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Schemes of loan by Bank Of Baroda for
purchase of residential plots by individuals
Purpose
For purchase of land /site from Govt./statutory bodies such
as housing boards, Development Authorities/CIDCO etc.
Eligibility
- Permanent salaried employees/self employed persons with own
business or profession/pensioners.
- Age Limit: Not more than 65 yrs of age.
Co-applicant Should be
- Spouse
- Son/daughter-in-law
- Father/mother
- Co-owner of property to be purchased /mortgaged.
Amount
- (Least of the following subjects to minimum of Rs. 50,000/-)
85% of the cost/purchase price of the land. Rs.100 lacs
- 42 months gross salary or 3 1/2 times of average annual income
as per income tax returns last 3 years of which ever is less.
Repayment
- Max.20 years or 70 years of age which ever is earlier in equated
monthly installment (EMI).
Rate of Interest :
The current interest rates are as
under :
| FIXED RATE OPTION |
| TENURE |
|
NEW RATE |
| 1-5 |
|
9.00% |
| 6-10 |
|
9.25% |
| 11-20 |
|
9.75% |
| VARIABLE OPTION |
| TENURE |
|
NEW RATE |
| 1-20 |
|
9.75% |
- Interest will be calculated on annual rest
basis.
- Installment to commence from the next month, from the month
in which loan is fully disbursed or expiry of 1 1/2 year from
the date of first disbursals whichever is earlier.
- Pending EMI, Pre-EMI interest is to be paid on monthly basis
on loan disbursed.
Security
- Equitable mortgage of the plot of land to be purchased.
- Personal guarantee of one individual.
- Usual Loan Documents.
Charges
- 0.80% of amount of loan applied as processing charges (Presently
nil).
- 1% of sanctioned loan amount as administrative charges
- Application form Rs.10/-
Others
For plot purchase an undertaking to the effect that construction
would start within 12 months after the sanction of the Home
Construction loan has to be submitted by the borrower failing
which commercial interest rate would be charged from him.
Source: http://www.bobhfl.com/
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