Bank of Baroda Mortgage Scheme

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Bank of Baroda Mortgage Scheme is one most important mortgage schemes in the the mortgage market in India. The Bank of Baroda Mortgage Scheme is also one of the foremost financial products of the Bank of Baroda. The Bank of Baroda is reputed for providing very high quality financial products pertaining to home loans and loans for household purposes. The mortgage market in India is displaying rapid growth in the past few years. The foremost players in this sector are the finance corporation but presently the commercial banks are also started playing an important role in the development and growth of the mortgage market in India. Presently the worth of the mortgage market in India is nearly US $ 18 billion. With all this development the ration between the gross domestic product to mortgage in India is poor when compared to other developed countries. The ratio in India is very low in comparison to The ratio in the foreign countries ranges from 25% to 60% whereas in India the ratio is 2.5%.

The eligibility of the loans under the Bank of Baroda Mortgage Scheme is that any person above the age of 21 years such as professionals, employees, self-employed, individual person, can take out a Bank of Baroda Mortgage Scheme. People about that age of 18 years can also take out a mortgage loan but it has to be a co-borrowing. Others people who are income tax assessee and people who are salaried individuals and people who are self employed individuals. The salaried class can get a maximum of 48 times gross monthly income and others can get a maximum of the net annual income of three years. The type of loans given is current account overdraft or term loan. The contribution of the customer ranges from 15% to 2o% of the total loan amount depending on the loan.

Loans under the Bank of Baroda Mortgage Scheme is given in order to provide mortgage loans for purchase, expansion, construction, repairs, and renovations of flats, apartments, residential complexes, purchase of land for the purpose of construction. The loans under the Bank of Baroda Mortgage Scheme also provides the facility to take over of liability of the customers pertaining to other housing boards, housing finance companies, co-operative societies, co-operative banks, and commercial banks.

The loans under the Bank of Baroda Mortgage Scheme is provided against collateral security such as residential house or apartment, industrial property, urban commercial complex, possessed in the name of the receiver of the loan. The security such as rented house can be accepted if the same property is on a lease and the person should also have the authority to collect the rent under the power of attorney.

Aims of the Bank of Baroda Mortgage Scheme



  • To focus on cost management and profit management
  • To provide the customers with the best services to build a goodwill in the mind of the customers
  • To put utmost stress on the quality of the credit and advance in form of mortgage loan

Some special features of the Bank of Baroda Mortgage Scheme



  • Personal accident insurance and property insurance free for the time period of the loan
  • Provision of free credit Paras card with maximum borrowing limit of 2 lakhs
  • Provision of personal accident coverage upto 2 lakhs

Last Updated on 5/26/2011