Bank of Baroda provides a specific loan that can help individuals get financing for making additions or renovations to their residence or to residential properties owned by close relatives. This loan features low interest rates and fast approval times.
As the name of this loan suggests, it can be utilised for improving one’s residence by means of renovations, extension, repairs to the construction or even the furniture and fittings.
The eligibility criteria to be met in order for the institution to be able to sanction the loan include the following entities -
The house for which the loan is being availed should not be more than 35 years old.
The financing modes allowed under the Home Improvement Loan is a term loan.
Based on the credit-worthiness of the applicant, Bank of Baroda can provide loans that are 2 times the gross annual income of the applicant (salaried) or 3 times the net annual income (other than salaried).
The total monthly deductions with all EMIs should not exceed 60% of monthly income.
The repayment duration can be of a maximum of 10 years.
Interest rates for a Home Improvement Loan could be of a maximum of Base Rate + 2.50% per annum based on Bank of Baroda’s discretion. The rates are as per November 2015.
The standard list of required documents for applying for this loan are mentioned as follows –
The Home Improvement Loan from Bank of Baroda is an unsecured loan that requires no guarantors or collaterals and is a really good financing option for individuals to meet any kind financing related to refurbishing their residence.
The loan period can be of 120 months and the loan processing time is very less when compared to other business or personal loans. The loan process involves minimal documentation.
Through Bank of Baroda’s website the forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Bank of Baroda requesting an executive assistance for application process.
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