''Baroda Housing Loan', as this product is called, is available for purchase of new/ resale property as well as for plots. The loan is offered to both Indians and NRIs. It also offers free property and personal accident insurance. One gets a credit card called 'Paras Card' with a credit limit of Rs. 1 lakh and above for free. The option of balance transfer is available.

Bank offers following benefits with home loan availed by you :

• Free Property and Personal Accident Insurance (available for stipulated tenure of loan).
• Free Credit Card - "Paras" card (Complimentary for first year) to all new home loan borrowers with loan limit of Rs. 2/- Lakhs and above
• As per current IT provisions - Interest on loan upto Rs. 1.5 Lakhs per annum is exempt from income tax (Under section 23/24(I) of the Income Tax Act).
• Advance up to 90% of the principal amount of home loan repaid for any requirement ('AAA').

Terms & Conditions :-

Income Criteria:
Up to Rs. 20,000/-	:	36 times of monthly income
More than Rs.20,000/- & up to Rs. 1 lac	:	48 times of monthly income
More than Rs. 1 lac	:	54 times of monthly income

Home Loan upto Rs 5.00 lac for a maximum period of 20 Years:

- Margin - 10%
- No processing charges and pre payment charges/ penalty
- Free Personal Accidental Death and Property Insurance Cover

Home Loans above Rs 5.00 lac and upto Rs 20.00 lac for a maximum period of 20 Years

- Margin - 15%
- There shall be no processing charges and pre payment charges / penalty
- Free Personal Accidental Death and Property Insurance Cover.
- As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.
- No Fees will be charged on part prepayment / full prepayment of the loan amount from own sources.
-The loan can be repaid in a maximum period of 15 / 25 years taken under fixed / floating rate option subject to the period up to age of retirement in case of salaried persons and 65 years in case of others.
- In case of full prepayment or foreclosure (other than from own sources) fees will be charged at 0.5% for each year of the residual period subject to maximum of 2%.

Rate of Interest :-

Float Interest Rate	:	9.25
Float Loan Eligibility	:	19 to 27
Tenure	:	20
Charge for Changing Fixed to Floating	:	0.5%
Late Payment Charges	:	2%
Statment Charge	:	NA

FAQ's :

  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 Installment (EMI) : It means a uniform lump sum 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 installments 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.