BOB Rural Bank

Please inform me about Baroda Rural Housing Finance Scheme of Bank of Baroda (BOB)? Can you also inform me about interest rate for Baroda Rural Housing Finance Scheme of Bank of Baroda (BOB)?

As you are looking for information about of Baroda Rural Housing Finance Scheme of Bank of Baroda (BOB), so here I am providing following information:

Bank of Baroda - Baroda Rural Housing Finance Scheme
Interest Rate:
Period Fluctuating rate option (% p.a.) Fixed rate option * (% p.a.)
Loan upto -5- years 9.25 9.50
Loan over -5- years and upto 10 years 9.75 10.00
Loan over -10- years 10.25 10.50

No fixed rate option for loan upto Rs. 2.0 lakhs.

Processing Charges:
The processing charges shall be 0.125% of the loan sanctioned.

Upto Rs.25,000/- Nil
Above Rs.25,000/- & upto Rs.2/- lacs Rs. 50/-
Above Rs.2/- lacs & upto Rs.5/- lacs Rs. 175/-

Terms and Conditions:
Maximum tenure = 20 years depending upon repaying capacity including moratorium.

Maximum loan available = Rs. 5,00,000/- for purchase of dwelling unit, Rs.1,00,000/- for repairs / renovation of existing dwelling unit.

Margin = 10% of all cases, (Including cost of land, registration charges, cost of stamp etc).

Beneficiaries include individuals over 21 years of age.

No fee for part prepayment shall be payable by the borrower.

Security/documentation to be furnished:
Equitable mortgage of housing property
Other securities, if EM is not possible /feasible.
Charge on agriculture land if dwelling-cum-farm house is constructed on agricultural land.

Benefits:
Interest on Housing Loan upto Rs. 1.50 lakhs per years is exempted for income tax under section 23/24 (i) of the IT Act.

Principal receipt up to Rs.20,000/- p.a. Eligible for tax benefit under sec. 88 of IT Act.

Beneficiaries include individuals over 21 years of age.

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Answered By StudyChaCha Member