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home loans

Home loan by Bank Of Baroda

Are you thinking of buying your dream home soon? Well, you might probably need a home loan to finance this dream home of yours. And when we speak home loan, we say Bank of Baroda home loan.

Bank of Baroda invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget.

Bank of Baroda (BOB) is an Indian state-owned banking and financial services company. It is the second-largest bank in India, and offers a range of banking products and financial services to corporate and retail customers through its branches and through its specialized subsidiaries and affiliates. Click here to read about Right time to switch your home loan.

 

So, here we will tell you—

  • The interest rates, Processing fee, tenure for home loan
  • Bank of Baroda’s home loans can be used for various home-related purposes
  • Bank of Baroda Home Loan Eligibility
  • Bank of Baroda Home loan documentation required
  • Major benefitson Bank of Baroda Home loans

 

HOME LOAN BY BANK OF BARODA

The interest rates, Processing fee, tenure for home loan 

 

Interest Rate 8.35% – 9.35%
Lowest EMI Rs. 758 per lakh
Max Tenure 30 years
Processing Fee Up to 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried

Min 21 and Max 65 years for Self Employed

 

 

 

Bank of Baroda’s home loans can be used for various home-related purposes such as:

  1. Purchase of a newly constructed house
  2. Purchase of an existing house
  3. Purchase of a plot
  4. Construction of a house
  5. Home improvement and extension
  6. Transfer of home loan from another bank

 

 

Bank of Baroda Home Loan Eligibility

 

Monthly Income Loan availability
Up to Rs. 20,000 Monthly income X 36
More than Rs. 20,000 and up to Rs. 1 lakh Monthly income X 48
More than Rs. 1 lakh Monthly income X 54

 

The ratio of loan to value (LTV) – which is the amount of loan you can avail in proportion to the value of the property – is as mentioned below: 

 

Loan amount LTV Margin
Up to Rs. 30 lakh 90% 10%
More than Rs. 30 lakh and up to Rs. 75 lakh 80% 20%
More than Rs. 75 lakh 75% 25%

 

 

Bank of Baroda Home loan documentation required–

 

Home Loan for Salaried employee Bank of Baroda documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof – Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Home Loan for Self-Employed Bank of Baroda documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof – Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile. Click here to read about Home Loan against property.

 

 

 

Major benefits on Bank of Baroda Home loans are as follows:

 

  • Bank of Baroda offers different home loan products:

Normal Home Loan, Home Loan to NRIs and PIOs; Home Improvement Loan; Baroda Home Loan Advantage; Baroda CRE Home Loan; and Baroda CRE Home Loan (Advantage).

  • Free Personal Accident Insurance is available for stipulated tenure.
  • Free Credit Card (for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.
  • Concession of 0.25% in rate of interest for Car Loans.
  • Concession of 0.50% in rate of interest for Loan for consumer durables.
  • Top up Loan can be availed 5 times during loan period. (Minimum Rs.1 Lakh, Maximum Rs.200 Lakh or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).
  • As per current IT provisions, Interest on loan up to Rs 1.50 lakh per annum is exempt from income tax (Under section 23/24 (1) of the Income Tax Act).

 

Now, we talk about a major benefit to take home loan from bank of Baroda is that it provides Baroda home loan advantage. 

Baroda home loan advantage

Features of this home loan—

  • The Home Loan sanctioned will be linked with Saving Bank Account.
  • The rate of interest applicable on this SB account will be Zero.
  • Under this scheme, the borrower shall have the option to deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.

 

  • Any credit available at the end of the day will be counted for credit in linked Home Loan account. Therefore, the borrower will get the benefit of interest in the Home Loan account to the extent of daily outstanding balance in the Savings Bank account.

 

  • The borrower will remit the Equated Monthly Installments (EMIs) into the linked SB account.
  • Recovery of EMI will be made by way of auto recovery from the linked SB account only.
  • The eligibility for Baroda Home Loan Advantage will be calculated as per the existing guidelines of Baroda Home Loan to   Individuals

 

 

 

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