Who doesn’t want to have a home of their dreams? No one can undermine the importance of a place called home. No matter how far away you go for work or traveling sometimes even to another country, you always desire to go back home to be with your family. We are in the 21st century and things in life are moving much faster than ever. Majority of the people find a great burden of responsibilities on their shoulders right after stepping into the practical life. In fulfilling all those responsibilities, sometimes it becomes very difficult for the majority of the people to afford a home of their dreams.
People turn to the option of taking a Home Loan to fulfil their long-lasting desire for building a dream home. Of course, applying for a Home Loan is the basic option for this purpose. However, there are a lot of things to consider before applying for a Housing Loan. If you do not consider certain conditions before applying for a Home Loan, you might get into a trouble while paying back. The smart thing to do is to choose the best package with the best interest rates.
Bank of Baroda offers various Home Loan packages at the best of interest rates. Consumers tend to choose Bank of Baroda Home Loan because of a lot of benefits which come with this Home Loan package.
• Bank of Baroda offers different Home Loan packages
according to the needs of the consumers. These Home Loan offers include Baroda Home
Loan, Baroda Pre-Approved Home Loan, Baroda Home Loan Advantage, and many
others. Bank of Baroda offers the home loans on a comparatively low interest
rate of 8.30 % per year. Bank of Baroda Home Loan advantage is designed to meet the expectations of
the individual consumers.
Following are the key benefits of Bank of Baroda Home Loan Advantage.
• The Baroda Home Loan Advantage is a little more than just a traditional Home Loan. The loan is linked with the Savings Bank Account. So when a consumer applies for this Home Loan, a Savings Bank Account is created and linked to the loan account.
• No interest can be earned with the Savings Bank Account which is linked with the Home Loan so the interest rate on this particular Savings Bank Account is zero.
• Even though no interest can be earned on this particular savings bank account, the borrower can still enjoy a lot of benefits. According to the terms of the scheme, the borrower has the option to put all the savings to this account. By putting maximum savings in this linked account, the borrower can avail maximum benefits of the interest.
• The amount available in this Savings Bank Account is
counted as the credit in the Home Loan account. Now instead of earning interest
on this amount, the borrower enjoys the reduction in the interest amount. For
example, if you have Rs.100000 in your regular savings bank account which is
not linked to your Home Loan Account, you can earn interest on that amount with
the regular interest rate of 4 % per year so you will earn Rs.4000 in a year.
On the other hand, if you don’t want this saved money for any other purpose you can deposit this money in your linked savings bank account which is linked to your Home Loan account. Now by having Rs.100000 in your linked savings bank account, you will not earn interest on this money as zero interest is paid on this money instead you will save Rs.8300 at the rate of 8.30 %. So the amount of Rs.8300 will be reduced per year from the interest which you owe to the bank. This means instead of earning Rs.4000 per year you will be saving Rs.8300 per year which is more than double.
• The borrower is required to submit the Equated Monthly Instalments (EMIs) into the Savings Bank Account linked to the Home Loan account.
• Through auto recovery, recovery of EMI is made from the lined Savings Bank Account only.
• This loan can be taken for purchasing a residential plot, construction of a house or a flat, or the additional construction of the house.
• Any resident of India can apply for this Home Loan. Non-Residents of India (NRIs) who hold Indian passport or overseas Indians (PIOs) holding a foreign passport can also apply for Bank of Baroda Home Loan.
The above mentioned key benefits will definitely urge you to apply for Bank of Baroda Home Loan. People from almost all the fields can benefit from the Bank of Baroda Home Loan advantage. EMI is calculated on the basis of the amount which the borrower keeps in the linked savings bank account.
Simply by keeping a little extra money in the linked savings account, the borrower can reduce the burden of interest to a great extent. This is the feature which differentiates the Bank of Baroda Home Loan Advantage Scheme from all other Home Loan schemes. So the only question left is, is this the Home Loan Scheme for you? The answer is yes. If you have some amount to keep in your linked savings bank account and you can afford to pay EMIs this is the best chance for you to take a step towards building your dream home. The home of your dreams is waiting for you and it’s you who should wait no more and apply for the Bank of Baroda Home Loan Advantage.