A "low interest" loan shouldn't mean you have very little interest in paying it back!
Bank of Baroda's Home Loan Takeover scheme allows you to transfer your existing home loans to Bank of Baroda at lower interest rates and without any income documents required if you have already paid more than 12 EMIs towards the home loan of any other bank or NBFC.
The interest rate for Baroda Home Loan Takeover Scheme is dependent on the CIBIL Score of the applicant and is based on the one-year Marginal Cost of funds-based Lending Rate (MCLR) + the risk premium.
The features and benefits of Baroda Home Loan Takeover Scheme are:
The eligibility criteria are as follows:
| Age | 21 years for applicant 18 years for co-applicant |
| Employment Type | Salaried or Self-employed |
| Nationality |
|
The general KYC documents required are as given below:
Self-employed individuals:
Salaried Individuals:Â Latest salary slip or salary statementÂ
The maximum repayment tenure is up to 30 years but is also dependent on the amount of loan taken and the borrower’s income.
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.
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.
The maximum age that can be considered for the takeover loan, subject to certain conditions, is up to 70 years.
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.
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