Owning property is India is perhaps the biggest dream for billions across the country, with a majority of us putting in blood and sweat to turn this dream into a reality. A property not only offers security but can also be a source of funds during emergencies. Mortgage loans can be availed against properties, ensuring financial constraints don’t eat into our quality of life. Bank of Baroda is one of the oldest banks in India, with a banking history of over a century. It offers a host of products and services to consumers with mortgage loans being one such product designed to meet the needs of property owners. Termed Bank of Baroda Mortgage Loan, this mortgage loan combines the features of a loan with an overdraft facility, offering ease and convenience to borrowers.
Baroda Mortgage Loan can be availed to meet any personal financial requirement, provided it is genuine and legitimate.
Individuals hoping to obtain a Bank of Baroda Mortgage Loan need to satisfy the following criteria.
A prospective borrower is required to furnish the following documents before availing a loan.
Some of the salient features and benefits of Baroda Mortgage Loan are mentioned below.
The interest rate charged by Bank of Baroda on their mortgage loan is extremely competitive, ensuring that repaying this loan doesn’t become an additional financial burden on a borrower. The current interest rate stands at Base Rate + 3.25% per annum. The base rate as of 05/10/2015 is 9.65% per annum, taking the current interest rate to 12.9% per annum.
Note - Interest rates charged by Bank of Baroda are at their sole discretion and are subject to change without prior intimation. The rates mentioned above are for the month of November 2015.
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