A place to come home to that we can call our own is everyone’s dream. However with the skyrocketing rent prices as well as property rates, most of us find it difficult to make this dream a reality. As a Non Resident Indian, you might wish to buy a home in India, but cannot afford to do so on your own. Bank of Baroda has home loans specially designed for NRI’s, an oft-ignored category in the Indian housing segment. Now you too can realise your dream of owning a home in India.
Bank of Baroda was started in the year 1908 in Baroda, Gujarat and has grown into a banking giant, with a presence in over 25 countries and growing. The bank provides financial products and services to its customers through it retail and commercial banking divisions, providing services to both resident Indians as well as those living overseas. Being an established name in the financial sector, the bank’s loan products are highly rated and customers availing of its loans can be assured of quality service and the best in banking.
The Bank of Baroda has extended its home finance services to Indians residing abroad as well, providing this market with loan options that are marked by the bank’s stellar customer service and proven record of excellence. The features that set its loans apart are:
NRI’s can apply for a Bank of Baroda home loan for any of the following:
The eligibility criteria for a Bank of Baroda Home Loan for NRI’s is given below:
Bank of Baroda Home Loan Rate of Interest:
The Bank of Baroda has a set of interest rates for NRI home loans, which are mentioned below:
NRI applicants who are eligible to apply for a home loan are required to submit a list of documents to the bank for the purpose of verification. The loan amount is sanctioned only after the bank is satisfied that the applicant will be able to repay the loan over the course of the tenure. The documents to be submitted are given below:
Copy of PIO car or copies of any one of the below:
NRI’s thinking of applying for a home loan can ascertain the amount they would have to pay towards their monthly loan repayments through the EMI calculator. This calculator computes the amount payable just by entering the loan amount, loan tenure and rate of interest.
Home loans can be repaid over a maximum period of 15 years or on the applicant attaining 65 years of age, including the 18 month moratorium period. Bank of Baroda provides its customers with a choice of repayment options, as mentioned below:
Applicants have to provide legal mortgage of the property being constructed or purchased/being repaired.
The spouse/ a family member living in India’s personal guarantee. If spouse is also abroad, personal guarantee of Indian residents will be taken.
There are no penalties or charges for early payment or clearance of the home loan.
The maximum loan amount that can be availed is Rs. 300 lakh in urban and metro areas and Rs. 100 lakh in rural and semi-urban areas.
Below are the additional charges (exclusive of GST):