What Help Does Bank of Baroda Home Loan Provide to Borrowers?

 To buy a house or renovate the home, you need a lump sum of funds. And to meet your requirement Bank of Baroda introduces you to Bank of Baroda Home Loan. Using which one can buy a house and renovate the home in affordable Equated Monthly Installments (EMIs). Read this article to know more about Bank of Baroda home loan.

Who Can Apply for Bank of Baroda Home Loan?

Any resident or non resident Indian aged between 21 to 70 years can borrow the Bank of Baroda Home Loan. Check out the pointers below to know the eligibility criteria.

1. Minimum age of the borrower 21 years

2. Apply individually or jointly

3. Hindu United Family are not eligible for Bank of Baroda Home Loan

4. Minimum work experience of 1 year is required if you are salaried

5. Minimum work experience of 2 year is required if you are self-employed

6. Salary ranges from INR 20,000 to 5 lakh and above

7. Annual income for 2 years up to INR 6 lakh or above INR 6 lakh if you are self-employed

8. Minimum age of the co-applicant 18 years

Use Bank of Baroda Home Loan Calculator!

If you are going to apply for Bank of Baroda Home Loan, you need to keep one thing in mind is to never forget to check the EMI amount. Now, you will be thinking how would you check the Bank of Baroda Home Loan EMI, don’t worry with Bank of Baroda EMI calculator it is easy to do. You just have to follow the instructions below to know the EMI.

1. Visit Bank of Baroda official website

2. Click to Home Loan

3. Select the suitable Bank of Baroda Home Loan offer

4. Click to ‘EMI Calculator’

5. You will be directed to the EMI calculator page

6. Insert your Bank of Baroda Home Loan details like loan amount, interest rate and tenure inside the EMI tool

7. The EMI will be shown on your screen and the principal and interest ougo during the tenure is shown in a graphical representation.

Know how it’s done in the example below.

Suppose, you have borrowed a Bank of Baroda Home Loan of INR 50 lakh and the interest rate is 13.00% per annum. According to the EMI calculator your EMI would be INR 56,883 for 5 years and the principal and interest outgo is INR 25 lakh and INR 9,12,961.

What Documents Should I Need for Bank of Baroda Home Loan?

When you are applying for a Bank of Baroda Home Loan, there are a lot of things you need to manage, you have to find the property, need to pay the processing charge for Bank of Baroda Home Loan and downpayment for the house. And in this you might forget some important documents, check out the list of documents.

1. Duly filled application form with photograph 

2. PAN card

3. Voter ID card

4. Passport

5. Drivers licence

6. Ration card 

7. Copy of property approved plan and sanction letter from local civic authority

8. Copy of NA permission

9. One or two guarantors form

10. Salary certificates for the last three years  

11. Bank statements for the last two years

12. Latest salary slip 

13. Balance Sheets 

14. Profit and Loss accounts

Additional Documents

Purchase from builder: 

1. Copy of Agreement for sale

2. Copy of registration receipt

3. Copy of sanctioned plan & sanction letter

4. Copy of NA permission/ULC order

5. Copies of receipts of payments

6. NOC from builders 

Direct allotment in a Co-operative Housing Society

1. Allotment letter

2. Share certificate

3. Society registration certificate

4. Copy of sale/lease 

5. NOC from society 

6. Original possession letter

Resale 

1. Agreements of previous vendors duly stamped and registered

2. Original registration receipts

3. NOC from Society/Builder

4. Original Share Certificate