Bank of Baroda Home Loan
Bank of Baroda Home Loan - http://www.loansandcredits.in/bank-of-baroda-home-loan/
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Apply Bank of Baroda Home Loan
Apply Bank of Baroda Home Loan :- accompany a double favorable position - tax cuts and lease sparing. Both these components contribute towards the EMI outpouring.Gratefulness in the property estimation is an extra reward. We guarantee that our clients get most extreme advantages through their home loan.[/vc_column_text][/vc_column][/vc_row][vc_row 0=""][vc_column width="1/2"][contact-form-7 id="3150"][/vc_column][vc_column width="1/2"][vc_column_text]
Bank of Baroda Home Loan
Key Benefits
Bank offers following benefits with home loan availed by you.
- Free Credit Card (BOBCARD - complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.
- Concession of 0.25% in for Car Loans.
- Top up Loan (Baroda Additional Assured Advance - AAA) can be availed 5 times during loan period. (Minimum Rs.1/- Lac, Â Maximum Rs.200/- Lacs or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).
- Close relatives of the applicant can be added as a co-applicant for higher eligibility, with or without being a joint owner of the property
- Risk Based Pricing (Bureau Score Linked ) for Home Loan
- Home loan rates of BOB is the best in the market without any differentiation in loan amount or tenure, salaried or self-employed, NRI.
- Free accidental insurance with every Home Loan
- Longer tenure upto 30 Years Higher amount of eligibility
Eligibility
- Purchase of new / old dwelling unit.
- Construction of house.
- Purchase of plot of land for construction of a house.
- Repaying a loan already taken from other Housing Finance Company / Bank.
- Repayment period up to 30 years (floating rate option).
- Reimbursement of cost of plot of land (purchased within 24 months)
- Resident Indians
- Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).
Purpose
- Extension of the existing house / additional construction
- Reimbursement of expenses for construction of House/flat from own sources (purchased within 24 months)-
- Construction/ purchase of new Dwelling Unit
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Loan EMI Calculator
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Interest Rates & Charges
Marginal Cost of funds based Lending Rate (MCLR)
MCLR rate w.e.f from 07.03.2018
| Sr. No. | MCLR Benchmark | MCLR in (%) w.e.f. 07.03.2018 |
|---|---|---|
| 1 | Overnight MCLR | 7.80 |
| 2 | 1 Month MCLR | 7.85 |
| 3 | 3 Month MCLR | 7.95 |
| 4 | 6 Month MCLR | 8.15 |
| 5 | 1 year MCLR | 8.30 |
| Base Rate (per annum) w.e.f. 01.10.2017 | 9.15% |
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Most Important & Terms Conditions
Eligibility of Borrower/s
- Resident Indians
- Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).
HUF are not eligible
Resident Indian
Applicant/ co-applicant/s (whose income are considered for eligibility) should be employed / engaged in business / profession for a minimum period of -1- year (for salaried) and/or -2- years (for non-salaried).
(Break in service, if any, can be allowed up to a maximum period of 3 months)
Purpose
- Construction/ purchase of new Dwelling Unit
- Purchase of Old dwelling Units (Not more than 25 years old)
- Purchase of Plot and construction of house thereon (if House to be constructed within 3 years)
- Repayment of Housing Loan already availed from Bank/ Housing Finance Company and/ or any other sources provided documentary evidence is provided
- For extension of the existing House
- Property should stands in the name of individuals only.
- Reimbursement of expenses for construction of House/flat from own sources (purchased within 24 months
- Reimbursement of cost of plot of land (purchased within 24 months)
Loan Amount
Actual loan amount subject to income criteria, repayment capacity, age of the applicant / co-applicant (s) and LTV/Margin norms.
Security
- Mortgage of the Property constructed/ purchased or
- If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
Repayment Period
- Maximum period of loans shall be -30- years initially, including the maximum moratorium period of -36-months.
- Maximum moratorium period shall be -36- months as under
- 18- month moratorium period for under construction Houses and Building up to 7th Floor and thereafter -6- months additional moratorium per floor subject to a maximum moratorium of -36- months.
Repayment Capacity
Total deductions including proposed EMI should not exceed as follows
| Salaried Persons | |
|---|---|
| GMI less than Rs.20, 000/- | 50% |
| GMI Rs.20, 000/- and above but less than Rs.50, 000 | 60% |
| GMI Rs.50, 000/- and above but less than Rs.2.00 lacs | 65% |
| GMI Rs.2.00 lacs and above but less than Rs.5.00 lacs | 70% |
| GMI Rs.5lacs and above | 75% |
| Others | |
|---|---|
| Average Gross Annual Income (For last -2- years) up to Rs.6 lacs | 70% |
| Average Gross Annual Income (For last -2- years) more than Rs.6 lacs | 80% |
Age
Minimum: Borrower – 21 years, Co-applicant- 18 years
Maximum: Maximum age can be considered upto 70 Years*
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Benefits :
Home Loan accompany a double favorable position – tax cuts and lease sparing. Both these components contribute towards the EMI outpouring.
Gratefulness in the property estimation is an extra reward. We guarantee that our clients get most extreme advantages through their home loan.
Here is a list of benefits that you can avail when you take an Loans and Credits home loan:
- Approval of loan even if property is yet to be selected
- Online management of Loan account
- Funding available for NRI customers
- Facility for funding for builder’s under construction and ready properties
- Experienced staff to provide doorstep services
- Quick processing and disbursal of loans
Making home loans easier:
- Home search made simple with property search services
- Home loan counseling services
- Attractive interest rates
- Doorstep service
- Quick approval and disbursal
- Easy monthly repayments under part disbursements
- Safe document storage (ISO Certified)
- Balance Transfer with reduced interest rates and EMI’s
- No pre-payment / foreclosure charges on home loans
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Tax Benefits :
The pay impose experts offer certain advantages and exceptions to people who have taken a lodging credit from determined budgetary establishments.
Section 24 of the Income Tax Act
Intrigue paid on capital acquired for the obtaining, development, repair, restoration or recreation of property is qualified for a conclusion. Rs 2,00,000 is the greatest sum qualified for finding on account of self-involved property and for leased property there is no restriction of measure of reasoning.
Section 80C of the Income Tax Act
You can get a most extreme Rs.1,50,000 conclusion from the Income, on reimbursement of chief amid a money related year. Stamp obligation, enrollment charge or other such costs paid with the end goal of exchange of such house property to the assessee is likewise viewed as under this sum.[/vc_column_text][/vc_tta_section][/vc_tta_tabs][/vc_column][/vc_row][/vc_section][vc_section 0=""][vc_row 0=""][vc_column 0=""][vc_empty_space 0=""][/vc_column][vc_column 0=""][vc_headings borderclr="#000000" title="" titleclr="#000000"][/vc_headings][/vc_column][/vc_row][/vc_section]
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