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Baroda Advance Against Property |
Bank of Baroda brings to you an innovative combination of a loan and over draft facility with flexible repayment options. Bank of Baroda brings to you Baroda Advance Against Property.
Key Benefits
Ideal use of idle property - Generate additional income from an otherwise idle property.
Withdraw money as per your need and save on interest cost.
Deposit surplus money / regular income / salary and save interest as applicable on overdraft account.
Flexibility to withdraw money deposited earlier.
Can be availed either as overdraft or demand loan as per your need.
Salient Features
Maximum loan limit
Rural: Rs. 5 Lacs
Other: Rs. 100 Lacs
Rate of Interest: 1.5% over BPLR p.a. with monthly rest.
Repayment
Overdraft: Maximum 10 years with 10% reduction in operating limit every year
Loan: Maximum 84 EMIs
Easy Documentation
Mortgage loan from other banks can be taken over
Terms & Conditions
Eligibility:
Salaried Employees / Professional, Self Employed & Other income tax assesses for last 3 years with a minimum gross annual income of Rs. 60000 between the age group of 21 and 60 years.
Limit:
Minimum - Rs. 1 Lac
Maximum - Rs. 5 Lacs for rural branches and Rs. 100 Lacs for other branches
Income Criteria:
Salaried: 30 times of gross monthly income
Others: 3 times of gross average (last three years) annual income
Processing Charges & Other Fee:
0.5% processing charges
Documents Required:
Salaried
Income proof (Form 16 along with salary certificate from the employer)
Professional / Self-employed
I.T. returns for past 3 years
Latest income tax assessment order (for overdraft amount of over Rs. 5 Lacs)
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
Last 6 months bank statements of main bank account
To know the current interest rates Click here.
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