Bank Of Baroda Home Improvement Loan
Home loans in India are one of the most demanding products due to the continuous hike in the real estate property’s prices. Even a work of repair at your home may leave you in debt. Bank of Baroda brings a unique financial solution that can be used for home improvement. Bank of Baroda home loan is a loan that can be used for repairs, renovations, improvement, extension of home and for furniture, fittings and fixtures. In addition to it, these home loans can also be availed for purchase of furniture, fixtures, furnishing and other gadgets such as fans, geysers, air conditioners etc.
New borrowers can avail these housing finances at low home loan interest rates coup0led with flexible loan schemes. They can also enjoy free credit card that will be issued to the borrowers with loan limit above Rs. 2 lakhs. If we talk about eligibility, then, Applicants should be residents of India who singly or jointly owe a dwelling unit in their names. Minimum age of applicant should be 21 years and maximum age of the borrower plus repayment period should not be beyond retirement age. Primary applicant must have a consistent and regular source of income minimum for last three years.
Salaried person can get 2 times of gross annual income as a loan amount. Other than salaried persons i.e. professionals / self-employed / business persons etc., can avail 3 times of net annual income as of their loan amount. As home loans are a form of secured loans, then, it requires nothing but the mortgage of the property, which is to be repaired or renovated as security. The repayment period is of maximum 10 years by equated monthly installments (EMIs). A moratorium period is also offered in this loan of maximum 6 months or one month after completion of repair or renovation work, whichever is earlier.
