Bank of Baroda Home Improvement Loan

1. The loan can be used for all kinds of renovation and repairs
2. Moratorium period of up to 36 months
3. Residents of Mumbai can avail a maximum loan amount of up to Rs.10 crore
4. Residents of other metro cities can avail up to Rs.5 crore
5. Residents of rural and semi-rural areas can avail loan of up to Rs.1 crore

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Eligibility Criteria

The eligibility criteria are as follows:

Age	21 years
Employment Type	Salaried or Self-employed
Nationality	Resident Indians Non-Resident Indians (NRI) Persons of Indian Origin (PIO) Overseas Citizen of India (OCI)

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Documents Required

The general KYC documents required are as given below: 

• Proof of age and residence:
  • Ration card
  • Election ID
  • PAN card
  • Driver's license
• Passbook statements of bank account of the last 2 years

Self-employed individuals:

1. Advance tax challans for the past 3 years
2. Copies of balance sheet, profit and loss accounts that are certified
3. Copies of income tax returns
4. IT acknowledgements
5. Assessment orders of the past 3 years

Salaried Individuals: Latest salary statement

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FAQs on Bank of Baroda Home Improvement Loan

• Are there any pre-closure charges?

  The Bank of Baroda Home Improvement loan does not have any pre-closure charges so you can make both full or partial pre-payments to close the loan.

• Other than renovation and repairs, can the loan be used for other purposes?

  Yes, you can use the loan to buy furniture, furnishings, electronic equipment such as water heaters, air conditioners, refrigerators, air conditioners, etc. You can also use it to pay for the services of your interior decorator, contractor, or architect.

• What is the meaning of a moratorium period?

  A moratorium period means that you don't have to pay the EMI during that period, so it is also called an 'EMI holiday'.

• How is the rate of interest decided?

  The rate of interest is floating and depends on the Marginal Cost of funds-based Lending Rate (MCLR). The CIBIL scores of the applicant and co-applicants also play a role in the interest rate that is offered.

• What factors does the loan amount depend on?

  The loan amount depends on the location of the property, repayment capacity, and income of the borrower.