Bank of Baroda Loan Against Property:

Introduction:

Bank of Baroda Loan Against Property is a unique form of finance requirement for working capital. Bank of Baroda Loan Against Property has been successful in providing the much needed financial relief for people- 

• Growth and expansion of Business
• Wedding plans for children marriage
• Educational requirements for children

Why Loan Against Property?

People usually go ahead for this loan for the following reasons-

• It is cheaper to personal loan
• It usually has a longer tenure which makes it affordable for people
• The documentation and approval process is much faster

BOB Loan Against Property reviews shows that the competitive BOB Loan Against Property Interest rate is the reason for many businesses opting for Bank of Baroda Loan Against Property.

BOB Loan Against Property Interest Rate:

The rate of interest is the lowest of 13.25% and the eligibility amount is Rs. 100 lacs. The amount financed is 40-50% of the total value of the property. The interest rate is same for both the residential and commercial property.

BOB Loan Against Property rate is specified from time to time and applicable.

BOB Loan Against Property Eligibility:

BOB Loan Against Property Reviews Shows That BOB Loan Against Property Eligibility Criteria Are:

• Minimum age should be 21 for BOB Loan Against Property rate.
• Annual income should not be less than Rs. 60,000 for BOB Loan Against Property rate.

Whosoever is able to meet the BOB Loan Against Property eligibility criteria is eligible for Bank of Baroda Loan Against Property.

Bank Of Baroda Loan Against Property Documentation Process Is Simple And The Common Documents Required Are:

For Salaried-

• Application form
• Proof of identity: Passport/ Photo PAN card/ Voter's identity card/ Driving license
• Proof of address:  Telephone bill/ Electricity bill/ Driving/ property tax receipt/ passport/ voter ID 
• Proof of age: 10^th class certificate

Financial Documents Are Required For BOB Loan Against Property Rate-

• Latest 3 months bank statement / 6 months bank passbook is required for BOB Loan Against Property interest rate.
• Latest salary slip or current dated salary certificate with latest Form 16 is required for BOB Loan Against Property interest rate.

Two photographs

For Self-Employed-

• Proof of identity:  Passport/ Photo PAN card/ Voter's identity card/ Driving license
• Proof of address:  Telephone bill/ Electricity bill/ Driving/ property tax receipt/ passport/ voter ID 
• Proof of age: 10^th class certificate

       Financial documents are-

• Bank Statements(latest 6 months bank statement /passbook)
• Latest Income Tax Return along with computation of income, Balance Sheet & Profit & Loss a/c for the last 2 yrs. certified by a Chartered Accountant.
• Qualification proof of the highest professional degree
• Income Tax returns for past 3 years
• Latest income tax assessment order 
• Income certificate from appropriate revenue authority like Tehsilldar/BDO/SDO (for agriculturist)
• Original title deeds of the property offered for mortgage
• Paid receipt of latest maintenance, water tax, municipal tax and any such taxes.
• Non encumbrance letter from co-op society
• Permission to create Equitable Mortgage from society

BOB Loan Against Property reviews shows that the above documents are compulsory.

BOB Loan Against Property reviews shows that documents required are specific to type of business and more details for documents required are available in the branch. BOB Loan Against Property reviews shows that BOB Loan Against Property interest rate can be availed for maximum loan tenure of 7 years. The loan can be repaid in easy equated monthly installments through post dated cheques, online EMI payment or direct debit from bank account. The loan can be processed in 7 working days once the documents have been submitted.

Prepayment and Late Fee Charges:

If the loan is paid back before the tenure it is known as prepayment. Bank of Baroda charges are 2% to 4%. The late payment charges are 2% per month. Service tax and other taxes are applicable as per the rate prevailing in the market. The maximum and minimum loan amount will depend according to the value of the property as decided by the bank.

Bank of Baroda Loan Against Property Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.
More details on BOB Loan Against Property eligibility and BOB Loan Against Property Interest Rate etc. are on the official site at - http://www.bankofbaroda.com/pfs/retailloans.asp
Remarks: One has to given a declaration stating that the loan amount won’t be used for speculative or illegal activities. A valuation report of the property is done by the bank itself.