How to apply for a BoB mortgage with an interest rate of 6.50%?

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Benefits of BoB home loans

Potential buyers looking for a new home loan with a low 6.5% interest rate can apply to Bank of Baroda to take advantage of special features and benefits. Both resident and non-resident Indians are eligible for the Bank of Baroda’s home loan scheme, and they can use it to buy land, acquire an apartment, build their own house, or even modify their current accommodation.

Customers who apply for a home loan from BoB can take advantage of various benefits such as low interest rates, low processing fees, higher loan amount, free credit card, free accident insurance, longer tenure periods and easy additional loans. The amount of home loan that can be issued differs depending on the residence and employment or income status of the individual. For example, the maximum home loan amount in semi-urban and rural areas is Rs. 1 crore, while the maximum home loan amount in subways ranges from Rs. 5 crore to Rs. 10 crore, depending on the lender. .

The interest rate is adjusted monthly and is linked to the bank’s Baroda Repo Linked Lending Rate (BRLLR). The term of our home loans fluctuates depending on the loan amount and the borrower’s income, with a maximum term of 30 years. On BoB home loans, there is also a moratorium period, which can last up to 36 months only after loan approval. Even the collateral for home loans is also approved by the bank.

When announcing a reduction in home loans, Mr. HT Solanki, GM- Mortgages & Other retail assets, Bank of Baroda said: “The bank always tries to offer the most competitive interest rates on Home loans and other loan products hassle-free and hassle-free process thanks to our digital platforms and dedicated teams. Our customers will benefit from this offer during this festive period. With this reduced interest rate, Bank of Baroda home loans now offer the most competitive rates in all categories for a limited period until 12/31/2021. “

Eligibility required to apply for a home loan from Bank of Baroda

Eligibility required to apply for a home loan from Bank of Baroda

Home loans are available to all Indians, including residents and non-residents, between the ages of 21 and 70. Home loan is available to eligible borrowers for the following purposes:

  • Acquisition of a new or used house.
  • For the construction of a new house
  • Acquisition of land for the construction of a new house.
  • Repay a loan from another housing finance company or bank.
  • With the variable rate option, the repayment period can be extended up to 30 years.
  • Reimbursement of the price of the particular land if it is purchased within 24 months.
  • When applying for a home loan, borrowers can specify a co-applicant who can be husband and wife, father and son, mother and son, etc.
  • Depending on the location where the property is to be built / purchased, the maximum loan granted to a particular applicant will be Rs. 10 crores per unit. Under the home loan program, the bank will offer a loan of up to 90% of the cost of ownership for new houses / apartments.
How to apply for a mortgage with Bank of Baroda?

How to apply for a mortgage with Bank of Baroda?

Customers with the required or valid documents can apply for a home loan online at Bank of Baroda. The bank offers a range of home loan programs depending on the needs of a borrower. BoB provides Baroda Home Loan, Baroda Home Loan Advantage, Baroda Home Loan Repossession Program, Home Improvement Loan, Baroda Pre-Approved Home Loan, Baroda Complementary Loan (Resident / NRI / PIO ), Pradhan Mantri Awas Yojana, a Baroda Home Suvidha personal loan, the Urban Poor Housing Interest Subsidy Program (ISHUP) and the Low Rental Housing Credit Risk Guarantee Fund program.

Customers can visit https://www.bankofbaroda.in/personal-banking/loans/home-loan and click on “Apply Online” where they should select “Home Loans” in the loans section. Now, they must subscribe to the mortgage by entering their full name, email address, cell phone number, in order to continue.

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