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 upto 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:
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Monthly Income
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Modified Criteria
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Up to Rs. 20,000/-
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36 times of monthly income
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More than Rs.20,000/- & up to Rs. 1 lac
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48 times of monthly income
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More than Rs. 1 lac
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54 times of monthly income
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- Margin:
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Monthly income
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Purpose
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Margin
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Upto Rs.20000/-
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Purchase of plot
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20%
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|
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House/flat already constructed from own resources
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25%
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|
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All other cases
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20%
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Above Rs.20,000/-
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Purchase of plot
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20%
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|
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House/flat already constructed from own resources
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20%
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|
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All other cases
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15%
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- Special Home Loan Package : On home loans sanctioned on or after 16.12.2008 - and up to 31.12.2009 (shall not apply to swapping of loan, loans sanctioned on Reimbursement basis and takeover from other banks
- Home Loan upto Rs 5.00 lac for a maximum period of 20 Years:
- Margin - 10%
- No processing charges and pre payment charges / penalty
- Free Personal Accidental Death and Property Insurance Cover
- Free Life Insurance cover equivalent to the loan amount
- Home Loans above Rs 5.00 lac and upto Rs 20.00 lac for a maximum period of 20 Years
- Margin - 15%
- There shall be no processing charges and pre payment charges / penalty
- Free Personal Accidental Death and Property Insurance Cover.
- Free Life Insurance cover equivalent to the loan amount
- 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.
> Home Loan
> Home Loans to NRIs / PIOs
> Home Improvement Loan
> Loan Against Future Rent Receivables
> Advance Against Property
> Advance Against Securities
> Education Loan
> Career Development Loan
> Car Loan
> Two Wheeler Loan
> Loan to Doctors
> Traders Loan
> Personal Loan
> Loan for financing Individuals for subscription to Public Issues /IPO
> Baroda Ashray (Reverse Mortgage Loan)
