Bank of India Mortgage Scheme

Overall Rating: star ratingstar ratingstar ratingstar ratingstar rating[5/5]Total Votes [ 2 ]  
Rate this page:
Bank of India Mortgage Scheme provides high quality financial products to fulfill the various requirements of the customers. The Bank of India Mortgage Scheme is one of the several reputed financial products of the Bank of India.

The Bank of India Mortgage Scheme is used for a variety of purposes and there are several options pertaining to the loans. The loans under Bank of India Mortgage Scheme have the option of customizing the features of the loan according to the requirement of the customers. The loans under Bank of India Mortgage Scheme are given for the purpose of education, agriculture, purchase of buying household goods, purchase of land, and construction, among others. The main product of the Bank of India Mortgage Scheme is the Star Mortgage Loan Scheme.

The Bank of India Star Mortgage Loan Scheme provides overdraft and loan facilities against collateral securities such as mortgage of land or property at minimal interest rates. The scheme generally caters people involved in commercial trade, business, individuals, self employed, professionals, companies, partnership firms, farmers, and students. The documentation procedure before getting the loan is very nominal and the loan can be acquired at a very short notice period.

The mortgage market in India is expected to grow very fast in a few years' time. Presently, the commercial banks have also started playing an important role in the development and growth of the India Mortgage Market, where the main players used to be the financial corporations. The market is lead by the HDFC, followed by SBI, ICICI, LIC, etc. Now, the worth of the mortgage market in India is about US$ 18 billion. Even with all kinds of developments, the ratio between the mortgage and gross domestic product (GDP) in India is poor when compared to other developed countries. The ratio in India (2.5%) is very low in comparison to the ratio in the foreign countries (25%-60%).

The Bank of India Star Mortgage Loan Scheme is utilized:

  • For meeting the needs for commercial, trade and other business activities
  • For the requirements of the professionals for any kind of activities such as education, house construction or purchase,
  • For meeting the expenses pertaining to medical, educational and marriage purposes
  • For undertaking renovation and repair works of the residential property
  • For the purpose of purchasing land plots, houses, construction of houses
  • For purchasing four wheeled vehicles and two wheelers
  • For the purpose of repayment of the previous loans

Last Updated on 5/26/2011