Old homes start to look run down after a few years. Timely renovation can give your property a modern look. I get the interior and exterior painted every alternative year. Last year, I got my balcony redone. I ended up taking the Bank of Baroda home renovation loan. I will share more details below.
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What is home renovation loan in Bank of Baroda?
Bank of Baroda has 2 options for home buyers, these are Home Renovation Loan and Home Improvement Loan.
Home Renovation Loan:
Bank of Baroda's Home Renovation Loan is suitable for those who want to carry out structural changes(adding a new floor or altering the layout of the property)in their houses. The loan amount can go as high as Rs. 10 lakhs and the repayment period can go up to 10 years.
Home Improvement Loan:
On the other hand, Bank of Baroda's Home Improvement Loan is preferred by those who want to get cosmetic changes. The loan amount goes as high as Rs. 5 lakhs and the repayment period can go up to 7 years.
Take a look at the table below to know Interest rates & charges of Bank of Baroda home improvement loan:
Product |
Conditions |
Repo Rate + Spread |
Effective Rate of Interest |
Baroda Home Improvement Loan to Non-Staff members |
For Salaried* |
BRLLR - 0.65% to BRLLR + 1.35% |
From 8.50% to 10.50% |
For Non-Salaried* |
BRLLR - 0.60% to BRLLR + 1.45% |
From 8.55% to 10.60% |
|
Baroda Home Improvement Loan to Staff members |
BRLLR |
9.15% |
This is all the information I have on Bank of Baroda home renovation loan.
Read more:
Can you get home loan for renovation? How much does a full house renovation cost?
Authors Of The Question
What is home renovation loan in Bank of Baroda?
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March 16, 2023
2023-03-16T11:57:59+00:00 2023-03-17T11:23:41+00:00Comment
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