Why Choose Bank of Baroda Housing Loan?
09 Feb 2022
Table of Content
There is no feeling like home. Buying a house brings unmatched joy and happiness in our lives. An owned home gives us a sense of security and a feeling of achievement. Long back, people had to spend numerous years saving up a corpus to finance their dream of buying a house. But today, you do not need to do so. You can simply take a home loan.
Opting for a home loan is an excellent way to finance the purchase of your dream house. This loan allows you to pay the property amount in a systematic and periodic manner. Bank of Baroda offers home loans at attractive interest rates on easy repayment terms. The maximum tenure of repayment is 30 years, and you can apply for a top-up for five times during this entire tenure.
Benefits of taking a home loan from Bank of Baroda
At Bank of Baroda, we truly believe in simplifying the process of getting finance for your home. As such, we offer a range of loans designed to meet your various requirements. From our pre-approved home loans to home improvement loans and home loan takeover scheme, there is something for everyone. Here are a few more benefits of getting your home loan from Bank of Baroda:
- Low interest rates and processing charges
- Higher loan amounts
- Free credit card
Let’s take a closer look at why you should consider opting for a Bank of Baroda home loan to buy your next or first flat or house. We will show you how to apply for home loan by discussing home loan eligibility, fees and charges, and documentation required in detail.
Bank of Baroda housing loan eligibility criteria
To help more people finance their dream home, we have put together an easy to meet eligibility criteria.
Here are specifications of the eligibility norms you should make a note of:
Bank of Baroda housing loan interest rate and processing fees
To make sure that you are not burdened with heavy debt when buying a house, Bank of Baroda has curated a number of affordable home loan plans . We offer our loans at competitive interest rates and low processing fees.
The Bank of Baroda housing loan interest rate 2022 provides best interest rates in the market. To know current rates & charges kindly visit bank’s website. This way, you are not burdened with these charges while buying a home for yourself and your loved ones.
Switching your home loan to Bank of Baroda
If you already have an ongoing home loan with another lender and wish to switch over to Bank of Baroda, you can do so easily. You can opt for a transfer for your home loan from any bank/ HFC/ any other financial institute to Bank of Baroda seamlessly. This home loan balance transfer facility is available for all types of borrowers.
Documents required for home loan application
Bank of Baroda has a simple documentation procedure for home loans. These documents will help us at the bank to verify your personal details, determine your financial standing, and inspect your creditworthiness as a borrower before we move forward with your loan request. Collect and put all your documents in order well in advance, so that you have them ready when you need to present them.
List of common documents:
- Home loan application form
- Two recent passport size photographs
- Identify Proof – Aadhaar Card/Passport/PAN card
- Address Proof – Aadhaar Card/ Voter ID/ or a copy of the electricity or telephone bill with your permanent address
Documents for salaried individuals:
- A copy of the latest Form 16
- Salary slips of the last 3 months.
- Income tax return filing of the last two years
- Documents investments made, if any
- Bank statements of the previous six months
Documents for self-employed individuals:
- Proof of business address
- Income tax return filing of the last three years
- The company's / firm’s balance sheet and profit and loss statement duly certified by a chartered accountant
- Business certificate or professional practice licenses
- Registration certificate of establishment – office, shop, factory or clinic
- Bank statements of business account of the previous six months
- A note giving information on the nature of business /profession, form of organization, clients, suppliers etc.
List of property documents:
- No objection certificate issued by the society or the builder
- Original sale deed of the property, letter of allotment and stamped agreement of the property sale
- Occupancy certificate in case of a ready to move in property
- Original receipts of any advance payments made towards the purchase of the property
- Bank account statements reflecting the advance payments made for property purchase
- Original land tax receipts paid to the concerned authorities for the property in purchase
- Plan of the property provided by the builder
Signing up for a home loan is a long-term commitment. And we, at Bank of Baroda, promise to be there for you every step of the way. From helping you sail through the documentation process with ease to offering expert advice on planning your loan repayment, we have it all covered for you.
In fact, you can now apply for a housing loan with Bank of Baroda online with a matter of a few clicks. We hope this was a great read for you today.
Smart Ways to Calculate EMI on Personal Loan
A personal loan does not require the borrower to provide collateral and so it is an unsecured loan. Since these are unsecured loans, the rate of interest on these loans are believed to be quite higher than all other types of loans. The purpose or intention of a personal loan is to fund immediate financial contingencies. It could either be for business capital, marriage, education or even foreign trips, though the end use of the loan really depends on the borrower, as long as it is for a legitimate financial need.
Before you apply for a Personal Loan, you may want to get down to the basics, to shop for the best offers on personal loans in the market. Among the most popular ones is the Bank of Baroda’s Personal loan product which apart from having the pedigree of belonging to one of the oldest and largest Indian banks, comes replete with some amazing features like flexible repayment options, affordable EMIs (Equated Monthly Instalments) that sit easy on your pocket and sizable loan amount among others in the category of personal loans.
Calculating the EMI on personal loans
The EMI calculations mainly rely on three variables- the loan term or the tenure of the loan, the loan value and the rate of interest. The rate of interest is one of the aspects that comes determined by the bank.
Calculating using the PMT formula
This is a longer, tedious and round about approach to calculating the EMI on your personal loan. Here, you can run the PMT formula on Microsoft Excel to calculate the EMI, where
PMT is your EMI,
NPER or number of periods is the total number of payments for the loan
PV is the loan value or the principal
Rate is the rate of interest/12
The formula is
PMT (Rate, NPER, pv).
You can keep trying the formula for various combinations and then choose the one with the lowest EMI, though this is a roundabout approach that could be prone to human error.
Online EMI Calculator
Or a far easier option to calculate the affordable EMI, is using, for example, Bank of Baroda’s online personal loan EMI calculator.
Here, you will find a slider on the range of each of the three basic variables on your screen- the loan amount you are likely to need, the tenure or the repayment period of the loan that suits your finances and the rate of interest.
Now, the rate of interest is what you get from the bank, while the other two aspects, i.e., the loan amount and the tenure of the loan are the ones you can play around with here.
When you place the cursor on a particular value of the loan term, rate of interest and loan amount, the calculator throws up a monthly payment value, which is your EMI. You can move the cursor horizontally along the range provided to pick the various values.
Here’s why using a Bank of Baroda personal loan EMI calculator works.
If EMI is too high
You can pick a longer loan term or
You can make the loan amount smaller.
If you find the EMI is affordable or even lower than ideal then you can plan to repay faster by either
Taking a larger loan value or
A shorter loan term.
Difference Between Secured and Unsecured Loans
A loan is one of the best ways to finance your dreams or meet sudden expenses. There are several types of loans available in the market today that serve various purposes. For example, a car loan is designed to finance the purchase of your dream vehicle