Bank of Baroda Home Loan

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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
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
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

  • 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)

Bank of Baroda Home Loan Eligibility Criteria 

Salaried Individual:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  3. 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:

  1. The applicant’s nationality should be Indian.
  2. 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:

  1. The applicant’s nationality should be Indian.
  2. 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.

Please find more information on Eligibility by visiting DialaBank.

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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

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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 home loan scheme is designed for the long term tenure of the requirements of the customers.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount Up to 90% of the property value
Interest Rate 6.95% onwards
Loan Tenure Up to 30 years
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

 

Bank of Baroda Reach Loans – For Indians Earning At least Rs. 10,000 Per Month

For any customers whos, minimum incomes are 10,000 per month or their yearly income is 2 lakhs per year, they can get this home loan scheme and can use it for the purchase of a new home or renovation of the present home.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount Up to 80% of the property value
Interest Rate 8.75% onwards
Loan Tenure Up to 30 years
Processing Fee Up to 2% of the loan amount + GST

 

Bank of Baroda Plot Loans – For Buying a New Plot

now you can easily buy a new plot by resale or through a direct allotment with the help of the bank of Baroda’s plot loan schemes.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount Up to 80% of the property value
Interest Rate Women: 7.05% onwards
Loan Tenure Up to 15 years
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

 

Bank of Baroda Rural Housing Loans – For Indians Living in Rural Areas

Whether you are involved in any agriculture activities like horticulturists, planters, agriculturists, or dairy farmers now you can easily get the home loan from the bank of Baroda for all your requirements.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount Up to 90% of the property value
Interest Rate Women: 6.95% onwards
Others: 7.00% onwards
Loan Tenure Up to 30 years
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

Bank of Baroda Home Improvement Loans – For Covering Home Renovation Costs

for doing repair or renovation of home we may need some home loan assistance and the bank of Baroda has come up with a special loan called home improvement loan which can easily help us to address this issue.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount*
  • New customers: Up to 90% of the improvement estimate
  • Existing customers: Up to 100% of the improvement estimate
Interest Rate 6.95% onwards
Loan Tenure Up to 15 years
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

 

Bank of Baroda Home Extension Loans – For Adding Space in Your Home

house is not home without somethings is constructed or later on, added into it as per planned in our minds, and to solve this issuing bank of Baroda has come up with home extension loans which will help to add on the beauty to the home.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount Up to 90% of the improvement estimate
Interest Rate 6.95% onwards
Loan Tenure Up to 20 years
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

 

Bank of Baroda Top Up Loans – For HDFC Home Loan Borrowers

during home construction, we may need some added funds than it was planned on the paper this issue can be resolved with the help of the bank of Baroda top-up loans facility.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount Up to 90% of the property value
Interest Rate Existing Customers: 8.30% onwards
New Customers: As per Home Loan Slabs
Loan Tenure Up to 15 years
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

 

Bank of Baroda Home Loan Balance Transfer – For All Home Loan Borrowers

the customers can get a loan amount up to 50 lakhs along with the regular home loan scheme if they are availing the home loan balance transfer schemes.

Eligible Profiles Salaried and Self Employed Individuals
Loan Amount Up to Rs. 50 lakh
Interest Rate 6.95% onwards
Loan Tenure Up to 30 years
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

 

Bank of Baroda Home Loan for NRI/PIO – For NRIs and PIOs

  • Bank of Baroda provides a loan scheme is for NRIs, PIOs, and OCIs for the purchase of a new flat, a house in government-approved areas.
  • the loan is approved for the purchase of properties from Development Authorities such as DDA, MHADA, etc.
  • construct on free or leased flat or land as per the guidelines of a Development Authority in India

Bank of Baroda Home Loans under Pradhan Mantri Awas Yojana

for this scheme there is no cap on the loan amount or on the cost of the property, the Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9% and there is a provision of Upfront interest subsidy benefit on the outstanding principal of the loan amount.

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

 

Advantages of Bank of Baroda Home Loan

  • Interest charged on daily reducing balance
  • No prepayment chargesBank of Baroda Home Loan
  • 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
  • Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
  • self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
  • self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
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 EMI Calculator

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Bank of Baroda Home Loan Pre Calculated EMIs

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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 installments through Electronic Clearing System.
  • Opting for direct deduction of monthly installments 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.

 

 

 

 

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