In this article, we will acquaint you with the benefits and features along with the terms and conditions of the Bank of Baroda Home Loan Interest Rates.
Bank of Baroda home loan interest rates
Bank of Baroda is known to offer home loans to both the citizens of India as well the non-resident Indians living abroad or in India. Along with funding the investment purpose of buying a readymade house, Bank of Baroda also offers schemes that fund buying of plots and properties as well as the construction of houses. Another top-up feature of borrowing loans from the Bank of Baroda is also made available depending on the demands and needs of the applicants. This top-up scheme enables existing borrowers to apply for a further loan amount for meeting the housing needs.
Having said that, let us look at some of the features of the housing loan scheme offered by the Bank of Baroda:
- Higher Limits for Loan Values: Based on your income horizon and your credit history, you can easily opt for a higher loan value to fund your investment in housing facilities. Moreover, the Bank of Baroda enables borrowers to increase their loan value by adding a co-applicant in the borrowing scheme. Thus, you can easily get a higher loan amount by either maintaining a good credit score or by adding an applicant to your scheme.
- Lowest Charges: Bank of Baroda Home Loan Interest rates are set low along with the processing charges on the sanctioning and disbursal of home loans. Moreover, there are no additional or hidden charges as the entire process is transparent and simple. If you wish to prepay your entire loan amount then you can go ahead without having to worry on extra charges. This is because BOB does not burden the applicants with pre-closure penalties.
- Flexible Tenures: You can easily opt for a home loan from the Bank of Baroda without having to worry about the equated monthly instalments (EMIs). This is because, Bank of Baroda offers longer tenures for repayment of the loan that could extend up to 30 years, thereby, setting lower and affordable EMIs for the borrowers to pay over the period.
- Add-on features: When you apply for a home loan from Bank of Baroda, you are signing up for an additional accident insurance cover and a concession of 0.25% on the car loan schemes. You can also opt for a credit card that covers life insurance of the applicant. This implies that in case of the sudden demise of the borrower, the family will not be subjected to repay his loan amount throughout the tenure. However, note that these covers are provided against premiums which need to be paid along with the EMIs (including Bank of Baroda Housing Loan Interest Rate) on the outstanding loan amount.
- Top-up features: As mentioned earlier, the Bank of Baroda offers additional loans for the existing borrowers at the bank. This implies you can apply for an additional loan amount while you are paying the EMIs for an existing scheme. You can apply for the top-up schemes for a maximum of five times during the tenure of a pre-existing loan scheme.
Terms and Conditions
Listed below are some of the mechanized terms and conditions set by the Bank of Baroda on its official lending schemes of home loans concerning the BOB Bank Home Loan Interest Rate.
- Bank of Baroda offers a lending hand to borrowers who are a citizen of India, a Non-Resident Indian (NRI), a Person of Indian Origin (PIO) and Overseas Citizens of India (OCI).
- Applicant must be between the age group of 21 to 70 years.
- Bank of Baroda Loan Interest on the applied schemes are offered only at floating rates that keeps changing and is frequently reset every month. The calculations are made on the basis of the daily reducing balance.
- Along with providing maximum repayment tenure of 30 years, Bank of Baroda also extends a period of moratorium for 36 months after the disbursement of the amount of loan.
- Collaterals or securities are required for applying for a home loan at the Bank of Baroda; thus, Bank of Baroda offers secured loans to applicants. Mortgaging collateral with the bank is necessary since the loan amount offered is very high. Individuals could apply for loans ranging from Rs. 1 crore to Rs. 10 crores.
- Bank of Baroda Mortgage Loan Interest Rate for term loans is 1% that comes to a minimum amount of Rs. 8,500 whereas the maximum limit is Rs. 1,50,000. For a loan value of Rs. 3 crores the mortgage rate is set to 0.35% whereas for loan values above Rs. 3 crores, the mortgage rate is 0.25% per annum.
FAQs
Q1. Who can be a co-applicant in borrowing a Home Loan from Bank of Baroda?
Ans. Co-applicants could be the close relatives of the borrower such as father, mother, spouse, children, siblings, etc. Note that the co-applicant should be at least 18 years old and should have a source of income based on which you are selected for getting a higher loan value and a lower home loan BOB Interest Rate.
Q2. What are the various modes of repayment procedure of home loans at the Bank of Baroda?
Ans. You can either opt to pay off your home loans via EMIs that also include BOB Home Loan Interest for a given tenure. Moreover, you can also opt for paying quarterly by getting special permission granted by the bank.
Q3. What are the documents required?
Ans. Following are some of the mandatory requirements for filing in a home loan application:
- Application form attached to the photograph of the applicant.
- Address, identity and age verification proofs such as PAN card, Voter ID, Passport, Driving License, etc.
- Bank Statements of the applicant and income proofs with salary receipts.
- One or two guarantors’ signatures.
- In the case of self-employed applicants, certified copies of balance sheets, accounts on profit and loss are required to be submitted.
Also read : What is the current home loan interest rate in India?
