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 Interest Rates 2022

BOB Home Loan Interest Rates

• For Salaried: 6.50% – 7.85% p.a.
• For Self Employed: 6.60% – 7.95% p.a.

Baroda Home Loan Advantage

• The interest rate for loans up to Rs. 75 lakh: As applicable to regular home loan
• The interest rate for loans above Rs. 75 lakh: As applicable to regular home loan + 0.25%

Baroda Home Loan Takeover Scheme

• For Salaried: 6.50% p.a. onwards
• For Self Employed: 6.50% p.a. onwards

Baroda Home Improvement Loan

• For Salaried: 6.50% – 7.85% p.a.
• For Self Employed: 6.60% – 7.95% p.a.

Baroda Top Up Loan (Resident/ NRIs/ PIOs)

Applicable ROI on linked Home Loan + Strategic Premium + 0.60%

Compare Bank of Baroda Home Loan Interest Rates vs Other Lenders

Check:– Interest rates on Home Loans for other Banks and HFCs

Bank of Baroda Home Loan Processing Fees & Charges

There are a 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.

Types of Bank of Baroda Home Loan

Baroda Home Loan

• Features: Aspiring homeowners can use this loan for a variety of purposes such as buying a plot or a new house, building a house on an already owned plot, and extending or renovating an existing property.
• Interest Rate: 6.50% – 7.95% p.a.
  
• Loan Amount: Rs. 5 crore – Rs. 10 crore
• Tenure: 30 years

Baroda Home Loan Advantage

• Features: This is a home loan with an overdraft facility wherein the loan sanctioned will be linked with a savings bank account. Any surplus fund credited in this account will be considered as a prepayment against the outstanding principal, thereby reducing the interest payable overall interest cost of the home loan. The average balance of the linked account is deducted from the outstanding loan amount while calculating the interest component.
• The interest rate for loans up to Rs. 75 lakh: As applicable to regular home loan
  The interest rate for loans above Rs. 75 lakh: As applicable to regular home loan + 0.25%
  
• Loan Amount: Up to Rs. 10 crore
• Tenure: 30 years

Baroda Home Loan Takeover Scheme

• Features: Switch your existing home loans to Bank of Baroda at a lower interest rate. Both resident and non-resident Indians are eligible for takeover home loans and can switch home loans from other Banks/HFCs/FIs. However, ensure that you have paid at least 12 EMIs of your running home loan.
• Interest Rate: 6.50% p.a. onwards
  
• Loan Amount: Rs. 1 crore to Rs. 10 crore
• Tenure: 30 years

Baroda Home Improvement Loan

• Features: This loan is not only for repairs and renovation to your existing house/flat but also to purchase new furniture, fittings, and furnishings.
• Interest Rate: 6.50% – 7.95% p.a.
  
• Loan Amount: Rs. 1 crore – Rs. 10 crore
• Tenure: 30 years

Baroda Pre-approved Home Loan

• Features: This loan provides in-principle approval for a home loan prior to the identification of a specific house, flat, or plot by a prospective applicant of the home loan. The in-principle sanction letter provides an eligible loan amount calculated as per prevailing interest rates and other existing guidelines of a home loan. The in-principle approval will be valid for only four months from the date of issue.
• Interest Rate: As per credit assessment
• Loan Amount: As per credit assessment
• Tenure: 30 years

Baroda Top Up Loan (Resident/ NRIs/ PIOs)

• Features: For existing home loan customers and for balance transfer customers who need additional financing for personal or business requirements
• Interest Rate: Applicable ROI on linked Home Loan + Strategic Premium + 0.60%
• Loan Amount: Rs. 1 lakh – Rs. 2 crore
• Tenure (for full disbursal): 20 years
  Tenure (for part disbursal): 22 years

Credit Risk Guarantee Fund Scheme for Low Income

• Features: This is a credit risk guarantee scheme wherein the trust will provide a credit risk guarantee fund to the lending institutions against their housing loans up to Rs. 5 lakhs granted to the borrowers in the Economically Weaker Section (EWS)/Lower Income Group (LIG) categories in an urban area without requiring any collateral security and/or third-party guarantee. Loans given fully/partly for renovation/repairs are not eligible for the Guarantee Cover under the scheme.
• Interest Rate: As per credit assessment
• Loan Amount: Up to Rs. 5 lakh
• Tenure: Same as the outstanding home loan tenure

Note: Rates as on 20th October 2021. The interest rate above is subject to change without prior notice. The final rate of interest for the customers shall depend on their credit assessment and the product variant.

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Bank of Baroda Home Loan Eligibility

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

Home Loan Eligibility based on Repayment Capacity

For Salaried Applicants

For other Loan Applicants

Documents Required for Bank of Baroda Home Loan

List of common documents:

• 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 the 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 the case of salaried applicants, the latest salary slip/statement showing all deductions
• In the case of self-employed applicants, CA-certified copies of Balance Sheets and Profit and Loss Accounts, I-Tax acknowledgments, 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

List of additional documents:

In case of purchase from a Builder

• A copy of the agreement for sale
• A copy of the registration receipt
• A copy of sanctioned plan and sanction letter of the competent authorities
• A copy of the 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 the sale/lease deed in favor 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

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Why to Apply for Baroda Home Loan through Paisabazaar

1. Top Offers at One Place: Paisabazaar brings to you the best home loan offers from 20+ financial institutions including Axis Bank at a single platform.

2. Compare & Choose: When applying for a loan as big as a home loan, the interest rate becomes an important consideration. After all, even a slight dip in your home loan rate can help you save big on the interest outgo. At Paisabazaar, you can compare all possible options available to you and choose the lowest interest rate on offer.

3. Pre-Approved Offers: All home loan borrowers who are registered with Paisabazaar get personalised pre-approved home loan balance transfer offers at low-interest rates from time to time as per their past credit behaviour.

4. Check Your Credit Score for Free: Lenders check your credit score when reviewing your home loan application. A higher credit score generally qualifies you for lower rates and better loan terms. Therefore, before applying for a home loan one must check their credit score and if found low must take necessary steps to improve it.

At Paisabazaar, you can check your credit score and credit report for free and ensure that your credit history and personal details are in order so as to avoid rejection from a lender. You also get free monthly credit score updates and credit advisory services to help you build, improve and maintain a high credit score for easy access to credit in the future.

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5. End-to-end Assistance: Team Paisabazaar is there for you right from the time you start looking for a home loan offer till you get the money disbursed in your bank account. Our team works with you and the lender throughout the process in an effort to give you a seamless loan experience.

FAQs

Q1. What is the maximum loan amount that I can get on BoB Home Loan?

A. Bank of Baroda determines the eligible loan amount on the basis of an applicant’s loan repayment capacity for which various factors are taken into consideration such as age, income, dependents, assets, liabilities, stability of occupation, and continuity of income, savings, etc. The maximum loan would be Rs. 10 crores per unit to any individual applicant based on the area where the property is proposed to be constructed/purchased. We will extend the loan up to 90% (for fresh houses/flats) of the cost of property under our housing loan scheme.

Q2. What is the maximum repayment period of Baroda Home Loan?

A. Bank of Baroda grants housing loans up to a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

Q3. Can home loan borrowers prepay their Bank of Baroda home loan?

A. Yes, Bank of Baroda home loan borrowers have the option to prepay their outstanding loan amount ahead of schedule either in part or in full from their own sources.

Q4. How can one check the Bank of Baroda home loan status?

A. You can track your Bank of Baroda home loan application status either by contacting your relationship manager or logging in to the Bank of Baroda’s official website. To track your Bank of Baroda home loan application status, you must be ready with a few details such as the home loan application ID, mobile number, and date of birth. Click here to check your Bank of Baroda home loan status.

Q5. Is it possible to take the Bank of Baroda’s Top Up Loan on the existing Home Loan without pledging extra collateral?

A. You can take a top-up loan on your existing Bank of Baroda Home Loan once your eligibility meets the lender’s predefined terms and conditions.

Q6. How should I contact the Bank of Baroda for home loan-related queries and assistance?

A. Your home loan-related queries and complaints will be resolved by the team of Bank of Baroda Customer Care. You can reach the Customer Care team through call, email, and post. You can also visit their nearest bank branch and get your issues resolved. The details of Bank of Baroda home loan customer care are: