Bank of Baroda Home Loan: If you also dream of owning your own house, the Bank of Baroda can make your dream come true. BOB is offering attractive offers on a home loan. You can get home loan approval in just 30 minutes digitally sitting at home. Interested customers can log on to the official website of Bank of Baroda for more information.
In this article, we will know what Bank of Baroda’s home loan is, how to obtain much loan amount, who can apply for a home loan, the interest rate of this loan, etc.
Bank of Baroda Home Loan
Any person who is a resident of India or a non-resident can apply for the Bank of Baroda Home Loan. You can take a home loan for any of your reasons related to home, such as for buying a house, for building a house, or for the renovation of the house. To take a home loan, you have to apply online or offline in it. The loan amount is disbursed on the basis of the applicant’s income and CIBIL score. The better your credit score and your income, the higher the loan amount you can get.
You can take a home loan from the Bank of Baroda at low-interest rates. If you close your loan prematurely, then the bank does not charge you any fee. The processing fee of this bank is also very less. Any salaried person and a self-employed person can apply for a loan. You can also get a subsidy on a home loan from the Bank of Baroda under Pradhan Mantri Awas Yojana.
Bank of Baroda offers home loans at an interest rate starting from 6.50% p.a. You can avail of the home loan amount up to Rs 10 crore from the bank, and you can use this loan amount for various purposes like buying a house, buying a plot, building a house and renovating a house.
The processing fee on the BOB home loan ranges from 0.25% to 0.50% of the loan amount plus zero prepayment charges for floating rate home loans. The bank offers you a flexible repayment tenure of up to 30 years on the home loan, and most importantly, you can get a top-up loan of up to five times the tenure of your home loan.
|Loan Amount||Minimum: NA, Maximum: Rs.10 crore|
|Processing Fees||Up to 0.50% (Min. Rs.8,500; Max. Rs.25,000)|
|Penal Interest Rate||Not available|
|Max Tenure||30 Years|
|Rate Packages Available||Floating only|
Bank of Baroda Home Loan Interest rate
|Bank of Baroda Home Loan Schemes||Interest Rate (p.a.)|
|Baroda Home Loan||6.50% p.a. to 7.85% p.a.|
|Baroda Home Improvement Loan||6.50% p.a. to 7.85% p.a.|
|Baroda Home Loan Advantage||6.50% p.a. to 6.75% p.a.|
|Baroda CRE Home Loan||6.50% p.a. to 6.75% p.a.|
|Baroda CRE Home Loan (Advantage)||6.75% p.a.|
|Baroda Top Up Loan (Resident/NRIs/PIOs)||7.35% p.a.|
|Baroda Ashray (Reverse Mortgage Loan)||9.10% p.a.|
Bank of Baroda Home Loan Benefits
Following are the benefits of a home loan from the Bank of Baroda:
- If your eligibility for a home loan is low, Bank of Baroda offers the option of adding a co-applicant to increase the home loan eligibility.
- Bank of Baroda offers Top Up Loan Against Home Loan.
- Bank of Baroda offers credit card facilities to its home loan customers.
- You can get a loan amount of up to Rs 10 crore from the Bank of Baroda.
- The bank offers a discount of 0.25% on car loans to its home loan customers.
- You can get instant and digital home loan approval from the Bank of Baroda.
- Zero pre-closure charges.
Bank of Baroda Home Loan Calculator
You can calculate your Bank of Baroda Home Loan EMI using the EMI calculator given below, in which you need to enter the loan amount, interest rate, and tenor. The EMI calculator will show your home loan EMI calculation. You can also calculate your EMI by visiting the official website of the BOB.
The EMI example given below is taken keeping in mind the interest rate of 6.50% p.a. The interest rate offered to you may vary.
|Loan Amount||10 years||20 years
|10 Lakh||Rs. 11,355||Rs. 7,456||Rs. 6,321|
|20 Lakh||Rs. 22,710||Rs. 14,911||Rs. 12,641|
|40 Lakh||Rs. 45,419||Rs. 29,823||Rs. 25,283|
|50 Lakh||Rs. 56,774||Rs. 37,279||Rs. 31,603|
Bank of Baroda Home Loan Eligibility
To apply for the Bank of Baroda Home Loan, you need to fulfill the following eligibility criteria given below:
Age: Applicant’s age should be minimum of 21 years and a maximum of 70 years.
Age (Co-applicant): Minimum 18 years and Maximum 70 years.
Employment Types: Both salaried and self-employed get the best offers.
Income: The annual income of the applicant should be Rs 5 lakh, or the combined income of the applicant / co-applicant can be considered as Rs 5 lakh.
- Indian resident
- Non Resident Indian (NRI)
- Person of Indian Origin (PIO)
Credit Score: The applicant should have a good credit history and credit score.
Home Loan Eligibility for Salaried Applicants Based on Repayment Capacity
|Monthly Income Limit||Maximum Ratio of Monthly Salary Available for EMIs and other deductions offered|
|Below Rs.20,000 to Rs.50,000||60%|
|From Rs.50,000 to less than Rs.2 Lakh||65%|
|Rs 2 lakhs to below Rs 5 lakhs||70%|
|Rs 2 lakhs and above||75%|
Documents Required for Bank of Baroda Home Loan
Photograph: Passport size photograph of the applicant and duly filled application form.
Identity Proof (Anyone): Passport, PAN Card, Driving License, Voter ID, Aadhar Card, etc.
Proof of residence (anyone): Copy of utility bills, Aadhar card, Voter ID card, Driving license, Passport, etc.
Proof of Income: Latest Form 16 or Income Tax (IT) return and bank account details of last 6 months.
Proof of Age: PAN Card, Aadhar Card, Voter ID, Birth Certificate, Passport, Driving License, etc.
List of Additional Documents: In case of purchase from a builder
- A copy of the agreement for sale
- A copy of the registration receipt
- A copy of the approved plan and acceptance letter from the competent authorities
- A copy of the NA Permission/ULC Order
- Copies of receipts of payments already made
- No Objection Certificate (NOC) from builders in bank format
BOB Home Loan Processing Fees & Charges
|Processing fee||0.50% of the loan amount up to Rs.50 lakh
0.25 on loan amount above Rs.50 lakh %
|Deviation Charges above Rs. 10 crores||Rs. 1,500 per deviation (maximum 5,000)|
How to apply for SBI Education Loan?
If you fulfill all the conditions of this loan, you can apply for it both online and offline. The procedure to apply is below.
BOB Home Loan Apply Online
- To apply online, first, you have to visit the bank’s official website. Click here
- On the home page of the website, Under the loan, the option of the Baroda Home loan will appear; click on it.
- On the next page, the Apply now button will appear in front of the loans you want to apply, click on it.
- The loan application form will open in front of you on the next page.
- Please enter the requested information in it and submit the form.
- After this, the bank employees will contact you and issue the loan process further.
How to apply offline?
- For this, you have to take all your documents to your nearest State BOB branch and contact the bank employee.
- The bank employee will provide you with all the information related to the BOB home loan.
- After that, your documents will verified.
- Then you have to fill out a form, attach the documents with it, and submit it to the same bank.
- In this way, your offline application will completed.
FAQs for Bank of Baroda Home Loan
1. What is the maximum home loan amount I am for eligible?
Bank of Baroda offers housing finance up to Rs 1 crore for eligible customers in rural and semi-urban areas. While borrowers in metro cities can avail of loans up to Rs 5 crore, the maximum loan amount in Mumbai is Rs 10 crore.
2. What are the prepayment charges on a home loan?
Bank of Baroda currently does not charge you any penalty on prepayment for your loan.
3. What are the processing charges applicable on my loan?
While the bank charges a processing fee of up to 0.50% of the loan amount plus applicable taxes on their home loan, can also avail of some loan products with a complete waiver of the processing fee.
4. How can you check the Bank of Baroda’s home loan application status?
To keep track of your Bank of Baroda home loan application, you can do so by contacting your home loan executive. Otherwise, when you apply for a home loan through the official website, you get assistance on your home loan application, and you can check the status with it.
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