Bank of Baroda offers home loan for Indian citizen upto 25 lakh and the loan can be released within 6 working days of time.
Bank of Baroda home loan is available for
- For construction of new house.
- For purchase of new or your old dwelling plot.
- For repaying the loan which has been lend by other private finance or any other bank.
Who is eligible for Bank of Baroda home loan?
- Bank look at the applicants on case by case basis. Home loan eligibility is heavily dependent on the income repayment capacity of the loan borrower as well as stability of the income, so a government employee may get bigger sum in loan as compared to self employed person.
- The maximum loan can be issued upto 54 times the gross salary.
What are the important documents to be submitted for Bank of Baroda home loan
- Identity proof copy
- Your residence or office address proof.
- Birth certificate.
- Passport size photographs
- A copy of your PAN Card.
- For salaried people last 4 to 6 month of salary slips.
- Copy of a last three years IT Returns.(Income tax returns)
What is the maximum tenure of Bank of Baroda home loan?
The loan borrowed must be repaid within 25 years of time.
What are is the Income Criteria for Home Loan
- If your income is up to Rs.20000 per month then you will be issued 36 times of amount of your income.
- If your income is up to Rs.20000 and above per month then you will be issued 48 times of amount of your income.
- If your income is more than Rs.1lac per month then you will be issued 36 times of amount of your income.
- As a security measurement of housing loan bank takes the equitable mortage of housing property.
- There will be fees charged on half prepayment of house loan from own sources.
- If you make the full prepayment of the loan amount before the closure then you will be charged 0.5% of residual period.
Bank of Baroda home loan rate of interest
- For loan up to 5 years rate of interest is 9.00%
- For loan above 5 years and up to 15 years rate of interest is 9.25%
- For loan above 15 years and up to 25 years the rate of interest is 9.5%
Contact information on Bank of Baroda Home loan
Send your query to : http://www.bankofbaroda.com/inquiry.asp?mcat=1
Call: Phone :(022) 6698 5000- 04 , (0265) 236 1852 (10 lines)
To find your nearest branch visit: http://www.bankofbaroda.com/branchlocator.asp