Bank of Baroda Home Loan

Features and Benefits of Bank of Baroda Home Loan

Given below are some of the features and benefits of Bank of Baroda home loan products:

• Bank of Baroda offers home loan products customised to meet the needs of every customer.
• The approved home loan amount depends on the income and geographical location of the applicant.
• Offers affordable interest rates, low processing charges and flexible repayment tenure of up to 30 years.
• No hidden fees or penalties for prepayment.
• The home loan interest rate is linked to the Baroda Repo Linked Lending Rate, which is reset on a monthly basis.
• The interest rate is charged on the reducing loan balance on a daily basis.
• There is a moratorium period of up to 36 months after the loan amount has been disbursed.
• Bank of Baroda also accepts collateral in the form of purchased or constructed property. Collaterals are also accepted in the form of shares, debentures, promissory notes, insurance policies, etc.

Bank of Baroda home loan helps you manifest your dream home hassle-free. With attractive home loan schemes up its sleeve, BOB offers extensive loan amounts of up to Rs. 10 crores at interest rates starting from 6.5% per annum for a maximum flexible tenure of 30 years. 

• 3-step instant loan approval in just 30 minutes
• Longer and flexible repayment tenure
• No processing fee

Eligibility Criteria for Bank of Baroda Home Loan

Given below are the basic eligibility criteria for availing of a Bank of Baroda home loan:

Eligibility Factor	Criteria
Age	For Applicant: Minimum age of 21 years Maximum age of 70 years For Co-applicant: Minimum Age of 18 years Maximum Age of 70 years
Type of Citizenship	Indian Resident NRI Person of Indian Origin
Employment Type	Self-Employed Salaried

Fees and Charges for Bank of Baroda Home Loan 

The table given below shows the various fees and charges associated with a Bank of Baroda Home Loan:

BOB Interest Rates	6.75% p.a. to 8.10% p.a.
Loan Amount	Upto Rs. 10 crores
Processing Charges	Up to 0.50% (Min. Rs. 8,500; Max. Rs. 25,000)
Penal Interest Rate	Not available
Prepayment Charges	Nil
Maximum Tenure	30 Years
Rate Packages Available	Floating only

Bank of Baroda Home Loan Interest Rates

The Bank of Baroda home loan interest rate is linked to the floating Repo Rate (RR). The table given below shows the interest rate for a Bank of Baroda Home Loan: 

Conditions	Interest Rate
For Public Scheme Members	6.50%
For Non-Staff Members	6.75% to 8.10%

Factors That Affect Bank of Baroda Home Loan Interest Rates

Given below are some of the factors that play a major role in determining the interest rate for your Bank of Baroda home loan:

Property Location

The location of the property you are availing the home loan for plays a huge role in properly determining the loan interest rate. A property in an up and coming location with various amenities and ready transport facilities has a better resale rate. Thus, it is more likely to attract affordable interest rates. 

Alternatively, loan providers are more likely to charge higher interest rates for properties with comparatively inferior amenities and connectivity. This is mostly because such property generally bears a lower resale value.

Loan Amount

Taking a well-informed decision about your home loan amount is one of the best ways to ensure that you get lower interest rates. Usually, it is good to pay at least 20% of the property value as a down payment. This can lower your total loan amount and the corresponding interest rates. A higher loan amount indicates a more potent risk to the loan provider. A moderate loan amount will lower the EMI amount and ensure reduced interest.

Credit Score

The applicant's credit score is one of the major factors impacting the home loan eligibility and corresponding interest rate. It is an indicator of your creditworthiness and risk to the loan provider. A low credit score may make the lender cautious about your repayment capacity and levy a higher interest rate. Alternatively, a higher CIBIL score can help you secure a loan with favourable terms and lower interest rates.

Applicant's Job Profile

Individuals who have a steady and stable source of income are considered to be more reliable borrowers than people with unstable incomes. Therefore, people with a steady income are offered lower rates of interest. This means applicants like salaried professionals, government employees, and private organisations will get lower interest rates for higher loan amounts.

Loan Tenure

Usually, home loans with shorter tenures attract more favourable interest rates. The longer your loan tenure, the higher your home loan interest rate will be. It is advised that you use the very convenient Urban Money Home Loan Eligibility Calculator to determine the best loan tenure applicable to your needs.

How Does Bank of Baroda Compare With Other Lenders?

The below provided table shows how a home loan from the Bank of Baroda compares with other home loan providers in the country:

Name of Lender	Interest Upto Rs 30 Lakhs	Interest for Rs 30 Lakhs to 75 Lakhs	Interest for Above Rs 75 Lakhs
SBI	6.70-7.65%	6.70-7.75%	6.70-7.85%
HDFC	6.70-8.45%	6.70-8.60%	6.70-8.70%
Axis Bank	6.75-11.50%	6.75-11.50%	6.75-11.50%
Kotak Mahindra Bank	6.55% onwards	6.55% onwards	6.55% onwards
PNB Housing Finance	6.99-12%	6.99-12%	7.15-12%
LIC Housing Finance	6.66-7.85%	6.66-8.05%	6.66-8.05%
L&T Housing Finance	6.75 – 7.75%	6.75 – 7.75%	6.75 – 7.75%

Required Documents for Bank of Baroda Home Loan

Given below are the set of documents that you will be required to submit to avail a home loan from the Bank of Baroda:

Identity Proofs (Any One)	Address/Residence Proofs	DOB Proofs
Passport	Voter ID card	Birth Certificate
PAN card	Aadhaar card	Passport
Driving licence	Passport	Voter ID
Aadhaar card	Copy of utility bills	Aadhaar card
Voter ID card	Driving Licence

Bank of Baroda Home Loan Customer Care Details

Given below is how you can reach Bank of Baroda customer care regarding any query or grievance regarding your home loan product: 

Toll-Free Numbers	18002584455 18001024455
By Post	Baroda Bhavan, 7th Floor, R.C. Dutt Road, Vadodara-390 007, (Gujarat), India.
E-Mail Address	[email protected]