Many Indian borrowers still prefer to contact a public sector bank for Home Loan requirements. For, they consider the terms and conditions of these banks are more customer-friendly, and there are fewer chances of any hidden costs being levied. Out of the multiple Public Sector Banks operating in India, Bank of Baroda is one of the dependable and customer-friendly entities.
So, if you too are contemplating to Apply for Bank of Baroda Home Loan, then you must look at the below mentioned Frequently Asked Questions that can help dissuade most of your doubts.
Yes, there are multiple Home Loan options offered by Bank of Baroda for its diverse customer base. Depending on eligibility, you can apply for Home Loan listed below:
As all these Home Loan offers from Bank of Baroda have specific eligibility criteria, you must check the same before applying for one.
You can borrow BoB Home Loan at fixed or floating Interest Rates. The Bank of Baroda Home Loan Interest Rates are available as:
The maximum repayment tenor available against a Bank of Baroda Home Loan is up to 30 years. Irrespective of the maximum tenor available, the bank will cap the repayment tenor to the period when the borrower attains the retirement age or becomes 65 years old. The bank also offers a maximum mortarium period of up to 36 months, but that is included in the maximum repayment tenor of 30 years.
Yes, BoB offers several benefits for its Home Loan customers to make their experience with the bank enjoyable. Some of the major benefits on offer are:
Bank of Baroda offers high-value Home Loans to its customers, enabling them to purchase their dream home with relative ease. As the real estate prices vary according to the city, so does the maximum amount offered by the bank. The maximum amount available is as follows:
The processing charges levied by Bank of Baroda against its Home Loans are amongst the lowest in the market. These charges include inspection charges, legal fees, and valuation charges. These processing charges are payable one-time and vary according to the amount of the loan:
The Loan to Value ratio for a Bank of Baroda Home Loan varies according to the total amount required as the loan.
Yes, Bank of Baroda allows its customers to foreclose or make a pre-payment against their Home Loan account. No additional charges are applicable when the borrower initiates the foreclosure.
In order to Apply for a Bank of Baroda Home Loan, the borrower(s) need to submit the following documents with the application form:
Yes, Bank of Baroda offers the facility of a Home Loan Top Up for its customers to help them during times of financial requirements. This facility can be availed a maximum of 5 times during the entire repayment tenor of the Home Loan.
Now that you have a thorough understanding of the critical aspects related to Bank of Baroda Home Loan, you can go ahead confidently and apply for Home Loan without any hassles.
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