Bank of Baroda Home Loan Advantage At Its Best- Opt it Now

Bank of Baroda, very soon emerging as a largest and the best home loan provider, is now standing next to SBI as country’s second biggest lender among public sector banks.

The best of Bank of Baroda’s home loan features is, bank of baroda has one product, a home loan product which targets your every need, plot loan, construction loan, home loan advantage, also home extension loan.

This makes the employees of the bank explain clearly about the product and the details of the product to the customer and make the borrower aware of the existing offers.

Bank of Baroda Home Loan Advantage –

Bank of Baroda Home Loan Advantage allows the home loan customers to open an account while in home loan and save the extra funds in it or even can transfer the salary into the account.

Why Bank of Baroda Home Loan Advantage Product – 

  1. Same interest rate applicable as for Home loan product. (Irrespective of how much ever your loan amount is)
  2. Interest rate calculated on daily basis. (Helps reducing your principal amount according to the funds maintained in the account).

Why via Loanyantra – 

Loanyantra is a one stop solution for your loan needs. Loanyantra aims to have a seamless approach and try to reach the disbursal stage at the fastest.

  1. Avail o.2% discount for one year on your interest rate.
  2. No processing charges or legal fees applicable
  3. Free loan management tips and assistance through out your loan tenure.

What is Bank of Baroda Home Loan Advantage Product.

The Home Loan sanctioned is linked with Saving Bank Account.
Under this scheme, the borrower can deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
Any credit available in the linked SB a/c at the end of the day is counted for credit in linked Home Loan account.

Consequently, the borrower gets the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.
1. The borrower remits the Equated Monthly Instalments (EMIs) into the linked SB account.
2. Recovery of EMI is made by way of auto recovery from linked SB account only.

For what can you use the account?

Balance in SB account is available for drawal on demand. Hence, borrower is eligible for Cheque book facility, ATM cum debit card, internet banking facility, mobile banking facility etc. as per normal Savings Bank rules.

Eligibility and other factors –

Age –

  • Minimum for Borrower is 21 Years and Co-applicant is 18 years.
  • Maximum is 70 Years

Residents and Employment Eligibility –

  • Indian Resident – Need to be salaried for minimum 1 year or self-employed for minimum 2 years.
  • Non-resident of India (NRI) – Regular job with a reputed company or contract job with government organisations with work permit for 2 years.

Co-applicant –

A close relative can be the co-applicant for increase in eligibility. The close relative can be anyone from the family say, spouse, mother, father, son, daughter, son-in-law, daughter-in-law, sister-in-law and brother-in-law.

If the co-applicant is not any of those, then co-owner of the property can be the  co-applicant.

Repayment Period – 

  • Maximum of 30 years.
  • Extra prepayment charges not applicable if the preclosure is after 36 months from the time the loan is repaid.

Rate of Interest –

Flexible rate is applied for borrowers with Bank of Baroda.

Loan to value (LTV) Ratio –

  • upto 30 lakhs – 90%
  • 30 – 75 lakhs – 80%
  • more than 75 lakhs – 75%

Process for availing Home Loan via Loanyantra from Bank of Baroda – 

To keep the process simple and hassle-free, we follow a step by step procedure and ensure the customer is at ease at every step.

Step 1 – Make the customer aware of the documents required by the bank and make him/her understand the eligibility and offers.

Step 2 – Form filling and document collection

Step 3 – Confirmation mail from bank regarding the details.

Step 4 – Legal check and sanction letter from the bank.

Step 5 – Account opening formalities

Step 6 – Property check by authorities and cheque disbursal to your hand.

Every step is followed by Loanyantra. Clear your doubts and get to know the updates about your application before hand from Loanyantra. All you need to do is just keep your phone intact with you. Rest all is assured door step service.

Happy Home Loaning.

 

 

 

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