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Baroda Home Loan

Value propositions

Bank offers following benefits with home loan availed by you:
  • Free Personal Accident Insurance is available for stipulated tenure.

  • Free Credit Card (BOBCARD complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.

  • Concession of 0.25% in rate of interest for Car Loans.

  • Concession of 0.50% in rate of interest for Loan for consumer durables.

  • Top up Loan (Baroda Additional Assured Advance AAA) can be availed 5 times during loan period.
    (Minimum Rs.1/- Lac,  Maximum Rs.200/- Lacs or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).

  • As per current IT provisions Interest on loan upto Rs.1.50 lacs per annum is exempt from income tax (Under section 23/24 (1) of the Income Tax Act). An additional deduction of interest upto Rs.1 lac is available to persons taking a loan for their first home upto Rs.25 lacs during March 2013 to Feb 2014.

Terms & Conditions

  • In case of Salaried:

     Monthly Income Modified Criteria
    Up to Rs. 20,000/- 36 times of monthly income
    More than Rs.20,000/- & up to Rs. 1 lac 48 times of monthly income
    More than Rs. 1 lac 54 times of monthly income

    In case of others viz. professionals / self-employed / businesspersons etc., 5- times of average annual income (last three years).

  • Margin:

      Loan Amount   Margin
      Loans upto Rs.20/- Lacs 10%
      Loans above Rs.20/- Lacs upto Rs.75/- Lacs 20%
      Loans above Rs.75/- Lacs 25%

  • As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.

  • No Fees will be charged on part prepayment / full prepayment of the loan amount.

  • The loan can be repaid in a maximum period of 30 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 70 years in case of others.