Bank of Baroda Home Loan Key Features and Benefits
| Bank of Baroda Home Loan Key Features | |
| Interest Rate | 6.90% onwards |
| EMI / Lakh | Rs. 662 |
| Loan Tenure | Up to 30 years |
| Loan Amount | Percentage based on property value |
| Loan to Value Ratio | Up to 90% of property value |
| Loan Available on the Following Types of Property |
|
| Special Offer for Women | Interest rate concession of 0.05% |
| Processing Fee | Up to 0.5% of loan amount excluding GST |
| Prepayment Charges | No prepayment charges for floating rates |
| Part Payment Charges | – |
| Guarantor Required | – |
Bank of Baroda Home Loan Interest Rates and Offers 2021
- The interest rates are kept minimal which is up to 6.95% only per year.
- The loan tenure can be extended with customer requirements that are up to 15,20 or 30 years.
- Different loan schemes designed after reviewing the customer’s suggestions.
- The easy and quick loan approval process.
- More than one repayment process for loan repayment
| Bank of Baroda Loan Schemes | Interest Rate For Women | Interest Rate for Others | |
| Bank of Baroda Home Loan | 6.95% – 7.95% | 7.00% – 8.00% | |
| Bank of Baroda Reach Loan | 8.75% – 14.00% | 8.75% – 14.00% | |
| Bank of Baroda Plot Loan | 7.05% – 8.05% | 7.10% – 8.10% | |
| Bank of Baroda Rural Housing Loan | 6.95% – 8.70% | 7.00% – 8.70% | |
| Bank of Baroda Home Improvement Loan | 6.95% – 7.95% | 7.00% – 8.00% | |
| Bank of Baroda Home Extension Loan | 6.95% – 7.95% | 7.00% – 8.00% | |
| Bank of Baroda Top Up Loan | As per home loan slabs | As per home loan slabs | |
| Bank of Baroda Home Loan Balance Transfer | 6.95% onwards | 6.95% onwards | |
(*above rates are subject to change without notice)
Know more about Home Loan Interest Rates.
Bank of Baroda Home Loan Eligibility Criteria
Salaried Individual:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
- Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.
Self Employed Individual:
Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Bank of Baroda Home Loan. This includes everybody who is a:
- Traders
- Commission agent
- Contractors
The following criteria must be met to apply for a home loan:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
Self Employed Professionals:
Applicants who are professionally engaged in the working sector are also eligible for the Bank of Baroda Home Loan. This includes everybody who is a:
- Doctors
- Lawyers
- Charted Accountant
- Architect
- Consultant
- Engineer
- Company Secretary
The following criteria must be met to apply for a home loan:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
Additional Criteria for Co-applicants:
- Co-applicant must be a family member of the primary applicant.
- All co-applicants are not required to be the co-owners of the property.
Know more about Home Loan eligibility criteria.
Bank of Baroda Home Loan Procedure
- Keep all of the property’s papers with you at all times.
- Then, with all of your papers in hand, take them to a Bank of Baroda approved lawyer to have them checked.
- After that, a member of the Bank of Baroda Panel will assess your property. After that, you will receive a letter.
- The Sales and Development Agreement must be franked or e-stamped in order to qualify for a Bank of Baroda Home Loan.
- The application must then be submitted, with a three-day waiting period following.
- You will then be asked to submit some more documents including the following – You will receive two E-stamps worth Rs.400, with you as the first group and Bank of Baroda as the second, E-stamp worth Rs.200, with the same parties as before, E-stamp worth Rs.200, with the guarantor as the first party and Bank of Baroda as the second. During the loan application process, all documentation must be submitted. Cheques made payable to the Bank of Baroda.
- The loan will be disbursed if all checks out.
- Double-check the stamp duty and notify the bank before starting the registration process. If all is in order, a Bank of Baroda bank officer may come to your house to hand over the DD to the contractor, or you may be asked to pick it up from your local branch.
Bank of Baroda Home Loan Documents Required
The following list of documents needs to be submitted by any applicant to get the benefits of different home loan schemes by the Bank of Baroda.
Salaried Individual:
Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Latest Salary Slips from the last 3 months.
- Latest Form-16 and IT returns
- Employment Contract/Appointment Letter if the current employment is less than a year old.
Property Related Documents:
- A cheque for processing fee favoring ‘Bank of Baroda.’
- Copy of the Buyer Agreement/Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Self Employed Individual:
Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Business Profile and Previous 3 years Income Tax returns (Both self and business)
- Previous 3 years Profit/Loss Account and Balance Sheet.
Proof Of Business:
- Educational Qualifications Certificates
- Business achievements (Certificate or awards if any)
Property Related Documents:
- A cheque for processing fee favoring ‘Bank of Baroda.’
- Copy of the Buyer Agreement or Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Agriculturists:
KYC Proof – PAN Card (Mandatory) and any of Driving License/Voter ID/Passport
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Copies of title documents of agricultural Land showing crops being cultivated
Property Related Documents:
- A cheque for processing fee favoring ‘Bank of Baroda.’
- Copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
Additional requirements for Co-applicants:
Passport size photograph of all co-applicants to be affixed on the Application Form and signed across
Know more about Home Loan documents required.
Common Documents for Salaried and Self-Employed
Income Proof:
- Bank Statements showing salary credits from the last 6 months.
- Business Profile and Previous 3 years Income Tax returns (Both self and business)
- Previous 3 years Profit/Loss Account and Balance Sheet.
Property Related Documents:
- A cheque for processing fee favouring ‘BOB.’
- Copy of the Buyer Agreement or Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Compare Bank of Baroda Home Loan with Other Banks
| Particulars | DHFL Bank | Bank of Baroda | HDFC Bank |
| Interest Rate | 6.70% – 7.05% | 6.75% – 8.35% | 6.75% – 8.20% |
| Processing Fees | Min ₹ 10,000 | Min ₹ 10,030 | Min ₹ 3,000 |
| Loan Tenure | 30 Years | 30 Years | 30 Years |
| Maximum Loan Amount | ₹ 7 Cr | ₹ 7 Cr | ₹ 5 Cr |
| Age | 18 – 70 Years | 21 – 65 Years | 24 – 65 Years |
| Benchmark Rate | RLLR | RLLR | PLR |
| Lowest EMI Per Lakh | ₹ 645 per lakh | ₹ 649 per lakh | ₹ 649 per lakh |
Different Home Loan schemes by Bank of Baroda
All the following home loan schemes are designed after the suggestions and the reviews of old and new customers of the bank of Baroda and are customized as per the needs of the customers.
Bank of Baroda Home Loan – For Resident Indians
This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.
| Specific Information for Home Loan Scheme | |
| Eligible Profiles | Available to Salaried and Sef-employed Individuals |
| Loan Amount | Up to 90% of the value of Property |
| Interest Rate | 6.90% onwards |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
| Loan Tenure | 30 years |
Bank of Baroda Home Loan for NRI/PIO – For NRIs and PIOs
This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:
- Purchase a flat, row house, bungalow in India from private developers in approved projects.
- Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
- Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
- Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.
Bank of Baroda Plot Loans – For Buying a New Plot
This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.
| Specific Information for Plot Loan Scheme | |
| Eligible Profiles | Available to Salaried and Sef-employed Individuals |
| Loan Amount | Up to 80% of the value of Property |
| Interest Rate | 7.10% onwards (0.05% concession to women) |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
| Loan Tenure | 15 years |
Bank of Baroda Top Up Loans – For Bank of Baroda Home Loan Borrowers
This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.
| Specific Information for Top-Up Loan Scheme | |
| Eligible Profiles | Available to Salaried and Sef-employed Individuals |
| Loan Amount | Up to 90% of the value of Property |
| Interest Rate | New Customer – 8.30% onwards
Existing Customer – As per Home Loan Slabs |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
| Loan Tenure | 15 years |
Bank of Baroda Home Extension Loans – For Adding Space in Your Home
This type of loan is specifically for those individuals who want to extend or add space to their home property.
| Specific Information for Home Extension Loan Scheme | |
| Eligible Profiles | Available to Salaried and Sef-employed Individuals |
| Loan Amount | Up to 90% of the value of Property |
| Interest Rate | 6.90% onwards |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
| Loan Tenure | 20 years |
Bank of Baroda Home Loan Balance Transfer – For All Home Loan Borrowers
Bank of Baroda Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.
| Specific Information for Home Loan Balance Transfer Scheme | |
| Eligible Profiles | Available to Salaried and Sef-employed Individuals |
| Loan Amount | Up to Rs. 50 Lakhs |
| Interest Rate | 6.90% onwards |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
| Loan Tenure | 30 years |
Bank of Baroda Home Loans under Pradhan Mantri Awas Yojana
This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).
| Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme | |
| Eligible Profiles | Available to EWS/LIG, MIG-I, and MIG -II |
| Loan Amount | No Cap |
| Interest Subsidy | 3.00% onwards |
| Maximum Subsidy | Up to Rs. 2.67 Lakhs |
| Loan Tenure | 20 years |
Bank of Baroda Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month
This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.
| Specific Information for Reach Loan Scheme | |
| Eligible Profiles | Available to Salaried and Sef-employed Individuals |
| Loan Amount | Up to 80% of the value of Property |
| Interest Rate | 8.75% onwards |
| Processing Fee | Up to 2% of the loan amount + GST |
| Loan Tenure | 30 years |
Bank of Baroda Rural Housing Loans – For Indians Living in Rural Areas
This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for the individuals who are salaried or self-employed!
| Specific Information for Rural Housing Loan Scheme | |
| Eligible Profiles | Available to Salaried, Sef-employed Individuals and Agriculturists |
| Loan Amount | Up to 90% of the value of Property |
| Interest Rate | 7.00% onwards (0.05% concession to women) |
| Processing Fee | Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST |
| Loan Tenure | 30 years |
Bank of Baroda Home Improvement Loans – For Covering Home Renovation Costs
This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.
| Specific Information for Home Improvement Loan Scheme | |
| Eligible Profiles | Available to Salaried and Sef-employed Individuals |
| Loan Amount | New Customer – Up to 90% of the estimates from improvements.
Existing Customer – Up to 100% of the estimates from improvements. |
| Interest Rate | 6.90% onwards |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
| Loan Tenure | 15 years |
Advantages of Bank of Baroda Home Loan
- Interest charged on daily reducing balance
- No prepayment charges
- Easy application with minimum documentation and paperwork.
- Provides loan approval prior to the selection of the property.
- Purchase of house up to 50 years old allowed
- Repayment of the loan amount can be done up to 20 years for the purchase of a new flat/house/construction/extension and up to 10 years- for repairs, renovation, and up-gradation
- Simple, equitable mortgage of the house/flat/apartment on which the Home Loan is availed
Bank of Baroda Home Loan Charges and Fees
- Up to Rs. 50Lakh: 0.25% of sanctioned amount of Rs. 12,500/- whichever is less
- Rs.50Lakh to Rs.1 crore: 20% of sanctioned amount of Rs. 20,000/- whichever is less
- Rs. one crore to Rs. Five crores: 0.10% of the sanctioned amount or Rs.100,000/-, whichever is less
| Particulars | Charges |
| Processing fees |
|
| Prepayment charges | No prepayment charges for floating rates |
| Check dishonor charges | Rs. 200 |
| List of documents | Up to Rs. 500 |
| Photocopy Of documents | Up to Rs. 500 |
| PDC Swap | Up to Rs. 200 |
| Disbursement cheque cancellation charges post disbursement | Up to Rs. 200 |
| Re-appraisal of loan post 6 months from sanction | Up to Rs. 2,000 |
| Increase/Decrease in the loan term | Up to Rs. 500 |
How to apply for Bank of Baroda Home Loan
- Visit Dialabank for a Home Loan.
- Go to the Bank of Baroda Home Loan page.
- Check out all the eligibility and documents criteria for a Home Loan.
- Fill out all the details required in the Home Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
Bank of Baroda Home Loan Customer Care Number
18002584455 and 18001024455 are the toll-free numbers for the bank of Baroda home loan customer care. Contact Dialabank at 9878981166 to apply for a Bank of Baroda Home Loan faster and easier.
Bank of Baroda Home Loan EMI Calculator
Know more about Home Loan EMI Calculator.
Other Loan Products from Bank of Baroda
| Bank of Baroda Personal Loan | Bank of Baroda Gold loan | Bank of Baroda Car Loan |
| Bank of Baroda Education Loan | Bank of Baroda Two Wheeler Loan | |
Bank of Baroda Home Loan FAQs
✅ How can I repay my Bank of Baroda home loan?
There are different payment methods through which you can repay your Bank of Baroda home loan:
- Issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
- Opting for direct deduction of monthly instalments by your employer.
- Issuing post-dated cheques from your salary account.
✅ When can I apply for a Bank of Baroda’s top-up loan?
A year after the disbursement of the existing loan amount and the possession or completion of the financed property.
✅ How much home loan can I get on my salary?
Customers can get the loan amount as per his or her salary and the repayment capacity. along with this, it is decided from the parameters like the age of the customer, the number of dependents on the customer, his credit history, and the current liabilities.
✅ What is a Floating Interest Rate?
Floating interest rates are not the same throughout the loan tenure. It may change with the change in the lender’s benchmark rate.
✅ How Dialabank can help you get a Home Loan?
Dialabank works as a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through.
✅ How much margin would I have to pay on Home Loan?
| S. NO. | Loan Amount | Margin |
|---|---|---|
| 1 | Up to ₹ 20 Lacs | 15% |
| 2 | Above ₹ 20 Lacs to up to ₹ 75 Lacs | 20% |
| 3 | Above ₹ 75 Lacs | 25% |
✅ How is the calculation of interest rates is done?
Interest rates charged on a daily balance method and are debited once a month in your loan account. A 2% penalty on the unpaid Installment amount will be charged.
Bank of Baroda Home Loan News
Bank of Baroda has lowered its home loan interest rates.
Bank of Baroda has updated its home loan rates, which will take effect on March 15, 2021. Rates on new home loans begin at 6.75 per cent.
To broaden retail lending, BOB will concentrate on a new digital platform.
Through a self-created digital lending platform, Bank of Baroda plans to expand its retail loan portfolio, which includes home, personal, LAP, gold, two-wheeler, and car loans.
Bank of Baroda posted a net profit of 1,061 crores in the third quarter.
For the third quarter ended December 31, 2020, Bank of Baroda reported a net profit of Rs 1,061 crore, backed by the house, personal, motorcycle, two-wheeler, and gold loans, as well as business and mudra loans.
BOB introduces a new digital lending platform.
The Digital Lending Platform was introduced by the Bank of Baroda. Prospective customers will be able to apply for retail loans such as home, personal, automobile, gold, two-wheeler, and education loans using the platform. The initiative’s key goal is to provide excellent customer service, personalise customer journeys, and scale the lending industry using technology.
