Bank of Baroda Home loan

• A wide variety of schemes to suit customer’s home related fund requirements
• Interest rates linked to repo rate starts from 8.10% p.a.
• Loan amount can reach as high as Rs. 10 crore
• Loan tenure extending up to 30 years
• 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 for up to five times during the loan tenure
• Multiple loan repayment options for customers’ convenience

Bank of Baroda Home Loan interest rate is linked to Baroda Repo Linked Lending Rate (BRLLR) w.e.f. 01.10.2019. Any change in the repo rate will bring change in the bank’s home loan rates. Currently, RBI’s repo rate, which as announced on 4^th October 2019 stands at 5.15%. And the BRLLR stands at 8.10%. The applicable BLLR linked home loan interest rates are given as below:

For existing Bank of Baroda Home Loan customers, the current 1 Year MCLR is 8.30%. The applicable MCLR linked home loan interest rates are given as below:

Note: The interest rate at which you will get Bank of Baroda home loan depends on your credit profile, which includes your repayment capacity, credit history, etc. Also, on the above rates, the Risk Premium of 0.05% will remain applicable as per extant guidelines of the bank.

Check Also: Home loan offers from top banks

In addition to home loan interest rates, Bank of Baroda housing loans includes a few other charges. Some of these charges are given as below:

*The above charges are unified processing charges which includes inspection, valuation and legal fees
Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.

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 you an estimated value of your monthly instalments, helping you plan your budget accordingly. It is easy to use, accurate and free of cost. 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 changes with changing loan amount and loan tenure at constant 8.10% p.a. home loan interest rate:

To get Bank of Baroda home loan, customers should be eligible for it. Check Bank of Baroda home loan eligibility from the table given below:

Eligibility Criteria for Co-Applicants

To increase Bank of Baroda home loan eligibility, applicants can add earning close family members such as their Spouse, Parents, Children and Siblings, as co-applicants. A person who is not a close relative can be considered as a co-applicant only if he/she is the joint owner of the property.

Repayment Capacity of Salaried

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

• 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%

The common set of documents required to apply for Bank of Baroda home loan is:

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

Check: Complete Checklist of BOB Home Loan Documents Required

Additional documents that may be required for Bank of Baroda home loan application are:

In case of Purchase from a Builder

• A copy of 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 Also: Detailed List of Home Loan Documents Required

Home loan requirements of all customers aren’t same and therefore, Bank of Baroda offers multiple housing loan schemes to cater to every requirement of its customers. The details of some are as below:

Bank of Baroda Home Loan

Home loans by Bank of Baroda can be availed for multiple purposes such as 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.

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, 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 is also available for you to withdraw anytime. Both Resident and Non Resident Indians can apply for loan, subject a few conditions.

Bank of Baroda Pre-Approved Home Loan

• Baroda Pre Approved Home Loan provides in-principle approval to eligible customers prior to identification of a specific house/flat/plot.
• The in-principle sanction letter will include 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 will be required 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.

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 do not need to repay the loan up to the claim amount in case of your demise.

Baroda Top Up Loan

Baroda Top Up Loan is for Bank of Baroda’s all 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.

Baroda Home Loan Takeover Scheme

Baroda Home Loan Takeover Scheme is 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.

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

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?

You can apply for Bank of Baroda Home Loan online at Paisabazaar.com by following these steps:

• Click here to begin with the home loan application process
• Fill out the given fields with correct information and accept the given terms and conditions
• Provide your personal and home loan related information to proceed further
• A few eligible loan options will appear. Compare and apply for a home loan which suits your loan needs the best.

Once you apply for home loan, a message will appear with a reference number which you can use to track your Bank of Baroda home loan application status. You will also receive a call from Paisabazaar’s home loan experts to take the home loan process forward.

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:

What is Bank of Baroda Home Loan Advantage?

Bank of Baroda Home Loan Advantage is a special loan that works like an overdraft loan facility. In this home loan scheme, a Bank of Baroda Savings Account will be linked to your Bank of Baroda home loan account. The loan amount will be dispersed in the savings account and the loan interest will be charged only on the amount used. The remaining loan amount will not incur any loan interest. The loan scheme gives you the flexibility to deposit or withdraw the funds from the savings account anytime. At the end of the day, the credit balance in the account will be directly debited from your savings account and simultaneously credited in the home loan account, thus reducing your home loan interest burden.

What is the home loan interest rate offered by Bank of Baroda?

The current repo rate linked home loan interest rate offered by the Bank of Baroda is 8.10% onwards and the MCLR linked home loan interest rate starts from 8.30% p.a. From October 1, 2019, the RBI had made mandatory for all banks to link their retail and MSME loan rates to repo rate. As compared to MCLR linked home loan rates, the interest rate of repo rate linked home loan is lower and is expected to go down further. If you haven’t switched your existing home loan rate from MCLR to RLLR, it is advisable to do so to get lower rate benefits.

What is the maximum loan tenure of Bank of Baroda home loan?

Bank of Baroda offers you a longer tenure of up to 30 years to repay your loan. However, the loan tenure under any circumstance cannot exceed the age of retirement or completion of 65 years of age, whichever is earlier.

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

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.

How to check Bank of Baroda home loan status?

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.

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

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.

BOB is offering Home Loan Waiver on Processing Fee for Festival Season

October 2018: For festivals like Diwali and Dussehra, Bank of Baroda is currently offering a waiver of processing charges for home loan borrowers, this offer is valid till March 31, 2020