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The approved home loan amount varies according to the location and income of the applicants.

The Bank of Baroda provides repo linked lending rate at 6.5% (4% repo rate + 2.5% mark-up) as of October 7, 2021. Home loans are being offered with starting repo linked rate of 6.5% to 6.5%+1.35% as per the risk rating of applicants.

Baroda Home Loan is one of the home loan offers that is provided by the Bank of Baroda. Here are some of the features of the Baroda Home Loan.

Loan amount

The approved home loan amount varies according to the location and income of the applicants. For instance, in semi-urban and rural areas the maximum amount is Rs. 1 crore, while in metros the maximum home loan amount can range from Rs. 5 crores to Rs. 10 crores.

Tenure and moratorium

The tenure on their home loans varies based on the loan amount and the income of the borrower, and the maximum tenure is 30 years. There is also a moratorium period on home loans, which can be a maximum of up to 36 months after the loan amount is disbursed.

Collateral

The bank asks for collateral against home loans. Generally, they accept mortgages of the constructed or purchased property as collateral. In some cases, collateral for home loans can be accepted in the form of insurance policies, government promissory notes, shares and debentures, gold ornaments, etc.

(Source: Bank of Baroda website)