Bank of Baroda
BOB offers following benefits with home loan to be availed by you:
Free Personal Accident Insurance is available for stipulated tenure.
Free Credit Card (BOBCARD – complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.
Concession of 0.25% in rate of interest for Car Loans.
Concession of 0.50% in rate of interest for Loan for consumer durables.
Top up Loan (Baroda Additional Assured Advance – AAA) can be availed 5 times during loan period.
(Minimum Rs.1/- Lac, Maximum Rs.200/- Lacs or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).
As per current IT provisions – Interest on loan upto Rs.1.50 lacs per annum is exempt from income tax (Under section 23/24 (1) of the Income Tax Act). An additional deduction of interest upto Rs.1 lac is available to persons taking a loan for their first home upto Rs.25 lacs during March 2013 to Feb 2014.
|Loan Amount||Upto 80% of the principal amount of home loan|
|Pre Payment Charges||No Pre-payment charges|
Loan upto Rs.30 Lacs – 0.50% (Min. Rs.5,000/-) + taxes
Above 30 Lacs - 0.40% (Min. Rs.15,000/- & Max. Rs.50,000/-) + taxes
Eligibility Criteria : Home Loan
|Age||Maximum 60 Years||Maximum 65 Years|
|Income||Income criteria not provided||Income criteria not provided|
|Job Experience||Job experience not provided||Job experience not provided|
|Residence Proof||Residence proof not provided||Residence proof not provided|
Docs Required : Home Loan
|ID Proof||PAN card/Voters ID/Passport/Driving License||PAN card/Voters ID/Passport/Driving License|
|Address Proof||Recent telephone bill/electricity bill/property tax receipt/passport/voters ID||Recent telephone bill/electricity bill/property tax receipt/passport/voters ID|
|DOB Proof||10th class certificate||10th class certificate|
• Statements (latest 3 months bank statement / 6 months bank passbook)
• Bank Statements(latest 6 months bank statement /passbook)
Other Charges : Home Loan
Penal Interest :- If borrower defaults in payment of EMIs or account becomes irregular, the Bank will levy a higher rate of interest (2% over regular rate) on the irregular amount for the period of irregularity.