Salaried and self-employed individuals can apply for Bank of Baroda Home Loan singly or jointly. Hindu Undivided Families (HUFs) are not eligible to apply for the loan.
Minimum Age: 21 years for applicants and 18 years for co-applicants
Maximum Age: 70 years
Resident Type: Resident Indians and Non-Resident Indians (NRIs) holding Indian passport/ Persons of Indian origin (PIOs) holding foreign passport/ Overseas Citizens of India (OCI)
Work Experience:
Income: The gross annual income of applicant(s)/co-applicant(s) should be at least Rs. 5 lakh p.a. In case the applicant(s)/co-applicant(s) is an NRI, the minimum gross annual income of Rs. 5 lakh (the income of applicant/co-applicant together) can be considered for these criteria.
Co-applicants: Applicants can add close relatives as co-applicants to increase their home loan eligibility criteria. An individual who is not a close relative can also be a co-applicant, provided he/she is the joint owner of the concerned property. These close relatives can be accepted as your close relatives – spouse, father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including stepbrother/sister), brother’s wife, sister (including step sister) of spouse, sister’s husband, brother (including step brother) of spouse.
Security
Repayment Capacity: The bank determines an applicant’s repayment capacity based on EMI/NMI ratio, which is the proportion of an applicant’s net monthly income that goes into paying his monthly loan obligations including the proposed EMI:
| Net Monthly Income | EMI/NMI Ratio |
|---|---|
| Less than Rs. 25,000 | 40% |
| Rs. 25,000 and above but less than Rs. 50,000 | 60% |
| Rs. 50,000 and above but less than Rs. 1 lakh | 65% |
| Rs. 1 lakh and above but less than Rs. 2 lakh | 70% |
| Rs. 2 lakh and above | 75% |
| Average Net Annual Income for Last 2 years | EMI/NMI Ratio |
|---|---|
| Up to Rs. 6 lakh | 70% |
| More than Rs. 6 lakh | 80% |
