Bank Of Baroda Home Improvement Loan

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Bank Of Baroda Home Improvement Loan

About Bank Of Baroda Home Improvement Loan

Bank Of Baroda Home Improvement Loan

Bank of Baroda brings to you a unique loan product with Loans available for repairs/renovation/improvement/extension of the existing house, also for the purchase of furniture/fixtures/furnishing / other gadgets such as fans, geysers, air conditioners etc.

Bank Of Baroda Home Improvement Loan: Eligibility

  • All individuals (resident Indians) singly or jointly owning a dwelling unit in their name/(s)
  • Minimum Age – 21 years
  • Maximum Age- Age of the borrower plus repayment period should not be beyond retirement age, in case of salaried persons and 65 years in case of others.
  • Principle applicant must have a consistent and stable source of income minimum for the last three years.

Bank Of Baroda Home Improvement Loans: Loan Amount

  • Maximum loan amount-
  • Salaried person – 2 times of gross annual income
  • Other than salaried persons i.e. professionals / self-employed / business persons etc., three times of net (average of last three years) annual income plus depreciation claimed individual capacity

Bank Of Baroda Home Improvement Loan: Repayment Period

  • Maximum-10-years by Equated Monthly instalments
  • Moratorium period maximum-6-months or one month after completion of repair/renovation work whichever is earlier.

Bank Of Baroda Home Improvement Loan: Rate Of Interest And Other Charges

  • 2.50% above Base Rate i.e. 12.00%.
  • Processing charges are 0.50%

(*above interest rates are subject to change without notice)

Bank of Baroda Home Improvement Loan: Documentation

  • Photo Identity Proof,
  • Residence /Address Proof
  • Proof of Age
  • Passport size photographs,
  • Signature verification from existing banker along with a copy of Bank statement for last six months
  • Copy of PAN CARD
  • Copy of  the document to the title of the property
  • In the case of construction of house Approved plan, the detailed estimated cost of construction certified by Architect along with title deed of the property is required to be submitted

For salaried class persons:

  • Last 4-6 months salary slip along with Form no. 16 for the last three financial years.

Self-employed/ Business persons:

  • Copy IT Returns for the last three years along with the last IT assessment order
  • Copy of Audited Balance Sheet and Profit & Loss A/cs for last three years

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