Why Choose Bank of Baroda Housing Loan?

09 फरवरी 2022

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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:

Eligibility Criteria
  • Resident Type – Indian Residents, Non – Residents of India (NRI) or a Person of Indian Origin (POI) are eligible to apply for a home loan with Bank of Baroda.
  • Age criteria – The loan applicant should be at least 21 years of age to be eligible. In the case of a co-applicant, the minimum age requirement is 18 years.
    At the same time, the maximum age limit is As under-
    • Salaried Person: Age + Repayment Period should not be beyond retirement age. Can be considered beyond that on case to case basis on certain conditions.
    • Non-Salaried Person: Age + Repayment Period should not exceed 65 years. Can be considered beyond that on case to case basis on certain conditions.
  • Employment status - The applicant must be a salaried or a self-employed individual with a regular income source.
  • Work Experience - Salaried individuals must have at least one year of work experience. Self-employed must have a minimum of two years of work experience to be eligible for loan approval.

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

Conclusion:

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.

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Ways to Repay Mortgage Loan Quickly

Are you looking for information on CIBIL score for home loans? Have you been wondering what is the minimum CIBIL score for home loans and how you can bring your credit score within that range? If so, then you’ve landed on the right page! Continue reading the article to know all there is about CIBIL score for housing loan application.

Established in 2000, the Credit Information Bureau Limited (CIBIL) is a credit information company that maintains records of individuals and organisations. A lending agency/company/bank gives out loans on the basis of the CIBIL score generated.

What is the relevance of CIBIL Score for home loan?

The CIBIL score is basically a three-digit number that ranges between 300 and 900. The higher the score, the greater are your chances of getting a home loan easily. Lenders mandatorily check your credit score to know your creditworthiness when you apply for a home loan.

Here is a quick look at how the CIBIL score impacts your home loan application:

● The CIBIL score is essentially the first impression that your lender gets of you as a borrower
● Borrowers applying for home loans with low CIBIL scores might face a harder time in getting their applications approved
● Having a good or high CIBIL score allows you to get the better interest rate


Can a good CIBIL score help you get a home loan at a lower EMI?

Having a good CIBIL score when you apply for a home loan not only makes you eligible to get one but also helps you get funding at a lower interest rate. Lower EMIs will help bring down the overall cost of your housing loan. As we all know, a home loan is long term debt that runs into decades. So, even a small reduction in interest can see you potentially save lakhs of rupees.

Thus, having a higher CIBIL score can prove to be immensely helpful for a housing loan.


What is considered to be a good CIBIL score for home loan applicants?

Generally higher CIBIL score is considered good. It increases chances of getting easy approvals and better rates of interest. Bank of Baroda requires a minimum credit score of 701 for a customer to be eligible for a home loan.


Want to know how to increase your home loan eligibility?

Here are a few tips that can enhance your chances of getting a home loan:

● Paying off existing loans:
This is the major tip which will help you increase your chances of getting your home loan sanctioned. Ensure that you are paying your existing EMIs on time regularly and there is no default. If you have a habit of using your credit card, make sure you pay off your entire card debt on a regular basis so that you don’t have to pay any interest on those expenses. In short, pay the whole balance and not just the minimum due.
● Record your variable pay:
Another way to increase your eligibility is by giving the bank proof of your variable pay apart from submitting your income documents.
● Opt for a joint home loan:
You can add your close relatives as co-applicant, while reviewing an application for a joint home loan, the lender considers the income of both the parties. Hence, a combined monthly income will appear higher and increase your chances of getting the loan value you need.

Quick tip: You can use an online tool called the Home Loan EMI Calculator to understand what your monthly payments will look like for a certain loan amount. Knowing what kind of EMIs you can expect will help you plan your finances better. This will save you from defaulting on your payments and help you keep your credit score in good standing throughout the tenure of your home loan.

Steps to check your CIBIL score online

These days, we have become accustomed to the new normal of doing as many things as possible online, from transferring money to someone to applying for cards and opening bank accounts too. In the same way you also check your CIBIL score digitally!

Simply follow these quick steps to easily check your credit score online:

Step 1 - Go to the official CIBIL website, log in and select “Know Your Score”

Step 2 - Fill up the digital form that appears and enter relevant details such as your name, date of birth, past loan history, ID proof etc.

Step 3 - After the form has been properly filled, a payment page will appear. You can choose your preferred form of payment method like debit/credit cards or net banking.

Step 4 - After successful payment you will have to answer five questions CIBIL asks about your credit history, out of which three need to be correct, in order to get your identity authenticated from CIBIL.

On approval, you will get your credit report mailed to you in the next 24 hours, and you can check your CIBIL score, also existing BOB customer can check their CIBIL score through bob World mobile banking app.

Conclusion

Now you can be the proud owner of your very own dream home with the easy home loan options given by Bank of Baroda. Our home loans have low interest rates, affordable processing fees, and longer tenures too. At Bank of Baroda, you can also enjoy many other benefits such as a free credit card when you apply for a home loan. Choose from our wide range of home loans including pre-approved home loan, home improvement loan, and loan takeover scheme, among others. You can check your home loan eligibility online on our website and even apply for your home loan online too. It’s that convenient!

Get in touch with us today to know more.

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

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