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Product Details
Bank Name

Bank of Baroda Limited

Maximum Loan Tenure

30 years or uptill the applicant reaches the age of 65, whichever occurs prior.

Maximum Loan Amount

Mumbai : Rs. 20 Crores
Hyderabad, New Delhi and Bengaluru : Rs. 7.50 Crores
Other Metros : Rs. 5.00 Crores
Urban Areas : Rs. 3.00 Crores
Semi-urban and Rural : Rs. 1.00 Crores
Chandigarh, Panchkula & Mohali:- Rs. 5 Crores

Interest Rate

For Loans upto INR 75 Lakhs: For Salaried: 8.40% to 10.60%. For Non-Salaried: 8.40% to 10.60%
For Loans above INR 75 Lakhs: For Salaried: 8.65% to 10.85%. For Non-Salaried: 8.65% to 10.85%

Type

Floating.

Baroda Home Loan Advantage
Down Payment

Loan upto Rs.30/- lacs: 90%
Loan above Rs.30/- lacs and upto Rs.75/- lacs: 80%
Loan above Rs.75/- lacs: 75%

Fees and Charges

Prepayment Charges: Nil
Processing Fee: Loans upto INR 20 Lakhs: 0.35, Loans above INR 20 Lakhs: 0.40%
Legal Fee: At Actuals
Stamp Duty And Registration Charges: At actuals.
Penal Interest On The Delayed EMI: 2% per month above the applicable interest rate.

Minimum CIBIL Score

Not specified.

Down Payment and Fees
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Baroda Home Loan Advantage

Special Features

The Home Loan sanctioned will be linked with Saving Bank Account.

  • The rate of interest applicable on this SB account will be Zero.

  • Under the 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 in the linked SB a/c at the end of the day will be counted for credit in linked Home Loan account. Consequently, the borrower will get the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.

Eligibility Criteria

The eligibility criteria for Bank of Baroda's Home Loan Advantage can differ slightly for resident Indians and Non-Resident Indians (NRIs), so let's break it down for both categories:

For Resident Indians:

  • Age: Minimum age - 21 years; Maximum age - Up to retirement age for salaried individuals, up to 65 years for non-salaried individuals.

  • Income:Salaried: Minimum monthly salary depends on loan amount and location (typically starting from ₹15,000). Stable employment history is crucial.
    Self-employed: Proof of income through ITRs and business financials (minimum 2 years of business continuity required).

  • Credit Score: Minimum CIBIL score: 701 or higher.

  • Nationality and Residency: Indian residents are eligible.

  • Loan-to-Value (LTV) Ratio: Up to 90% depending on various factors.

  • Other factors: Property location and type, relationship with Bank of Baroda (existing customer benefits).

Additional Documents Required:

  • KYC documents: PAN card, Aadhaar card, etc.

  • Income proof and employment proof (for salaried individuals) or business documents (for self-employed individuals).

  • Property documents.

  • Loan-specific documents (for construction loans or takeover loans).

For NRIs:

  • Age: Minimum age - 21 years.

  • Income: Minimum gross annual income equivalent to Rs. 5 lakhs per annum (individual or combined with co-applicant).

  • Nationality and Residency: NRIs holding Indian passport, Persons of Indian Origin (PIOs) holding foreign passport, or Overseas Citizens of India (OCIs) are eligible.

  • Loan-to-Value (LTV) Ratio: Up to 80% for purchase of property and up to 75% for construction of property.

  • Other factors: Employment status, source of income, property location and type.

Additional Documents Required (for NRIs):

  • Income proof from abroad.

  • Proof of residence abroad.

  • Passport and visa copies.

  • Investment proofs in India (if any).

Remember:

  • This is a general overview, and specific eligibility criteria and documents required may vary based on individual circumstances and the type of Home Loan Advantage being applied for.

  • It's recommended to check the latest information and contact Bank of Baroda directly for specific details and personalized eligibility assessment.

Special Concession
  • Special rate concession for Women borrowers, Salary account, Business account and Family account holder.

  • Special rate offers for: takeover cases/Fully completed/Govt. Projects.

Home Saver Option

Yes, The Home Loan sanctioned will be linked with Saving Bank Account.

  • The rate of interest applicable on this SB account will be Zero.

  • Under the 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 in the linked SB a/c at the end of the day will be counted for credit in linked Home Loan account. Consequently, the borrower will get the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.

Features, Eligibility and Concession
Pros
  • The loan comes with an home saver option, you can use your money in your savings account to reduce the principal in your loan. 

  • Interest calcuated on a daily reducing basis. 

  • They offer special interest rate concessions for certain categories like women borrowers, salary account holders, and government employees.

  • They also offer flexible repayment tenures ranging from 5 to 30 years.

  • Bank of Baroda offers LTVs ranging from 75% to 90%, depending on the property location and type.

  • Bank of Baroda's processing fees are relatively low compared to other lenders, making the loan application process more affordable.

Cons

Only floating rate option is available. 

Pros & Cons
Application Procedure

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