.

20%on pure cost of the


house/flat
excluding
stamp duty, registration
etc.

25% on pure cost of the


house/flat
excluding
stamp duty, registration
etc.

For 2nd or Subsequent Home Loan/House/Flat

25% on pure cost of the house excluding stamp duty, registration etc.

Margin

Full amount of margin(own contribution ) to be paid by the borrower before 1st disbursement of loan .
Margin(own contribution to be paid by the borrower by remittance from abroad through normal banking
channels or out of funds in his NRE/FCNR/NRO Account in India. Such payments can not be made by
travelers cheque or by foreign currency notes.
Repayment (can be customized)
Highly flexible - maximum 30 yrs. including moratorium period upto 36 months (max.),[based on number
of floors/in case of township projects] in monthly installments, including Banks approved projects. Loan to
be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age
in case of others. Repayment upto 70 years also allowed to salaried employees having assured post
retirement income
Eligible Quantum of Loan/ EMI
Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower
Salaried Employees :

72 times of gross monthly salary or 6 times of gross annual income based


on I-T Returns.

Self-employed/ Professionals etc.

6 times of Gross annual income based on I-T Returns

HUF/Proprietorship
Company

/Partnership

Firm/

6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L


Account

Net Take Home Pay / DSCR


In case of Individuals
Net Take Home pay (NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as
under :i. Gross Monthly Income up to Rs.1 Lacs NTH Minimum 40%
ii. Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum 30%
iii. Gross Monthly Income over Rs.5 Lacs NTH Minimum 25%
In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5.
Rate of Interest

Floating ROI (P.A , At monthly rests)

Up to 30 yrs.

FOR LIMITS UPTO RS.75 LACS : Base Rate

9.95%

FOR LIMITS RS.75 LACS & ABOVE Base rate + 0.25

10.20%

Security
Mortgage/Equitable Mortgage (1st charge) on land/flat/house.
CreditInformation Report
Report to be generated from CIBIL or any other approved credit rating agency in India. Also , the applicant
to submit credit report from a Credit Rating Agency from the country in which the applicant resides-if such
reports are easily available . The report is available in countries like USA, Canada, UK, Germany, Malaysia,
Hong kong, Singapore, Japan, South Africa , South America etc. This stipulation may be waived by the
sanctioning authority in respect of those countries where such reports are not easily available

Mode of repayment
Repayment to be made by remittance from abroad through normal banking channels for out of funds in his
NRE/FCNR/NRO Account in India. Ideally standing instructions to be provided for recovery of money from
NRE /NRO Accounts .
Close relatives (as defined under Section 6 of the Companies Act 1956) of the borrower in India also could
repay installments of such loan , interest and other charges , if any, through their bank account directly to
borrowers NRI Home Loan Account with the Bank.

Rental income of the property , wherever it is considered for calculation of eligibility also could be credited
directly to the credit of home loan account.
Mode of creation of security /execution of documents
The creation of security /execution of documents could be undertaken by the applicant borrower if he is
present in the country . Creation of security / execution of documents could also be undertaken by Power of
Attorney holder of the applicant . Where Documents are signed by the POA holder following measures to be
complied with :

Application must be signed by the borrower himself ;


Request letter from the borrower to the Branch to allow execution of documents and creation of
security by POA holder ;
Power of attorney to be restricted to close relatives viz. spouse , Father, Mother , Brother , Sister ,
Son and daughter of the NRI concerned . In extreme cases POA other than close relatives may be
permitted by the sanctioning authority .
Power of Attorney should be executed as per approved specimen of the Bank(See attachment);
The Power of Attorney should be irrevocable ;
The original Power of Attorney should be kept with the Bank ;
The POA to be executed in the presence of officials of Indian Embassy /Consulate abroad
After receipt of POA in India the same to be submitted to Registrar of Assurance for adjudication as
well as registration in consultation with a panel advocate of the Bank;
All documents signed by the POA holder on behalf of the principal should have a rubber stamp
affixed below each signature with following notation :Mr/Ms__________________ as Power of Attorney of Mr/Ms_____________;
POA should contain the photograph of the of POA holder as well as the signature of the POA holder,
both attested by the executants in case the POA is executed in India during the executants visit to
India.
In case the POA is executed abroad , the POA must contain the photograph of the POA holder duly
attested by the executants . The POA holder to sign the POA in the presence of the officials of the
Branch . POA holder signature duly attested by his Banker to be held on records .
Mention to be made in the banks standard security documents /attendance register/ oral assent to
show that the same is executed by the attorney on behalf of the principal (refer item No.ix ,above ).

The documents to be executed by the POA holder for and on behalf of the NRI. After execution of
documents a letter written by the NRI confirming execution of the documents by the POA including creation
of security by way of mortgage to be obtained, as per specimen approved by the Bank
Documents to be submitted along with loan application
Photocopies of :
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.

Passport size photograph;#


Passport with visa stamped on it ;#
Copy of PAN Card in India -self attested ;
Address Proof in India (if the address is other than that is mentioned in Passport)-self attested;
Name / Address and Contact details of close relative in India self attested;
Address Proof (Foreign Driving License , Utility Bill, etc.,)#
Latest Credit Bureau Report (applicable to customers residing in countries where credit bureaus
exists viz. USA, UK etc.,),
CIBIL report to be generated by the Branch ;
Property related documents ;

x.

Cheque for processing charge / charges for title search report /valuation report /CERSAI registration
charges and other charges ,if any. Excess ,if any, to be refunded to the borrower .

xi.
xii.
xiii.
xiv.
xv.
xvi.
xvii.
xviii.
xix.

For Salaried :
Work Permit ;#
Full Address of the employer along with name and contact details of department head /employer ;#
Employment Contract along with translation in English ;#
Copy of identity card issued by current employer , duly attested by the Employer ;#
Copy of Continuous Discharge Certificate(CDC) for applicants employed in Merchant Navy;#
Full details past employment records, if any-self attested;
Details of Overseas Bank Account for previous one year where salary is credited along with Bank
Account in India , if any-self attested ;
Latest salary slip in original ;#
Annual Income Tax Return filed as per rules applicable in the country where he resides- for last 2
years ;

For Self Employed :


Membership of professional organization ;
Government or local body permission or license to engage in business activity

xx.
xxi.

To be attested by employer (if employer is a Bank/MNC/Govt.Body) . Otherwise To be attested by Bank of


India Branch /Representative Office /consulate /our foreign office / Embassy
Special Features

Free Personal Accident Insurance cover for loan upto Rs.500 lacs for the individual borrower
(covering accidental death as well as permanent total disablement) as per terms of insurance policy
covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during
tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd.
at borrowers own expenses & option.

Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme
Other Attractive Features

Interest on Daily Reducing Balance Basis


No Pre-Payment Charges on Floating Rate Loans
Facility for step up/ step down EMIs

RATING EXERCISE: The proponent will be eligible for loan subject to obtention of minimum marks or
minimum entry level norm fixed by the bank .

Star Diamond Home Loan


1

Eligible customers

High Net worth Individuals, Firms/ Corporate for residential accommodation of their partners/directors,
having minimum average gross income of Rs.1crore and above during the last 3 years as per audited balance
sheet /IT Returns
2

Eligible Quantum of Loan

Over Rs. 5 crore


3. Geographical Location of the properties/ house/flat to be financed
Metros and Major cities only, i.e. Mumbai/New Delhi & Delhi
NCR/Chennai/Kolkata/Bangalore/Ahmedabad/Hyderabad/Pune
4

Margin

25% on pure Value of Property i.e. on cost of construction /acquisition /renovation /extension etc.,( No
other costs such as stamp duty, registration charges, taxes, charges etc., to be added to the cost of property
while calculating margin).
5

Take home pay /DSCR

For Individuals : 25% of the Gross Income ;


For Firms/Corporate : DSCR -1.5
6

Entry Level Norms

For individuals : As per Home Loan Model


For Firm/Corporate : As per applicable SBS/MS/LC Model
7

Rate of Interest ( Floating Rate p.a , at monthly rests)

0.25% over Banks Base Rate presently 10.20 %


8

Processing Charges

All inclusive one time processing charge of Rs.50, 000 or maximum as per Star Home Loan Scheme,
whichever is higher. No other charges will be applicable except actual out of pocket expenses.
All other norms As per Star Home Loan Scheme .

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