Bank of Baroda Loan Against Property (Baroda Mortgage Loan)

Bank of Baroda Loan Against Property Highlights
Interest Rate	10.85%-16.50% p.a.
Loan Amount	Rs 2 lakh to Rs 25 crore
Tenure	Up to 15 years
Processing Fees	Up to 1% (Rs 8,500 upfront-Rs 75,000)

Note: Rates as of 14th November 2023

Bank of Baroda Loan Against Property Interest Rates

Bank of Baroda offers loan against property @ 10.85% p.a. onwards based on the loan amount and loan tenure opted by the applicants. While the bank has not disclosed differential interest rates based on the credit score, occupation profile, etc. of its applicants, many lenders consider these factors while setting their loan against property interest rates

Tenure up to 10 years

Loan Amount	Interest Rates (p.a.)
Facility up to Rs 7.5 crore	10.85%-15.75%
Facility above Rs 7.5 crore	11.10%-16.00%

Tenure above 10 years to 15 years

Loan Amount	Interest Rates (p.a.)
Facility up to Rs 7.5 crore	11.35%-16.25%
Facility above Rs 7.5 crore	11.60%-16.50%

Note: Additional 0.50% p.a. above card rates for overdraft facility availed for mortgage loans

Baroda Mortgage Loan

Purpose: For any purpose other than speculative purposes

Loan Amount:

• Minimum: Rs 2 lakh
• Maximum: Metro branches- Up to Rs 25 crore

LTV Ratio: 60% on realizable value of immovable property

Tenure: Up to 15 years

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	10.60-11.30
Bank of Baroda	10.85-16.50
PNB Housing Finance	9.25-15.00
IDFC First Bank	9.00-16.50
HDFC Bank Limited	9.50-11.00
L&T Housing Finance	9.50 onwards
LIC Housing Finance	9.50-11.55
Godrej Housing Finance	9.75 onwards
ICICI Bank	10.85-12.50
Tata Capital	10.10 onwards
Bajaj Housing Finance	8.50-18.00
Axis Bank	10.50-10.95
Kotak Mahindra Bank	9.15 onwards

Fees and Charges of Bank of Baroda Loan Against Property

Processing Charges

Term Loan	Up to 1% (Rs 8,500 upfront-Rs 1,50,000)
Overdraft	Loan amount up to Rs 3 crore: Up to 0.35% (Rs 8,500 upfront -Rs 75,000)Loan amount above Rs 3 crore: Up to 0.25% (Rs 8,500 upfront)

Eligibility Criteria for Bank of Baroda Loan Against Property

• Indian residents and NRI (individuals)
• Salaried/professionals/business person/agriculturists employed or engaged in business/profession
• NRI having valid Indian passport, regular employment, elf-employed, business
• Work Experience: Salaried: Minimum 3 years for salaried; NRI: Minimum 2 years with a valid work permit of 2 years in foreign country
• Minimum Gross Annual Income: Salaried: Rs 3 lakh; NRI: Rs 5 lakh

In addition to the above mentioned eligibility criteria, Bank of Baroda may also consider the credit score of its applicants, just like many lenders do while evaluating the Loan Against Property eligibility of their applicants.

Bank of Baroda Loan Against Property Documents Required

Bank of Baroda has presented an extensive list of documents for Loan Against Property applicants based on their customer profile. Below-mentioned is the complete list of documents required for availing Bank of Baroda LAP.

For Individuals

• Duly filled application form with the applicant’s or guarantor’s signature
• Two passport size photographs
• ID Proof- ID card issued by the current employer, passport, Voter ID, driving license, Aadhar card, PAN card
• Bank statement for last 6 months
• Residential address proof- Telephone bill, electricity bill, passport, voter ID
• Residential address proof for salaried- Salary slips for last 3 months duly attested by the employer and countersigned by the applicant
• ITR along with Form 16 for last 3 years
• Residential address proof for agriculturists- Income certificate from Tehsildar/SDO/BDO, etc
• Residential address proof for others- ITR for last 3 years duly acknowledged by Income Tax authorities
• Residential address proof for self-employed/professional- Balance sheets and profit & loss accounts of the business along with copies of individual ITR for past 3 years certified by a CA

For Non-Individuals

• Board resolution
• Details of Associate Concerns
• Loan or overdraft facility with other banks
• Place of business/nature of business/line of activity, etc.
• Details of existing relationship with Bank of Baroda
• Individual tax returns of partners, proprietors, directors, etc.

For NRIs

• Copy of employment contract
• For salaried- Certified copy of latest salary slips for past 6 months
• For self-employed- Balance sheets and profit & loss accounts of the business along with copies of individual ITR for past 3 years certified by a CA
• Copy of last work permit
• Copy of ID card issued by current employer
• Copy of VISA stamped on the passport
• Bank statement of overseas account for past 6 months
• Passbook of NRE account or bank account statement
• Biodata with the educational qualifications, job experience, age, nature of profession, etc.
• Form of guarantor along with income proof or net worth proof
• Undertaking from the employer for monthly installment remmitance
• Salary certificate, income statement duly attested by foreign office of Bank of Baroda or certiied by competent authority available in the country

Property Related Documents

• Original title deeds of property offered for mortgage along with complete chain of title deeds
• Non-encumbrance letter from co-operative society
• Paid receipts of water tax, latest maintenance, municipal tax, etc.
• Permission to create equitable mortgage from the society or development authorities
• Confirmation of society that Bank’s lien on society records is noted