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Bank of Baroda Home Loan

Bank of Baroda Housing Loan 2021

Last Updated 16th Jul 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. 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.
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Bank of Baroda Home Loan Details

Bank of Baroda offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Bank of Baroda

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
Lowest EMI Per Lakh ₹ 649
  • Purpose of Loan: Bank of Baroda house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Bank of Baroda Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.75% to 8.75%.
    • Bank of Baroda home loan EMI per lakh starts from ₹ 649. However, you can calculate your home loan EMI using Bank of Baroda home loan calculator 2021.
  • Special schemes: Bank of Baroda offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Bank of Baroda are:

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 Processing Fee

Bank of Baroda Home loan schemes Processing Fees
BOB Repo Rate Linked Home Loan Minimum ₹ 10,030
Baroda Home Loan Advantage Minimum ₹ 10,030
Baroda Home Loan Suraksha Personal Loan Minimum ₹ 7,500
Baroda Pre Approved Home Loan Minimum ₹ 7,500

How to Get Easy Home Loan from Bank of Baroda?

Getting a home loan from Bank of Baroda is fairly easy with an online application process. 5 Steps for Bank of Baroda Home Loan Apply

  • 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 Documents Required

To apply for a home loan in Bank of Baroda, the bank asks you to submit the following Bank of Baroda Home Loan 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 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 accounts 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 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

  • Baroda home loan advantage is a special home loan product that offers home loan linked to the savings bank account. You can deposit all your savings in this savings account and can avail of maximum benefit on the home loan interest rate. The accounts also give you the flexibility to deposit or withdraw surplus cash from this account. The rate of interest incurred on the savings account, in this case, will be zero.

Baroda Pre Approved Home Loan

  • Baroda pre-approved home loan is a home loan scheme that grants in-principle approval of a home loan, even before you have finalised the property. The in-principle approval as per this scheme holds a validity of 4 months from the date of issue.

Baroda Home Loan Suraksha Personal Loan

  • 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.

BOB Repo Rate Linked Home Loan

  • 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.

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.

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.

Compare Bank of Baroda Home Loan with Other Banks

FAQs

What are the documents required for home loan Bank of Baroda?

To apply for Bank of Baroda Home Loan, you will be required to submit Bank of Baroda home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Bank of Baroda ?

Below-mentioned is the reason why you must avail a home loan from Bank of Baroda

  • Interest rates linked to Repo Rate
  • Fast home loan approval
  • Top up facility available
  • Loan upto 90% of property value
  • Nil prepay charges for floating rates

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 home loan interest rate 2021 starts at 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.

What is Bank of Baroda Home Loan procedure?

There are two methods to complete the application for Bank of Baroda Home Loan Process online:

  • Apply online at Bank of Baroda official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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.

Does Bank of Baroda check CIBIL for home loan?

Yes, to avail home loan from Bank of Baroda, you must fulfill Bank of Baroda Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Bank of Baroda Home Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-05-19 : Bank of Baroda to hire digital marketing agencies to increase customer outreach
    Bank of Baroda is looking to hire three digital marketing agencies. The bank is aiming to visible digitally through means such as YouTube, influencer tie-ups, content syndications as well as new age media opportunities. The digital marketing firm will also be required to create content through campaigns, mobile-first based content, blog--articles, infographics, gifs and videos.
  • 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.
*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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