your diverse needs. Right from home and car loans to education and career development loans, there is something for everyone to turn their dreams to reality. Talking about the home loan, BOB Housing Finance Limited was set up in December, 1990 by Bank of Baroda in association with National Housing Bank. It was only on March 31, 2006, that the company became a wholly owned subsidiary of Bank of Baroda. In the following lines, we have listed the various types of home loan and the terms and conditions to be followed to avail the loan.

Types Of Home Loan
BOB Housing provides loan for purchase of residential plots/site by individuals from Govt. /statutory bodies, such as housing boards, Development Authorities/CIDCO etc. The maximum loan amount can be up to Rs. 1 crore and the loan finances 85% of the cost/purchase price of the land. BOB offers loans for purchase/construction/extension of non-residential property by professionals / businessmen. The loan amount can be up to Rs. 20 Lacs or 85% of purchase price / cost of construction. All professionals/businessmen in operation with minimum of 3 yrs. experience are eligible for the loan.

BOB provides loans for purchase or construction of new/old houses by individuals. The maximum loan amount can be 85% of cost of construction, Rs. 1 crore or 42 times of gross salary for salaried employees, whichever is least. The age of applicant's can't be more than 65 years. BOB Home Improvement Loans are meant for repairs and renovation of existing house. The maximum loan amount can be 85% of cost of repairs / renovation or Rs. 5 Lacs, whichever is less. The upper age limit for applicants is 70 years.

Terms & Conditions

* For home loan up to Rs 5 lacs for a maximum period of 20 years, the margin is 10%. No processing fee and pre payment charge /penalty is charged and it also includes free personal accidental death and property insurance cover.
* For home loan above Rs 5.00 lac and upto Rs 20.00 lac for a maximum period of 20 years, the margin is 15%. There are no processing charges and pre payment charges / penalty and the loan also includes free personal accidental death and property insurance cover.
* As security against the loan amount, the bank would take an equitable mortgage of the housing property and/or other suitable securities.
* There would be no fees charged on part prepayment / full prepayment of the loan amount, from own sources.
* In case of full prepayment or foreclosure (other than from own sources), fees will be charged at 0.5%, for each year of the residual period, subject to maximum of 2%.
* The loan can be repaid in a maximum period of 15 / 25 years taken under fixed / floating rate option subject to the period up to age of retirement, in case of salaried persons and 65 years, in case of others.

Income Criteria

Monthly Income Modified Criteria
Up to Rs. 20,000/- 36 times of monthly income
More than Rs.20,000/- & upto Rs. 1 lac 48 times of monthly income
More than Rs. 1 lac 54 times of monthly income

Margin

Monthly income Purpose Margin
Up to Rs. 20, 000/- Purchase of plot 20%
House/flat already constructed from own resources 25%
All other cases 20%
Above Rs. 20, 000/- Purchase of plot 20%
House/flat already constructed from own resources 20%
All other cases 15%