Nowadays all banks offer attractive schemes for the home loan borrower, enabling everyone to become a proud owner of a dream home. Bank of Baroda, offers perhaps one of the most flexible and wide range of home loan schemes that is designed to suit every budget. The home loan suite from Bank of Baroda includes the following:

1. Home Loans for the Following Purposes:

 Purchase of a new or a resale property
 Construction of a new house
 Purchase of land for constructing a house
 Repayment of a loan already taken from another Housing Finance Company or a bank

The repayment period is for upto 30 years with the floating rate option

2. Home Loans for NRIs and PIOs

This pioneering product from the Bank of Baroda offers a unique housing loan facility, specially designed to cater to the Non Resident Indians (NRI) or Persons of Indian Origin (PIO) who wish to purchase residential property in India.

The Benefits Include:

 Tailor made to suit the NRIs and PIOs needs
 Free personal accident insurance
 There are no pre-payment for foreclosure charges

3. Loan for Repairs / Renovation / Improvement / Extension of Home and for Furniture, Fittings and Fixtures
This convenient loan is available to existing as well as new borrowers. It offers them the advantage of:

 Keeping the home modern and with the times
 One can construct extensions to existing homes
 Repair work and renovation
 Also covers purchase of new furniture gadgets and fixtures

Taking a home loan from the Bank of Baroda has other advantages as well. The borrower enjoys the following benefits that accompany the loan:
 Free Property and Personal Accident Insurance (this is available for a specific loan tenure)
 Free Credit Card – the “Paras” card is complimentary for the first year and all home loan borrowers with a loan limit of Rs 2 Lakhs and above are entitled to one
 Advance of upto 90% of the principal amount of the home loan repaid, in case required
 Interest, upto Rs 1.5 Lakhs per annum, on loans is exempt from Income Tax under Section 23/24(I) of the Income Tax Act.

The bank of Baroda has recently opted out of the differential rate system and has launched a new home loan scheme that charges a flat 10.25% base rate for all home loans, no matter how much the amount or tenure of the loan. It is the first bank to do so.

This scheme has been in practice since 01 June 2013 and will continue, unless there is a revision. It can be availed by both, existing and new customers of the bank. A release of the bank also mentions that the additional advantage is that there is no conversion charge for existing customers, if they wish to switch to the reduced rate of interest.

The home loan market has never been so attractive. Prospective home buyers have many options open to their benefit. Bank of Baroda, having introduced some of the most attractive schemes, has become one of the forerunners among the home loan lenders.