BOB Loan Against Property 2020
|Interest Rate||8.45% onwards|
|Loan-to-Value Ratio||Up to 60% of the property value|
|Loan Tenure||Up to 10 years|
|Processing Fees||Up to 1% of the loan amount, subject to a maximum of Rs.1,50,000|
Bank of Baroda (BOB) offers Loan against property(LAP), also known as Mortgage Loan , at an attractive interest rate starting from 8.45% per annum. Availing a LAP from BOB provides the flexibility to use the loan amount for any personal purpose except speculative purposes. Bank of Baroda LAP can either be availed as a Term Loan or Overdraft facility, against mortgage of immovable property (Residential/Commercial).
Features & Benefits of BOB Loan Against Property
Mentioned below are some features and benefits of BOB LAP that customers get to enjoy.
- Repayment tenure of up to 10 years
- Freedom to use funds for any financial need
- High loan amount availability
- Affordable rate of interest
- Availability of Overdraft facility
- Swift and hassle-free loan processing
- Easy documentation
Bank of Baroda Home Loan Interest Rate
The interest rate offered by Bank of Baroda on a Loan Against Property is linked with the Baroda Repo Linked Lending Rate (BRLLR), which currently stands at 7.25%. The actual interest rate applicable is the sum of BRLLR and Spread (decided on the basis of the applicant’s risk rating). The table below shows the ROI applicable to LAP for different loan amounts.
|Loan Amount||Applicable ROI (per annum)|
|Up to Rs.5.00 crore||8.45% to 11.00%|
|Above Rs. 5.00 crore||10.45% to 13.00% per annum|
Bank of Baroda Processing Fees & Other Charges
|Processing Fee||● For Term Loan:|
1% of the loan amount, subject to a maximum of Rs.1,50,000 and a minimum of Rs.8,500
● For Overdraft:
Up to Rs.3.00 Crore: 0.35% of the limit, subject to a maximum of Rs.75,000 and a minimum of Rs.8,500
Above Rs.3.00 Crore: 0.25% of the limit without any maximum limit and a minimum of Rs.8,500 (upfront)
|Inspection Charges||Rs. 100|
|Statutory/Regulatory Charges||As per Actual|
* Applicable Goods and Services Tax (GST) will be levied in addition to the mentioned charges.
Note: Other applicable charges will be levied by the bank as and when required.
BOB Loan Against Property EMI Calculator
Loan against property EMI calculator is a free and easy-to-use online tool to find an estimate of the monthly installments to be paid towards loan repayment. Customers can use Paisabazaar’s Loan Against Property EMI calculator any time, as it is available 24/7 on the Paisabazaar website.
Follow the below-mentioned steps to calculate EMI using Paisabazaar’s LAP EMI Calculator.
- Visit Paisabazaar’s Loan Against Property EMI Calculator page
- Enter the following details, manually or by using the movable slider available on the page:
- Loan Amount: This is the principal amount borrowed from the bank or NBFC by the customer. Higher the loan amount, higher the EMI
- Rate of Interest: This is the most critical factor that determines your ability and the ease to repay the loan. Different banks and housing finance institutions offer different interest rates which keep changing from time to time. Higher interest rate on your loan means a higher EMI amount to be paid
- Loan Tenure: This is the time within which the borrower needs to repay the loan amount fully. The loan tenure depends on the borrower’s current age and the retirement age. Longer the tenure, smaller the EMIs and vice versa
Upon filling all the relevant details, the monthly installment amount will show up instantly in the right panel.
Bank of Baroda Home Loan Eligibility Criteria
The minimum requirements that a customer must meet in order to avail a mortgage loan from Bank of Baroda are as follows:
|Eligible Profiles||● Resident and Non-Resident Individuals|
Note: HUF/Trust/Public Limited Company are not eligible under the scheme
|Minimum Income||● For Residents: Gross Annual Income (average of last 3 years) should be Rs. 3 lakh, including co-applicants whose income is considered for eligibility of limit|
● For NRIs: Gross Annual Income (average of last 3 years) should be Rs. 5 lakh, including co-applicants whose income is considered for eligibility of limit
|Other Conditions||● For Residents: business continuity or experience of minimum 3 years in the profession|
● For NRIs: business continuity or experience of minimum 2 years in the profession
|Type of Property||● Residential Property (House/Flat)|
● Commercial property (Building/Land & Building)
● Plot of Land (not agricultural land)
|Loan Amount||● Minimum: Rs.2.00 lakh|
● Maximum (for all category of borrowers):
○ Metro branches: Rs.10.00 crore
○ Urban branches: Rs.5.00 crore
○ Semi-urban branches: Rs.3.00 crore
○ Rural branches: Rs.25 lakh
|Maximum Repayment Tenure||● Overdraft: 12 months (Subject to Annual Review)|
● Term Loan: 10 years
Check Also: Loan Against Property Eligibility Criteria
Documents Required for BOB Loan Against Property
The table below shows the list of documents required to apply for a Loan Against Property with LIC.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details of two years||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
Check Also: Loan Against Property Documents Required
Apply for BOB LAP on Paisabazaar.com
Customers can apply online for BOB LAP through Paisabazaar.com by simply following the below-mentioned steps.
- Visit Loan Against Property page
- Fill in the following information:
- desired loan amount
- employment type
- annual income
- contact details
After this, various LAP offers, which you are eligible for, will appear on your screen from multiple banks. Select Bank of Baroda from the list and click on the ‘Submit’ button. Soon, a representative from Paisabazaar will connect with you on the provided contact number to process your application.
Bank of Baroda Customer Care Details
Customers can reach out to BOB through the below-mentioned contact details to get their loan-related queries addressed.
- Toll-Free: 1800 258 44 55/1800 102 44 55
- For NRIs: +91 79-49044100 or +91 79-23604000
Q1. What is the security required to avail a LAP?
The security required to avail a LAP from BOB is equitable/registered mortgage of immovable property.
Q2. Is it mandatory to have property Insurance?
Yes. Insurance of the property is taken as security as per the valuation report for full value. excluding the cost of land. It is important to note that the premium and other-related costs have to be borne by the borrower.