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Compare Bank of Baroda vs Indian Overseas Bank Home Loan

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Bank
Interest Rate
Interest Rate
6.75% - 8.35%
7.05% - 7.30%
Processing Fees
Processing Fees
Min ₹ 10,030;
Upto 0.53%
Min ₹ 8,900; Max ₹ 13,350
Maximum Loan Amount
Maximum Loan Amount
₹ 7 Cr
₹ 5 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 649
₹ 669
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
RLLR
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
60 Years
For Women
For Women
N
N
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.3/5.0
2.5/5.0
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Compare Home Loan EMI of Bank of Baroda and Indian Overseas Bank

Loan Amount Bank of Baroda Indian Overseas Bank
₹ 10 Lakh ₹ 6,486 ₹ 6,687
₹ 25 Lakh ₹ 16,215 ₹ 16,717
₹ 30 Lakh ₹ 19,458 ₹ 20,060
₹ 50 Lakh ₹ 32,430 ₹ 33,433

Which is a better bank for Home Loan – Bank of Baroda or Indian Overseas Bank?

Bank of Baroda offers lower Home Loan EMI at ₹ 649 on a Home Loan for 30 Years as compared to Indian Overseas Bank with a minimum EMI of ₹ 669 for 30 Years. Average customer ratings for Bank of Baroda is currently at 4.3/5.0 which makes it a good choice for taking a Home Loan.

How does Bank of Baroda Home Loan compare with Indian Overseas Bank Home Loan?

It is important to do a detailed comparison of Bank of Baroda and Indian Overseas Bank on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Bank of Baroda Home Loan is 6.75%, which is lower than the lowest interest rate of Indian Overseas Bank at 7.05% and hence, Bank of Baroda is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, Bank of Baroda charges a lower processing fees of Nil vs Indian Overseas Bank with a processing fees of 0.53% of loan amount.
  • Bank of Baroda is a with its Home Loan rates benchmarked to RLLR. On the other hand, Indian Overseas Bank is a with its home loan rates benchmarked to RLLR. Hence, both banks are benchmarked to the same rate, making them a comparable option to choose from.
  • Bank of Baroda has an average customer ratings of 4.3, while Indian Overseas Bank has an average customer rating of 2.5, based on which it is clear that Bank of Baroda has a high customer service focus, an easy Home Loan process and a quick turnaround.

Which bank offers a lower interest rate on Home Loan – Bank of Baroda or Indian Overseas Bank?

As per the current rates, Bank of Baroda offers a lower interest rate of 6.75% on Home Loan when compared to Indian Overseas Bank which offers a Home Loan at 7.05%.

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Home Loan News - Sep 2021
  • 2021-09-24 : ICICI Bank Revises Home Loan Interest Rate
    ICICI Bank has cut home loan interest to 6.70%. The lowest rate for salaried is 6.70% and self-employed is 6.80%. If a borrower has a low credit score then they will have to pay 7.40% of the principal amount.
  • 2021-09-24 : LIC Housing Finance Announces New Home Loan Rates
    LIC Housing Finance has slashed the home loan rate to 6.66% for loans up to Rs 2 crore. These rates will be offered to the borrowers who have a credit score above 700 and it is valid till November 30, 2021.
  • 2021-09-21 : HDFC Bank Introduce Festival Bonanza Offer
    HDFC Bank has come up with a festival bonanza offer which is valid till October 31, 2021. The lender has cut home loan interest rate to 6.70%, the special rate is linked to borrowers credit score.
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 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.
*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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