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Bank of Baroda Home Loan Interest Rate Calculator - Jul 2017

Last Updated 22nd Jul 2017

Bank of Baroda Home Loan Interest Rates

Interest Rate 8.35% - 9.60%
Check Best Offers
Lowest EMI Rs. 758 per lakh
Max Tenure 30 years
Processing Fee Upto 0.50%
Minimum Rs. 7,500 Maximum Rs. 20,000
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
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Bank of Baroda Home Loan

Bank of Baroda offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Bank of Baroda has the following benefits:

  • Fast home loan approval
  • Nil prepayment charges for floating rate home loans
  • Affordable and attractive interest rates

Bank of Baroda Home Loan Interest Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

Bank of Baroda Floating Rate Home Loans

Product Interest Rates
Bank of Baroda Home Loan Floating 8.35%
Details+
Baroda Home Loan Advantage 8.35% - 8.60%
Details+
Baroda Pre Approved Home Loan 8.35%
Details+
Baroda Home Loan Suraksha Personal Loan 8.35%
Details+

Bank of Baroda home loan interest rate depends upon

  • Loan amount: Housing loan rate in Bank of Baroda depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: Bank of Baroda also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

Bank of Baroda Eligibility Criteria

Bank of Baroda has detailed criteria to determine a potential borrower’s eligibility for housing loans. Some of the key criteria are:

Bank of Baroda Home Loan Eligibility Criteria
Age 21 - 60 years
Minimum Income Rs. 20,000
Job Stability in case of Salaried (in years) 2 years
Business Stability in case of Self Employed (in years) 3 years
Minimum Credit Score 650 and above
Loan Amount Rs. 1,500,000 to Rs. 100,000,000
Loan to Value Ratio Upto 90%
FOIR (Fixed Obligations to Income Ratio) Up to 0.65
  • Age: Age plays an important role to know your eligibility and repayment capacity. Bank of Baroda offers loan to salaried at the age of 21 to 60 years and self- employed individuals at 21 to 65 years. A borrower taking a home loan at the age of 50 cannot get a loan of more than 10 years, which may result in lower loan eligibility and monthly EMI given higher servicing burden on his existing income. A person taking a loan at the age of 25, can get loan of up to 30 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility
  • Income: In case of salaried person, loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Bank of Baroda asks for net monthly income of minimum Rs. 20000. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for home loan. In case you are salaried, you must be in a full time job for at least 2 years. In case you are self-employed, minimum turnover and minimum net income criteria may apply. Bank of Baroda also looks for business vintage (number of years a business has been in existence of 3 years. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your loan eligibility. If you are working with a reputed company, probability of getting house loan from Bank of Baroda increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your house loan eligibility. Bank of Baroda looks for a minimum credit score of 650 and above
  • Loan Amount Bank gives you loan depending upon your loan eligibility. Bank of Baroda gives you an amount ranging from Rs. 1,500,000 to Rs. 100,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Property Value: The value of the property to be purchased is used to calculate your maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 90%. Bank of Baroda will get a detailed property assessment done to establish that all legal titles are in place, the market is saleable or liquid and to get an estimate of the fair market value of the property. LTV is calculated based on the estimated fair market value or registered value, whichever is lower
  • Fixed Obligations to Income Ratio (FOIR): Bank of Baroda will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the Fixed Obligations to Income Ratio, popularly known as FOIR. In summary, fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a Bank of Baroda home loan is 0.65

Bank of Baroda Loan Eligibility Calculator and EMI Calculator

Bank of Baroda Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Bank of Baroda. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

Further, you can also use the Bank of Baroda Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

  • EMI calculator of Bank of Baroda helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating Bank of Baroda Housing Loan EMI?

  • EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Bank of Baroda Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Other Home Loan Charges

In addition to interest rates, home loan also carry some other charges which include:

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Baroda allows prepayment of house loan with prepayment charges
  • Processing Fee - Bank of Baroda charges a processing fee of 0.50% of loan amount Minimum Rs. 7,500 Maximum Rs. 20,000 with applicable tax
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Home Loan Products

Bank of Baroda offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Baroda Home Loan Advantage

Description:
    • Special loan under which the bank links a savings bank account to the existing (BoB) home loan account. It gives flexibility to the loan applicant to deposit or withdraw the surplus cash from this account. Any credit balance in the account, at the end of the day will be directly debited from the applicant?s savings account and simultaneously credited in the applicant?s home loan account.
    Who is Eligible?
      • Customers who want to take the benefit of dual accounts that is home loan account linked with a savings account and wants to save interest paid on home loan over the long run.
      Key Loan Terms
      • Home loan available at the age of Min 21 and Max 60 years for salaried, Min 21 and Max 65 years for self employed
      • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
      • Option to apply for a maximum ltv of 90% of value of the property
      • Housing loan for a maximum period of 30 years

      Baroda Pre Approved Home Loan

      Description:
        • Pre-approved loan that offers a 'in principle' approval from (BoB) home loan even before the property is being purchased by the applicant.
        Who is Eligible?
          • Customers who want to take loan before the finalization of the property chosen by them without wasting their time for getting the loan sanctioned.
          Key Loan Terms
          • Home loan available at the age of Min 21 and Max 60 years for salaried, Min 21 and Max 65 years for self employed
          • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
          • Option to apply for a maximum ltv of 90% of value of the property
          • Housing loan for a maximum period of 30 years

          Baroda Home Loan Suraksha Personal Loan?

          Description:
            • Loan exclusively for home loan borrowers for the purpose of funding life insurance premium for group credit life insurance.
            Who is Eligible?
              • Customers who want to take loan for the purpose of funding life insurance premium for group credit life insurance.
              Key Loan Terms
              • Home loan available at the age of Min 21 and Max 60 years for salaried, Min 21 and Max 65 years for self employed
              • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
              • Option to apply for a maximum ltv of 90% of value of the property
              • Housing loan for a maximum period of 30 years

              Housing Loan Bank of Baroda documents required

              For Salaried employee

              • Filled up loan application form
              • 2 Passport Size Photo
              • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
              • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
              • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

              For Self-Employed

              • Filled up loan application form
              • 2 Passport Size Photo
              • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
              • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
              • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

              Frequently Asked Questions

              Why to take home loan from Bank of Baroda?

              Bank of Baroda offers housing loan at 8.35% rate with the lowest EMI of Rs. 758 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Bank of Baroda.

              What is the maximum loan tenure I can opt under Bank of Baroda house loan?

              Bank of Baroda offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

              Do I get tax benefit on home loan from Bank of Baroda?

              As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

              Can I foreclosure my home loan? What are the charges applicable?

              Yes, you can foreclose your loan with Nil charges.

              Can I transfer my house loan from another bank to Bank of Baroda?

              Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Bank of Baroda offers you to pay lower EMIs and save money.

              Can I club the income of my spouse with mine and apply for joint home loan?

              You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

              What is the benchmark applicable for housing loan?

              The benchmark applicable for home loan in Bank of Baroda is 1 Year MCLR.

              What is the effect of part payments on Bank of Baroda housing loan EMI ?

              Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

              How to increase my eligibility on Bank of Baroda housing loan?

              If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

              How will interest rate on Bank of Baroda housing loan change in future?
              • Floating rate on Bank of Baroda housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.35%. When Bank offers a home loan at 8.35%, it applies a premium of 0% to its MCLR Rate to arrive at this home loan rate.
              • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

              Bank of Baroda Home Loan in India

              Bank of Baroda Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

              City Customer Care Number
              Agra 0562-253567
              Ahmedabad 1800-223-344
              Ambala 1800-223-344
              Anand 0265-2361852
              Aurangabad 0832-224003
              Bangalore 080-22224746
              Bhilai 1800-223-344
              Bhilwara 1800-102-4455
              Bhiwadi 0832-224003
              Bhopal 0755-556274
              Bhubaneswar Cuttack 0674-2517435
              Bikaner 1800-102-4455
              Chandigarh 0172-701617
              Chennai 044-23454249
              Cochin 0484-4027903
              Coimbatore 0422-2303735
              Dehradun 05946-22178
              Delhi 011-3319192
              Durg 1800-223-344
              Faridabad 0129-2412681
              Gandhinagar 0265-2361852
              Ghaziabad 0120-2790111
              Goa 0832-224003
              Greater Noida 011-3319192
              Gurgaon 011-3319192
              Guwahati 0361-2540475
              Gwalior 1800-223-344
              Hyderabad 1800-223-344
              Indore 1800-223-344
              Jabalpur 1800-223-344
              Jaipur 0141-363056
              Jalandhar 0172-701617
              Jodhpur 0291-550084
              Kanpur 0512-215655
              Karnal 0172-701617
              Kolhapur 0832-224003
              Kolkata 1800-223-344
              Kota 0291-550084
              Kozhikode 0484-4027903
              Lucknow 0522-206028
              Ludhiana 0172-701617
              Madurai 0422-2303735
              Meerut 0562-253567
              Mehsana 0265-2361852
              Mohali Sas Nagar 0172-701617
              Mumbai 022-22614706
              Mussoorie 05946-22178
              Nagpur 0712-527466
              Nashik 0712-527466
              Noida 011-3319192
              Noida Extn 011-3319192
              Panipat 1800-223-344
              Patna 0612-2452336
              Pondicherry 1800-223-344
              Pune 020-5466917
              Raipur 0771-526081
              Rajkot 0281-225686
              Ranchi 0657-2426802
              Rohtak 1800-223-344
              Roorkee 05946-22178
              Salem 0422-2303735
              Shimla 1800-223-344
              Sonepat 1800-223-344
              Surat 0261-3462216
              Trichy 0422-2303735
              Udaipur 0294-522203
              Vadodara 0265-2361852
              Varanasi 0542-2366349
              Vijaywada 040-23421603
              Vizag 040-23421603
              Bank Of Baroda Home Loan Interest Rate
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