Is your dream to buy your own residence? Do you want to take a home loan? If yes, this article helps you to do the same.
Bank of Baroda is offering a home loan with exclusive features and benefits. Home loans provided by the Bank of Baroda can be used for various purposes. For example, you can purchase land, flat, construct your own home, and even renew your existing home.
Suppose you want to know the eligibility criteria, required documents, interest rate, and processing fees while applying for a home loan from the Bank of Baroda. Then, read the complete article to get the Bank of Baroda Home Loan information.
Benefits provided by Bank of Baroda for a home loan
Bank of Baroda works for home loans is a very simple process. This Bank offers various ranges of loans as per your requirements. There are several benefits to taking a home loan from the Bank of Baroda.
- High loan amount
- Free Credit Card
- Low-interest rate
- Low procedure charges
- No fine on prepayment
- No additional charges
- Free accidental insurance
- Longer occupancy
- Compensation upto 30 years
- Easy top-up loans
Further, we would like to tell you the eligibility criteria, documents required, and processing fees. This information is required while applying for a home loan from the Bank of Baroda.
What are the eligibility criteria for applying for a home loan in the Bank of Baroda?
Bank of Baroda allows you to take your dream home, but there are some eligibility criteria for further processing. Let us tell you about the Bank of Baroda eligibility criteria.
- Type of Residence: Only Indian citizens should be applicable for the home loan from the Bank of Baroda.
- Age Qualification: The candidate applying for the loan should be a minimum age of 21, and the minimum age for co-applicant is 18 years. The maximum age of the loan applicant is not more than 65 years.
- Maximum Loan Limit under Bank of Baroda Home Loan: Maximum Loan amount is different in different areas. Let us suppose Mumbai has a maximum loan amount of 20 Crores, Metros areas upto 7.50 crores, urban areas are upto 3 crores, etc.
- Employments status: The loan applicant must be self-employed and have a regular income source.
- Experience of Work: The candidate must have 1-2 years of experience to be eligible for the home loan.
Interest Rate applies on home loan from Bank of Baroda:
It would help if you considered the interest rate before taking a loan from any Bank. Bank of Baroda gives you loans at a low-interest rate. In this way, you are not stressed with heavy debt under the Bank of Baroda Home Loan.
- Effective interest rate for non-staff members lies between 6.50 % to 7.85 %.
- Effective interest rate for staff members under the public scheme is 6.50.
Required documents for Baroda Bank Loan:
Bank of Baroda involves simple documentation while providing home loans to the candidates. The Bank takes the help of these documents to verify your details such as name, contact no, etc., and employment status before approving you for a home loan. You must have the following documents to take the home loan from this Bank.
- Home loan application
- Passport Size Photographs
- Residence proof
- Identity proof for Bank of Baroda Home Loan
- Salary slips of the latest 3 months if the loan applicant is a self-employed person
- Other legal certificates issued
Conclusion:
Applying for a home loan is a long-term guarantee. This article tells you about the necessary information to make a home loan from the Bank of Baroda.
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