• Bank of Baroda Mortgage Loan

    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. Termed as Bank of Baroda Mortgage Loan, this mortgage loan combines the features of a loan with an overdraft facility, offering ease and convenience to borrowers.

    Eligibility Criteria

    • Property owner - A borrower should be the legitimate owner of the property in question.
    • Age - A borrower should be at least 21 years old.
    • Employed - A borrower should be salaried or self-employed with a regular source of income.
    • Income - A borrower should have a minimum annual income of Rs 60,000/-.
    • Tax assesse - An applicant should be a tax assesse for at least 3 years in order to be eligible for this loan.

    Documents Required for Bank of Baroda Mortgage Loan

    • Income proof - This can be Form 16 and a salary certificate from an employer.
    • Income Tax returns - IT returns for the last 3 years should be submitted.
    • Original property papers - A borrower should submit the original property documents of the property he/she intends to mortgage
    • Society permission - If the property in question is part of a society, a borrower should provide a non-encumbrance and permission letter from the society.
    • Bank details - A borrower should provide his/her bank statements of the last 6 months.

    Features and Benefits of BOB Mortgage Loan

    • Simple - Obtaining this loan is simple and hassle free, with easy documentation.
    • Flexible - Borrowers have flexibility in terms of withdrawing money which was deposited earlier. Money can be availed either as an overdraft or in the form of a demand loan, depending on individual needs.
    • Property utilisation - Idle or unused properties can be used to generate an additional source of income through this loan.
    • Competitive interest rates - Interest rates charged on this loan are extremely competitive and attractive compared to other competitors.
    • High loan amount - Amounts up to Rs 3 crore can be availed under this loan scheme.
    • Flexible repayment - A loan can be repaid through simple EMIs, with a maximum tenure of 84 months.
    • Loan transfer - A borrower can choose to transfer his/her mortgage loan from a different bank to Bank of Baroda.

    Interest rate for Bank of Baroda Mortgage Loan – Individual

    Tenor of up to 120 months Tenor above 120 months and up to 180 months
    Facility up to Rs.5 crore Facility above Rs.5 crore Facility up to Rs.5 crore Facility above Rs.5 crore
    From BRLLR + SP + 0.95% TO BRLLR + SP + 3.50% From BRLLR + SP + 2.95% to BRLLR + SP + 5.50% From BRLLR + SP + 1.20% to BRLLR + SP + 3.75% From BRLLR + SP + 3.20% to BRLLR + SP + 5.75%

    Note - Interest rates charged by Bank of Baroda are at their sole discretion and are subject to change without prior intimation.

    Interest rate for Bank of Baroda Mortgage Loan – Non Individual

    Margin Tenor of up to 120 months Tenor above 120 months and up to 180 months
    Facility up to Rs.5 crore Facility above Rs.5 crore Facility up to Rs.5 crore Facility above Rs.5 crore
    Above 50% BRLLR + SP+1.45% BRLLR + SP+3.45% BRLLR + SP+1.70% BRLLR + SP+3.70%
    Up to 50% BRLLR + SP+1.70% BRLLR + SP+3.70% BRLLR + SP+1.95% BRLLR + SP+3.95%

    Other Service charges and fees

    Term Loan: 1%

    • Minimum: Rs.8,500 up front per property
    • Maximum: Rs.1.5 lakh

    Overdraft

    Up to Rs.3 crore: 0.35%

    • Minimum: Rs.8,500 up front per property
    • Maximum: Rs.75,000

    Above Rs.3 crore: 0.25%

    • Minimum: Rs.8,500 up front per property
    • Maximum: No Limit

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