The interest rates of this loan are very low and are calculated using the ongoing MCLR, borrowers can benefit from a loan repayment tenure of up to 30 years.
|Interest rates offered by Bank of Baroda on home loans||It ranges between 8.70% p.a. and 9.70% p.a.|
*Rates of interest ranging from 1-year MCLR p.a. to 1-year MCLR+1.00% p.a.
The charges that are applicable under this loan are as follows:
|Preclosure Charges||Bank of Baroda doesn’t levy any pre-closure fees from its customers who have availed a Bank of Baroda Pre-Approved Home Loan.|
|Pre-approved Loan Amount||maximum of Rs.1 crore in semi-urban and rural areas and Rs.10 crore in metro regions.|
1. When you are applying for a pre-approved home loan from Bank of Baroda, you will have to pay an upfront, non-refundable fee worth Rs.7,500 plus service tax
2. The rest of the remaining amount of unified processing charges that is applicable to this loan must be paid once the loan amount has been sanctioned.
Please note that Hindu Undivided Families (HUFs) are not eligible to apply for a Bank of Baroda Pre-Approved Home Loan.
When you are applying for this loan, you will be required to provide documents that highlight your income and repayment capacity in order to receive your Pre-Approved Sanction letter.
While you need not submit any property documents before the letter is issued, you will have to submit the papers within the validity period of the loan, which is 4 months from the date of issue.
Yes, Bank of Baroda offers a maximum moratorium period of 36 months to customers who opt for a pre-approved home loan from the bank.
Under this loan, you will have to mortgage the property that is being constructed or purchased. In case it is not possible to mortgage the property, you can provide security in any other form such as government promissory notes, insurance policies, gold ornaments, shares and debentures, and others.
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