Bank of Baroda Home Loan Takeover Scheme Overview
Bank of Baroda's home loan take over scheme is designed for the borrowers. Under this scheme, bank allows you to transfer your outstanding loan with BOB. If you have already taken loan from any other bank and have paid 12 EMIs and more, than you can get your outstanding loan transfer done without submitting any income proof.
Interest Rates of Home Loan takeover Scheme in Bank of Baroda
The interest rates of Bank of Baroda's home loan take over scheme depend on the creditor. The bank decides their new interest amount only on the basis of their previous loan repayment method and their CIBIL record. It is based on the one-year Marginal Cost of funds-based Lending Rate (MCLR) + the risk premium.
What are the Features and Benefits
Bank of Baroda provides you many benefits with attractive features of their home loan take over scheme:
- If you have taken your home loan from any other bank or non-banking financial company and now want to transfer it to Bank of Baroda, then you can easily get your home loan transferred with it.
- You are also offered a free credit card along with the home loan transfer, the limit of which you can set.
- For car loans, from Bank of Baroda, you are given a discount of 0.5% on the interest rate.
- You are getting free accident insurance cover with every home loan from bank of baroda.
- You can apply for a top up home loan more than 5 times within your home loan tenure.
Eligibility criteria of Home Loan Takeover Scheme:-
The eligibility criteria for Home Loan Takeover in Bank of Baroda is given below:-
Minimum age for applicant- 21 years.
Minimum age for co- applicant- 18 years.
- Employment Status:-
Self Employed or salaried both.
Non Residence Indian( NRI)
Person of Indian Origin( PIO)
Overseas citizen of India( OCI)
Required Documents for Home Loan Takeover:-
The list of Required Documents of Kyc is given below:-
- Proof of age and residence:
. PAN card/ Aadhar card
. Ration card
. Voter ID card
. Driving license
- Income proof:-
.Bank passbook statements of the last 2 years.
For self employed individuals:
. Advance tax challans for the last 3 years
. IT receipts
. Copies of balance sheet, profit and loss accounts that are certified
. Copies of income tax returns
. Assessment orders of the past 3 years
For salaried individuals
. Latest salary slip of last 3 months.
What is home loan balance transfer?
Home loan balance transfer is a process by which you can transfer your outstanding amount to the another bank and reduce the interest burden on your loan. For this, you have to pay some nominal charges to your current bank which depends on your loan amount. Before going for the transfer your loan, you should check the total amount you have saved after this process.
What is the maximum repayment tenure of home loan in Bank of Baroda?
The maximum repayment period of a home loan is up to 30 years, but this tenure also depends on the amount of loan taken and the income of the borrower.
What is the maximum loan amount you can apply?
The maximum loan amount that you can apply for home loan takeover scheme is UpTo Rs. 10 crores in Mumbai, UpTo Rs. 5 crores in metro cities, UpTo Rs. 3 crores in urban areas and UpTo Rs. 1 crore in rural and semi urban areas.
What is the maximum age that is considered for the loan?
The maximum age for loan acquisition has been fixed at 70 years. It is subject to certain terms and conditions.
Can I prepay the loan before the loan tenure?
Yes, you can prepay your loan before your loan tenure. It depends on your income sources, you can pay full amount also and make part payment also.
What is the process of loan takeover?
A loan transfer means approaching a new bank and asking it to release the loan amount with the existing bank, clearing the outstanding loan amount to the existing bank and continuing the loan with the new bank with new terms and conditions.
Can I transfer my loan with other bank?
Sometimes we get stuck in a situation where we may have to take a loan from the bank to meet our money requirement. This debt gradually becomes a burden on us.
Yes, you can transfer your loan EMI to another bank to reduce EMI and interest rate on your home loan. This can be make you stress free.
What are the advantages of home loan balance transfer?
- Home loan balance transfer is the process by which you can take advantage of lower interest rates offered by other banks on an existing loan.
- A balance transfer provides the borrower the benefit of lower interest rates.
- When switching your loan to a new lender, a borrower can renegotiate the loan terms and ask for a longer term this will reduce your monthly EMI.
- Loan balance transfer also allows you to borrow more money. If a borrower has a good repayment track record on an existing loan, a new lender will not only offer the borrower a lower interest rate, but may also offer a higher loan amount as part of the balance transfer process.