Bank of Baroda Home Loan

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

Bank of Baroda Home Loan – Features & Benefits

• A wide variety of schemes to suit customer’s home related fund requirements
• Free credit card and concession of 0.25% on car loans
• Free accident insurance with every home loan
• No prepayment charges on floating rate home loans
• Top-up loan facility of up to five times during the loan tenure
• Multiple loan repayment options for customers’ convenience

Get Home Loans at Lowest Interest Rates Starting @ 6.50% p.a. Apply Now

Bank of Baroda Home Loan Interest Rates

Note: Rates as on 20th October 2021. The interest rate for Bank of Baroda home loan depends on the applicant’s credit profile, including repayment capacity, credit history, etc.
*Risk Premium of 0.05% will remain applicable as per extant guidelines for customers not obtaining credit insurance cover

Also Check: Home Loan Offers from Top Banks

Bank of Baroda Home Loan Processing Fees & Charges

There are few other charges associated with Bank of Baroda housing loans. Some of these charges are given below:

*The above charges are unified processing charges which include inspection, valuation and legal fees
Note: The figures given in the table are indicative and are subject to change without prior information.

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Bank of Baroda Home Loan EMI Calculator

Buying a home can cost you a fortune; therefore, you have home loans. But repaying such a huge amount requires careful planning. To do the same, use Paisabazaar’s Home Loan EMI Calculator. The loan calculator gives an estimate of monthly instalments to be paid towards loan repayment, helping you to plan your budget accordingly. It is easy to use, free of cost and gives accurate results. To calculate your home loan EMI, click here.

Bank of Baroda Housing loan EMI depends on loan amount, loan tenure and interest rate. The table below shows how home loan EMIs change for different loan amount and loan tenure. The home loan interest rate considered for the calculation is 8.10% p.a.

Bank of Baroda Home Loan Eligibility

To get Bank of Baroda home loan, individuals should be eligible for it. Check Bank of Baroda home loan eligibility given below:

Eligibility Criteria for Co-Applicants

To improve Bank of Baroda home loan eligibility, applicants can add earning family members, such as their spouse, parents, children and siblings, as co-applicants.

Repayment Capacity of Salaried

Repayment capacity is an important factor on the basis of which lenders sanction a loan. The borrowers should be able to repay the borrowed amount on time. Your home loan repayment capacity is calculated on the basis of your in-hand salary and monthly obligations. As per Bank of Baroda’s rules and policies, to avail a home loan, the total deductions, including the proposed EMI, should not exceed the following percentage:

• Gross Monthly Income less than Rs. 20,000: 50%
• Gross Monthly Income Rs. 20,000 and above but less than Rs. 50,000: 60%
• Gross Monthly Income Rs. 50,000 and above but less than Rs. 2 lakh: 65%
• Gross Monthly Income Rs. 2 lakh and above but less than Rs. 5 lakh: 70%
• Gross Monthly Income Rs. 5 lakh and above: 75%

Repayment Capacity of Others

Average Gross Annual Income (for last 2 years) up to Rs. 6 lakh: 70%
Average Gross Annual Income (for last 2 years) more than Rs. 6 lakh: 80%

Bank of Baroda Home Loan Documents Required

Common documents required to apply for Bank of Baroda home loans are:

• Duly filled in application form (with a photograph of the applicant)
• Proof of Residence (Aadhaar Card, Voter’s ID Card, Passport, Driving License, Ration Card, etc.)
• Proof of Age (PAN card, Aadhaar Card, Voter’s ID Card, Birth Certificate, Passport, Driving License, etc.)
• A copy of the approved plan and sanction letter from local civic authority
• Copy of NA permission
• Salary certificate(s) from one or two guarantor(s)
• If the guarantor has a business, then copies of Income Tax Returns or Assessment Orders for the last three years
• Bank passbook statements of the past two years
• In case of salaried applicants, latest salary slip/statement showing all deductions
• In case of self-employed applicants, CA-certified copies of Balance Sheets and Profit and Loss Accounts, I-Tax acknowledgements, Advance Tax Challans (for both company/firm and personal account) for the last three years
• In case of self-employed applicants, Memorandum/Articles of Association for Companies, Partnership Deeds for Firms and a brief Profile of your Company/Firm

Check: Complete Checklist of Required BOB Home Loan Documents 

Additional documents for Bank of Baroda home loan application are:

In case of Purchase from a Builder

• A copy of the agreement for sale
• A copy of registration receipt
• A copy of sanctioned plan and sanction letter of the competent authorities
• A copy of NA permission/ULC order
• Copies of receipts of payments already made
• No Objection Certificate (NOC) from builders in our format

In case of Direct Allotment in a Co-operative Housing Society

• Allotment letter
• Share certificate, Society registration certificate
• A copy of sale/lease deed in favour of the society
• NOC from society in our format
• Possession letter in original

In Case of Resale

• A copy of all previous vendors agreements duly stamped and registered and the registration receipts (original to be given before disbursement)
• NOC from Society/Builder in our format
• Original Share Certificate

Check: Detailed List of Required Home Loan Documents

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Bank of Baroda Home Loan Schemes

Different individuals have different home loan requirements. Therefore, the Bank of Baroda offers multiple housing loan schemes to cater to varied requirements of its customers. The details of some are given below:

1. Bank of Baroda Home Loan

Home loans by Bank of Baroda can be availed for purchasing a house or plot, constructing a house on an existing plot or extending your existing residence. Both Resident and Non-Resident Indians can apply for the loan.

2. Bank of Baroda Home Loan Advantage

Bank of Baroda Home Loan Advantage is a type of overdraft facility wherein your home loan sanctioned will be linked to your Bank of Baroda Savings Account. Home loan interest will not be levied on the amount deposited in the savings account. You can deposit as much amount as you want in the linked savings bank account and earn savings interest on it. At the end of the day, the amount available in the linked savings account will be counted for credit in the home loan account. As a result, your home loan interest amount will reduce to the extent of daily outstanding credit balance in the savings account. The balance in the linked savings bank account can also be withdrawn anytime. Both Resident and Non-Resident Indians can apply for the loan, subject to a few conditions.

3. Bank of Baroda Pre-Approved Home Loan

• Baroda Pre-approved Home Loan provides in-principle approval to eligible customers prior to the identification of a specific house/flat/plot
• The in-principle sanction letter will include the eligible loan amount, which will be calculated as per prevailing home loan interest rates and other existing guidelines of home loan
• The loan eligibility will be decided on the basis of customers’ income details as per existing guidelines of the loan scheme
• The documents in support of income and repayment capacity (except property documents) will be required for issuing the pre-approved sanction letter
• The in-principle approval will be valid for only four months from the date of issue
• The property papers need to be submitted within the validity of Baroda Pre-Approved Home Loan
• The processing charge applicable under the loan scheme is Rs. 7,500 + GST (upfront and non-refundable). Balance amount of unified processing charges as applicable to Home Loan only will be recovered after the sanction of loan.

Reduce Your Home Loan EMI with Balance Transfer View Offers

4. Bank of Baroda Home Improvement Loan

Home renovations can be expensive, but Bank of Baroda’s Home Improvement Loan can help you with it. Both Resident and Non-resident Indians are eligible to apply for the loan. You can avail the loan for all kinds of repairs and improvements. Under the loan scheme, you and your family also get a group credit life insurance cover because of which your family does not need to repay the loan up to the claim amount in case of your demise.

5. Baroda Top Up Loan

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. The loan can be used for any purpose other than speculation.

6. Baroda Home Loan Takeover Scheme

Baroda Home Loan Takeover Scheme is a home loan balance transfer. Under the scheme, the bank takes over the home loans from other Banks/HFCs/NBFCs/FIs, etc. Both Resident and Non-Resident Indians are eligible for takeover home loans.

7. Baroda Home Loan for NRI

Baroda Home Loan for NRI is for all eligible Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs) who wish to buy a house in India. The loan can also be availed to buy a residential plot, construct a house, extend the existing house and home loan balance transfer.

Some of the benefits that the scheme offers are given below:

• Free Credit Card (BOBCARD – complimentary for 1^st) to all home loan borrowers (first borrower) with the loan limit of Rs. 2 lakh and above
• A concession of 0.25% interest on car loans
• Top up loan can be availed 5 times during loan period (Min. Rs.1 Lakh; Max. Rs. 2 Crore)
• Close relatives of the applicant can be co-applicants with or without being a joint owner of the property
• Free accidental insurance with every Home Loan

8. Bank of Baroda Pradhan Mantri Awas Yojana – Credit Linked Subsidy (PMAY-CLSS)

Pradhan Mantri Awas Yojana (PMAY) is a government scheme launched with the aim to provide “Housing for All” by 2022. Under Pradhan Mantri Awas Yojana – Urban (PMAY – URBAN), there is Credit Linked Subsidy Scheme (CLSS) – an interest subsidy given on home loans to all eligible individuals. Bank of Baroda extends the affordable housing benefits of PMAY through CLSS. The subsidy makes a home loan more affordable as it reduces the principal outstanding upfront, thus reducing the loan burden of borrowers. The benefits under PMAY – CLSS are subject to meeting the income criteria as per various categories defined under the scheme.

Learn More: What is Pradhan Mantri Awas Yojana?

PMAY-CLSS in a Nutshell

Also Check: How to Apply for Pradhan Mantri Awas Yojana