When you think of taking of a home loan, you often end up going with the list of options that is only confusing. But, be it any loan, if you know what is the purpose of your loan, you can really take the decision quicker.
We are quite sure that Bank of Baroda home loan must be in your list. And if you are looking for the reasons to choose this lender, read this article.
You will get to know the types of home loans offered by Bank of Baroda. Later, you will get to know the purposes for which these loans can be used. Also, you will read the eligibility and present interest rate available for the loan.
Bank of Baroda Home Loan Types
Read below the types of Bank of Baroda home loan available for borrowers. These schemes have a different purpose to serve and hence the rate of interest as well as the loan amount varies from one another.
- Bank of Baroda Home Loan Advantage
- Baroda Pre Approved Loan
- Home Improvement Loan
- Interest Subsidy Scheme for Housing The Urban
- Baroda Home Loan Suraksha Personal Loan
- Credit Risk Guarantee Fund Scheme for Low Income Housing
- Baroda Additional Assured Advance
- Pradhan Mantri Awas Yojana
- Baroda Ashray
Bank of Baroda Home Loan Interest Rate
The interest rate on a home loan is calculated by keeping into account many factors such as age, income and CIBIL score. Those who have good income and professional stability with a big firm, have more chances of getting a lower rate of interest. At present, the lowest Bank of Baroda home loan interest rate is 8.50% per annum. The rate goes up to 9.50% per annum.
Who are eligible to apply for the loan?
Those who want to apply for a home loan at Bank of Baroda must be Resident Indians or Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI). Both salaried and self-employed individuals between the age of 21-70 years can apply.
For what purposes can a person take the loan?
It is not important that you have to build a house or buy one with a home loan from Bank of Baroda. The fund can be taken for the following purposes
- Purchase/construction of House/ Flat
- Purchase of residential plot
- Purchase of residential plot of land and construction of house
- Take over from other Banks/ HFCs/NBFCs/ FIs etc.
- Extension of the existing house / additional construction
- Reimbursement of expenses for construction of House/flat from own sources
What are the documents required for Bank of Baroda home loan?
The list of documents an applicant must have at the time of applying for a home loan at Bank of Baroda is given below:
- Proof of Identity (PoI)
- Proof of Address (PoA)
- Proof of Age
- Passport size photographs
- Latest bank statement with existing banker’s signature
- Copy of PAN Card
- Copy of the title of the property
- For a construction of house, the following documents need to be submitted
- Approved plan
- A detailed estimated cost of total construction certified by an Architect
- Title deed of the property
- The Document Required for the Salaried-Class Applicant are:
- Last 4-6 months’ salary slip
- Form no. 16 for last 3 financial years
- The Self-Employed and Businessmen are Required to Submit the Following Documents:
- IT Returns for last three years
- last IT assessment order
- Audited Balance Sheet and Profit & Loss A/cs for last three years