Bank of Baroda - 7.45% for Home Loan - Resale Property Home Loan

Bank of Baroda Home Loan:
Bank of Baroda offers various products on home loans.

Bank of Baroda home loan can be used for the purchase of a flat, home construction, extension, or improvement.

 

Features:

1. Bank of Baroda Home Loan Interest Rate starts from 7.45% – 10.90% p.a.*

2. Loan Tenure of a Home Loan ranges from 5 years to 30 years.

3. Lowest EMI per lakh on home Loan from Bank of Baroda offered at the lowest interest rate of 8.90% at the longest loan tenure of 30 years.

4. Bank of Baroda allows prepayment of home loans with nil charges on floating rate loans.

5. Bank of Baroda has an average customer rating of 4.3/5.0 from customers who have taken a home loan from the bank.

Loans are available for both salaried and self-employed. Special rates for women borrowers.

Borrowers within the age group of 21 and 60 years.

Security: Mortgage of property you are planning to purchase, renovate or construct.

Loan to Value Ratio of 90%.

 

Bank of Baroda Housing Loan Details:

Interest Rate

7.45% – 10.90% p.a.

Loan Amount

Up to Rs. 20 Crore

Loan Tenure

Up to 30 years processing

Processing Charges

NIL

 

Baroda Housing Loan and Home Improvement Loan

Particulars    Interest Rates
For Salaried    7.45%-9.20% p.a.
For Non-Salaried    7.45%-9.20% p.a.
 

Bank of Baroda Max Savings Home Loan – Up to Rs 75 lakh

Particulars    Interest Rates
For Salaried    7.45%-9.20% p.a.
For Non-Salaried    7.45%-9.20% p.a.
 

Bank of Baroda Max Savings Home Loan – Above Rs 75 lakh

Particulars    Interest Rates
For Salaried    7.70%-9.45% p.a.
For Non-Salaried    7.70%-9.45% p.a.
 

Bank of Baroda Top Up Home Loan

Particular    Interest Rate
Top-up Home Loan    Applicable ROI on linked Home Loan (Based on BRLLR on the date of availment of Top up Loan) + Strategic Premium (0.25%) + 0.60%
Note: 

The interest rate is dependent on the loan limit and CIBIL score of the applicants.

A risk premium of 0.05% will remain applicable for customers not obtaining credit insurance cover.

 

Bank of Baroda Home Loan Fixed Interest Rates

The below-mentioned Bank of Baroda Fixed Interest rates are linked to RLLR.

 

Baroda Housing Loan and Home Improvement Loan

Particulars    Interest Rates
For Salaried    9.15%-10.20% p.a.
For Non-Salaried    9.25%-10.20% p.a.
 

Bank of Baroda Max Savings Home Loan 

Loan amount    Interest Rates
Up to Rs 75 lakh    9.15%-10.20% p.a.
Above Rs 75 lakh    9.40%-10.45% p.a.
 

Bank of Baroda Top Up Home Loan

Particular    Interest Rate
Top-up Home Loan    Applicable ROI on linked Home Loan + Strategic Premium (0.25%) + 0.60%
Bank of Baroda housing finance interest rate depends upon the loan amount, salary and occupation of the borrower, nature of the property, and type of home loan scheme.

 

Bank of Baroda Home Loan Procedure:

Apply:

Apply for an ICICI Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Bank of Baroda rates with other banks before choosing the best deal for your home loan needs.

 

Bank of Baroda Home Loan Documents:

Documents for Salaried employees:

1. Fill up the loan application form.

2 Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months' bank statement showing salary credit, and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Documents for Self-Employed:

1. Fill up the loan application form.

2. 2 Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed, and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Home Loan Bank of Baroda Schemes:

Bank of Baroda Home Loan

Purpose:

Bank of Baroda offers regular home loans to its applicants for purchasing flats/houses, construction of homes, plot purchase and extension of existing property.

Loan Amount:

Mumbai- Up to Rs 20 crore

Hyderabad, New Delhi (including National Capital Region) and Bengaluru – Up to Rs 7.50 crore

Other Metros – Up to Rs 5 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:

Particular    Details
Loan amounts up to Rs 30 lakh    90%
Loan amount above Rs 30 lakh-Rs 75 lakh    80%
Loan amount above Rs 75 lakh    75%
Tenure:

Bank of Baroda provides home loans for repayment tenure of up to 30 years, including the maximum moratorium period of 3 years.

 

BOB Max Savings Home Loan 

Purpose:

Consumers can use the Baroda Home Loan Advantage for the purchase and construction of a house/flat, the purchase of residential plots and construction of the home, the extension of existing dwelling units, HL BT etc. This facility also comes with a linked overdraft account, opened in the form of a savings account, wherein the home loan borrower can deposit his savings and make withdrawals from it as per his requirements.The balance maintained in the savings account is deducted from the outstanding home loan amount and thereby, helps in reducing the interest cost for the borrower.

 

Loan Amount:

Mumbai- Up to Rs 20 crore

Other Metro Cities- Up to Rs 5 crore

Hyderabad, New Delhi, Bengaluru- Up to Rs 7.50 crore

Urban Areas- Up to Rs 3 crore

Semi-urban and Rural- Up to Rs 1 crore

Tri-city in Chandigarh region (Chandigarh, Panchkula and Mohali)- Up to Rs 5 crore

 

LTV Ratio:

Particular    Details
Loan amounts up to Rs 30 lakh    90%
Loan amount above Rs 30 lakh-Rs 75 lakh    80%
Loan amount above Rs 75 lakh    75%
Tenure:

The repayment tenure of the BOB Max Savings home loan is up to 30 years. The loan tenure also includes the maximum moratorium period of 36 months.

 
Bank of Baroda Home Loan Takeover Scheme

Purpose:

Existing home loan borrowers of other banks/HFCs can avail Bank of Baroda Home Loan Takeover facility for transferring their existing home loans to Bank of Baroda at lower interest rates.

Loan Amount:

Mumbai- Up to Rs 20 crore

Other Metro Cities- Up to Rs 5 crore

Hyderabad, New Delhi and Bengaluru – 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:

Particular    Details
Loan amounts up to Rs 30 lakh    90%
Loan amount above Rs 30 lakh-Rs 75 lakh    80%
Loan amount above Rs 75 lakh    75%
Tenure:

Bank of Baroda provides a balance transfer facility for repayment tenure of up to 30 years, including the maximum moratorium period of 3 years.

 
Bank of Baroda Home Improvement Loan

Purpose:

Consumers can avail Baroda Home Improvement Loan to repair or renovate existing homes including the purchase of new furniture, furnishings and fittings such as fans, geysers, air conditioners, air purifiers, water filters, etc.

Loan Amount:

Up to Rs 50 lakh

LTV Ratio:

Particular    Details
Loan amounts up to Rs 30 lakh    90%
Loan amount above Rs 30 lakh-Rs 75 lakh    80%
Loan amount above Rs 75 lakh    75%
Tenure:

The bank offers a maximum repayment tenure of 15 years for home improvement loans, which includes a moratorium period of 6 months.

 
BOB Pre-Approved Home Loan

Purpose:

Prospective home buyers who are yet to identify houses/flats/plots for purchase can avail Baroda Pre-approved Home loan. This facility offers an in-principle home loan sanction letter with a 4-month validity to the prospective buyer, subject to his HL eligibility. A pre-approved home loan sanction letter can help the prospective borrower by providing him with better negotiating powers.

 
Bank of Baroda Top-up Loan

Purpose:

Existing home loan borrowers including NRIs and PIOs can avail Baroda Top-up Loan facility over and above the existing home loan to meet their personal requirements.

Loan Amount: Rs 1 lakh- Rs 10 crore

LTV Ratio: 75% of residual value of house property

Tenure: should not exceed 70 years of age

 

BOB Credit Risk Guarantee Fund Scheme for Low Income Housing

Purpose: Under Credit Risk Guarantee Fund Scheme is an affordable housing scheme wherein the Credit Risk Guarantee Fund Trust offers a credit risk guarantee fund to lenders against their home loans of up to Rs 5 lakh offered to individuals belonging to Economically Weaker Sections and Low Income Groups in urban areas.

 

Frequently Asked Questions:

Q. What is the Bank of Baroda home loan interest rate?

Ans. Bank of Baroda Home Loan interest rate ranges between 8.40%-10.60% p.a.*

Salaried borrowers with high credit scores and income are eligible to get lower interest rates.

 

Q. What is the eligibility for a home loan from the Bank of Baroda?

Ans. The eligibility to avail of a home loan is set across the applicant’s age and income.

The age of the applicant should range between 18-70 years.

Further, the minimum income of the applicant should be Rs 25,000 along with a good credit score of 650 and above.

 

Q. Does the Bank of Baroda home loan include registration fees?

Ans. Various charges charged by banks on home loans include processing fees, registration fees, legal and technical fees, or MODT charges.

These may vary across lenders.

 

Q. What is the Bank of Baroda's home loan procedure?

Ans. You can apply for a Bank of Baroda home loan by contacting the bank directly or by applying through online marketplaces like apnarupee.com.

Availing of a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees.

Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, and eligibility calculation.

The bank will make a decision on your loan based on the evaluation results.

You can also apply by visiting the Bank of Baroda home loan application online portal and can check your Bank of Baroda online home loan status by logging into your customer account with Apnarupee.com.

 

Q. What is the maximum loan tenure I can opt for under the Bank of Baroda house loan?

Ans. Bank of Baroda offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

 

Q. Do I get tax benefits on a home loan from the Bank of Baroda?

Ans. As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of house finance under section 24 and section 80C of the Income Tax Act.

 

Q. Can I foreclose my home loan? What are the charges applicable?

Ans. Yes, you can foreclose your loan with nil charges.

 

Q. Can I transfer my house loan from another bank to the Bank of Baroda?

Ans. Yes, the Bank gives you the facility to transfer your existing loan with a hassle-free process.

Availing of loan transfers to the Bank of Baroda can allow you to save interest, pay lower EMIs, and save money.

 

Q. Can I club the income of my spouse with mine and apply for a joint home loan?

Ans. You can club the income of your spouse to increase your home loan eligibility if the spouse is a co-owner of the property or guarantor of the loan.

 

What is the benchmark applicable for a housing loan?

Ans. The benchmark applicable for home loans in the Bank of Baroda is RLLR.

 

Q. What is the effect of part prepayments on the Bank of Baroda housing finance EMI?

Ans. Part prepayments help you reduce the outstanding amount of the loan, which in turn will reduce the interest amount due.

After making part payments, paying the same Home loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

 

How to increase my eligibility for the Bank of Baroda housing loan?

Ans. If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your incomes will help you in increasing your eligibility to get a loan.

 

Does the Bank of Baroda offer a concessional home loan interest rate for women?

Ans. Yes, the Bank of Baroda offers special home loan interest rates for women.

 

Q. Can the Bank of Baroda's housing loan interest rate be negotiated?

Ans. Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with the Bank of Baroda to lower the home loan rates.