Bank of Baroda helps you become a proud owner of a home by offering you different types of Home Loan scheme. And one of these is the Bank of Baroda Home Loan Advantage Scheme which is linked with your savings bank account. With this scheme you will get a zero rate of interest on your SB account.
As you may have the option to deposit all the savings in the linked SB account to avail maximum benefit of Bank of Baroda home interest rate. Because the credit available in the linked SB account at the end of the day will be counted as the credit linked to the Home Loan account.
Consequently, you will get the benefit of interest amount reduction in Bank of Baroda Home Loan up to the daily outstanding credit balance in the Savings Bank account. Read this article and know about it in detail.
Who is Eligible for Bank of Baroda Home Loan Advantage?
Any person who meets the following criteria will be eligible to borrow the Bank of Baroda Home Loan:-
Resident Indians
Non-Resident Indians (NRIs)
Persons of Indian origin (PIOs)
Overseas Citizens of India (OCI).
You can borrow this Bank of Baroda home loan either singly or jointly. But your co-borrower shouldn’t be a close relative, the same can be considered only if he/she is the joint owner of property. Below is the mentioned age criteria for the Bank of Baroda Home Loan Advantage scheme.
Minimum of 21 years for the primary borrower
Minimum of 18 years for the co-borrower
Maximum of 70 years for both borrowers
What are the Bank of Baroda Home Loan Advantage Interest Rates?
Your Bank of Baroda home loan interest rate is floating in nature and will depend on the Base Repo Linked Lending Rate (BRLLR)which is currently 7.00%. Check out this table to know the interest rate of Bank of Baroda Home Loan Advantage.
For What Purpose Bank of Baroda Home Loan Advantage Can be Borrowed?
This home loan can be used for varied home purchases like:-
Purchase or Construction of a House or Flat:- You can find a residential house or flat in your desired area, and after paying the house or flat down payment apply for the Bank of Baroda Home Loan to meet the rest of financial requirements for the house or flat purchase.
Purchase of residential plot:- Buy a plot and pay for it using the Bank of Baroda home loan, as it will be easy on your pocket and affordable at the same time.
Purchase of land:- If you just want to buy a land for future financial security, so that later you can build a house over it, you can use the Bank of Baroda Home Loan Advantage scheme.
Take over:- Are you impressed with the Bank of Baroda Home Loan Advantage scheme and want to transfer your existing home loan to Bank of Baroda, contact the bank and apply for the balance transfer.
Extension:- If you want funds for construction of an additional room, bathroom, kitchen, etc. Bank of Baroda Home Loan Advantage is the best option for you. It is low in interest and high in loan limit to meet your desired needs.
Reimbursement of expenses:- Bank of Baroda will reimburse the cost of home construction in monthly installments to the borrower if he/she wants it that way.
Before you apply for the Bank of Baroda home loan, do check the processing charge which is as follows:-
0.50% of the loan amount if you borrow a loan up to INR 50 lakh
0.25% of the loan amount if you borrow a loan above INR 50 lakh
The above Bank of Baroda Home Loan Advantage processing charges are unified processing charges which includes inspection, valuation and legal fees as well.
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