5 Banks Providing Cheapest Home Loans in India

2. Bank of Baroda

Bank of Baroda is offering 2,137as floating rate for a period of 5 years. Fixed rate is not applicable in home loans by bank of Baroda. Alternatively for 10, 15 and 20 years floating rates are 1,335, 1,090, and 982.

 The Home loan eligibility of the applicant is decided on the basis of income and repayment ability. Additional factors such as age, qualification stability and continuity of occupation etc also play an important role.

Highest loan eligibility is restricted up to 36/48/54 times of gross monthly income based upon gross monthly income, i.e. Rs.20000 more than Rs. 20000 and up to Rs.1.00 lakh and more than Rs.1 lakh respectively.

Moreover it is understood that 40 percent to 60 percent of house hold income is necessary for nourishment purposes based upon the total monthly earnings. Various additional reasons count repayment of the loan; hence loan eligibility is also constrained as per repayment capacity.

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