• For purchase/construction /extension/repair/renovation/of a residential property.
  • For purchase of apartments/units – owner occupied or investment.
  • Salaried employees, Professionals like Doctors, Lawyers, Engineers, Chartered Accountants, and other Self-employed persons easily have access to this facility.
  • Ordinary housing finance shall not be made available to retired persons and persons over the age of 50. However we may, on merits, consider Housing Loans to these individuals’ up to the age of 60 years if the borrower has an independent source of regular income to take care of loan repayment and/or where the unit is jointly owned by a co-borrower satisfying our eligibility requirements.
  • The maximum repayment period is 10 years including moratorium subject to annual review of the account. The maximum repayment period can be extended upto15 years at the discretion of BOIUL.

  • Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
  • Third party guarantee of persons with adequate worth. (Can be waived at the discretion of BOIUL depending on the standing of the borrower).
  • BOIUL will hold a mortgage charge on the property (land/house).Post-dated cheques from the borrowers running account if he is not maintaining his account with us.
  • The property must be adequately insured noting BOIUL as the mortgagee on the policy.
  • Personal guarantee of spouse/family members and or third party with adequate worth is required in case of individuals.
  • The guarantee links security to a loan, servicing to loan and establishes the liability for repayment of debt on a natural person.
  • Audited accounts for at least three financial years, prepared by a Certified Public Accountant, with an unqualified opinion.
  • Projected Cash flows for the period of financing.
  • Valuation report for the property/ assets to be pledged as collateral.
  • Financial Card Number for the borrowing entity.
  • Any other information as may be requested by the Bank, depending on the nature of the request.
 
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