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Bank of Baroda Loan Against Property Highlights |
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| 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 26th May 2023
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Table of Contents
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
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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
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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 | 9.65-13.00 |
| IDFC First Bank | 9.00-16.50 |
| HDFC | 8.95-10.25 |
| 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 | 9.90-10.35 |
| Kotak Mahindra Bank | 9.15 onwards |
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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) |
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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