Bank of Baroda(BOB) Mortgage Loan
Mortgage loans can be availed against properties, ensuring financial constraints don’t eat into our quality of life. Bank of Baroda is one of the oldest banks in India, with a banking history of over a century. It offers a host of products and services to consumers with mortgage loans being one such product designed to meet the needs of property owners. Termed Bank of Baroda Mortgage Loan, this mortgage loan combines the features of a loan with an overdraft facility, offering ease and convenience to borrowers.
Purpose of Bank of Baroda Mortgage Loan
Baroda Mortgage Loan can be availed to meet any personal financial requirement, provided it is genuine and legitimate.
Eligibility Criteria for Bank of Baroda Mortgage Loan
Individuals hoping to obtain a Bank of Baroda Mortgage Loan need to satisfy the following criteria.
- Property owner – A borrower should be the legitimate owner of the property in question.
- Age – A borrower should be at least 21 years old.
- Employed – A borrower should be salaried or self-employed with a regular source of income.
- Income – A borrower should have a minimum annual income of Rs 60,000/-.
- Tax assesse – An applicant should be a tax assesse for at least 3 years in order to be eligible for this loan.
Documents Required for Bank of Baroda Mortgage Loan
A prospective borrower is required to furnish the following documents before availing a loan.
- Income proof – This can be Form 16 and a salary certificate from an employer.
- Income Tax returns – IT returns for the last 3 years should be submitted.
- Original property papers – A borrower should submit the original property documents of the property he/she intends to mortgage
- Society permission – If the property in question is part of a society, a borrower should provide a non-encumbrance and permission letter from the society.
- Bank details – A borrower should provide his/her bank statements of the last 6 months.
Features and Benefits of BOB Mortgage Loan
Some of the salient features and benefits of Baroda Mortgage Loan are mentioned below.
- Simple – Obtaining this loan is simple and hassle free, with easy documentation.
- Flexible – Borrowers have flexibility in terms of withdrawing money which was deposited earlier. Money can be availed either as an overdraft or in the form of a demand loan, depending on individual needs.
- Property utilisation – Idle or unused properties can be used to generate an additional source of income through this loan.
- Competitive interest rates – Interest rates charged on this loan are extremely competitive and attractive compared to other competitors.
- High loan amount – Amounts up to Rs 3 crore can be availed under this loan scheme.
- Flexible repayment – A loan can be repaid through simple EMIs, with a maximum tenure of 84 months.
- Loan transfer – A borrower can choose to transfer his/her mortgage loan from a different bank to Bank of Baroda.
Bank of Baroda Mortgage Loan Interest Rate
The interest rate charged by Bank of Baroda on their mortgage loan is extremely competitive, ensuring that repaying this loan doesn’t become an additional financial burden on a borrower. The current interest rate stands at Base Rate + 3.25% per annum. The base rate as of 05/10/2015 is 9.65% per annum, taking the current interest rate to 12.9% per annum.
Note – Interest rates charged by Bank of Baroda are at their sole discretion and are subject to change without prior intimation. The rates mentioned above are for the month of November 2015.
