There is no feeling like home. An owned home gives us a sense of security and a sense of achievement. Long back, people had to spend numerous years saving up a corpus to finance their imagine buying a home. But today, you do not should do so.
Home loan and personal loans are both available to customers, depending on the specific needs. Generally, borrowers discover home loans when they are ready to make a purchase on their own. On the other hand, if you desire a bit more money for a down payment, a personal loan may be the perfect solution.
With a home loan, you may borrow the money you need to make the down payment and buy a house without having to spend all of your funds. Nowadays, banking and other finance institutions offer a variety of home loans.
bank of baroda home loan Eligibility Criteria
Resident Type – Indian Residents, Non – Residents of India (NRI) or a Person of Indian Origin (POI) meet the criteria to apply for a mortgage with Bank of Baroda.
Age standards – The loan applicant should be at least 21 years of age to fulfill the requirements. When it comes to a co-applicant, the minimum age requirement is 18 years.
At the same time, the maximum age limit is very as under-
Salaried Person: Age + Repayment Period must not be beyond retirement age.
Non-Salaried Person: Age + Repayment Period shouldn’t exceed 65 years. Can be viewed as beyond that on case to circumstance basis on certain conditions.
Employment status – The applicant must be considered a salaried or a self-employed individual with an average income source.
Work Experience – Salaried individuals must have at least twelve months of work experience. Self-employed require a minimum of two years of work experience to be eligible for loan approval.
What are home loans used for?
Purchasing an existing home or apartment
One of the most prevalent sorts of home loans is for the acquisition of new or used property. Many banks provide this type of loan in numerous configurations.
Purchase of plot
Land purchase loans are available from several institutions. It really is a flexible choice to acquire a piece of land since the buyer has the option of saving money and building a home when his resources allow it or simply keeping the land as an asset or investment for the long term.
Constructing a new home
The loan disbursement in this scenario is supposed for individuals who want to make a home from the ground up rather than purchase the one that has already been built. These kinds of loan has a unique approval procedure since it considers the price tag on the land, as well.
Renovating an existing home
Many financial institutions provide loans for do-it-yourself projects, including repainting, overhead water tank installation and electrical restoration, among other things.
Extensions and repairs
Banks also provide loans for home expansion, which might include alterations to the current structure, as well as the integrations of additional rooms, balconies, etc.
If you already have an ongoing mortgage loan with another lender and wish to switch to Bank of Baroda, you can try so easily. You could decide on a transfer for your home loan from any bank/ HFC/ any other financial institute to Loan company of Baroda seamlessly. This mortgage loan balance transfer facility is offered for all types of borrowers.
Bank of Baroda has a straightforward documentation procedure for mortgage loans. These documents will help us at the bank to verify your personal details, determine your financial standing, and inspect your creditworthiness as a borrower before we progress with your loan request. Collect and put your entire documents in order well in advance, so that you make them ready when you need to present them.
List of common documents:
Home loan application form
Two recent passport size photographs
Identify Proof – Aadhaar Card/Passport/PAN card
Address Proof – Aadhaar Card/ Voter ID/ or a copy of the electricity or telephone bill with your everlasting address
Documents for salaried individuals:
A copy of the latest Form 16
Salary slips of the last 3 months.
Income tax return filing of the last 2 yrs
Documents investments made, if any
Bank statements of the previous six months
Documents for self-employed individuals:
Proof of business address
The company’s / firm’s balance sheet and profit and loss statement duly certified by way of a chartered accountant
Business certificate or professional practice licenses
From aiding you sail through the documentation process with ease to offering expert advice on planning your loan repayment, we certainly have everything covered for you.