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, and Baroda Home Improvement Loan for NRI/PIOs, among others. The interest rates for NRI Home Loans from Bank of Baroda start at 7.65% p.a.
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.
The interest rates for Bank of Baroda NRI Home Loan are as follows:
Loan Type | Applicant Type | Effective Rate of Interest |
Baroda CRE Home Loan | Salaried / Non-Salaried | 7.65% p.a. to 9.85% p.a. |
Baroda CRE Home Loan (Advantage) Up to Rs.75 lakhs | Salaried / Non-Salaried | 7.65%p.a. to 9.85% p.a. |
Baroda CRE Home Loan (Advantage) Above Rs.75 lakhs | Salaried / Non-Salaried | 7.90%p.a. to 10.10% p.a. |
The loan sanctioned will be linked with your savings account at zero interest rate
EMI (equated monthly instalment) amount will be debited from the linked savings account through auto recovery
Attractive interest rates
Option to deposit all your savings in the account to save on the interest
Financing amount can be used to purchase a variety of items
High margin of financing
Competitive interest rates
Flexible repayment tenures
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: Mumbai: Rs.10 crore, Other metro cities: Rs.3 crore, Urban areas: Rs.3 crore, & Semi-urban and rural areas: Rs.1 crore.
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.
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 of at the time of loan sanction.
Yes, there is. Baroda Home Loan for NRI has a maximum moratorium period of 36 months.
No foreclosure charges are levied if you plan to prepay the loan amount.
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