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 linked to One Year MCLR of the Bank, shall be reset on annual basis
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 :- The unified processing charges (which includes Processing Charges ,Documentation charges ,Document Verification/ vetting charges ,Pre- Inspection (Contact Point Verification-CPV) charges ,One time post inspection charges ,Advocate charges for legal opinion ,Valuer charges for valuation (One time at the time of sanction) ,Bureau report charges ,CERSAI charges ,ITR Verification charges ) to be levied as detailed below:-
Upto Rs.50 Lacs: 0.50% on Loan amount, Minimum: Rs.7,500/- + Service Tax (Upfront)
Maximum: Rs.12,500/- + Service Tax
Above Rs.50 Lacs: 0.25% on Loan amount, Minimum : Rs.7,500/- + Service Tax (upfront)
Maximum: Rs.20,000/-+ Service Tax
In case of takeover of Home Loan: 0.10%, Maximum- Rs. 10,000/- + Service tax
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 Bank (One time at the time of sanction).
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.
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
to MCLR Interest Rate Option :Borrowers will also have the option to move to the MCLR linked loan at mutually acceptable terms without being treated as a foreclosure or existing facility The borrowers willing to opt to MCLR from Base Rate will have to sign consent letter for the same.
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/int_adv.asp#retailloan link at our internet site