Everyone has a dream to own a home. A home loan at the lowest rate of interest makes this dream come true. Before applying for a home loan, you must compare the interest rates of available bank home loans, processing fee, tenure, documents process.
Bank of Baroda is a public sector bank and the best option for taking home loans.
Here are 6 best features of the home loan of the Bank of Baroda.
1.How much home loan amount you can apply from the bank of Baroda?
The approval and sanction of the home loan depend upon many factors. The income and profile of the applicant and the location of the property are a few factors.
For metro cities, the maximum home loan amount varies from 5 crores to Rs. 10 crores. On the other hand, for semi-urban and rural areas the maximum amount is Rs. 1 crore.
2.What is the rate of interest of the home loan of the Bank of Baroda?
The rate of interest is 6.75% per annum. It also depends/linked to Baroda Repo Linked lending Rate (BRLLR). It is reset monthly.
3.What is tenure and moratorium for the bank of Baroda home loan?
The maximum tenure is 30 years for the repayment of the loan. This depends on the loan amount and income of the borrower.
There is also a facility of moratorium period on home loans of Bank of Baroda. After disbursal of the loan amount, the moratorium period is a maximum of 36 months.
4.What is collateral in a home loan from the Bank of Baroda?
Bank of Baroda needs collateral against a home loan. Generally, it is the purchased property. Bank of Baroda also accepts insurance policies, shares, debentures, gold ornaments, and government promissory notes, etc. as collateral security.
5.Eligibility for Bank of Baroda home loan.
- You age should be minimum 21 years.
- Employed or self-employed with regular income.
6.What are the documents required for applying a bank of Baroda home loan?
- Duty filled application form.
- Photographs of the all applicant.
- Residence and age identity proof documents – PANCARD, VOTER ID, PASSPORT, DRIVER’s LICENCE, RATION CARD etc.
- Copy of bank statement for the last two years.
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