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Star Loan Against Property Scheme
 
  1. CALCULATION OF QUANTUM OF ADVANCE:

    1 Salaried Employees (LIMIT UPTO RS.50 LACS .
    NO OVERDRAFT FACILITY)    		 48 times of average net emoluments (take home salary) based on salary slip/Form 16/Income Tax Return OR 4 times of net annual income with other rental income from property etc. based on I.T returns for last 2/3 Financial Years .
    2 Self employed/Professionals (LIMIT UPTO RS.50 LACS. NO OVERDRAFT FACILITY) 4 times of average net annual income of last 2/3 years based on IT Returns for last 2/3 Financial Years
    3. Individuals engaged in trade/ commerce/ business/ Proprietorship/ Partnership/Company/HUFs/Societies
    (LOAN OR OVERDRAFT UPTO 1 CR)    		 4 times of cash accruals (Profit after Tax+ Depreciation ) for last 2/3 years. In case of Overdraft- Limit @20% of annual turnover as per Audited Balance Sheet for last FY.
    4 Individuals engaged in trade/ commerce/ business/ Proprietorship/ Partnership/Company/HUFs/Societies
    (OVERDRAFT OVER 1 CR)    		 20% of annual turnoverbased on last (F.Y)audited balance sheet of the proponent . Audited Balance sheet to be obtained for last 2/3 Years.-based on its number of years existence

  2. MARGIN (ON VALUE OF PROPERTY) :

    Salaried Persons / Employees Min. 30% on value of property,
    Others (i.e. Self-employed / Professionals, Traders & Businessmen, Prop. Firms / / Partnership firms / companies etc. - Min. 50% on value of property,

    Value of property for calculation of quantum of advance/determining margin will be lowest of Market value ,Distress Sale value and Registration of value of similar property as on date of valuation.
  3. REQUIREMENT OF NET TAKE HOME PAY /DSCR- FOR LOANS :

    1. For individuals : Net take home pay (net of EMI of proposed advance) not to be less than 40% of gross income of the applicant.
    2. For Prop. Firm/Partnership Firm/Company(Loan /Reducible OD) : DSCR: Min.1.5;
    3. For Overdraft facility(Non-reducible ) : ISCR Min.1.5

  4. RATE OF INTEREST :

    Nature of Facility Floating Rate of interest linked to
    Base Rate (BR) )p.a at monthly rests
    Loan or Reducible Overdraft(Monthly Reducing Limit ) 1.25% over Base Rate
    Overdraft –Non -Reducible 1.75% over Base Rate

    Penal Interest : Penal interest @ 2% p.a. is to be levied on the overdue amount as per banks policy for charging of penal interest.
 
 
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BOI Star Loan Against Property