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Baroda Home Loan

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:

      Monthly Income   Modified Criteria
      Up to Rs. 20,000/-   36 times of monthly income
      More than Rs.20,000/- & up to Rs. 1 lac   48 times of monthly income
      More than Rs. 1 lac   54 times of monthly income


  • Margin:

      Monthly income   Purpose   Margin
      Upto Rs.20000/-   Purchase of plot   20%
         House/flat already constructed from own resources   25%
         All other cases   20%
      Above Rs.20,000/-   Purchase of plot   20%
         House/flat already constructed from own resources   20%
         All other cases   15%


  • 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.



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