Bank of Baroda Home Loan Takeover Scheme | BOB Home Loan Scheme

1. For the takeover of home loans from other banks, Non-Banking Financial Companies, or other financial institutions.
2. Free credit card is offered along with the home loan.
3. Concession of 0.25% interest for car loans is offered from Bank of Baroda.
4. Free accident insurance cover with every home loan.
5. Can apply for a top-up home loan up to 5 times during the loan tenure.
   

Eligibility Criteria

The eligibility criteria are as follows:

Age	21 years for applicant 18 years for co-applicant
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:

1. Proof of age and residence:
   1. PAN card
   2. Ration card 
   3. Election ID
   4. Driver's license
2. Bank passbook statements of the last 2 years

Self-employed individuals:

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

Salaried Individuals: Latest salary slip or salary statement 

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A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on Bank of Baroda Home Loan Takeover Scheme

• What is the maximum repayment tenure?

  The maximum repayment tenure is up to 30 years but is also dependent on the amount of loan taken and the borrower's income.

• Is there a moratorium period?

  Yes, there is a moratorium period of up to 36 months after disbursal of the loan during which you do not need to pay the EMI. This period is, however, included in the maximum repayment period.

• What purposes can this loan be used for?

  The Baroda Home Loan Takeover Scheme can be used to take over home loans from other lenders that have been used to buy a residential property such as a flat or house. It can also be used to reimburse the cost of a plot of non-agricultural land (for building a residential unit) that has been bought within 24 months prior to applying for the takeover loan.

• What is the maximum age that is considered for the loan?

  The maximum age that can be considered for the takeover loan, subject to certain conditions, is up to 70 years.

• What is the maximum loan amount?

  The maximum loan amount is up to Rs.10 crore in Mumbai, up to Rs.5 crore in other metros, up to Rs.3 crore in urban areas, and up to Rs.1 crore in rural and semi-urban areas.