If you are dreaming of buying your own residence, opt for Bank of Baroda home loan as their product are packed with several exclusive features and benefits for aspiring house owners. Both Indian citizens and NRIs are eligible for home loans. Headquartered in Vadodara, Bank of Baroda is an Indian multinational and leading public sector bank of India.
Bank of Baroda home loan is one of the leading home loan providers in India. Bank understands that people invest their lifetime earnings, in order to buy the home of your dreams and that’s why they have designed their product to meet the challenging needs and requirements of customers. They help you to purchase your dream home.
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Bank of Baroda Home Loan Eligibility
The Bank has mentioned certain factors which need to be satisfied by borrower in order to get an approval for home loan.
Bank offers their home loan product to all salaried, and self-employed professionals such as engineers, doctors etc.
Age: The minimum age criteria to apply for home loan are 21 years. The maximum age of applying Bank of Baroda home loan is 65 years in case of salaried professionals and 70 years if an applicant is self-employed.
Income: The minimum income criteria set by the bank to avail home loan is INR 25000/-
Loan Amount: The bank offers the maximum amount of INR 1Cr in semi-urban and INR 10 Cr for people living in metro cities.
Processing Fee: The Bank charges 0.25% to 0.5% of the total loan amount.
Bank of Baroda Home Loan Rates
Your home is more than just a roof over your head, symbolizes your dreams and aspirations and buying it is not a short term decision. Bank of Baroda home loan offers a highly competitive rate of interest, longer loan tenure and high loan amount. The bank provides balance transfer and top-up home loan features to borrowers. Bank of Baroda offers a special rate of interest to women borrowers as interest rates for women are typically 5 basis points lower than male borrowers. As lenders believe that the difference in rates and charges can have a significant impact in future especially in terms of ownership. Usually, Bank of Baroda home loan rates remains in the range of 8.10% to 9.10%, hence you can make your choice accordingly by looking at the interest cycles.
Bank of Baroda Home Loan Documents
How will a lender get to know that all the assets you mentioned in your home loan applications belong to you or not? The Bank verifies from your bank statement, i.e. a current account, savings account. They actually want to know how much money you have in your account, to gauge potential repayment.
We understand the value of your time and the difficulty you face in managing the documents regarding your home loan. The documentation process is a little bit complicated in comparison to other loans because of its secured nature. But no need to worry, as here we are listing out some of the common Bank of Baroda home loan documents requirement and other details that you need to submit.
Bank Statement of the latest six months as the statement helps to calculate your average monthly balance maintained by you. It also reflects your every month’s salary in your bank account, how you manage expenses. Additional Supporting documents are needed in case of any other source of income.
Bank of Baroda Home Loan Documents For Salaried Individuals:
Salary Slip for the last 3 months or salary certificate, (in case there are some variable components like incentives are reflected).
Form 16, and an employer’s profile (if an organization is lesser known).
For self–employed businessmen
KYC Documents with a copy of last 3 years Income tax returns along with the computation of your total income duly signed and attested by a Chartered Accountant.
A copy of the last 3 years of Balance Sheet, Profit and Loss Account of your firm
Brief of the business profile on the letterhead of the firm
Bank statement for the last 6 month for saving and current account
Tax deduction certificate i.e. Form-16
In addition to all this, a recent passport size color photograph, proof of identity, residential proof, and proof of investments such as insurance, fixed deposits etc.
Copy of documents related to the property you are willing to purchase.