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Bank of Baroda Home Loan Rates
If you’re thinking about taking out a home loan from Bank of Baroda, then you should have a fair idea about Bank of Baroda India home loans rates. Bank of Baroda India home loans rates are one of the most affordable rates that you will get from the Indian home finance market.
About Bank of Baroda India home loans rates
The tables given below will give you a fair idea about Bank of Baroda India home loans rates:
Fixed Rate Loan Option
Fixed rate home loan option from Bank of Baroda India
Fixed rate home loans offered by Bank of Baroda India are available with interest rates that remain unchanged for a particular time period with a stipulation for readjustment clause following after every 3 years. This indicates that the rate will stay unchanged for a specific period, for example 3 years, and then will be modified (either increased or decreased) until the next readjustment period subject to market situations.
Floating rate home loan option from Bank of Baroda India
This type of home loan carries an interest rate which changes constantly and it is tied to the Benchmark Prime Lending Rate (BPLR) of Bank of Baroda. The rate varies in accordance with the trends of BPLR. Nevertheless, a stipulation of “minimum applicable interest rate” is included in an attempt to limit the applicable interest rate not to decrease than a certain extent.
How the interest rate is determined for a Bank of Baroda India home loan?
Bank of Baroda India home loan rates are fixed on the basis of the repayment term and loan amount (Fixed rate or floating rate option).
Supplementary benefits offered to the borrowers of Bank of Baroda India home loans
Given below are the additional benefits offered by Bank of Baroda to the home loan borrowers:
- Free Credit Card
- Top up loans such as AAA/Home Improvement Loan depending on particular circumstances.
- Free property insurance coverage
- Free Accidental Death Insurance coverage
What are the charges that the borrower needs to pay?
The borrower has to pay Advocate’s fee for legal opinions, a lump sum combined processing fee and title search fees and appraisal fees of the property to be mortgaged.
Is there any prepayment penalty?
There will be no prepayment penalty/charges for home loan prepayment provided the prepayment is made from own funds. However, if the loan is taken over by other banks/financial institutions, a maximum charge of 2% is imposed.
Can fixed rate loans be switched into floating rate loans?
Yes, you can switch a fixed rate loan into a floating rate loan by making an application and this is dependent on a lump sum payment of 0.5% up to a maximum of 2% of balance due. If after switching of interest rate, a bank or financial institution takes over the loan, prepayment penalties @3% will be imposed.
What documents are necessary at the time of applying for a home loan?
Usually, the following documents are needed to be furnished when you’re applying for a home loan (at pre approval phase):
- Address/Residence Proof
- Photo Identity Proof
- Passport size photographs
- Age Proof
- Copy of PAN Card
- Signature authentication from current banker together with copy of bank statement for the past 6 months.
- For building a house: Sanctioned plan and comprehensive project cost approved by Architect together with title deed of the property have to be furnished.
- Copy of property title document
For salaried individuals:
Pay slip for the past 4-6 months together with Form no.16 for the past 3 financial years.
For businesspersons/self employed individuals:
- Copy of Profit & Loss A/cs and Audited Balance Sheets for the past 3 years.
- Copy of Income Tax Returns for the past 3 years together with most recent Income Tax assessment order.