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Bank of Baroda Home Loan Interest Rates 2020

Bank of Baroda Housing Loan Interest Rate

Last Updated 21st Sep 2020

Current Bank of Baroda Home loan interest rates for Sep 2020 starts at 7.00% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Minimum ₹ 10,030 and Maximum ₹ 0.

Loan AmountBank of Baorda Repo Linked Home Loan Rate
Upto ₹ 50 Lakh7.00%
₹ 50 Lakh - ₹ 1 Cr7.00%
₹ 1 Cr - ₹ 5 Cr7.00%
Above ₹ 5 Cr7.00%

Interest rates linked to Repo Rate

Bank of Baroda Home Loan Interest Rates

Bank of Baroda offers various products on home loan. Bank of Baroda home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Bank of Baroda Home Loan Interest Rate starts from 7.00%.
  • Bank of Baroda charges a processing fees of Minimum ₹ 10,030 and Maximum ₹ 0.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Bank of Baroda is ₹ 665 per lakh offered at the lowest interest rate of 7.00% at the longest loan tenure of 30 years.
  • Bank of Baroda allows prepayment of home loans with Nil charges on floating rate loans.
  • Bank of Baroda has an average customer rating of 4.3/5.0 from customers who have taken a home loan from the bank.

Bank of Baroda Home Loan Rate

Current Bank of Baroda home loan interest rates are in the range of 7.00% to 8.35%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.00%. The table below gives the interest rates on various housing finance schemes of Bank of Baroda.

Bank of Baroda Home Loan Scheme Interest Rates
Bank of Baorda Repo Linked Home Loan7.00% - 8.35%
Baroda Home Loan Advantage7.00% - 7.60%
Baroda Pre Approved Home Loan8.65% - 8.75%

Bank of Baroda Bank Home Loan Charges

Bank of Baroda Home Loan Processing Fee

The bank charges a minimum processing of ₹ 10,030 and has capped the maximum processing fees at ₹ 0. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Bank of Baroda housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Bank of Baroda Home Loan Prepayment

Bank of Baroda charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Bank of Baroda for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Bank of Baroda, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Bank of Baroda.

Bank of Baroda Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan Bank of Baroda Schemes

Bank of Baroda offers customized schemes 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

  • 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 applicants savings account and simultaneously credited in the applicants home loan account.
    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 ₹ 15 Lakh to ₹ 10 Cr
    • 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

    • Pre approved loan that offers a 'in principle' approval from BoB even before the property is purchased by the applicant. The in-principle approval is valid for 4 months from the date of issue.
    • A pre approved home loan for the borrower before the finalization of a property chosen by him.
    • Attractive and affordable interest rate.
    • Easy and faster loan processing.
    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 ₹ 15 Lakh to ₹ 10 Cr
    • 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

    • Loan exclusively for home loan borrowers for the purpose of funding life insurance premium for group credit life insurance.
    • Loans is extended by the bank for the purpose of funding life insurance premium for Group credit life insurance.
    • This loan is sanctioned along with Baroda home loans.
    • Existing home loan borrowers who want to avail the benefit of this loan has to avail the loan separately.
    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 ₹ 15 Lakh to ₹ 10 Cr
    • Option to apply for a maximum ltv of 90% of value of the property
    • Housing loan for a maximum period of 30 years

    BOB Repo Rate Linked Home Loan

    • This loan is available for individuals who want to buy a residential property through a home loan.
    • Existing home loan borrowers can also choose to transfer their loan under this scheme.
    • As per RBI guidelines, it is mandatory for all banks to link their loan interest rates with the repo rate.
    • The scheme is available for new borrowers as well as existing borrowers.
    Key Loan Terms
    • Home loan available at the age of The minimum age required to avail the loan is 18 years, while the maximum age is 60 years.
    • Loan amount that you can borrow ranges from ₹ 30 Lakh to ₹ 10 Cr
    • Option to apply for a maximum ltv of 90% of value of the property
    • Housing loan for a maximum period of 30 years

    Bank of Baroda Pradhan Mantri Awas Yojana

    The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

    a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Bank of Baroda if you fulfil the eligibility criteria. Know more about PMAY Scheme

    b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

    c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

    d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

    e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

    f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

    Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

    Illustration on Bank of Baroda Home Loan Interest Rate
    Maximum Annual Percentage Rate (APR)7% to 8.35%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: ₹ 1 Lakh
    • Time period: 5 years to 30 years
    • Bank of Baroda Home Loan Interest Rate: 7.00% to 8.35%
    • Processing Fee payable to Bank of Baroda: Upto ₹ 10,000. Current offer for processing fee is Minimum ₹ 10,030
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From ₹ 665 for a 30 years ₹ 1 Lakh loan at 7.00% (lowest rate, longest time period) to ₹ 2,044 for a 5 years ₹ 1 Lakh loan at 8.35% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Total cost payable over loan tenure: ₹ 32,666 for 5 years loan to ₹ 1.49 Lakh for 30 years loan

    Bank of Baroda’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Bank of Baroda.

    FAQs

    What is Bank of Baroda Home Loan interest rate?

    Bank of Baroda Home Loan interest rate ranges between 7.00% to 8.35%.Bank of Baroda cuts Home Loan rates by 0.15% from 1.45%.

    Why should I opt for balance transfer to Bank of Baroda?

    Bank of Baroda offers competitive Home Loan rates with the best EMI of ₹ 665 per lakh availed at a low-interest rate of 7.00% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 665 per lakh, you should consider the option for a loan transfer to Bank of Baroda from your existing bank. EMIs can be calculated through Bank of Baroda Home Loan EMI calculators.

    Do I get tax benefits on a Home Loan from Bank of Baroda?

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

    What is the effect of part prepayments on Bank of Baroda housing finance EMI ?

    Part prepayments 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 Home Loan 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 a loan.

    How will Bank of Baroda housing loan rate of interest change in the future?

    • Bank of Baroda offers RBI Repo Rate linked Home Loan which starts at 7.00%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Bank of Baroda Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3% to the Repo Rate to arrive at this rate.
    • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Bank of Baroda Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
    • For instance, if RBI slashes Repo Rate by 0.15%, then Bank of Baroda Repo Rate linked Home Loan rate will cut from 7.00% to 6.85%.

    What is the current Bank of Baroda Home Loan rate?

    The current Bank of Baroda Home Loan rate starts from 7.00% with a processing fee of Minimum ₹ 10,030 and Maximum ₹ 0

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    Bank of Baroda Home Loan News - Sep 2020
    • 2020-08-11 : Bank of Baroda reported a net loss of ₹864 cr in Q1
      Bank of Baroda posted a net loss of ₹864 crores for the three months to June, owing to higher provisions for loans. Net interest income backed by retail loans like home, personal, gold, car, two-wheeler and gold loans along with business and mudra loans increased 5% y-o-y to ₹6,816 crores in Q1 FY21. Further, The total advances grew 8.6% y-o-y to Rs. 7.36 trillion.
    • 2020-08-06 : Bank of Baroda revised its home loan rates
      Bank of Baroda revised its home loan rates. The new home loan rates start from 7%. The revised rates are effective from 1 August 2020.
    • 2020-06-15 : Bank of Baroda to completely digitise lending
      Bank of Baroda is planning to completely digitise its lending operations including home, agricultural, MSME, personal and auto loans. The move is likely to ease the lending process.
    • 2020-05-27 : BOB reported 65% of customers opted for a moratorium
      Bank of Baroda reported that about 65% of Bank of Baroda customers have opted to take the moratorium offered by the bank on term loan like home, personal and car loan.
    • 2020-03-31 : Bank of Baroda reduces benchmark lending rates
      After RBI made a major move to cut down repo rates, Bank of Baroda revised its external benchmark lending rate by a reduction of 75 basis points. This has further impacted the banks home loan rates as the minimum home loan rate has been reduced to 7.25%.
    *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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