The purpose to provide Baroda Home Loan is :
1. Purchase/Construction of House/Flat.
2. Purchase of Plot and construction of house thereon
3. Repairs/ improvements/ extension of the existing residential property.
4. Repayment of loan already availed from other banks or financial institutions
4. If plot is bought within 24 months then we can avail reimbursement
Eligibility for taking Baroda Home Loan:
1. All residents and non residents of India are eligible
2. Applicant must be an Individual either singly or jointly with other family members like father, mother, spouse,son as co-applicant. Co-Applicant must have regular source of income.
3. The maximum amount of loan can be avail in semi-urban and rural areas is Rs. 1 crore. Whereas, in metro the maximum amount can vary from Rs. 5 crore to Rs. 10 crore.
4. Hindu Undivided Familys are not eligible
5. Minimum age of borrower should be 21 years and of co-applicant should be 18 years. Maximum age can be consider up to 70 years
Tenure and Interest rates:
Maximum tenure or repayment period is 30 years. There is also a moratorium period maximum of 36 months from the date of loan disbursement. In which 18 months moratorium is for under construction houses and up to 7th floor building. Six months additional moratorium per floor is provided subject to maximum moratorium of 36 months.
| Loan Amount | Margin | |
| Loans up to Rs.30/- Lacs | 10% | |
| Loans above Rs.30/- Lacs up to Rs.75/- Lacs | 20% | |
| Loans above Rs.75/- Lacs | 25% |
Margin is an amount of money which borrower needs to pay from his own fund. For eg. If person A wants to take home loan of Rs. 30,00,000/- then 10% margin means Rs. 3,00,000/- is to be pay be borrower.
Floating rate of interest will apply to housing loan. The rate of interest is linked to Baroda Repo Linked Lending Rate. The interest will be decided on the basis of CIBIL score of applicant/co-applicant.
Present rate of interest is 7.25%. Suppose if you want to take loan of Rs. 30,00,000/- for the period of 20 years. You have to pay RS. 25093/- as monthly EMI.
Kindly click here to know about Bank of Baroda Fixed and Recurring deposit rates.