Bank of Baroda (BoB) provides home loans starting at an annual interest rate of 8.40% for tenures of up to 30 years and loan amounts up to Rs 20 crores. Additionally, it extends a balance transfer facility to current home loan borrowers from other banks and housing finance companies, offering lower interest rates. The bank also presents pre-approved home loans with in-principle approval before the identification of the property, which remain valid for 4 months.
Bank of Baroda (BoB) Home Loan Highlights |
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|---|---|
| Processing Charges | NIL |
| Interest Rate | 8.40% – 10.90% |
| Loan Amount | Up to Rs 20 Crore |
| Loan Tenure | Up to 30 years |
| Table of Contents | ||
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| Compare Interest Rates offered by other Lenders | ||
| Interest Rates | ||
| Types of Home Loan offered by Bank of Baroda | ||
| Eligibility Criteria | ||
| Documents Required | ||
| EMI Calculator | ||
| FAQs | ||
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
Baroda Housing Loan and Home Improvement Loan
| For Salaried | 8.40% - 10.60% p.a. |
| For Non-Salaried | 8.40% - 10.60% p.a. |
Baroda Home Loan Advantage
| Up to Rs 75 lakh | 8.40% - 10.60% p.a. |
| Above Rs 75 lakh | 8.65% - 10.85% |
Baroda Home Loan
Purpose: Bank of Baroda provides loans to people who want to buy a home, build a house, buy land, or expand their current property.
Loan Amount: Rs 1 crore-Rs 20 crore
- Urban Areas- Up to Rs 3 crore
- Semi-urban and Rural- Up to Rs 1 crore
- Chandigarh, Panchkula and Mohali- Up to Rs 5 crore
- Mumbai- Up to Rs 20 crore
- Other Metro Cities- Up to Rs 7.50 crore
Tenure: Up to 30 years
LTV Ratio:
- Loan Amount Up to Rs 30 lakh : 90%
- Loan Amount above Rs 30 lakh-Rs 75 lakh : 80%
- Loan Amount above Rs 75 lakh : 75%
Baroda Home Loan Advantage
Purpose: With Baroda Home Loan Advantage, customers can use it for various purposes like buying or building a house, purchasing residential land, extending their existing home, or transferring their home loan balance. This facility also includes a linked overdraft account, which works like a savings account. Customers can deposit their savings into this account and withdraw money as needed. The balance in the savings account is subtracted from the outstanding home loan amount, helping to reduce the borrower's interest costs.
Loan Amount: Rs 1 crore-Rs 20 crore
- Urban Areas- Up to Rs 3 crore
- Semi-urban and Rural- Up to Rs 1 crore
- Mumbai- Up to Rs 10 crore
- Other Metro Cities- Up to Rs 5 crore
Tenure: Up to 30 years
LTV Ratio:
- Loan Amount Up to Rs 30 lakh : 90%
- Loan Amount above Rs 30 lakh-Rs 75 lakh : 80%
- Loan Amount above Rs 75 lakh : 75%
Home Improvement Loan
Purpose: Customers can use the Baroda Home Improvement Loan to renovate or repair their existing homes. This includes purchasing new furniture, furnishings, and fittings such as fans, geysers, air conditioners, air purifiers, water filters, and more.
Loan Amount: Up to Rs 50 lakh
Tenure: Up to 15 years
LTV Ratio:
- Loan Amount Up to Rs 30 lakh : 90%
- Loan Amount above Rs 30 lakh-Rs 75 lakh : 80%
- Loan Amount above Rs 75 lakh : 75%
Baroda Home Loan Takeover Scheme
Purpose: If you already have a home loan from another bank or housing finance company (HFC), you can transfer it to Bank of Baroda through their Home Loan Balance Transfer facility. This allows you to switch your existing home loan to Bank of Baroda at lower interest rates.
Loan Amount: Rs 1 crore-Rs 20 crore
- Urban Areas- Up to Rs 3 crore
- Semi-urban and Rural- Up to Rs 1 crore
- Chandigarh, Panchkula and Mohali- Up to Rs 5 crore
- Mumbai- Up to Rs 20 crore
- Other Metro Cities- Up to Rs 7.50 crore
Tenure: Up to 30 years
LTV Ratio:
- Loan Amount Up to Rs 30 lakh : 90%
- Loan Amount above Rs 30 lakh-Rs 75 lakh : 80%
- Loan Amount above Rs 75 lakh : 75%
Baroda Top-up Loan
Purpose: Existing home loan borrowers, including Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), can access the Home Loan Top-up facility from Bank of Baroda. This allows them to borrow additional funds on top of their existing home loan to meet their personal financial needs.
Loan Amount: Rs 1 lakh- Rs 10 crore
Tenure: should not exceed beyond 70 years of age
LTV Ratio: 75% of residual value of house property
Baroda Pre-Approved Home Loan
Purpose: People who are planning to buy a home but haven't found the right property yet can apply for the Baroda Pre-approved Home Loan. With this facility, they receive an in-principle home loan sanction letter valid for four months, based on their eligibility. Having this pre-approved letter can give them more negotiating power when they find a property they like.
Also Read : Best Home Loan EMI Calculator
Age
- Minimum Age: 18 years
- Maximum Age: 70 years
Residency Status
- Resident Indian
- Non-Resident Indian (NRI)
- Person of Indian Origin (PIO)
Type of Employment
- Salaried
- Self-employed
Minimum CIBIL Score- 701
Also Read : Best Home Loan Eligibility
Bank of Baroda has specified a detailed list of documents required for availing Bank of Baroda Home Loan. Below mentioned is the document list for different occupation profiles.
List of common documents
- Duly filled in application form (with a photograph of the applicant)
- Proof of Residence (Aadhaar Card, Voter’s ID Card, Passport, Driving License, Ration Card, etc.)
- Proof of Age (PAN card, Aadhaar Card, Voter’s ID Card, Birth Certificate, Passport, Driving License, etc.)
- Proof of assets held such as LIC, NSC, KVP, MF, Property
- Asset and liability statement
- ITR verification report
Additional Documents Required
For Salaried Individuals
- Latest 3 months’ salary slip and 1 month salary slip for guarantor
- Copy of employee ID card issued by the employer
- Past 1 year ITR and Form 16 of applicant and guarantor
- Bank account statement for past 6 months or Bank account number if the account is with Bank of Baroda
- Appointment letter, confirmation letter, promotion letter or increment letter evidencing the duration of employment
For Self-employed Individuals/Professionals/Others
- Balance sheet and profit and loss account with income computation for last 2 years
- ITR for last 2 years, 26AS, Traces
- IT assessment, clearance certificate, Income Tax challan, TDS certificate (Form 16A), Form 26AS for income declared in ITR
- Business Proof: Gomasta License, Service Tax Registration, Registration Certificate, etc.
In case of applicants engaged in business through Partnership Firm/Private Ltd. Company
- Address Proof or PAN Card of Firm/Company
- ITR and audited results of last 2 years of Firm or Company
- Memorandum and AOA of the company
- Current account statement for last 1 year
Also Read : Best Home Loan Documents Required
1. What is the minimum credit score required to avail home loans from Bank of Baroda?
Bank of Baroda has not specified the cut-off credit score for home loan applicants. However, the applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
2. What is the current home loan interest rate in Bank of Baroda?
Bank of Baroda home loan interest rate start from 8.40% p.a. onwards. The bank offers differential interest rates depending on the credit profile, loan amount and occupation profile of its home loan applicant.
3. How to calculate Bank of Baroda Home Loan interest cost?
Bank of Baroda Home Loan interest cost can be calculated with the help of home loan EMI calculator. Applicants can enter the loan amount, loan tenure and interest rate in the EMI calculator and get the interest cost and EMIs payable instantly.
Also read: Best Home Loan Balance Transfer
4. How to check home loan eligibility of Bank of Baroda?
Applicants can check the home loan eligibility of Bank of Baroda with the help of Bank of Baroda home loan eligibility calculator. Applicants need to fill in the gross monthly salary, date of birth, loan tenure, CIBIL Score, other EMIs and monthly tax deductions and then, get the loan amount they are eligible for.
5. How to apply for a home loan in Bank of Baroda?
Prospective home loan borrowers can apply for Bank of Baroda Home Loan directly through the official website of the bank. The applicants can click on the “Apply Online” button on the Bank of Baroda Home Loan page, fill in the required details, click on “Proceed” and complete the application form.
6. Can I prepay my home loan availed from Bank of Baroda?
Yes, you can prepay your home loan availed from Bank of Baroda. The bank does not levy any prepayment charges on home loan availed at floating rate of interest.
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