A "low interest" loan shouldn't mean you have very little interest in paying it back!
With the introduction of home financing schemes for the NRIs (Non-Resident Indians), it has become easier to purchase a home in India while staying abroad. Bank of Baroda offers various home loan schemes for NRIs, including Baroda Home Loan for NRI, Baroda Home Loan Advantage for NRI/PIOs, Baroda Home Improvement Loan for NRI/PIOs, among others.
Competitive rates, hassle-free documentation process, high margin of financing, and long repayment tenures are some of the major highlights of these home financing plans.
| Description | Salaried | Self-employed |
| NRI Home Loan Interest Rate |
|
|
| Loan Tenure | Up to 30 years | Up to 30 years |
| Loan Amount | Rs.1 crore to Rs.10 crore | Rs.1 crore to Rs.10 crore |
| Processing Fees |
|
|
Plus Applicable Tax (up to Rs.50 lakh)
|
|
|---|
|
|
|
|
|
|
|
|
|---|
|
|
|
|
|
|
|
|
|---|
|
|
|
|
|
|
1. How much of financing can I get?
You can get financing of up to Rs.5 crore. However, the financing will also depend on the area of planned construction or purchase. Here’s an area-wise breakdown:
Note that the final financing limit offered depends on your repayment capabilities and is at the sole discretion of the bank.
2. Is there any moratorium period?
Yes, there is. Baroda Home Loan for NRI has a maximum moratorium period of 36 months.
3. What do I have to pledge as security?
It’s usually the property constructed or purchased, which you can pledge as collateral. If that’s not working out, the bank may consider insurance policies, shares, gold ornaments, or debentures, to name a few as collateral.
4. Are there any foreclosure charges?
No foreclosure charges are levied if you plan to prepay the loan amount.
5. Can I get life insurance facility with the home loan scheme?
Yes. Bank of Baroda in collaboration with M/s. India First Life Insurance Co. provides life insurance cover to the borrowers. It’s an optional facility, which you can avail at the time of loan sanction.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
