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.
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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.
Yes, there is. Baroda Home Loan for NRI has a maximum moratorium period of 36 months.
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.
No foreclosure charges are levied if you plan to prepay the loan amount.
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.
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