Bank of Baroda Loan Against Property in Purnea, Bihar

As the name suggests, a loan against property is a loan that is availed by considering your property as security for loan approval. The property owned can be land, a house, or commercial space.

Opting for a loan against property can prove to be quite beneficial. It is a simple way to make funds available when in need. A loan against property allows you to avail a loan of a higher amount for a longer period, thus offering convenience and ease of loan repayment.

• Bank of Baroda offers loans against property at competitive interest rates so that you can realise your dreams hassle-free
• Flexible repayment terms with a maximum tenure of 15 years
• The maximum loan amount you can avail in metro area INR 10 crores, urban area INR 5 crores & semi urban area INR 3 crores
• Option to deposit surplus money and save on interest accrued
• Opting for a loan against property is an excellent way to enhance property utilisation
• Bank of Baroda also offers a balance transfer facility which allows you to transfer your existing loan from your bank to us seamlessly

Before we learn about the various documents required for loan approval, let us first know more about the eligibility criteria for loan against property:

• The applicant should be the rightful owner of the property offered as security.
• The minimum age of the applicant should at least be 21 years.
• The applicant should be salaried or self-employed with a stable and regular source of income.
• The Minimum Gross Annual Income (GAI) (average of last -3- years’) (inclusive of co-applicant/s’, whose income is considering for eligibility): Rs. 3 Lacs
• An applicant must be Salaried/Professional, Self Employed, Business persons, Agriculturists & Others, (whose income is considered for eligibility) should be employed /engaged in business/profession for a minimum period of -3- years.

Applying for a loan against property with the Bank of Baroda is very simple. All you need to do is ensure that your documents for loan application are 100% accurate and in place.

Applying for a loan against property with the Bank of Baroda is very simple. All you need to do is ensure that your documents for loan application are 100% accurate and in place.Follow these steps to apply for a loan against property:

• Fill in the loan application form carefully and attach two recent passport-size photographs of yourself
• Attach all documents requested
• Submit the form and documents attached at the nearest Bank of Baroda branch to you and kick start your loan application procedure today

Here is the list of documents you must keep in handy when applying for a loan against a property.

• A copy of the duly filled application form
• Identity proof – PAN card/ Aadhaar card /Driving License/Voter ID/Passport
• Address proof of both residence and office – Aadhaar Card/Voter ID/ or a copy of any utility bill like electricity bill
• Salary slips for the latest three months
• A copy of the for last 3 years Form 16
• Bank statements for the previous six months reflecting salary obtained and current repayments
• Proof of ownership – Original Property title deed of the property Offered as security. Other property documents such as Latest maintenance, Water Tax, Municipal Tax and any other such taxes paid receipt.
• Non-encumbrance letter from Co-op Society (wherever applicable).
• Permission to create Equitable Mortgage from society / Development Authorities. (wherever applicable)
• Confirmation of society that Bank’s lien on society records is noted. (wherever applicable) Any other documents specified by Bank’s panel advocate in the legal opinion/ title clearance report.