BOB Bank Loan

I want to apply for Home Loan in Bank of Baroda so can you please provide me the details of the 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.

Home Loan-

Home Loan is available for:

Purchase of new / old dwelling unit.
Construction of house
Purchase of plot of land for construction of a house.
Repaying a loan already taken from other Housing Finance Company / Bank
Repayment period up to 30 years (floating rate option).

Margin:

Category of Home Loan LTV (%) Margin (%)
Upto Rs.30 lakh 90% 10%
Above Rs. 30 lakh and upto Rs. 75 lakh 80% 20%
Above Rs. 75 lakh 75% 25%

As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.

No Fees will be charged on part prepayment / full prepayment of the loan amount.

The loan can be repaid in a maximum period of 30 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 70 years in case of others.

Terms & Conditions-

In case of Salaried:

 Monthly Income Modified Criteria
Up to Rs. 20,000/- 36 times of monthly income
More than Rs.20,000/- & up to Rs. 1 lac 48 times of monthly income
More than Rs. 1 lac 54 times of monthly income

In case of others viz. professionals / self-employed / businesspersons etc., 5- times of average annual income (last three years)

Rate of Interest:

Loan amount upto Rs.75 Lacs : ROI as applicable to regular Home Loan [i.e., Base Rate (9.60% at present)]

Above Rs.75 Lacs : 0.25% over the ROI as applicable to regular Home Loan [i.e., Base Rate+0.25% (9.85% at present)]

All other terms and conditions would be as applicable to regular Home Loan scheme.

Customer service
1800 102 4455

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Answered By StudyChaCha Member