Interest Rate Range
Processing Fee Range
Bank Of Baroda Home Loan
|8.30% - 9.35%
7,500 to ₹20,000
1L - 2Crs
- No guarantor required
- No pre-closure and part payment fee
- KYC-PAN, address & ID proof
- Income proof, bank statement and one photograph
- Door step service
- Part-payment available
- Top-up loan available
- No guarantor required
- Balance transfer
Bank of Baroda's home loans can be used for various home-related purposes such as:
- Purchase of a newly constructed house
- Purchase of an existing house
- Purchase of a plot
- Construction of a house
- Home improvement and extension
- Transfer of home loan from another bank
Interest Rates on Bank of Baroda Home Loan
|Interest Rate||8.30% to 9.35%|
|Processing Fees||0.5% - 0.25% of the Loan Amount (Min of Rs.7500 to Max of Rs.20,000)|
|Loan Tenure||30 years|
Features of Bank of Baroda Home Loan:
Here are some of the reasons why you should select home loans offered by Bank of Baroda:
- Bank of Baroda offers different home loan products: Normal Home Loan, Home Loan into NRIs and PIOs; Home Improvement Loan; Baroda Home Loan Advantage; Baroda CRE Home Loan; and Baroda CRE Home Loan (Advantage).
- The repayment plan is contingent upon the age and income of the borrower.
- The bank offers both floating and fixed rates of interest because of its home loans.
- The house loan is going to be connected to savings account that increases the advantage of the mortgage account.
- EMIs may be paid via the connected savings account and post-dated cheques or alternative means of remittance aren't required.
- Bank of Baroda Home Loans come with a free Personal Accident Insurance for specific periods.
- Home loan clients also receive a credit card complimentary for the first year, with a loan limitation of Rs. 2 lakh and over.
- Home loan customers receive a reduction of 0.25% in interest rate on car loans and 0.5percent in interest rate for Loan for Consumer Durables.
- You can avail top-up on your home loan up to 5 times throughout the loan period. The minimum top-up loan total is currently Rs. 1 lakh, whereas the maximum is Rs. 2 crore or 75 percent of the remaining value of the home after subtracting 150 percent of their outstanding loan amount, whichever is lower.
- There are no fees in case the client wants to pre-pay the loan in full or part.
Bank of Baroda Home Loan Eligibility:
To be eligible for Bank of Baroda Home Loan, you need to meet the following criteria:
- Maximum age: Salaried individuals should have at least 1 year of support pending
- Maximum repayment period: 30 years
- Minimum age: 21 years
Minimum salary details have not been specified by the bank, but details can be obtained from any branch office of the bank. Loan eligibility is as follows:
|Monthly Income||Loan Availability|
|Up to Rs. 20,000||Monthly Income X 36|
|More than Rs. 20,000 and up to Rs. 1 lakh||Monthly Income X 48|
|More than Rs. 1 lakh||Monthly Income X 54|
The ratio of loan to value (LTV) – which is the amount of loan you can avail in proportion to the value of the property – is as mentioned below:
|Up to Rs. 30 lakh||90%|
|More than Rs. 30 lakh and up to Rs. 75 lakh||80%|
|More than Rs. 75 lakh||75%|
Documentation for Bank of Baroda Home Loan:
Those wishing to obtain a home loan from Bank of Baroda need to have the following documents at hand:
- Passport size photographs
- Proof of identity, residence and age
- Proof of office/business address
- Bank statements of the last 6 months
- Copy of Income Tax Returns of the last 3 years
- Proof of investments such as insurance, fixed deposits or shares and stocks
- Payslips of the last 3 months for salaried persons
- For business owners/self-employed persons: Verified copies of Balance Sheets, Profit and Loss accounts, IT Return, assessment orders, advance tax challans (for both company/firm and personal account) for the last 3 years
- Copy of documents related to the property to be purchased
Interest Rate Bank of Baroda Home Loan :
The interest rates for various Bank of Baroda Home Loan products are as follows:
|Loan Product||Interest Rate|
|Baroda Home Loan, Baroda Home Improvement Loan||One year MCLR to One year MCLR +1.00% (As per Risk Rating of the applicant/s.)|
|Baroda Home Loan Advantage||Up to Rs.75 lakh: as per normal home loan rate More than Rs.75 lakh: 0.25% higher than normal rate|
|Baroda CRE Home Loan||0.25% more than normal home loan rate|
|Baroda CRE Home Loan (Advantage)||Up to Rs.75 lakh: 0.25% higher than normal rate
More than Rs.75 lakh: 0.50% higher than normal rate
BOB Applicable Fees and Charges for Housing Loan:
Unified processing charges: 0.5% of the loan amount if the loan is greater than Rs. 50 lakh with a minimum of Rs.7,500 plus a max of Rs. 12,500, and 0.25% of the loan amount if the loan is more than Rs. 50 lakh with at least Rs.7,500 plus a max of Rs.20,000. For house loan takeover schemes, Rs.7,500 is enforced.
For Additional Support Advance (AAA), it is 0.25% of the loan amount with a minimum amount of Rs.5,000 to Rs.12,500 (maximum)
Bank of Baroda Home Loan MCLR:
Banks have shifted to Marginal Cost of Funds-Based Lending Rate from Base Rate from 07.10.2018 according to an RBI directive. The interest rates on various merchandise will be based on these MCLR. The Appropriate MCLR rates of this bank are given below:
|Loan Tenor||MCLR Rate|
Bank of Baroda has established its benchmark MCLR for house loans since the 1-year MCLR. RBI allows banks to add a spread into the MCLR to reach the final interest rate because of its loan products.