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Bank of Baroda Home Loan

Bank of Baroda Housing Loan 2021

Last Updated 14th Apr 2021

Bank of Baroda is a public sector bank that provides excellent banking services to its customers. BOB home loan is one such product offered by the bank that is affordable and reliable for the home loan customers. The Bank of Baroda housing loan is affordable because it is available at a lower interest rate beginning form 6.75%. Further, the bank’s home loan products are reliable as there are no hidden costs involved in the BOB home loan, except for the processing fee that begin from Minimum ₹ 10,030 and Maximum ₹ 0. The bank offers home loans with a longer repayment tenure of 30 years. There are various specialized home loan products offered under the Bank of Baroda housing home, to fulfil different kinds of home loan requirements. These are Home Improvement Loan, Baroda Home Loan Advantage, Baroda Pre Approved Home Loan, Baroda Home Loan Suraksha Personal Loan and BOB Repo Rate Linked Home Loan. 

  • Home Improvement Loan - Bank of Baroda home improvement loan is ideal for home loan customers who wish to upgrade their existing home. The loan involves zero preclosure charges, low processing fee and attractive interest rates.
  • Baroda Home Loan Advantage - Baroda home loan advantage is a home loan product that offers home loan linked to the savings bank account. Also, the rate of interest incurred on the savings account, in this case, will be zero. Home loan borrowers can deposit all their savings in this savings account and can avail maximum benefit on the home loan interest rate.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Bank of Baroda Home Loan Details

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.75%
Interest Rate Linked To RLLR
Processing Fee Minimum ₹ 10,030 and Maximum ₹ 0

Features & Benefits of Bank of Baroda Home Loans

Bank of Baroda offers home loans at affordable rates and transparent terms. One can apply for a home loan in Bank of Baroda, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that Bank of Baroda home loans offer to the home loan borrowers are listed as follows:

  • Bank of Baroda home loan borrowers can enjoy the benefits of free credit card and a concession of 0.25% on car loans.
  • BOB provides free accident insurance cover with every home loan.
  • Home loan customers can apply for a home loan top-up up to five times during the home loan tenure.
  • Bank of Baroda home loan borrowers can avail a moratorium period of up to 36 months after the disbursement of the loan.
  • BoB home loan interest rates are linked to the BRLLR (Baroda Repo Linked Lending Rate).

Bank of Baroda Home Loan Offers

Bank of Baroda offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest Bank of Baroda home loan rate for salaried is 6.75%, and for self-employed home loan borrowers, the lowest home loan rate offered is 6.75%. Different interest rates for salaried and self-employed individuals across popular Bank of Baroda home loan schemes are listed below:

Bank of Baroda Home loan schemes Interest rate for salaried Bank of Baroda Interest rate of self-employed
BOB Repo Rate Linked Home Loan 6.75% 6.75%
Baroda Home Loan Advantage 6.75% 6.75%
Baroda Home Loan Suraksha Personal Loan 8.65% 8.65%
Baroda Pre Approved Home Loan 8.65% 8.65%

Bank of Baroda Home Loan Schemes

Bank of Baroda offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home amongst others. Some of the popular Bank of Baroda home loan products and their specifications are listed 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.
      • 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.
      Interest Rate 6.75%
      Processing Fee Minimum ₹ 10,030 and Maximum ₹ 0
      RLLR 6.85%
      Eligible Age Min 21 and Max 60 years for salaried, Min 21 and Max 65 years for self employed
      Loan Amount ₹ 15 Lakh to ₹ 10 Cr
      Maximum Tenure 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.
      Who is Eligible?
      • Salaried, self employed individuals with a monthly income of ₹ 20,000 per month.
      • Customers who want to take loan before the finalization of the property chosen by them before the finalization of a property chosen by the borrower without wasting their time for getting the loan sanctioned.
      Interest Rate 6.75%
      Processing Fee Minimum ₹ 10,030 and
      RLLR 6.85%
      Eligible Age Min 21 and Max 60 years for salaried, Min 21 and Max 65 years for self employed
      Loan Amount ₹ 15 Lakh to ₹ 10 Cr
      Maximum Tenure 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.
      Who is Eligible?
      • Salaried, self employed individuals with a monthly income of ₹ 20,000 per month.
      • Customers who want to take loan for the purpose of funding life insurance premium for group credit life insurance.
      Interest Rate 8.65%
      Processing Fee Minimum ₹ 7,500 and
      RLLR 6.85%
      Eligible Age Min 21 and Max 60 years for salaried, Min 21 and Max 65 years for self employed
      Loan Amount ₹ 15 Lakh to ₹ 10 Cr
      Maximum Tenure 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.
      Who is Eligible?
      • Salaried and Self-employed individuals, with a monthly income of ₹ 25,000, and more.
      • Salaried and self-employed individuals who intend to avail of a home loan to buy a residential property can avail repo rate linked home loan.
      Interest Rate 8.65%
      Processing Fee Minimum ₹ 7,500 and
      RLLR 6.85%
      Eligible Age The minimum age required to avail the loan is 18 years, while the maximum age is 60 years.
      Loan Amount ₹ 30 Lakh to ₹ 100 Cr
      Maximum Tenure 30 years

      Bank of Baroda Home Loan Procedure

      Getting a home loan from Bank of Baroda is fairly easy with an online application process. A home loan can be availed from Bank of Baroda in five simple steps:

      Step 1: Visit the website, branch, or website of authorised online channel partner of Bank of Baroda and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
      Step 2: An official of Bank of Baroda or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
      Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Bank of Baroda’s representative will visit your home or office to collect your documents.
      Step 4: Bank of Baroda will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
      Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Bank of Baroda and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

      Bank of Baroda Home Loan EMI Calculator

      Bank of Baroda home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Bank of Baroda Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that Bank of Baroda Home Loan EMI calculator offers is accurate and reliable.

      Bank of Baroda Home Loan Eligibility Calculator

      Bank of Baroda Home loan eligibility calculator is an online tool that helps the Bank of Baroda home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

      Documents Required for Bank of Baroda Home Loan

      To apply for a home loan in , one is required to submit the following documents:

      • Home loan application form with three attested photographs.
      • Identity proofs: PAN, passport, Voter ID card or driving license.
      • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
      • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Bank of Baroda bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
      • Bank account statements for the last six months of all bank account held by the applicant.
      • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
      • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
      • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
      • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

      Bank of Baroda Pradhan Mantri Awas Yojana Subsidy 2021

      Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on Bank of Baroda home loans. The repayment tenure of Bank of Baroda PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with Bank of Baroda.

      PMAY Eligibility

      • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
      • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
      • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
      • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
      • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
      • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

      Compare Bank of Baroda Home Loan with Other Banks

      FAQs

      Can I apply for an Bank of Baroda home loan online?

      Yes, you can apply for a Bank of Baroda home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

      Which is the best Bank of Baroda home loan scheme?

      Choosing the best Bank of Baroda home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Bank of Baroda home loan scheme is based on one’s needs.

      Is Bank of Baroda good for a home loan?

      Bank of Baroda is one of the best home loan lenders in the country. Currently, Bank of Baroda lowest home loan interest rate is 6.65%.

      How many types of Bank of Baroda home loans are there?

      Bank of Baroda offers various home loan products for the convenience of the home loan borrowers. Various popular home loan products offered by Bank of Baroda are listed as follows: BOB Repo Rate Linked Home Loan, Baroda Home Loan Advantage , Baroda Home Loan Suraksha Personal Loan, Baroda Pre Approved Home Loan

      How can I check my Bank of Baroda home loan status?

      One can check their Bank of Baroda home loan status on Bank of Baroda’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Bank of Baroda mobile app

      What is the eligibility for a Home Loan of Bank of Baroda?

      The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

      Does Bank of Baroda Home Loan include registration fees?

      Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

      What is Bank of Baroda Home Loan procedure?

      You can apply for a Bank of Baroda Home Loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting Bank of Baroda Home Loan apply online portal and can check your Bank of Baroda online Home Loan status by logging into your customer account with MyLoanCare.

      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 the benefit of paying less EMI per month.

      Can I foreclose 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. Availing loan transfer to Bank of Baroda can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

      What is the benchmark applicable for a housing loan?

      The benchmark applicable for Home Loan in Bank of Baroda is RLLR


      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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