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    Bank of Baroda(BOB) Loan Against Property

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14.15% Fixed
    1,000 to ₹10,000 One time fee
    20,000 - 2L
    1-3 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    BOB Loan against Property

    There are two loan schemes from Bank of Baroda that allow interested customers to cash in on the value of their owned property and thus avail financing options. Bank of Baroda loan against property is a great way to secure a loan at attractive interest rates. The loan amount can be used for business purpose, education needs and virtually any other expenditure that is not covered under other specific purpose loans. These loans do not have any restraints on their usage excepting some specific clauses by the bank. It is possible for salaried, professional and non-professional individuals as well as organisations to avail any of the different schemes under this type of loan.

    Features of Bank of Baroda Loan against Property

    The important features of Bank of Baroda mortgage loan are mentioned below

    1. Loan sanctioned against existing property owned by applicant
    2. No limitation on the use of availed loan
    3. Attractive interest rates when compared to traditional personal loans
    4. Loan amount is added to the savings or current account maintained by the applicant at the bank and can be managed in a centralised way
    5. Loan is available under the following two types through the applicable facilities –
      1. Baroda Overdraft Against Land and Building – Overdraft facility or Term loan facility only for SME borrowers
      2. Baroda Mortgage Loan – Overdraft facility and Demand loan facility available
    6. Loan tenure can be as high as 7 years or as low as 12 months (renewable) depending upon the type of facility the loan falls under
    7. The margin of the loan would be 40% of the fair market value of the property for Baroda Overdraft Against Land and Building
    8. Repayment of the loan can be done through EMIs or through term loan guidelines as applicable.

    Eligibility Criteria for Bank of Baroda Loan against Property

    This loan is a secured loan that allows individuals to avail financing through the aid of their owned property. The eligibility of the applicant for this loan can be mentioned in the following points –

    1. Loan is available on property that is legally owned by the applicant
    2. Loan is available only for individuals (single or joint owners), traders, businessmen, professionals, self-employed persons, companies defined as Micro, Small & Medium Enterprises (as per MSMED Act of 2006) with annual sales turnover of up to INR 150 crores and real/non-real estate projects with project cost at INR 50 crores. For the aforementioned companies, they should be exclusive banking customers of Bank of Baroda
    3. As of November 2015, the loan is available and applicable in and around the city limits of branches of the bank in India
    4. individuals within 21 years to 60 years are eligible for applying for this loan

    Details about Bank of Baroda Loan against Property

    Loan Facilities

    Baroda Overdraft Against Land and Building

    • 12 months repayment, renewable

    Baroda Mortgage Loan

    • Maximum of 84 months repayment period

    Loan Amount

    Bank of Baroda Mortgage Loan –

    1. Minimum - INR 1 lakh

    2. Maximum – INR 10 lakhs (rural areas), INR 300 lakhs (other areas)

    Baroda Overdraft Against Land and Building

    1. Minimum – INR 10 lakhs

    2. Maximum – INR 75 lakhs (rural), INR 200 lakhs (semi-urban), INR 500 lakhs (urban and metro)

    Loan Security

    Bank of Baroda Mortgage Loan –

    1. Mortgage of property

    2. Income proof (Form 16 and salary certificate)

    Baroda Overdraft Against Land and Building –

    1. Mortgage of property

    2. Guarantee of directors/partners

    3. Third party guarantee (if any)

    4. Hypothecation of stocks/book debts

    Interest rates

    Bank of Baroda Mortgage Loan

    • Base Rate + 3.25% per annum

    Baroda Overdraft Against Land and Building

    1. Micro Enterprises in Manufacturing and Services Sector – Base Rate + 2% per annum

    2. Small Enterprises in Manufacturing and Services Sector – Base Rate + 2.25% per annum

    3. Medium Enterprises in Manufacturing and Services Sector – Base Rate + 2.75% per annum

    4. Other Enterprises with annual sales <= INR 150 crores – Base Rate + 3.25% per annum

    Processing Fees

    Dependent upon the bank’s discretion, generally 1% of the limit sanctioned, subject to a maximum of INR 100 lakhs

    Prepayment Fees

    Prepayment amount is 2% of the outstanding amount

    All the rates mentioned above are as per November, 2015 and are subject to change as per the discretion of the bank.

    Benefits of Bank of Baroda Loan against Property

    Listed below are the benefits of Bank of Baroda loan against property

    1. High loan amount – A maximum amount of up to INR 500 lakh can be availed as financing through this loan
    2. Long tenure – Repayment of the loan can be done across 7 years and overdrafts can be renewed every 12 months
    3. Versatility – This secured loan can be utilised for any practical purpose and the restrictions imposed on it is limited to the eligibility factors only

    How to avail Loan against Property from Bank of Baroda?

    Applying for Bank of Baroda loan against property is quite easy. Places where the bank has its operational branches are the effective limits within which any borrower can apply for the loan. A borrower can download the necessary forms for Baroda Mortgage Loan and approach any authorised bank with the duly filled paper and other requisite documents to initiate the process for availing the loan. Both the Mortgage Loan as well as Loan against Land and Building can be applied for at the bank’s branches too.

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