Bank of Baroda – Why you should opt for a Home Loan in BOB
Bank of Baroda is one of the prominent names when it comes to public sector banks in India. Known for its people-friendly policies and myriads of banking products. In the month of September, 2018, BOB announced the merger with Vijaya Bank and Dena bank which made Bank of Baroda, the second largest bank in the nation after SBI. Bank of Baroda offers attractive interest rates for home loan and easy repayment options to the eligible person.
Why should you opt for BOB home loan?
Well, BOB offers attractive interest rates and has easy repayment options to the home loan borrowers. Apart from this, there are other benefits which makes BOB a popular choice amongst those who are looking for a home loan:
- There are no prepayment charges for those availing home loan on floating interest rate
- Easy and fast loan approval and with Loanyantra, we ensure the process to be seamless and target for the disbursal with in the month you had applied for.
- No processing fees but minimum legal charges are applicable which Loanyantra always tries to waive off.
- And the most important affordable interest rate with the lowest spread rate added in it.
- By default your home loan is created with an account to save your extra funds or to transfer your salary through which you get benefits of Bank of Baroda Home loan advantage product.
- Bank of Baroda gives you the benefit of applying for a top-up loan during the home loan tenure for a maximum of five times.
- Bank of Baroda also gives you a free credit card and a concession of 0.25% for car loans.
In order to avail home loan from Bank of Baroda, one must qualify the eligibility criteria specified by the bank.
|Parameter||Points to note|
|Age||The age of the borrower should be between 21 years -60 years|
|Income||The minimum income of the borrower should be Rs. 20,000|
|Work Experience||The salaried individuals should have a work experience of 2 years and the business individuals should own a business stability of minimum 3 years|
|Loan Amount||Rs. 15 lacs – Rs.10 crore|
Documentation for a BOB Home Loan –
For a successful home loan approval, it is important that the borrower must submit the documents specified by the bank.
Here is the list of documents that the borrower must submit:
- Identity Proof like Voter ID, Passport, Adhaar Card, Driving License.
- Address Proof like Ration card, Adhaar card, utility bills like electricity bill, phone bills etc.
- Age proof- 10th certificate, Adhaar card, birth certificate or as demanded by the bank.
- Signed application form
- Passport size photographs
- Last six months’ bank statement showcasing salary credited (for salaried individuals).
- Form 16 of last 3 financial year
- For business individuals, one needs to submit IT Returns of last 3 years
- Balance Sheet and P/L account audited and attested by a CA. This should be of last 3 years.
Other details of Bank of Baroda Home Loan :
|Interest Rate and other charges||Details|
|Interest Rates||The Bank of Baroda Home Loan starts from 8.70%|
|Maximum Loan Tenure||30 years|
|Prepayment Charges||No prepayment charges|
|Age of the Individual||Salaried – The minimum age should be 21 and the maximum should be 60 years.
Self-employed – The minimum age is 21 and maximum of 65 years.
Our Role: If you find Bank of Baroda offering lucrative services or any other bank that is giving you attractive interest rates on home loan, you can connect with Loanyantra and figure out the one which is in your best interest. We are a leading platform where you can compare all the leading bank’s home loan interest rate and finalize the one which is best for you. We have been leveraging our services to the ones who need a home loan and have carved a discernible niche for ourselves. To explore more, contact us today.