Bank of Baroda Home Loan

4.5

Bank of Baroda Home Loan is available worth up to Rs. 20 Crores at one of the lowest interest rates in the market. Band of Baroda has the ideal home loan solution whether you're buying a flat, building a house or remodelling your home. With a long tenure of up to 30 years, you can choose to repay the BOB home loan at your convenience. In addition, the institution offers a free credit card with home loans.

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Bank of Baroda Home Loan

  • Interest Rate

    8.4% - 10.6%

  • Loan Amount

    ₹10L - ₹10Cr

  • EMI Per Lakh

    ₹2,047 - ₹2,154

  • Processing Fees

    NIL
  • Pre-Payment Charges

    NIL

Plan Offered

Term Loan

Showing Data for CIBIL Score 800 - 1000

Baroda Home Loan With Insurance

  • CIBIL: 800 - 1000

  • CIBIL: 771 - 799

  • CIBIL: 751 - 770

Baroda Home Loan With Insurance

CIBIL: 800 - 1000

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CIBIL Score range

  • CIBIL: 800 - 1000

  • CIBIL: 771 - 799

  • CIBIL: 751 - 770

  • CIBIL: 726 - 750

  • CIBIL: 0 - 0

  • CIBIL: 771 - 1000

  • CIBIL: 751 - 770

  • CIBIL: 726 - 750

  • CIBIL: 701 - 725

  • CIBIL: 0 - 0

  • CIBIL: 701 - 725

  • CIBIL: 0 - 700

Showing Data for CIBIL Score 800 - 1000

  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Upto 30 LacsNew8.40%8.40%
Above 30 LacsNew8.40%8.40%
  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiUpto 30 LacsNew8.40%8.40%
Above 30 LacsNew8.40%8.40%
PuneUpto 30 LacsNew9.15%9.15%
Upto 30 LacsNew8.40%8.40%
Above 30 LacsNew8.60%8.60%
Above 30 LacsNew8.40%8.40%
Pimpri-ChinchwadUpto 30 LacsNew8.40%8.40%
Above 30 LacsNew8.40%8.40%

Last updated on: 18, Jun 2024

Overdraft

Showing Data for CIBIL Score 771 - 1000

Baroda Home Loan Advantage With Insurance

  • CIBIL: 771 - 1000

  • CIBIL: 751 - 770

  • CIBIL: 726 - 750

Baroda Home Loan Advantage With Insurance

CIBIL: 771 - 1000

View more

CIBIL Score range

  • CIBIL: 771 - 1000

  • CIBIL: 751 - 770

  • CIBIL: 726 - 750

  • CIBIL: 701 - 725

  • CIBIL: 0 - 0

  • CIBIL: 771 - 1000

  • CIBIL: 751 - 770

  • CIBIL: 726 - 750

  • CIBIL: 701 - 725

  • CIBIL: 0 - 0

Showing Data for CIBIL Score 771 - 1000

  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Upto 75 LacsNew8.60%8.60%
75 Lacs to 20 CrNew8.90%8.90%
  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiUpto 75 LacsNew8.60%8.60%
75 Lacs to 20 CrNew8.90%8.90%

Last updated on: 18, Jun 2024

Features and Benefits of Bank of Baroda Home Loan

Attractive Interest Rates

Apply for Bank of Baroda home loan to get competitive interest rates on home loans, making it more affordable for borrowers to repay their loans over time. It can go as low as 9.15%, depending upon the borrower.

Flexible Repayment Tenure

Bank of Baroda offers a flexible repayment tenure, allowing borrowers to select a duration that aligns with their financial capacity, providing ease in loan management and ensuring a comfortable loan repayment experience. 

Balance Transfer Facility

Bank of Baroda offers a convenient Balance Transfer Facility, enabling borrowers to seamlessly transfer their existing home loans from other financial institutions to Bank of Baroda. By opting for this service, borrowers can take advantage of more favourable interest rates and other advantageous terms, leading to potential cost savings and reduced EMI burden.

Pradhan Mantri Awas Yojana (PMAY)

PMAY is a government scheme offering affordable housing benefits to eligible borrowers, catering to various income groups and promoting improved living standards.

Bank of Baroda Home Loan Apply Online

Bank of Baroda facilitates an easy and convenient online application process, enabling customers to apply for Bank of Baroda home loan from the comfort of their homes.

Don't miss to Check: Bank of Baroda Home Loan Interest Rates

Bank of Baroda Home Loan Overview

Bank of Baroda's home loan is designed to assist eligible individuals in financing residential property purchase, construction, renovation, or improvement. The bank offers competitive interest rates and flexible repayment options, ensuring a smooth and affordable home-buying process. With a customer-centric approach and simplified application procedures, Bank of Baroda strives to turn homeownership dreams into a reality for its customers, providing comprehensive financial support for their housing aspirations.

Bank of Baroda Home Loan Fees and Charges

Before you apply for a Bank of Baroda home loan, it's essential to be aware of the various fees and charges associated with the loan. Banks and lending institutions typically impose a one-time charge known as the Home Loan processing fee on various Home Loan products. This fee is separate from the loan amount and is paid by the borrower to cover the costs incurred by the lender or bank during the loan processing. While some banks may offer special waivers on these processing charges, Bank of Baroda, for instance, may charge around Rs. 8,500, depending on the property's value and loan type. Additionally, fees for loan top-ups may vary, so it is advisable to seek advice from a consultant before proceeding with the loan application.

Documents Required for Bank of Baroda Home Loan

Applicants need to submit a few documents when applying for a Bank of Baroda home loan. A few of them being:

Proof of Identity

  • Passport
  • Aadhaar Card
  • Driving License
  • Voter ID

Proof of Address

  • Recent utility bills like electricity, water, or gas bills indicating the applicant's residential address
  • Passport
  • Ration Card
  • In the case of rented accommodation, a registered rental agreement may be submitted as address proof.

Income Proof

  • Latest salary slips showcasing the applicant's monthly income and deductions (applicable to salaried individuals).
  • Bank statements for the last six months reflecting the applicant's income and financial transactions.
  • Filed income tax returns for the previous financial years, demonstrating the applicant's income details (for salaried and self-employed individuals).

Other Documents 

  • Property's NOC
  • Building plan approval
  • Completion certificate
  • Recent passport-size photographs

How does the EMI calculation work for the Bank of Baroda Home Loan?

Bank of Baroda uses the Equated Monthly Installment (EMI) method for loan repayments. Borrowers pay a fixed EMI each month, comprising the principal amount and interest. EMI calculation considers loan amount, interest rate, and chosen repayment tenure. This structured approach ensures predictability and easier financial planning for borrowers. The system streamlines the loan repayment process, facilitating a seamless borrowing experience. Customers can confidently manage their loan obligations with clarity and transparency. The EMI calculation depends on the loan amount, interest rate, and the chosen repayment tenure. 

The formula to calculate EMI is: 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Where,

  • P = Loan principal amount
  • R = Monthly interest rate
  • N = Loan tenure in months

Don't miss to Calculate Your EMI: Bank of Baroda Home Loan EMI Calculator

Balance Transfer Bank of Baroda Home Loan

If a borrower already has a home loan from another financial institution, they have the option to transfer it to the Bank of Baroda through the balance transfer facility. This borrower-friendly provision empowers individuals to capitalise on the potential benefits of lower interest rates and improved loan terms, which can ultimately lead to a reduced EMI burden and enhanced savings over the loan tenure. However, borrowers should exercise caution and conduct a comprehensive evaluation of the associated costs and potential advantages before opting for a balance transfer. Careful consideration of the overall impact is essential to ensure that the balance transfer brings significant financial advantages to the borrower. Seeking advice from financial experts or consultants can be beneficial in making an informed decision.

Don't miss to Check: Home Loan Balance Transfer Calculator

FAQs

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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