Bank of Baroda Home Loan
BoB or Bank of Baroda offers a broad spectrum of home loans to fulfil all your home buying needs at the lowest interest rates. Catering to all customer types, including salaried, self employed, and NRIs, Bank of Baroda offers extensive home loan amounts ranging from �1 crore to �20 crores with a maximum tenure of 30 years. And if you'sre worried about repayments, count on Urban Money'ss expert guidance for better loan management. Calculate your EMI and apply for a BoB home loan today!
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:
|Type of Citizenship||
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|
|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:
|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:
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.
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.
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.
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|
|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]|
From refinancing to reducing your interest, we have the answers right here.
How much home loan should I take?
It is always advised to carefully analyse your monthly income and expenses before deciding on a loan amount. You should ensure that you have adequate funds to repay the loan amount after subtracting your monthly obligations.
What is the average tenure for a Bank of Baroda home loan?
Bank of Baroda usually sanctions a home loan with a maximum tenure of up to 30 years. However, under no circumstances will the home loan term be more than retirement age or 65 years (whichever is earlier).
What is the ideal CIBIL score for a Bank of Baroda Home Loan?
Bank of Baroda usually takes an all-inclusive view of home loan applications. This means that the applicant’s credit score is not the only criteria determining the borrower’s eligibility. However, lenders usually view a credit score over 700 as the ideal lending score.
What are the prepayment charges on BOB home loans?
Currently, the Bank of Baroda does not charge any prepayment fees towards the early repayment of a home loan.
What are the processing charges for a Bank of Baroda home loan?
Currently, the Bank of Baroda charges no processing fee on most of their home loan products. However, certain products attract a processing fee of 0.5% of the approved loan amount.
Does the Bank of Baroda offer higher interest rates to non-salaried applicants?
Yes, the Bank of Baroda charges an additional 0.10% interest from non-salaried applicants.
Does adding a co-applicant improve approval chances?
Yes, applying with a co-borrower has improved chances of acquiring a Bank of Baroda home loan. Bank of Baroda accepts immediate relatives of the applicant as a qualified co-borrower. However, if the co-applicant is not a close relative, they should be the joint owner of the property in question.
Should I also add my spouse's salary while applying for a BOB home loan?
Yes, you can also consider your spouse’s salary while applying for a BOB home loan. However, this is only applicable if your spouse is the co-applicant for the loan.
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