Bank of Baroda - 10.85% for Loan Against Property - Loan Against Residential Property

Bank of Baroda is the most popular loan against property lender in the country.

BOB loan against property is ideal for all salaried, self-employed.

Borrowers can avail of BOB loan against property for business expansion with easy documentation and the quick processing fee.

BOB loan against property interest rate staring from 10.85%-16.50% p.a.*

Interest Rate	10.85%-16.50% p.a.*
Loan Amount	Rs 2 Lakh to Rs 10 Crore
Tenure	Up to 10 years
Processing Fee	Up to 1% (Rs 8,500 upfront-Rs 75,000)

Bank of Baroda LAP interest rate vary according to the borrower’s credit profile, property value and product category. 

 

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

 

BOB offers loan against property to meet your business as well as personal needs against the mortgage of your existing residential or commercial property.

Taking a loan from BOB has the following benefits:

1. Customized mortgage loan against immovable property.

2. BOB LAP is available as Term Loan, Overdraft or Demand Loan.

3. BOB LAP interest rates are competitive, starting at 10.85%-15.75%*

4. Processing fee is nominal at 1% for term loan and 0.35% for overdraft.

 

Factors Affecting BOB Loan against Property Interest Rates:

Loan amount: 

Property loan rates in BOB depend upon the loan amount you apply.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest.

Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

BOB offers differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

Your profession: 

BOB may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or

business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

 

BOB Loan Against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 3 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. 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

 

For Salaried employee:

1. Filled up loan application form

2. 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

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

Bank of Baroda Loan against Property: Offers & Schemes:

1. Bank of Baroda Term Mortgage Loan: 

Term mortgage loan where EMIs are repaid each month.

EMI constitutes interest as well as principal amount. 

The loan is sanctioned basis borrower’s repayment capacity & property value.

The property is pledged for a loan by bank.

 

Purpose: For any purpose other than speculative purposes

Loan Amount:

Minimum: Rs 2 lakh

Maximum: Metro branches- Up to Rs 10 crore

LTV Ratio: 60% on realizable value of immovable property

Tenure: Term Loan- Up to 10 years

Overdraft: – Up to 5 years

 

2. Bank of Baroda Overdraft (Against Land & Building)

Overdraft facility is available for pre-owned land and building structure. 

The eligibility depends on the applicant's credit profile. 

The facility is not open for NRIs.

There is no fixed EMI structure.

The interest is charged only for the amount utilized.

 

Frequently Asked Questions:-

Q. What is BOB loan against property interest rate?

Ans. HDFC offers loan against property at a rate of 10.55%-16.20% p.a.*  with the lowest EMI.

 

Q. What types of property are accepted as collateral for Mortgage Loan from Bank of Baroda?

 Ans. Self-owned (including rented out) residential or commercial properties like shops and complexes are accepted for Mortgage Loan.

You can also avail loan against plot.

 

Q. Can I avail a Top Up for my Bank of Baroda Loan against Property?

Ans. Yes, you can apply for a top up as well as OD facility with your Bank of Baroda loan against property.

The eligibility will be based on your past repayment record and overall credit profile.

 

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

Ans. Yes, you can foreclose your HDFC loan against property anytime you want with nil foreclosure charges.

 

Q. Can I apply for Loan against Property without income proof?

Ans. Income proof is one of the prerequisites for a loan approval.

The BOB assesses customer’s loan repayment capacity on the basis of net income.

You can submit different types of income proofs other than salary proof and business income proof.

The property rent receipts and pension statements are also acceptable as income proof.

 

Q. What is the maximum amount I can get as BOB loan against property?

Ans. Bank of Baroda extends Loan against Property up to 10 Crores.

The approval is based for up to 60% of the market value of collateral attached.