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Bank of Baroda Home Loan Eligibility Calculator

Bank of Baroda Home Loan Eligibility in India 2021

Last Updated 16th Apr 2021

Eligibility CriteriaBank of Baroda Home Loan
Eligible Age of Borrower21 - 60 years
Minimum Eligible Income ₹ 40,000 and above
Work Experience for Salaried2 years
Business Stability for Self Employed3 years
  • Bank of Baroda home loan eligibility is calculated based on your age, income, property value and repayment capacity.
  • Increase your Bank of Baroda housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan
Home Loan Eligibility Calculator

Bank of Baroda Home Loan Eligibility based on Salary

Bank of Baroda offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Bank of Baroda:

  • Net income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by Bank of Baroda, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be ₹ 28,30,416 to ₹ 50,10,807 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,60,832 to ₹ 1,00,21,614 for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years50.11 Lakh75.16 Lakh1 Cr
30 years50.11 Lakh75.16 Lakh1 Cr
35 years47.04 Lakh70.56 Lakh94.08 Lakh
40 years42.74 Lakh64.11 Lakh85.49 Lakh
45 years36.73 Lakh55.09 Lakh73.45 Lakh
50 years28.30 Lakh42.46 Lakh56.61 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Bank of Baroda home loan eligibility.

  • Nature of employment: Bank of Baroda will check whether you are salaried or self employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Bank of Baroda requires minimum income history and job stability of more than 2 years for salaried individuals and of 3 years for self employed individuals.

Bank of Baroda Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. Bank of Baroda home loan age limit to get the loan is 21 years of age at the time of loan commencement. Bank of Baroda offers home loans for a maximum period of 30 years subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 years for salaried borrowers and 30 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years30 years30 years
30 years30 years30 years
35 years25 years30 years
40 years20 years25 years
45 years15 years20 years
50 years10 years15 years

Home Loan Eligibility Bank of Baroda based on Value of Property

  • Value of property: Bank of Baroda will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

The housing loan eligibility calculator Bank of Baroda can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Bank of Baroda Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, Bank of Baroda will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to Bank of Baroda will get approved. However, low CIBIL score will decrease your eligibility to get home loan. Bank of Baroda requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Bank of Baroda.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Bank of Baroda, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator Bank of Baroda for quick calculation of your home loan eligibility.

Bank of Baroda Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter that Bank of Baroda uses to determine your Bank of Baroda home loan eligibility. Bank of Baroda considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for home loan from Bank of Baroda is 0.65. Calculate your eligibility with Bank of Baroda home loan calculator and apply for eligible loan amount hassle free.

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FAQs

What is the criteria to get Bank of Baroda home loan?

The basic criteria to get a home loan from Bank of Baroda are as following:

Age21 - 60 years
Income ₹ 40,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Bank of Baroda?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Bank of Baroda?

The minimum salary required to avail home loan from Bank of Baroda is ₹ 40,000.

Is Bank of Baroda good for home loan?

The lowest interest rate provided by Bank of Baroda is 6.75% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Bank of Baroda Home Loan News - Apr 2021
  • 2021-03-25 : Bank of Baroda reduced its home loan rates
    With effect from 15 March 2021, Bank of Baroda revised its home loan rates. The new home loan rates start at 6.75%.
  • 2021-03-17 : BOB to focus on new digital platform to expand retail lending
    Bank of Baroda is planning to expand its retail loans portfolio which include home, personal, LAP, gold, two-wheeler and car loans through a self made digital lending platform. The digital platform assesses credit risk through varied public and private data points like bank account statements, tax statements and consumption trends.
  • 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
  • 2020-12-28 : BOB launches Digital Lending Platform
    Bank of Baroda launched the Digital Lending Platform. The platform will allow to enables prospective customers to avail retail loan like home, personal, car, gold and two-wheeler and education loans digitally. The main objective of the initiative is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization.
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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