Monthly Archives: September 2017

Open Online PPF Account – How to Open PPF Account in Bank of India

Online Open PPF Account – How to Open PPF Account in Bank of India

 

Open Online PPF Account Bank of India – Public Provident Fund Bank of India – after reading this article you will know how to Open online PPF Account. and what is Public Provident Fund Account, how to Online open PPF Account in the bank of India.

Customer will get the interest rate on their Public Provident Fund account as per annual fixed by the government and in this account applicant have to minimum deposit is Rs.500/- and maximum Rs.1,50,000/- in a financial year.

PPF account can be opened by an individual or a minor through the guardian, Joint account is not permissible for PPF account open, NRI’s cannot get the benefit of PPF Account.

The deposit can be a lump sum or in installment – maximum in 12 in a year, if your PPF account got discontinued and now you want to continue then you have to pay Rs.50/- penalty for each default FY.

Facility of nomination is available, PPF account cannot be attached by any court.

As per Public Provident Fund scheme 1968, the loan facility against the PPF Account deposits is available from 3rd to 6th year of deposit to the extent of 25% of the amount deposited as at the end of the last year. The loan is repayable in 36 months.

The account is transferable from one Post office to another and from Post office to Bank and from Bank to Post office.

Deposits in PPF qualify for rebate under section 80-C Income Tax Act and interest on deposits is totally tax free.

 

BOI PPF Account Open Online

 

What is PPF Account / How to Open Online PPF account & tax exemption

watch below video for more clarification about PPF.

 

 

How to Open PPF Account Online in Bank of India

 

Public Provident Fund is a long term investment options offered by the Indian Central Government for residents of the country. Anyone can open PPF account directly through a post office or through a bank.

Here know, how to open PPF account through the various banks offering, PPF account can only be opened at specified bank branches (Check specified bank branch list to open PPF Account), below mention documents you have to submit at the time of PPF Account Opening.

 

  • PPF Account Opening form

 

ID proof one of them required

  • Pan Card
  • Driving licence
  • Voter ID
  • Passport

 

Address Proof one of them required to Online Open PPF Account.

  • Telephone Bill
  • Electricity Bill
  • Ration Card
  • Two Current Passport Photo
  • Pay slip

After prepare all required documents you have visit at your branch and submit all documents, or you can also apply online for PPF Account on bank website via internet banking.

Keep in mind during visit at your bank branch for PPF Account do not forget to carry your original documents and all photocopy should be self-attested.

 

PPF Account Benefits and key features

 

  1. Interest earned is compounded yearly. The current rate of interest on a PPF account is fixed at 8.1% p.a.
  2. Partial premature withdrawals can be made every year from year 7 withdrawals are subject to conditions. Complete withdrawal of funds can be made only at maturity.
  3. Loans can be availed against funds held in the PPF account from year 3 to year 6.
  4. According to Public Provident Fund Scheme 1968, the facility of loan against the PPF deposits
    is available from 3rd to 6th year of deposit to the extent of 25 % of the amount
    deposited as at the end of the last financial year. The loan is repayable in 36 months (for more details kindly visit http://www.bankofindia.co.in/)

How to  Withdraw PPF Amount

There is a lock-in period of 15 years and the money can be withdrawn in whole after its maturity
period. However, pre-mature withdrawals can be made from the end of the sixth
financial year from when the commenced. The maximum amount that can be withdrawn
pre-maturely is equal to 50% of the amount that stood in the account at the end of 4th year preceding
the year in which the amount is withdrawn or the end of the preceding year whichever is lower

Bank of India Loan Against Property – Apply BOI Loan Against Property

Bank of India Loan Against Property – Online Apply BOI Loan Against Property

Bank of India Loan Against Property scheme provide very easy interest rate on loan. now you can apply for Loan against property. Just read the below article and get the all details about your loan against property.

Established in 1906, the Bank of India (BOI) at present has around 4963 branches, 54 zonal workplaces, 5 auxiliaries the nation over and one abroad joint wander. The Bank of India expects to give proactive, the condition of workmanship and inventive saving money answers for clients. BOI offers an extensive variety of items and administrations took into account different segments from corporate and SME to country and retail among others. Bank of India offers loan against property (Mortgage Loan) too.

Loan Against Property

 

Computation OF QUANTUM OF ADVANCE:

 

1 – People Salaried Employees/Self Utilized/Professionals

48 times of normal net payments (bring home pay) in light of pay slip/Form 16/Income Tax Return OR 4 times of net yearly pay with other rental pay from the property etc. bases on IT return for last 2 and 3 financial year.

 

2 – Specialist/s if there should be an occurrence of shared services all to be specialists

4 times of normal net yearly salary of last 2/3 years in light of IT Returns for last 2/3 Financial Years

 

3 – Others i.e. Proprietorship/Partnership Firm/Company and so on.

  • For Loans/Reducible Overdraft: 4 times of normal net yearly salary of last 2/3 years in light of IT Returns for last 2/3 Financial Years.

 

  • For Overdraft (Non-Reducible): 20% of yearly turnover in light of last (F.Y) inspected accounting report of the defender. Reviewed Balance sheet to be acquired for last 2/3 years:- in light of its number of years presence.

 

Edge (ON VALUE OF PROPERTY):

  1. Nil Margin for advance farthest point gave on the premise of Circle Rate/Registration estimation of the property (100% Loan sum);
  2. 60 % of Market esteem (40 % Loan sum);

III. Half of Distress Sale Value (half Loan sum); whichever is most minimal of I, ii and iii.

 

*Value of property for computation of quantum of progress/deciding edge will be most minimal of Market esteem, Distress Sale esteem and Registration of estimation of property/comparative property as on date of valuation.

 

REQUIREMENT OF NET TAKE HOME PAY /DSCR- FOR LOANS:-

For individual:-

Gross Monthly Income% of NTHP
Upto Rs.1.00 lacs40%
Rs. 1.00 lacs & above upto Rs.5.00 lacs30%
Above Rs.5.00 lacs25%

 

For Prop. Firm/Partnership Firm/Company (Loan /Reducible OD): DSCR: Min.1.5;

For Overdraft facility (Non-reducible): ISCR Min.1.5

Rate of interest – Click here

Repayment Terms:-

For loans (Repayable by EMI)

Max. 12 years by way of equated monthly installments (EMIs)

Overdraft: (Reducible Limit)

(Interest to be serviced on monthly basis)

Overdraft: (Non-reducible)

Interest to be serviced on monthly basis, as per sanction terms.

If there should arise an occurrence of people Loan/Overdraft (Reducible) to be shut inside as far as possible as recommended.

 

Security:-

Evenhanded/Legal home loan charge over the property (counting enlistment of impartial home loan charge in pertinent states and Registration of EQM accused of CERSAI in qualified records) ;

Acquiring individual assurance of extra individual(s) at the carefulness of the endorsing power.

Note –

(a) The property to be sold ought to be for the sake of the candidate or his/her life partner or close relative according to Section 6 of Companies Act 1956 or people speaking to the relationship, for example, firm/proprietor, organization/accomplices, and organization/executives. The individual/substance in whose name the property to be sold to be either co-borrower or underwriter.

(b) Agricultural land not acknowledged as security for advances/propels under this plan;

(c) The property possessed by Company/HUF/Society and so forth can’t be sold for advance benefited by Directors/Karta or coparceners/Office-Bearers.

Charges-

PROCESSING CHARGE (Exclusive of Service Tax):

For Loan (Repayable by installments)

One time @ 1% of sanctioned loan amount Min. Rs.5, 000/- and Max. Rs.50, 000/-.Plus S.T.

For Mortgage OD (Not reducible)

0.50% of the Sanctioned/Reviewed limit min.Rs.5,000/- and max. Rs.30, 000/- on annual basis. Plus S.T.

For Mortgage OD (Reducible)

  1. a) 0.50% of the Sanctioned limit Min.Rs.5,000/- and max. Rs.30, 000/- for 1st year at the time of original sanction. Plus S.T.
  2. b) 0.25% of the Reviewed limit Min.Rs.2,500/- and max. Rs.15, 000/- for subsequent years. Plus S.T. 

For Rural Areas –Processing charges will be 75% that of normally applicable charges in respect of loans availed by borrowers from rural areas from the Rural branches. Plus S.T.

EQUITABLE MORTGAGE FEE:-

Limits UPTO Rs.10.00 lakh

Rs.5,000/-

Limits exceeding Rs.10.00 lac & up to Rs.1.00 crore.

Rs.10,000/-

Limits exceeding Rs.1.00 crore & up to Rs 5.00 crore

Rs.20,000/-

Rs.20,000/ –

Different CHARGES/EXPENSES: Document stamp charges, advocate charges, draftsman/valuer charges, CERSAI Registration Charges and so forth. on genuine premise.

 

 

RATING EXERCISE:

The advocate will be qualified for credit subject to abstention of least checks or least passage level standard altered by the bank

Bank of India Star Smart Home Loan – BOI Home Loan Online Apply

Bank of India Home Loan.

Overview:

Bank of India Home Loan provides loans to purchase plot for construction of a house. bank of India home loan available at very competitive rate of interest. Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity.

  1. Prepayment of Loan permitted. No prepayment charges under floating rate option. Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  2. Loan to NRIs as well as Persons of Indian Origin. Simplified application form/procedures for convenience of customers, and speedy approvals.
  3. Free Personal Accident Insurance cover (Renewed at banks discretion) Life Insurance Cover to borrowers for Loan Protection(optional).

Established in 1906, Bank of India is one of the most seasoned flourishing money related organizations in India. Which offers a broad suite of budgetary items and administrations. The bank was nationalized in the year 1969 and as of now works with the assistance of more than 4200 branches. found all over India.

BOI Star Home Loan

 

Features and Benefits –  

 

Loan Amount – Get all the fund you have to buy your new house with the BOI Star Smart Loan which accompanies a base Loan point of confinement of Rs 5 lakhs (for salaried people); Rs 10 lakhs (for different people). As far as possible for which you may take this credit will be according to the ordinary home Loan plan.

  

Early Closure  – One of the most novel elements of this home Loan is that helps you in early conclusion of the credit.

This is conceivable as the surplus finances in the record help in bringing down the intrigue risk. in this way decreasing the Loan. As an aftereffect of this, it gets to be feasible for you to make an early conclusion on your credit.

 

Interest Rate – BOI Star Smart Home Loan:

 

BOI offers a standout among the most focused rates on its home Loans. The Star Smart home Loan offers the accompanying financing cost, contingent upon the measure of credit taken.

 

Loan up-to Rs 75 lakh: 10.20%

For Loans over Rs 75 lakh and up to Rs 10 lakh:10.45%

Over Rs 100 lakh: 10.70%

 

Charges and Fees:

 

 

The Loan preparing charges will be twofold of what is pertinent for individual clients. for Star Smart home Loan clients hailing from country territories, the preparing charges will be 75% of the rate that is pertinent to the individual client.

These handling charges are pertinent on all loan amounts.

 

Eligibility – BOI Star Smart Home Loan:

 

So as to be qualified for the BOI Star Smart home Loan, new and existing clients must agree to the accompanying qualification criteria:

Every single new client who has opened another BOI Savings Bank or Current Account opening of Rs 5,000 are qualified for this home Loan.

All independently employed people.

Experts like designers, attorneys, specialists, contracted bookkeepers, representatives, and so on., who have a standard wellspring of wage, are qualified for this credit too.

 

FAQs: Bank of India (BOI)

 

The offices accessible with the record connected with this home Loan?

The Savings Bank or Current Account connected with your BOI home Loan. accompanies different offices like a charge card, check book office. portable saving money. and web managing an accounting office, and so on.

 

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