Bank of Baroda Home Loan Interest Rates

4.5

Bank of Baroda offers home loan to individuals looking to purchase a new home or renovate an existing one. The loan can be availed for purchasing a ready-to-move-in property or an under-construction one. The bank offers home loans at competitive interest rates starting at 8.60%, along with flexible repayment options.

  • Home Loan offer for You

  • 8.4% - 10.6%

    Interest Rate (p.a.)
  • ₹10L - ₹10Cr

    Tenure(5 - 30 Years)
  • ₹2,047 - ₹2,154

    EMI Per Lakh

Check Latest Home Loan Offer From Bank of Baroda

  • 8.4% - 10.6%

    Interest Rate (p.a.)
  • ₹10L - ₹10Cr

    Tenure(5 - 30 Years)
  • NIL

    Processing Fee

Compare Bank of Baroda Home Loan Interest Rates with Other Lenders

A comparison of the Bank of Baroda Home Loan Interest Rates with those of top banks in the industry is tabulated below:

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Bank of Baroda Home Loan Interest Rates 2024

The Bank of Baroda offers home loans with an interest rate of 8.60% per annum. The actual interest rate offered may vary based on the borrower's credit score, loan amount, and other factors. It is important to note that these rates are subject to change and may vary based on the bank's policies and market conditions. It is advisable to check with the bank for the most updated interest rates before applying for a home loan.

Bank of Baroda Home Loan Highlights

The Bank of Baroda Home Loan highlights are listed below:

  • Competitive interest rates: Bank of Baroda offers attractive interest rates on its home loans, making it an affordable option for borrowers.
  • Multiple loan tenures: Borrowers can choose from a range of loan tenures from 1 year to 30 years, depending on their needs and financial capabilities.
  • Wide range of loan amounts: Bank of Baroda offers home loans starting from INR 1 lakh to INR 10 crores, giving borrowers the flexibility to choose the loan amount that best suits their needs.
  • Attractive offers and discounts: Bank of Baroda offers various discounts and offers on its home loans, including discounts for government employees, women borrowers, and senior citizens.
  • Easy application process: Bank of Baroda has a simple and hassle-free application process for its home loans, making it easy for borrowers to apply for a loan.
  • Quick disbursal: Bank of Baroda has a quick disbursal process, ensuring that borrowers receive their loan amount within a short time frame.
  • Doorstep service: Bank of Baroda offers doorstep service, allowing borrowers to apply for a loan and complete all the formalities from the comfort of their homes.
  • Quick loan processing: Bank of Baroda has a quick process, ensuring that borrowers receive their loan amount within a short time frame.
  • Online account access: Bank of Baroda offers online account access, allowing borrowers to check their loan details, make payments, and view their statements of accounts from the comfort of their homes.

Bank of Baroda Interest Rates on Home Loan schemes

Bank of Baroda is one of the leading nationalised banks in India that offers a range of home loan schemes to cater to the diverse needs of its customers. These schemes are designed to help individuals fulfil their dream of owning a home by providing them with financial assistance at competitive interest rates.

Baroda Home Loan

Product Repo Rate + Spread Effective Rate of Interest
Baroda Home Loan for Non-Staff Members
  • Salaried: BRLLR - 0.25% to BRLLR + 1.35%
  • Non-Salaried: BRLLR - 0.20% to BRLLR + 1.45%
  • Salaried: 8.60% to 10.20%
  • Non-Salaried: 8.65% to 10.30%
Baroda Home Loan for Staff Members BRLLR 8.85%

Baroda Home Loan Advantage

Product Repo Rate + Spread Effective Rate of Interest
Up to INR 75 lakhs
  • Salaried: BRLLR - 0.25% to BRLLR + 1.35%
  • Non-Salaried: BRLLR - 0.20% to BRLLR + 1.45%
  • Salaried: 8.60% to 10.20%
  • Non-Salaried: 8.65% to 10.30%
Above INR 75 lakhs
  • Salaried: BRLLR to BRLLR + 1.60%
  • Non-Salaried: 0.50% to BRLLR + 1.70%
  • Salaried: 8.85% t0 10.45%
  • Non-Salaried: 8.90% to 10.55%

Baroda Home Improvement Loan

Product Repo Rate + Spread Effective Rate of Interest
Baroda Home Improvement Loan for Non-Staff Members
  • Salaried: BRLLR - 0.25% to BRLLR + 1.35%
  • Non-Salaried: BRLLR - 0.20% to BRLLR + 1.45%
  • Salaried: 8.60% to 10.20%
  • Non-Salaried: 8.65% to 10.30%
Baroda Home Improvement Loan for Staff Members BRLLR 8.85%

Baroda Top Up Loan for Residents, NRIs, and POIs

Product Repo Rate + Spread Eligibility
Baroda Top Up 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% Salaried and Non-Salaried

Baroda Suvidha Personal Loan

Product Repo Rate + Spread
Baroda Home Suvidha Personal Loan Applicable ROI on Home Loan including Risk premium (if applicable) (based on current BRLLR) + Strategic Premium + 0.50%

Credit Risk Guarantee Fund for Low Income Housing

Product Repo Rate + Spread Effective Rate of Interest
Baroda CRE Home Loan up to INR 75 lakhs
  • Salaried: BRLLR to BRLLR + 1.60%
  • Non-Salaried: BRLLR + 0.05% to BRLLR + 1.70%
  • Salaried: 8.85% to 10.45%
  • Non-Salaried:  8.90% to 10.55%
Baroda CRE Home Loan above INR 75 lakhs
  • Salaried: BRLLR + 0.25% to BRLLR + 1.85%
  • Non-Salaried:BRLLR + 0.30% to BRLLR + 1.95%
  • Salaried: 9.10% to 10.70%
  • Non-Salaried:  9.15% to 10.80%

Bank of Baroda Home Loan Interest Rate and Other Charges

A home loan is associated with various fees and charges. This includes the interest rate, processing fees, prepayment charges, and any other charges that may apply. It is essential to understand all of these charges before you decide to take out a home loan, as they can significantly affect the overall cost of your loan. By understanding the interest rate and other charges, you can make an informed decision and choose a home loan that best fits your financial needs.

Interest rates 7.45% - 8.80% per annum 
Processing fees
  • 0.25%-0.50% of the loan amount
  • Minimum - INR 7,500
  • Maximum - INR 20,000

How to Calculate Bank of Baroda Home Loan Interest?

To calculate the Bank of Baroda home loan interest, follow these steps:

  • Determine the loan amount: This is the amount you want to borrow from the bank for your home purchase.
  • Determine the interest rate: Bank of Baroda offers home loans at floating and fixed interest rates. The current interest rate can be found on the bank's website or by contacting the bank directly.
  • Calculate the monthly instalment: The monthly instalment is the amount you need to pay each month towards the loan. To calculate this, use the following formula: 

EMI: (P x I) x ((1 + r)n)/ (t x ((1 + r)n)- 1)

  • Calculate the total interest: To calculate the total interest, you will need to multiply the monthly instalment by the months you will be paying the loan. For example, if you have a loan of INR 50 lakhs at an interest rate of 8% for 20 years, the total interest would be:

Total interest = Monthly instalment * (12 * 20)

  • Calculate the full repayment: To calculate the total repayment, you need to add the loan amount and the total interest. This will give you the total amount you will need to pay back to the bank.

Factors that affect Bank of Baroda Home Loan Interest Rate and EMI

  • Type of loan: Different types of home loans come with different interest rates. For example, a fixed-rate home loan has a fixed interest rate throughout the loan tenure, while a floating-rate home loan has an interest rate that fluctuates with the market.
  • Loan amount: The higher the loan amount, the higher the interest rate and EMI. This is because lenders consider the risk of lending a large sum of money higher.
  • Tenure of the loan: A longer loan tenure means lower EMIs, but a higher overall interest payment.
  • Credit score: A higher credit score indicates a lower risk of default, leading to a lower interest rate on a loan.
  • Type of property: Lenders may charge a higher interest rate for properties deemed risky or difficult to sell in the event of default.
  • Location of property: Properties in specific locations may be considered riskier and therefore have a higher interest rate.
  • Income: A higher income may qualify you for a lower interest rate as it indicates the borrower's ability to repay the loan.
  • Relationship with the bank: Being an existing customer or having a good relationship with the bank may result in a lower interest rate.

Frequently Asked Questions (FAQs)

What's the interest rate for the Bank of Baroda?

The Bank of Baroda offers home loans with an interest rate of 7.45% – 8.80% per annum.

Does the Bank of Baroda provide a 90% home loan?

Yes, the Bank of Baroda provides an LTV subject to the loan amount.

What is the EMI for a 30 lakhs home loan for 20 years?

The EMI for INR 30 lakhs for 20 years for 8.60% p.a interest rate is INR 26,225.

How can I reduce my Bank of Baroda home loan interest rate?

One option is to negotiate with the bank for a lower rate. This can be done by demonstrating a strong credit score, a stable income, and a low debt-to-income ratio. Another option is to consider refinancing your home loan with a different lender who may offer a lower interest rate.

Urban Money