Bank of Baroda Home Loan - Features and Benefits of BOB Home Loans

Bank of Baroda offers a wide range of home loan options to its customers, enabling them to purchase their dream home on their own name. It offers attractive interest rates and easy documentation process with quick approval. The home loans made available by Bank Of Baroda are tailor-made for customers, be it salaried, self-employed, a lower income group, or senior citizens.

Here is the gist of the BOB Home Loans. Give it a quick read to know in detail about BOB.

Features and Benefits of BOB Home Loans

• Home loans for salaried, non- salaried and self-employed professionals.
• Interest rate starts from 8.70% onwards.
• Offers loans to purchase a plot/flat, build a new home, or extend an existing one.
• Adopts both floating and fixed interest rates.
• The maximum loan amount offered in semi-urban and rural areas is Rs. 1 crore.
• The maximum loan amount offered in metros is Rs. 10 crore.
• Provides free personal accidental insurance for the stipulated repayment period.
• Provides free credit card and 0.25% concession for car loans.
• It can take 6 working days for the loan to be processed and accepted/rejected.
  

Eligibility Criteria for BOB Home Loans

• The applicant's age must be between 25-65 years for salaried and 25-70 years for self-employed professionals.
• The applicant can apply for upto 90% of the property value.
• The facility of adding a co-applicant is provided, who can be a spouse/children with the age below 50 years with a steady income source.
• Decent credit score
• The bank requires security in the form of equitable mortgage of the housing property or any other suitable securities.
  

Types of Bank of Baroda Home Loans

Baroda Home Loan

• Baroda Home Loan offers to purchase a plot/flat, build a new home, or extend an existing one. NRIs are also eligible to apply for this loan.
• Low interest rates and processing charges
• You can receive a higher home loan if you add a close family member as a co-applicant.
• Free credit card and 0.25% concession for car loans.
• Free accident insurance with every home loan.
• Loan tenure of up to 30 years with equated monthly installments (or EMIs).
• Top-up loans can be given up to a maximum of five times.
  

Baroda Home Loan Advantage

• The Home Loan will be linked with your Saving Bank Account.
• The rate of interest applicable on this Savings Account will be zero.
• To avail maximum benefit under this scheme, the individual must deposit all his savings in the linked savings bank account.
• Customers will remit the EMIs to the linked savings account.
• EMI recovery will be made by auto recovery from linked savings bank account.
  

Baroda Pre-Approved Home Loans

• Baroda Pre-Approved Home Loan is offered prior to identification of a specific flat/house/plot by the applicant.
• It helps the customer to negotiate with builders/sellers.
• The customer is assured of the eligible loan amount.
• It gives the in-principle sanction letter for ‘Baroda Pre Approved Home Loan’ where the loan amount calculated as per the prevailing interest rates.
• The loan eligibility is assessed based on the income of the customer as per the existing Home Loan scheme.
• It varies for Resident Individuals, NRI, PIO, or OIC.
• A validity of 4 months is given for the sanction letter.
• Property papers must be submitted by the customer within this validity of Baroda Pre Approved Home Loan.