Bank of Baroda Home Renovation Loan

Elevate your living space with home renovation loans from the Bank of Baroda. While renovating your residence can be expensive, a home improvement loan can make your dream home a reality. With the Bank of Baroda Home Improvement Loan, you can transform your home into a modern living space for you and your loved ones. This loan covers repairs and renovations to your current house or apartment and allows you to purchase new furniture, fittings, and furnishings, such as sofas or electronics. Bank of Baroda offers affordable Home Improvement Loans with a simple application process and minimal paperwork. Take the first step towards transforming your home by applying for our Home Improvement Loan to secure the best interest rates.  

Bank of Baroda home renovation loan highlights are as follows:

Bank of Baroda Home Renovation Loan Features & Benefits

Here’s a list of the features and benefits of the Bank of Baroda Home Improvement Loan:

• Indian residents, non-residents, Persons of Indian Origin (PIO), and individuals with Overseas Citizenship of India (OCI) can apply for the loan.
  
• The loan can be used for various renovation and repair purposes.
  
• A moratorium period of up to 36 months is allowed.
  
• In Mumbai, residents can receive a maximum loan amount of Rs.10 crore, while residents of other metro cities can avail up to Rs.5 crore.
  
• Residents of rural and semi-rural areas can apply for a loan of up to Rs.1 crore. BOB provides a floating interest rate for the Home Improvement Loan, connected to the bank’s Baroda Repo Linked Lending Rate (BRLLR) and adjusted monthly.

Bank of Baroda Home Renovation Loan Interest Rates

Bank of Baroda asserts that its Home Renovation Loan offers attractive interest rates compared to alternative loan choices. The interest rate can fluctuate based on variables, including the loan amount, duration, the applicant’s creditworthiness, and current market conditions. The interest rate for Bank of Baroda’s Home Improvement loan spans from 8.40% p.a. to 10.60% p.a., contingent upon the applicant’s risk assessment.

Bank of Baroda Home Renovation Loan Eligibility Criteria

The eligibility criteria for a Bank of Baroda Home Improvement Loan are as follows:

• The applicant should be an Indian citizen, a non-resident Indian (NRI) holding an Indian passport, a Person of Indian Origin (PIO) holding a foreign passport, or an Overseas Citizen of India (OCI).
  
• The loan applicant must be at least 21 years old and have a reliable income source, whether employed or self-employed.
  
• Additionally, it is important that they have a good credit score and a track record of making timely repayments.

Bank of Baroda Home Renovation Loan Documents Required

Documents required for Bank of Baroda home renovation loan are as follows:

• The application form is complete and signed, and three photographs are attached.
  
• Proof of identity: A PAN card is mandatory for loan applications exceeding Rs.10 Lakhs.
• Proof of residence: Driver’s license, ration card, voter ID, passport, Aadhar card, or registered rent agreement.
  
• If you have a previous loan, please provide the past year’s loan account statement and a sanction letter. (If the loan is from the Bank of Baroda, the account number or customer ID is required.)
  
• Proof of assets: LIC policy, NSC, KVP, mutual funds, or property ownership documents.
  
• Statement of assets and liabilities.
  
• Income tax return verification report.

Bank of Baroda Home Renovation Loan  Processing Fees and Other Charges

Here are all the fees and charges that you might get alongside your BOB home renovation loan:

Bank of Baroda Home Renovation Loan for Salaried Person

The Bank of Baroda provides Home Renovation Loans to employed individuals who wish to fund their home improvement ventures. This loan option is available to salaried individuals wanting to renovate their residential properties. The loan amount, interest rates, duration, and other conditions are determined by the applicant’s income, creditworthiness, and the Bank of Baroda’s specific policies.

Salaried individuals interested in applying for the Bank of Baroda home renovation loan should have the following documents:

• The latest 3 months’ salary slips and the latest 1-month salary slips for guarantors.
  
• Form 16 & ITR – last 1 year of applicants and guarantors (if any).
  
• A copy of employee identity card provided by the employer.
• Appointment/ Confirmation / Promotion / Increment letter evidencing duration of employment
  
• 6 months bank A/c statement (Salary / Individual) or account number if the account is with BoB.

Bank of Baroda Home Renovation Loan for Self-Employed

Bank of Baroda extends its Home Renovation Loans to self-employed individuals, offering them the necessary financial assistance for their residential property renovation plans. Even professionals like doctors, lawyers, architects, and business owners can avail of this loan to finance their aspirations for home improvement. The loan amount, interest rates, tenure, and other conditions are determined by considering factors like the applicant’s income, business stability, creditworthiness, and Bank of Baroda’s specific policies. 

Self-employed individuals interested in applying for the Bank of Baroda home renovation loan should have the following documents:

• Income Tax Returns – last 2 years for applicants, 26 AS, Traces
  
• Business proof: Gomasta License, Registration Certificate, Service Tax, Registration, etc.
  
• IT Assessment / Clearance Certificate, Income Tax Challans / TDS Certificate (Form 16A) / Form 26 AS for income declared in ITR.

Bank of Baroda Home Renovation Loan- Terms and Conditions

It is important to carefully review the loan agreement before seeking a loan. This involves understanding terms like prepayment fees, the method of interest calculation, and the criteria for fund distribution. Bank of Baroda offers a Home Renovation Loan that streamlines the transformation of your ideal home into a reality. To gather more information and commence your renovation expedition, visit their website or utilise the Urban Money App.