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Bank of Baroda Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Bank of Baroda 2022

Last Updated 18th Jan 2022

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
Home Loan Eligibility Calculator

What is Bank of Baroda Home Loan Eligibility?

Bank of Baroda offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Bank of Baroda home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Bank of Baroda home loan using the Bank of Baroda home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Bank of Baroda?

Bank of Baroda Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

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. The minimum Bank of Baroda home loan age limit to get a Bank of Baroda home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. 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 60 of tenure.

Bank of Baroda Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Bank of Baroda home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Bank of Baroda, the loan amount that you will be eligible for would be ₹ 28,62,226 to ₹ 51,41,852 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 57,24,452 to ₹ 1,02,83,703 for the same property at the same rate depending on your age at the time of loan application. However, Bank of Baroda asks for a net monthly income of ₹ 40,000 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years51.42 Lakh77.13 Lakh1.03 Cr
30 years51.42 Lakh77.13 Lakh1.03 Cr
35 years48.13 Lakh72.20 Lakh96.27 Lakh
40 years43.59 Lakh65.39 Lakh87.18 Lakh
45 years37.31 Lakh55.96 Lakh74.62 Lakh
50 years28.62 Lakh42.93 Lakh57.24 Lakh

You may consider repaying any loans with short tenure and high EMI 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.

Home Loan Eligibility Bank of Baroda based on Value of Property

  • Value of property: Bank of Baroda does 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%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Bank of Baroda's legal team.

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

Bank of Baroda Housing Loan Eligibility Calculator based on FOIR

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

Bank of Baroda Home Loan Eligibility for Women

Bank of Baroda offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Bank of Baroda Home Loan

Bank of Baroda considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Bank of Baroda. However, a low CIBIL score reduces your chances to get a home loan. Bank of Baroda requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Bank of Baroda Home Loan Eligibility?

You can enhance the Bank of Baroda home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Bank of Baroda’s Home Loan Eligibility Calculator?

To check Bank of Baroda home loan eligibility perform the following steps:-

  • Go to the Bank of Baroda website
  • Now navigate to the option Bank of Baroda home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1800-258-4455/ 1800-102-4455.

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.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Bank of Baroda.

Is Bank of Baroda good for home loan?

The lowest interest rate provided by Bank of Baroda is 6.50% 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.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Bank of Baroda Home Loan News - Jan 2022
  • 2021-12-14 : Bank of Baroda Introduces Wearable Products for Small-ticket payments.
    Bank of Baroda has launched wearable products for making payments up to Rs 5,000. These products will allow you to make payments without a PIN while shopping on the PoS machine.
  • 2021-11-11 : Bank of Baroda Reports Profit in Q2
    Bank of Baroda has reported a 24% year-on-year rise in standalone profit for quarter two. As a result, the profit increased from ₹1,679 crore to ₹2,088 crores.
  • 2021-09-17 : Bank of Baroda Slashes Home Loan Interest Rate
    Bank of Baroda (BOB) has introduced a festive offer #KhushiyonKaShreeGanesh. The lender has reduced the home loan interest rate to 6.75%. Along with a slashed interest rate the bank has also waived off processing fees.
  • 2021-09-06 : Bank of Baroda is offering a promising home loan
    Bank of Baroda is offering attractive offers on home loans. The lender is offering lower interest rates and longer tenure. A borrower can loan approved within 30 minutes digitally.
  • 2021-08-09 : Bank of Baroda posts Q1 profit of Rs 1,209 crore
    Bank of Baroda has clocked a standalone profit after tax of Rs 1,209 crore in the quarter ended in June 2021 on higher growth in net interest income (NII) and lower provisioning for bad loans. The bank reported a net loss of Rs 864 crore on a standalone basis in the corresponding quarter of the previous fiscal.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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