Rate of Interest :-
Floating Rate :- Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The rate of interest is subject to revision from time to time due to change in base rate. Because of change in rate of Interest repayment period will be extended subject to fulfillment of Age criteria and maximum loan tenure.
Penal Interest :- If borrower defaults in payment of EMIs or account becomes irregular, the Bank will levy a higher rate of interest (2% over regular rate) on the irregular amount for the period of irregularity.
Issuance of Interest Certificate : - For the purpose of Income Tax, bank may issue Certificate to the Borrower for Interest Debited during the Year to the Housing Loan Account, being interest actually accrued on Loan Account.
Unified Processing Charges :- Unified processing charges (which includes processing charges, documentation charges, document verification charges and pre & one time post sanction inspection charges) to be levied as detailed below :-
Loans upto Rs 30/- Lacs : 0.50% of limit minimum Rs.5000/.
Loans above Rs 30/- Lacs : 0.40% of limit minimum Rs.15000/ Maximum, Rs.50000/
(service Tax to be recovered separately in addition to the above)
In case of Takeover of Home Loan: 0.10% maximum Rs 10000/-
Inspection : Bank will have the right to inspect the borrower’s property at all times and from 2nd post sanction Inspection onwards Rs 100 plus service tax per inspection to be charged from borrower.
Legal opinion & Valuation charges : - Title of the property proposed to be purchased is to be clear, absolutely unencumbered and marketable to the satisfaction of the Bank’s solicitor/ advocate. Legal fee is to be paid for legal opinion to be obtained through a lawyer on the Bank’s panel. The fee is payable regardless of the fact that whether clear title is established and whether loan is sanctioned.
Valuation Fee : - Valuation of the property will be done by the empanelled valuer of the Bank for which prescribed fee is payable by the borrower.
Other Expenses : - like stamp duty for execution of documents, registration charges varying from State to State and other related charges/ expenses for the loan shall be borne by the Borrower.
Free Personal Accident Insurance is available for stipulated tenure.
Life Insurance Cover to Home Loan Borrowers : - Optional Life Insurance Cover is available to Home Loan Borrowers from Indiafirst Life Insurance Co Ltd and Kotak Life Insurance co Ltd at the cost of borrower.
Penalty Clause for Full Prepayment/ Premature Closure : - There are no prepayment charges for foreclosure of loan.
Conversion from Fixed Interest Rate to Floating Interest Rate Option : - can be considered by Bank with prospective effect subject to following:-
- If the Account is regular
- As one time offer from the Bank
- Upfront payment of Charges on outstanding balance @0.50% for every year for the residual period of the loan maximum 2% of the amount outstanding on the date of allowing conversion.
- Borrower’s request in writing for change of Rate of interest from fixed to floating rate is obtained.
Validity of sanction : - shall be 4 months.
Credit Information Report : Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to any Credit Bureau approved by Got of India or Reserve Bank of India without any notice to the borrower.
For Latest Rate of Interest, Margin etc. please visit http://bankofbaroda.com/pfs/homeloans_more.asp link at our internet site