Bank of Baroda Home Loan

Bank of Baroda Home Loan Highlights 2022
Interest Rate	8.45% – 10.20% p.a.
Loan Amount	Up to Rs. 20 Crore
Loan Tenure	Up to 30 years
Processing Charges	0.50% of loan amount (Rs 8,500-Rs 15,000)

Note: Rates as of 3rd October 2022

Table of Contents Interest Rates Compare interest rates offered by other lenders Fees and Charges Types of Bank of Baroda Home Loan Eligibility Documents Required EMI Calculator FAQs

Bank of Baroda Home Loan Interest Rates 2022

Baroda Housing Loan and Home Improvement Loan

For Salaried	8.45%-9.80% p.a.
For Non-Salaried	8.55%-9.90% p.a.

Baroda Home Loan Advantage

Up to Rs 75 lakh	7.45%-9.90% p.a.
Above Rs 75 lakh	8.70%-10.15%

 

Baroda Top-up Loan

9.30%-11.15%

Note: Risk Premium of 0.05% will remain applicable for customers not obtaining credit insurance cover

Compare Interest Rates on Home Loans for Top Banks & HFCs

Also know which lender offers lowest home loan interest rates

Bank of Baroda Home Loan Processing Fees & Charges

Baroda Housing Loan and Home Improvement Loan	Up to Rs 50 lakh: 0.50% of loan amount (Rs 8,500-Rs 15,000) Above Rs 50 lakh: 0.25% of loan amount (Rs 8,500-Rs 25,000)
Baroda Top-up Home Loan	0.35% (Rs 5,000-Rs 12,500)
Home Loan Takeover	Flat (up to Rs 8,500)- upfront
Pre-approved Home Loan	0.25%-0.50% (up to Rs 8,500)- upfront

Also know the home loan processing fees charged by various home loan lenders

Types of Bank of Baroda Home Loan

Baroda Housing Loan

Purpose: Regular home loan facility for purchasing flat/house, constructing homes, extending existing homes and purchasing plots for construction homes thereon

Loan Amount: Rs 1 crore-Rs 20 crore

• Mumbai- Up to Rs 20 crore
• Other Metro Cities- Up to Rs 7.50 crore
• Urban Areas- Up to Rs 3 crore
• Semi-urban and Rural- Up to Rs 1 crore
• Chandigarh, Panchkula and Mohali- Up to Rs 5 crore

LTV Ratio:

Loan Amount Up to Rs 30 lakh	90%
Loan Amount above Rs 30 lakh-Rs 75 lakh	80%
Loan Amount above Rs 75 lakh	75%

Tenure: Up to 30 years

Baroda Home Loan Advantage

Purpose: Home loan with overdraft facility where home loan account will be linked with savings bank account.

Loan Amount: Rs 1 crore-Rs 20 crore

• Mumbai- Up to Rs 10 crore
• Other Metro Cities- Up to Rs 5 crore
• Urban Areas- Up to Rs 3 crore
• Semi-urban and Rural- Up to Rs 1 crore

LTV Ratio:

Loan Amount Up to Rs 30 lakh	90%
Loan Amount above Rs 30 lakh-Rs 75 lakh	80%
Loan Amount above Rs 75 lakh	75%

Tenure: Up to 30 years

Baroda Home Loan Takeover Scheme

Purpose: Home Loan Balance Transfer of existing home loan from other banks/NBFCs to Bank of Baroda at lower interest rates

Loan Amount: Rs 1 crore-Rs 20 crore

• Mumbai- Up to Rs 20 crore
• Other Metro Cities- Up to Rs 7.50 crore
• Urban Areas- Up to Rs 3 crore
• Semi-urban and Rural- Up to Rs 1 crore
• Chandigarh, Panchkula and Mohali- Up to Rs 5 crore

LTV Ratio:

Loan Amount Up to Rs 30 lakh	90%
Loan Amount above Rs 30 lakh-Rs 75 lakh	80%
Loan Amount above Rs 75 lakh	75%

Tenure: Up to 30 years

Home Improvement Loan

Purpose: Home improvement/renovation loan is offered to repair or renovate existing homes including purchase of new furniture, furnishings and fittings such as fans, geysers, air conditioners, air purifier, water filter, etc.

Loan Amount: Rs 1 crore-Rs 10 crore

• Mumbai- Up to Rs 10 crore
• Other Metro Cities- Up to Rs 5 crore
• Urban Areas- Up to Rs 3 crore
• Semi-urban and Rural- Up to Rs 1 crore

LTV Ratio:

Loan Amount Up to Rs 30 lakh	90%
Loan Amount above Rs 30 lakh-Rs 75 lakh	80%
Loan Amount above Rs 75 lakh	75%

Tenure: Up to 30 years

Baroda Pre-Approved Home Loan

Purpose: Home loan approval prior to the identification of house/flat/plot by the home loan applicant with a validity of 4 months

Loan Amount: Up to Rs 10 crore

Tenure: Up to 30 years

Baroda Top-up Loan

Purpose: Home loan top-up is an additional loan facility for existing home loan borrowers including NRIs and PIOs for personal purposes other than speculative purposes

Loan Amount: Rs 1 lakh- Rs 10 crore

LTV Ratio: 75% of residual value of house property

Tenure: should not exceed beyond 65 years of age

Pradhan Mantri Awas Yojna

Purpose: Affordable housing for Economically Weaker Sections, Low Income Groups and Middle Income Groups with an interest subsidy of up to Rs 2.67 lakh

Loan Amount: Rs 9 lakh-Rs 12 lakh 

LTV Ratio:

Loan Amount Up to Rs 30 lakh	90%
Loan Amount above Rs 30 lakh-Rs 75 lakh	80%
Loan Amount above Rs 75 lakh	75%

Tenure: Up to 30 years

Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)

Purpose: “Affordable Housing for All”, an interest subsidy scheme for fulfilling the housing needs of Economically Weaker Sections (average household income of up to Rs 5,001 per month) and Low Income Groups (average household income of Rs 5,001-10,000 per month) in urban areas to enable them to purchase/construct houses

Loan Amount:

• For EWS: Up to Rs 1 lakh
• For LIG: Up to Rs 1,60,000

LTV Ratio: At least 80%

Tenure: Up to 20 years

Credit Risk Guarantee Fund Scheme for Low Income Housing

Purpose: The Credit Risk Guarantee Fund Trust offers a credit risk guarantee of up to Rs 5 lakh to the bank for the home loans of up to Rs 8 lakh sanctioned by it to borrowers belonging to Economically Weaker Sections and Low Income Groups in urban areas.

Loan Amount: Up to Rs 8 lakh

Tenure: Up to 25 years

Eligibility Criteria for Bank of Baroda Home Loan

For Baroda Housing Loan

• Resident Indian, Non-Resident Indian, Person of Indian Origin, Overseas Citizen of India
• Age: 21-70 years
• Employed/Self-employed with regular income

For Home Loan Take Over

• Age: 21-70 years

For Individual Applicants

• Minimum CIBIL Score- 701
• At least 12 EMIs paid already
• Satisfactory repayment track record

For Non-Individual Applicants

• At least 18 EMIs paid
• The firm/company should have been working for at least 5 years
• The company should be engaged in business activities for at least 2 years
• Positive net worth of the company
• Firm earning cash profits for past 2 years
• The firm/company shouldn’t have slipped into SMA2 category for last 12 months
• Company’s name should not be in RBI defaulter’s list

For Baroda Home Suvidha Personal Loan

• Prospective Baroda Home Loan borrowers (including takeover loans)
• Existing home loan borrowers from Bank of Baroda

For Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)

• EWS with average monthly income of up to Rs 5,000
• LIG with average monthly income of Rs 5,001-Rs 10,000
• For Salaried applicants: 48 times average of last 3 months gross salary
• For Others: Up to 4 times average of last 2 years annual income
• Minimum ge: 21 years
• Employed or self-employed with regular income

For Credit Risk Guarantee Fund Scheme for Low Income Housing

• New individual borrowers of housing loans of up to Rs 8 lakh under EWS/LIG category
• Housing unit size up to 430 sq. ft. carpet area

Also know the home loan eligibility of top 10 banks/HFCs

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

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

Also check the list of Bank of Baroda Home Loan Documents Required

Bank of Baroda Home Loan EMI Calculator

FAQs

1. Can I prepay my home loan availed from Bank of Baroda?
Ans. Yes, you can prepay your home loan availed from Bank of Baroda. The bank does not levy any prepayment charges on home loan availed at floating rate of interest.

2. Does Bank of Baroda charge higher home loan interest rates from non-salaried applicants?
Ans. Bank of Baroda charges an additional interest rate of 0.10% p.a. from non-salaried applicants.

3. How does Bank of Baroda determine the loan amount for its home loan applicants?
Ans. Bank of Baroda determines the loan amount for its home loan applicants after factoring in their age, income, repayment capacity, job stability, assets and liabilities.

4. Does Bank of Baroda consider the salary of the spouse while offering home loan?
Ans. Yes, Bank of Baroda considers the salary of the spouse while offering home loan. However, the spouse has to apply as a co-applicant for home loan.

5. Can I choose between a fixed and floating rate of interest while applying for Bank of Baroda home loans?
Ans. Bank of Baroda offers home loans only at floating rates.

6. What is the minimum credit score required to avail home loans from Bank of Baroda?

Ans. Bank of Baroda has not specified the cut-off credit score for home loan applicants. However, the applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.

Click Here:- To know more about Credit Score based Interest Rates Home Loan

7. Does adding a co-applicant improve the chances of availing Bank of Baroda home loan?
Ans. Yes, adding a co-applicant improves the eligibility of Bank of Baroda home loan applicants. The bank accepts the close relatives of a home loan applicants as co-applicants. However, if the home loan applicant wants to add a co-applicant who is not a close relative, the co-applicant has to be the joint owner of the property.

8. Who can be the co-applicant for Bank of Baroda home loan?
Ans. Bank of Baroda accepts the close relatives of the applicant including spouse, father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including step brother/sister), brother’s wife, sister of spouse (including step sister), sister’s husband and brother of spouse (including step brother) as co-applicants of your home loan.