Prospective home loan applicants can take advantage of the Bank of Baroda Home Loan for a period extending to 30 years. Nevertheless, the approved loan duration must not surpass the applicant’s retirement age or 65 years old, whichever comes first.
Bank of Baroda Home Loan
Bank of Baroda (BOB) provides home loan interest rates beginning at 8.40% per annum for terms of up to 30 years and loan amounts reaching Rs 20 Crores. It additionally provides balance transfer options to current home loan customers of various banks and housing finance firms at reduced interest rates. Bank of Baroda additionally provides pre-approved home loans with initial approval before the selection of the home property, which is valid for 4 months.
Bank of Baroda (BOB) Home Loan Highlights
| Particulars | Details |
|---|---|
| BOB Home Loan Interest Rate | 8.40% onwards |
| Loan Amount | Up to Rs 20 Crore |
| Loan Tenure | Up to 30 years including moratorium of up to 36 months |
| Prepayment Charges | NIL |
| Collateral | Constructed or purchased property, insurance policies, shares and debentures, government promissory notes, gold ornaments, etc. |
Table of Contents
Bank of Baroda Home Loan Interest Rate
Bank of Baroda offers home loans with fixed as well as floating interest rates. The interest rate for home loans at Bank of Baroda ranges from 8.40% per annum, depending on the borrower’s employment profile, the loan amount, and the specific home loan schemes offered to applicants. As part of its festive offer, the bank offers an interest discount of 0.05% for women and 0.10% for Gen Z & Millennials who are under 40 years of age, respectively.
Bank of Baroda Home Loan Schemes
Bank of Baroda provides housing loans of up to Rs.10 crore to qualified clients seeking to buy/build their ideal home or renovate/expand an existing property. The home loans feature an interest rate beginning at 8.40% per annum and a processing fee of up to 0.25% of the total loan amount.
Longer loan durations of up to 30 years and no fees for early repayments or foreclosure provide a convenient loan repayment time frame. The Bank of Baroda provides complimentary accident insurance with all their loans.
1. Bank of Baroda Home Loan
- Interest Rate: 8.40% p.a. Onwards (floating rate)
- Processing Fee: Up to 0.25% of the loan amount
- Maximum Tenure up to 30 years
- Free accident cover on your housing loan.
Also Read: What is Top up Home Loan?
2. Baroda Top Up Loan
- Interest Rate: Rate of Interest on linked home loan (based on BRLLR) + 0.60% + 0.25% (Strategic Premium)
- Processing Fee: Up to 0.35% of the loan amount
- Maximum loan amount 10 crores
- Repayment Tenure is the balance period of existing home loan
- Unified processing charges
3. Bank of Baroda Home Improvement Loan
- Interest Rate: 8.50% p.a. Onwards (floating rate)
- Processing Fee: Up to 0.50% of the loan amount
- Attractive floating interest rates linked to one-year MCLR
- Maximum Tenure: 30 years
- Maximum loan amount of Rs 1 crore in semi-urban and rural areas Rs 5 crores in metro cities and Rs 10 crores in Mumbai.
- Group credit life insurance cover for the borrower and his/her family.
4. Baroda Pre-Approved Home Loan
- Preliminary loan approval granted prior to property identification.
- Guaranteed qualifying loan sum
- Approval remains effective for 4 months from the date it was issued.
- Increased adaptability for discussions with sellers or builders.
Also Read: 6 Benefits for Women Borrowers taking Home loan in India
Compare Home Loan Interest with Top Banks/NBFCs Online
| Banks/NBFCs | Interest Rate (%) | Action |
|---|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards | Apply Now |
| Axis Bank | 8.55% onwards | Apply Now |
| Bajaj Housing Finance | 8.50% onwards | Apply Now |
| HSBC | 8.45% onwards | Apply Now |
| Godrej Housing Finance | 8.75% onwards | Apply Now |
| Capri Global Housing Finance Ltd | 10% onwards | Apply Now |
| Bank of Baroda | 8.40% onwards | Apply Now |
| DBS Bank | 8.50% onwards | Apply Now |
| Edelweiss Housing Finance Ltd | 8.70% onwards | Apply Now |
| Indiabulls | 8.80% onwards | Apply Now |
| Federal Bank | 8.60% onwards | Apply Now |
| HDFC Ltd. | 8.60% onwards | Apply Now |
| ICICI Bank | 8.65% onwards | Apply Now |
| ICICI Home Finance | 8.90% onwards | Apply Now |
| Kotak Mahindra Bank | 8.50% onwards | Apply Now |
| PNB Housing Finance | 8.60% onwards | Apply Now |
| State Bank of India | 8.45% onwards | Apply Now |
| IIFL | 8.90% onwards | Apply Now |
| Aditya Birla Housing Limited | 8.75% onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% onwards | Apply Now |
| Piramal Housing Finance Ltd | 10.50% onwards | Apply Now |
Bank of Baroda Home Loan Documents Required
Here are the details of home loan documents for different profiles are as follows:
List of Common Documents
- Properly completed application form (including a photo of the applicant)
- Document confirming Residence (Aadhaar Card, Voter ID Card, Passport, Driving License, Ration Card, etc.)
- Verification of Age (PAN card, Aadhaar card, Voter ID card, Birth certificate, Passport, Driving license, etc.)
- Verification of assets owned, including LIC, NSC, KVP, MF, and Property.
- Statement of assets and liabilities
- ITR validation report.
For Salaried Individuals
- Last 3 months salary slip and 1 month salary slip for guarantor
- Copy of employee ID card issued by the employer
- Past 1 year ITR and Form 16 of applicant and guarantor
- Bank account statement for past 6 months or Bank account number if the account is with Bank of Baroda.
- Appointment Letter, confirmation letter, promotion letter or increment letter evidencing the duration of employment.
For Self-employed Individuals/Professionals/Others
- Balance sheet and Profit and Loss account with income computation for last 2 years.
- ITR for last 2 years, 26AS, Traces
- IT assessment, clearance certificate, Income Tax challan, TDS certificate (Form 16A), Form 26AS for income declared in ITR.
- Business Proof: Gumasta licence, Service Tax Registration, Registration Certificate, etc.
For Farmers or Agriculturists
- Talati/Gram Sevak/Village Revenue Officer Certificate for income of past 2 years and Mamladaar’s/Block Revenue officer certificate for income of past 2 years
- Bank account statement for past 12 months (individual)
- Land Revenue Records- Form 6, 7/12, 8A
For NRI/PIO/OCI
- Properly completed application form with signatures and photos
- Copy of passport displaying VISA stamp
- Information about the person including their name, address, relationship, and phone numbers of a local contact.
- Proof of Residence (India and overseas): Driver’s license, ration card, voter ID, passport, Aadhar card, registered lease agreement, etc.
- Statement for overseas bank account for the past 6 months.
- NRE savings account statement for the past 6 months.
- Loan account statement for all current loans from the past year.
- Credit assessment reports from the International Credit Bureau.
Additional Documents for PIO
- Current Passport showing birth place in India or abroad.
- Indian Passport, if held earlier
- Passport of parents or grandparents with details in substantiating his claim of being a PIO.
Salaried Individuals (For NRI/PIO/OCI)
- Copy of the employment contract in local language
- Duplicate of identification card provided by the present employer
- Copy of individual ITR for the past 2 years (India/overseas)
- Recent salary statements for the past 6 months
- Ongoing discharge certificate, if relevant
- Duplicate of the most recent work permit
Self- employed Individuals (For NRI/PIO/OCI)
- Balance sheet and income statement of a business or profession.
- Copies of the individual’s income tax returns for the past 3 years (India/overseas)
- Ongoing discharge certificate, if relevant
- Verification of business, location of operation, and documentation of its address.
- A memo providing details about the type of business or profession.
Eligibility Criteria for Bank of Baroda Home Loan
The eligibility criteria for a Bank of Baroda Home Loan is determined by the chosen home loan scheme of the applicants, as well as their age, credit score, work experience/business vintage, and repayment record. The requirements for different categories of BOB home loan schemes are outlined below.
For BOB Home Loan
- Resident Indian, Non-Resident Indian, Person of Indian Origin, Overseas Citizen of India
- Age: 21-70 years
For BOB Home Loan Takeover
Age: 21-70 years
For Individual Applicants:
- Minimum CIBIL Score- 701
- At least 12 EMIs paid already
- Satisfactory repayment track record
For Non-Individual Applicants:
- A single applicant or co-applicant must be present in the suggested loan.
- A minimum of 18 EMIs must have been settled.
The organization/business ought to:
- have been established for a minimum of 5 years
- have been involved in business activities for the last 2 years
- have been generating cash profits for the last 2 years
- possess a favorable net worth
- possess an acceptable CIBIL score
- not have fallen into SMA2 category for the past 12 months
- should not appear in the RBI defaulter’s list, ECGC Caution list/SAL, Suit filed/Non-Suit filed CIBIL list, CRILIC, etc
Bank of Baroda Home Loan EMI Calculator
Those intending to apply for home loans with Bank of Baroda can utilize the Home Loan EMI Calculator to evaluate the overall interest expenses and EMIs across various combinations of loan amount, tenure, and interest rates in the calculator. This would enable the applicants to select their ideal loan duration according to their ability to repay.
Apply for Bank of Baroda Home Loan
Applicants can apply for Bank of Baroda Home Loan either through the official website of the bank or through Bank of Baroda mobile app, Bob World. They can also visit the Bank of Baroda branch to apply for the home loan.
How to Apply for a Home Loan Through OneNDF
When seeking a mortgage loan at OneNDF, you won’t need to navigate a pile of paperwork or endure a tedious process. Here’s the approach to take:
- Visit the official website of OneNDF and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
That’s all! Your application has been sent. A member of our team will reach out to you soon to assist you with the upcoming steps.
Bank of Baroda Home Loan Customer Care Number
Below-mentioned are the toll free Bank of Baroda home loan customer care numbers:
- 1800 5700
- 1800 5000
- For NRIs: +91 79 66296009
FAQs
Candidates can verify their home loan eligibility for Bank of Baroda using the BOB home loan eligibility calculator. Applicants must provide their gross monthly salary, date of birth, loan tenure, CIBIL Score, additional EMIs, and monthly tax deductions to determine the loan amount they qualify for.
Potential home loan applicants can submit their applications for a Bank of Baroda home loan directly via the bank’s website. Candidates can fill out the application form by selecting the “Apply Online” button on the BOB Home Loan page, providing the necessary details, and clicking “Proceed”.
Bank of Baroda requires identity proof, address proof, income proofs, asset proof, ITR verification report, business proof and property documents at the time of loan application.
Yes, Bank of Baroda offers home loans at both fixed and floating interest rates.
Borrowers can check their Bank of Baroda home loan status by visiting ‘Contact Us’ section of Bank of Baroda website or call on toll free number 1800 5700 / 1800 5000 for further enquiries. Further, customers of Bank of Baroda can also check their home loan status through internet banking.
