Bank of Baroda Top Up Home Loan

Loan Amount	Rs. 1 lakh to Rs. 2 crore
Interest Rate	Applicable ROI on linked Home Loan + Strategic Premium + 0.60%
Loan Tenure	Up to 30 years
Processing Fee	0.25% of loan amount + GST

Note: Rates as on 20th October 2021. The figures given in the table are indicative and are subject to change as per changes in Bank of Baroda’s home loan schemes or RBI policy.

Baroda Top Up Loan is for Bank of Baroda’s existing home loan borrowers who have fund requirements over and above the borrowed loan amount. From Rs. 1 lakh to Rs. 2 crore of loan can be availed on the home loan scheme and used for any personal and business purpose other than speculation.

Table of Contents: Bank of Baroda Top Up Loan Interest Rate & Processing Fees Eligibility Criteria Documents Required FAQs

Bank of Baroda Top Up Loan Interest Rate and Processing Fees

Bank of Baroda top up loan interest rates are linked to Baroda Repo Linked Lending Rate (BRLLR), which currently is 6.55%. Bank of Baroda home loan top up interest rate shall fluctuate as per the movement in the Repo Rate. The rate of interest at which you will get Bank of Baroda home loan top up is based on the below formula:

The final rate of interest at which you will get the top up loan will depend on various parameters such as your repayment capacity, existing liabilities and credit history. The processing fee of Bank of Baroda top up home loan is up to 0.25% of loan amount or Rs. 5,000 and a maximum of Rs. 12,500 plus applicable taxes.

Bank of Baroda Top Up Loan Eligibility Criteria

• All Existing Home Loan Borrowers including Non Resident Indians (NRIs) /Persons of Indian Origin (PIOs), Staff and Ex-staff Members (availed home loan under public scheme as well as Staff Housing Loans) whose Asset classification is Standard can apply for BoB home loan top up.
• The minimum age of the applicant should be 21 years
• The minimum age of the co-applicant (if any) can be 18 years
• For Resident Indians: The age of the borrower + tenure of Top Up Loan should not exceed 70 years as per laid down norms mentioned under Home Loan Product ()
• For NRIs /PIOs /OCIs: The age of the borrower + tenure of Top Up Loan should not exceed 65 years ()

For more details on the Bank of Baroda home loan eligibility please get in touch with the Bank of Baroda Home Loan Customer Care.

Bank of Baroda Top Up Loan Documents Required

• Duly filled application form
• Passport size photographs
• Proof of Identity (A copy of PAN Card/Aadhaar Card/Driving License/Passport, etc.)
• Proof of Residence (A copy of Aadhaar Card/Driving License/Passport/Voter ID Card, etc.)
• Proof of Income (as needed)
• Property related documents (as needed)
• Last 6 months’ bank statements showing repayment of any ongoing loans

Also Know: What documents are required for home loan approval?

FAQs on Bank of Baroda Top Up Home Loan

1. What is the maximum loan tenure for Bank of Baroda top up home loan?
Ans. The maximum loan repayment period for Bank of Baroda top up home loan is of up to 30 years or till the retirement age, whichever is lower. The loan tenure also depends on several other parameters such as the applicant’s age at loan maturity, the age of property at loan maturity, etc. Other things you need to note regarding the loan tenure is as below:

• The top up loan may be sanctioned for the maximum period up to which the applicant is eligible as per his/ her age criteria i.e. irrespective of the tenure of linked home loan applied/availed
• In case the linked home loan account is closed, the repayment of top up loan can be continued up to the sanctioned tenure
• However, no fresh/enhancement of top-up loan facility will be sanctioned after the closure of the linked home loan
• In case of existing top up loan, the same is to be closed within -4- years after the pre-closure of linked home loan account as per the existing terms and conditions

2. Is insurance necessary to avail BoB top up loan?
Ans. No, insurance is not necessary but it is offered by the bank so that in case of an unfortunate circumstance, the borrower’s family is not burdened with the loan liabilities. It is solely up to the borrower whether he/she wants to take the loan cover or not. Under insurance, the bank offers borrowers this:

• Property Insurance Cover (to be obtained at the cost of borrower as per the bank’s norms)
• Free Personal Accidental Death Insurance Cover (available under Master Policy)
• Group Credit Life Insurance Cover (Optional and at the cost of borrower)