Value propositions
Bank offers following benefits with home loan availed by you:
- Free Property and Personal Accident Insurance (available for stipulated tenure of loan).
- Free Credit Card - "Paras" card (Complimentary for first year) to all new home loan borrowers with loan limit of Rs. 2/- Lakhs and above
- Advance up to 90% of the principal amount of home loan repaid for any requirement ('AAA').
- As per current IT provisions - Interest on loan till Rs. 1.5 Lakhs per annum is exempt from income tax (Under section 23/24(I) of the Income Tax Act).
Terms & Conditions
- Income Criteria: In any case, maximum amount of loan should not exceed
- 48 times of monthly gross salary in case of salaried class,
- 5 times the Net average (last three years) annual income in case of customers other then salaried class people.
- Margin:
- 15% for Ready House / Flat or for construction (Including cost of land, registration charges, cost of stamp etc.)
- 20% of loan amount (including registration charges, cost of stamp etc.) for purchase of plot
- As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.
- No Fees will be charged on part prepayment / full prepayment of the loan amount from own sources.
- The loan can be repaid in a maximum period of 15 / 25 years taken under fixed / floating rate option subject to the period up to age of retirement in case of salaried persons and 65 years in case of others.
- In case of full prepayment or foreclosure (other than from own sources) fees will be charged at 0.5% for each year of the residual period subject to maximum of 2%.
RATE OF INTEREST: (CLICK HERE FOR CURRENT INTEREST RATES).
- Flexi rate option is available. This will facilitate to hedge interest rate risk.
- 0.25 bps concession in rate of interest is available to employees of preferred organizations and group borrowers (list of preferred organizations is available at branch level).
PROCESSING CHARGES: (CLICK HERE FOR DETAILS)
For further details, please contact the Bank of Baroda Branch nearest to you.
> Housing Loan
> Housing Loans to NRIs / PIOs
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> Loan Against Future Rent Receivables
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> Baroda Ashray (Reverse Mortgage Loan)
