Bank of Baroda Home Loan Interest Rate

[ecis2016.org] The public sector bank follows many of its state-run and privately held peers to offer home loans ate record low interest rates.

Bank of Baroda (BoB) on October 7, 2021, cut its home loan interest rates by 25 basis points (bps) to bring it down to 6.5% from the previous 6.75%. The move by state-run lender will include it in the list of several financial institutions that have effectuated rate cuts of varying degrees to make home loan borrowing more affordable during the ongoing festive season.

You are reading: Bank of Baroda Home Loan Interest Rate

The rate cut by BoB brings home loan interest rate at the bank on a par with the rate offered by Uday Kotak-led Kotak Mahindra Bank, which so far had the distinction of offering home loans at the cheapest rate.

The reduction in home loan rates of BoB is effective from October 7, 2021, and will be valid till December 31, 2021. The new rates at BoB will be applicable on new home loans, home loan balance transfers and refinancing of existing loans.

While Bank of Baroda was already offering a complete waiver on its home loan processing fee as it is, it has now decided to extend the benefit of zero processing fee till December 31, 2021.

“(Our) bank always tries to offer the most competitive rates of interest on home loan and other retail loan products while making the process seamless and hassle-free through our digital platforms. Our customers will get benefited from this offering in this festive season. With this reduced rate of interest, Bank of Baroda home loans are now offering the most competitive rates across categories for a limited period,” said H T Solanki, GM- mortgages & other retail assets, Bank of Baroda.

Pinning their hopes on the ongoing festive season that is expected to be a time of turn-around for the coronavirus pandemic battered real estate in India, most banks in India have recently announced interest rate reduction. These include SBI, PBN, HDFC, ICICI Bank, Kotak Mahindra Bank LIC Housing Finance, YES Bank, etc.

Read also : Navi Mumbai Airport may take five years to be operational: Aviation minister

[ecis2016.org] Best banks to get home loans in 2021

All about Bank of Baroda home loan

Bank of Baroda loan eligibility

You have to be an income generating individual of at least 21 years of age to apply for Bank of Baroda home loans. You age should not be more than 70 years when applying for the home loan.

Bank of Baroda loan amount cap

At Bank of Baroda, you can borrow up to Rs 10 crore to purchase a new property. However, in semi-urban and rural areas, the maximum home loan amount BoB offers is Rs 1 crore.

Bank of Baroda loan tenure

The bank offers home loans for a period of up to 30 years. The shortest period for which home loans at BoB are offered is 36 months (three years).

[ecis2016.org] Learn about RBI complaint email ID and RBI complaint filing process

Documents to apply for Bank of Baroda home loan

• Duly filled and signed home loan application form, along with three photographs

• Proof of Identity: PAN CARD (mandatory for loan application above Rs 10 lakh), Driver’s licence/voter ID/Passport/Aadhaar Card

• Proof of Residence: Driver’s licence/ration card/Voter ID/Passport/Aadhaar Card, registered rent agreement

• Loan account statement for last one year along with the sanction letter in case you are servicing an existing loan

• Proof of assets

• Assets and Liabilities statement

• ITR Verification report

[ecis2016.org] Learn about CRAR ratio or capital adequacy ratio

Additional Documents

For salaried borrowers

• Latest 3 months’ salary slips & latest 1 month salary slip for guarantors
• Form 16 & ITR – last 1 years of applicants & guarantors
• Copy of employee identity card provided by employer
• Appointment/confirmation/promotion/increment letter, evidencing duration of employment
• 6 months’ bank account statement (salary/individual) or account no. if account is with BoB

For self-employed individuals

• Balance sheet & profit & loss account, computation of income of last 2 years
• Income tax returns – last 2 years for applicants, 26 AS, traces
• Business proof: Gomasta license, registration certificate, service tax registration, etc.
• IT assessment/clearance certificate, income tax challans/TDS certificate (Form 16A)/Form 26 AS for income declared in ITR
• In case of applicants engaged in business through partnership, firm/private Ltd. company:

Read also : IT office in Bangalore: Top 10 IT companies in Bangalore

A: Firm’s PAN card

B: Address proof of firm

C: Memorandum & AOA of company

D: ITR & audited results of last 2 years

E: Current account statement of last 1 year

For farmers

• Talati’s/Gram Sevak/Village Revenue officer Certificate for previous two years’ income and Mamladaar’s/Block Revenue officer certificate for last year’s income
• Land revenue records – Form 6, 7/12, 8A
• 12 months’ bank account statement (individual)

Property documents

(The list may vary from state to state)

1. Agreement for sale
2. Approved plan Copy (Gram Panchyat approvals are not admissible if not supported by town planning approvals)
3. Non-agriculture (NA) certificate
4. Commencement Certificate for flat, if applicable
5. Completion Certificate in case of ready flat
6. Occupancy Certificate in case of ready flat
7. Latest tax paid receipt (property) in case of old flat
8. Society registration certificate in case of old flat
9. Share certificate in case of old flat
10. All payment receipts to builder/seller in case of both old and new flat
11. Development agreement of builder registered copy if applicable
12. Chain of old agreements for resale flat
13. Title clearance report from an approved advocate
14. Valuation report from bank’s approved valuer

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle