Bank of Baroda Home Loan - Frequently Asked Questions

Can I avail of Home Loan from Bank of Baroda?

• Yes, you can avail a Home Loan from Bank of Baroda, if you plan to construct or purchase a house/flat or extend your existing house/flat and,you are :
• A minimum of 21 years
• Employed or Self Employed with regular income.

Who can be co-applicant?
The proposed owners of the residential accommodation as per the Agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife, father-son or mother-son etc.
How much does Bank of Baroda lend?

• Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc.
• The maximum loan would be Rs.100 lacs per unit to any individual applicant. We will extend loan upto 85% (for fresh houses / flat) of the cost of property under our Housing Loan Scheme.

For how long a period can I get the loan ?
We grant term upto a maximum of 25 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.
But can I prepay the loan ahead of schedule?
Yes, you have the option to prepay the loan ahead of schedule either in part or in full from your own sources.
What is the mode of repayment?
Equated Monthly Instalment (EMI): It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily products basis.
or
Fixing the monthly / quarterly instalments on graduated basis is permitted of EMI as requested by customers.
What is the security for the loan?
The security for the loan is equitable mortgage of the property to be financed.You will also be required to furnish guarantee by one/two individual/s of sound financial standing acceptable to us.
Do you insist on LIC policy as additional collateral security?
No, it is not mandatory.
What are the supporting documents required while applying for the loan ?
Common requirements for all applicants.

• Application form duly filled in (with photograph of all the applicant).
• Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers licence and Ration card etc.
• Copy of approved plan and sanction letter from local civic authority.
• Copy of NA permission.
• One/two guarantor/s form/s and salary certificates. - If guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
• Bank Pass-book of statements for the last two years.
• Latest salary slip/statement showing all deductions in case of employed applicants.
• Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challahs (for both company/firm and personal account) for the last three years in case of self-employed applicants.
• Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self-employed applicants.
• Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Driver’s license and Ration card etc.
• Additional requirement.

In case of purchase from builder

• Copy of Agreement for sale.
• Copy of registration receipt.
• Copy of sanctioned plan & sanction letter of the competent authorities.
• Copy of NA permission/ULC order.
• Copies of receipts of payments already made.
• NOC from builders in our format.

In case of direct allotment in a Co-operative Housing Society

• Allotment letter.
• Share certificate. Society registration certificate.
• Copy of sale/lease deed in favor of the society.
• NOC from society in our format.
• Possession letter in original.

In case of resale

• Copy of all previous vendors agreements duly stamped and registered and the registration receipts. (Original to be given before disbursement).
• NOC from Society/Builder in our format.
• Original Share Certificate.

Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.

Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.

A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.

Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.