Home Improvement Loan - Everything You Need to Know
04 Jul 2022
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As per an old adage, ‘a person’s house tells you a lot about them’. Your home mirrors your taste and your lifestyle. It tells your guests how you lead your life. But like anything you own, your house, too, goes through some wear and tear every few years. Now, it may not be possible to sell off your home just because it has suffered some minor damages. But you can always renovate or remodel it and give it a facelift. One way to do so is through Bank of Baroda’s Home Improvement Loans. The below article explains the various benefits of taking a Home Loan to spruce up your house. Read on.
What is Home Improvement Loan?
A Home Improvement Loan, also known as a Home Renovation Loan, is a type of loan that enables you to carry out any repair or renovation work to your existing house. It is a type of Home Loan through which you can make big and small changes to your house. Whether you wish to conduct essential repairs, make structural changes, fix leaky ceilings or simply paint your house, you can use the funds from the House Renovation Loan to do it all. You may also use the funds to furnish your house with furniture and fixtures and other gadgets such as fan, geysers, air conditioners etc.
Salient Features and Benefits of Bank of Baroda Home Renovation Loans
Here are the critical aspects of the Bank of Baroda Loan for Home Improvement.
• Eligibility
Both Resident and Non-Resident Indians can apply for the loan, as can Persons of Indian Origin (PIO) and individuals holding Overseas Citizenship of India (OCI).
• Age
- for salaried persons: retirement age
- for others: 65 years
- You can spend the loan amount flexibly to fund your various house-related expenses.
- You can enjoy competitive interest rates with flexible repayment terms leading to budget-friendly EMIs.
- The documentation process for the loan is not elaborate either. You can obtain the funds with required documentation.
- You may apply for the loan individually or jointly, and the co-applicant could be a close family member, including your spouse, parents, siblings, etc.
Minimum age - Minimum age of the applicant must be 21 years
Maximum age (age + repayment period) –
Maximum age can be considered beyond above on case to case basis.
• Purpose
You should apply for the loan if you need funds to repair, renovate, remodel or improve your existing house. You may also use it to conduct paint or repair work and purchase furniture and fixtures and other gadgets such as fan, geysers, air conditioners etc.
• Interest Rates
Bank of Baroda offers home improvement loan on pricing of home loan based on the applicant’s age, income, and credit score. The bank revises interest rates frequently, and you can visit the Bank of Baroda website to check the latest rates.
• Loan Amount
The loan amount you can obtain depends on your income & repayment capacity. Maximum loan limit is Rs.50.00 lacs. You can repay the amount borrowed and interest component in affordable Equated Monthly Instalments (EMIs).
• Security:
Mortgage of the property to be repaired / renovated.
• Documentation
You do not have to bother with elaborate documentation. You simply need to provide your basic documents like your ID, address, and income proof documents along with your property documents and estimate / quotation for improvement work. You can click here to check the accepted list of documents based on your eligibility.
• Moratorium
You can enjoy EMI holiday or moratorium period on your Bank of Baroda Home Improvement Loan. During this time, you need not pay any EMIs. Maximum moratorium period is -6- months or one month after completion of repair / renovation work whichever is earlier. However, the total repayment tenure, including the moratorium period, is -15- years.
Reasons To Opt For A Bank of Baroda House Renovation Loan?
Here’s why opting for a House Renovation Loan can prove worthwhile.
Apply for a Home Improvement Loans with Bank of Baroda
Now you can easily apply for a Loan for Home Renovation and improvement with Bank of Baroda. You can visit your nearest Bank of Baroda branch or sign up for the loan online. You can download the loan application form from our website and use our Home Loan EMI Calculator to compute your potential monthly payable EMI. So, go on and give your home the makeover it deserves with Bank of Baroda Home Renovation Loans.
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Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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