BoB slashes home loan rates by 25bps to 6.5%; offer available till December 31

State-run Bank of Baroda (BoB) is the latest to join the bandwagon of banks slashing interest rates on loans. BoB has cut home loan rates by 25bps to 6.5 per cent. The reduced rates will remain effective till 31 December 2021.  

Loan amount: 

As per the information on the website of the bank, the approved home loan amount varies according to location and income of the applicants. For instance, in semi-urban and rural areas, the maximum amount is Rs 1 crore, while in metros the maximum home loan amount can range from Rs 5 crore to Rs 10 crore. 

Tenure and moratorium: 

The tenure on our home loans varies based on the loan amount and the income of the borrower, and the maximum tenure is 30 years. There is also a moratorium period on home loans, which can be a maximum of up to 36 months after the loan amount is disbursed. 

See Tweet Here:

#BreakingNews |

- #BankOfBaroda ने #HomeLoan की दरें 0.25% घटाकर
6.5% की

- 31 दिसंबर तक होम लोन की दरें 6.5% होंगी pic.twitter.com/TNBNemGoxX

— Zee Business (@ZeeBusiness) October 7, 2021

Collateral: 

We require collateral against home loans. Generally, we accept mortgages of the constructed or purchased property as collateral. In some cases, collateral for home loans can be accepted in the form of insurance policies, government promissory notes, shares and debentures, gold ornaments, etc. 

Eligibility: 

All resident and non-resident Indians between the age of 21 and 70 years are eligible for our home loans. 

You can avail the home loan for: 

- Purchase of new/old dwelling unit. 
- Construction of a house 
- Purchase of plot of land for construction of a house. 
- Repaying a loan already taken from other Housing Finance Company/Bank. 
- Repayment period up to 30 years (floating rate option). 
- Reimbursement of cost of plot of land (purchased within 24 months). 

List of Documents: 

1. Duly Filled and Signed Application form along with three Photographs 

2. Proof of Identity - PAN CARD (mandatory for loan application above Rs.10.00lacs 

3. Driver’s License / Voter ID / Passport / Aadhar Card 

4. Proof of Residence(Driver’s License / Ration Card/ Voter ID / Passport / Aadhar Card / Registered Rent Agreement) 

5. If any previous loan then loan a/c statement for last 1 year along with sanction letter. (If loan from BoB, Account No / Cust Id required) 

6. Proof of assets held like LIC/NSC/KVP/MF/PROPERTY 

7. Assets and Liabilities statement 

8. ITR Verification report