Bank of Baroda Home Loan Overview
Bank of Baroda home loan interest rate starts from 6.50% p.a. onwards, with tenures up to 30 years with easy repayment options. The bank offers loan amount of up to Rs.10 crore and the processing fees on Bank of Baroda housing loans ranges from as low as 0.25% of the loan amount. The bank charges zero prepayment charges for a floating rate of home loans. One of the key features of the Bank of Baroda home loan is that you can opt for a top-up loan for up to five times during the loan period.
Bank of Baroda Home Loan Details
Apply for Bank of Baroda home loans at floating rates linked to MCLR. Here is a quick snapshot of the BoB home loan plans you can choose from:
|BRLLR||6.75% p.a. to 8.10% p.a.|
|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’s unified processing fee includes documentation charges, inspection and valuation charges, legal fees, and CERSAI fees, among other things. Visit our home loan processing charges section to know more.
Bank of Baroda Home Loan Interest Rates 2022
BoB housing loan offers interest rates linked to BLLR (Baroda Repo Linked Lending Rate). The current BLLR rate is 6.85% p.a.
Here are the BLLR home loan rates for various schemes:
|Bank of Baroda Home Loan Schemes||Interest Rate (p.a.)|
|Baroda Home Loan||6.75% p.a. to 8.10% p.a.|
|Baroda Home Improvement Loan||6.75% p.a. to 8.10% p.a.|
|Baroda Home Loan Advantage||6.75% p.a. to 7.00% p.a.|
|Baroda CRE Home Loan||7.00% p.a.|
|Baroda CRE Home Loan (Advantage)||7.00% p.a. to 7.25% 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 Calculator
You can calculate your EMI in under a minute using the Bank of Baroda Home Loan EMI Calculator. Simply enter the loan amount, interest rate, term, and processing fee, then click “Calculate.” Using the Home Loan EMI Calculator, you can figure out how much your EMI will be for your Bank of Baroda housing loan. Simply enter a few details such as the loan amount, appropriate interest rate, tenure, and processing fee. The automated tool calculates your EMI based on the supplied inputs and displays a breakdown of the total amount due over the life of the loan.
A complete amortisation plan is also provided, including all of your debt instalments for the principle and interest component of your house loan.Bank of Baroda Home Loan EMI Calculation
|Amount||10 years||20 years||30 years|
*Lowest interest rate of 6.50% p.a. has been taken into consideration for this loan EMI illustration. Your final EMI amount can vary based on the rate offered to you by the bank.
Calculate the EMI payable towards your Bank of Baroda housing loan using Home Loan EMI Calculator. All you have to do is key in a few parameters such as loan amount, applicable interest rate, tenure and the processing fee. The automized tool calculates your EMI on the basis on the entered values and provides the break-up of the total amount payable during the entire loan tenure.
A detailed amortization schedule indicating all your debt repayments towards the principal and interest component of your home loan is also provided.
Bank of Baroda Home Loan Schemes
Bank of Baroda offers housing finance up to Rs.10 crore to eligible customers looking to purchase/construct their dream home or improve/extend an already existing property. The home loans attract an interest rate starting from 6.50% p.a. and a processing fee up to 0.50% of the loan amount.
Extended loan tenures up to 30 years and zero charges on pre-payments and foreclosure ensure a comfortable loan repayment period. The Bank of Baroda also offers free accident insurance on all their loans.
- Baroda Home Loan
- Interest rates: 6.75% p.a. to 8.10% p.a.
- Processing Fee: Up to 0.50% of the loan amount (Min. Rs.7,500; Max. Rs.20,000)
- Repayment tenures up to 30 years
- Free accident cover on your housing loan
- Baroda Home Loan Advantage
- Interest Rate: 6.75% p.a. to 8.10% p.a.
- Processing Fees: Up to 0.35% of the loan amount
- Borrowers can choose to deposit his/her savings to the savings bank account to avail interest benefits in the loan account.
- Sanctioned loan linked to the savings bank account.
- Interest calculated on the daily outstanding credit balance in the savings bank account.
- EMIs auto-recovered from the loan-linked savings bank account.
- Baroda Top Up Loan (Resident/NRO/PIOs)
- Interest Rate: 7.35% p.a.
- Processing Fee: Up to 0.35% of the loan amount
- Minimum loan amount is Rs.1 lakh and maximum loan amount is Rs.2 crore
- Repayment tenure is the balance period of the existing home loan
- Unified processing charges
- Baroda Ashray Reverse Mortgage Loan
- Interest Rate: 9.10% p.a. onwards
- Processing Fee: Up to 0.20% of the loan amount
- Provides an additional income source to senior citizens
- Processing charges are waived 100% on all Bank of Baroda’s home loans and top-up loans
- Bank of Baroda Home Improvement Loan
- Interest Rate: 6.75% to 8.10% p.a.
- Processing Fee: Up to 0.50% of the loan amount (Min. Rs.7,500; Max. Rs.20,000)
- Attractive floating interest rates linked to one-year MCLR
- Maximum moratorium period of 36 months
- Maximum loan amount of Rs.1 crore in semi-urban and rural areas; Rs.5 crore in metro cities and Rs.10 crore in Mumbai
- Group credit life insurance cover for the borrower and his/her family.
- Bank of Baroda Pre-Approved Home Loan
- In-principle approval of loan before property is identified
- Assured eligible loan amount
- Approval is valid for 4 months from date of issue
- Greater flexibility for negotiations with sellers or builders
- Baroda Home Loan Advantage for NRI/PIOs
- Sanctioned loan linked to the savings bank account
- Borrowers can deposit their savings to the linked account to enjoy better interest benefits in the loan account
- Interest charged on daily outstanding credit balance in the linked savings bank account
- EMIs recovered only from the linked savings account
- Baroda Home Improvement Loan for NRI/PIOs
- Can be availed for the purpose of improvement/repair/renovation of an existing property.
- Loan tenures up to 30 years with maximum moratorium period of 3 years
- Zero charges on prepayment of loan
- Interest charged on daily reducing balance at monthly rests
- Baroda CRE Home Loan to NRI/PIOs
- Suitable for NRI/PIO borrowers looking to avail housing finance for his/her third house onwards
- Applicable rate of interest is set 0.25% higher than the regular Baroda Home loan for NRI/PIOs
- No prepayment and foreclosure charges
- Baroda Home Loan for NRI
- Competitive rates of interest
- Free accidental insurance offered on the loan
- Extended loan repayment tenures up to 30 years
- Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)
- Addresses the housing needs of the Low Income Group (LIG) and the Economically Weaker Section (EWS)
- For LIG, the average monthly income is up to Rs.10,000 to be eligible
- For EWS, the average monthly income is up to Rs.5,000 to be eligible
- Pradhan Mantri Awas Yojana (PMAY)
- Affordable housing benefits offered by Bank of Baroda under PMAY
- Interest subsidies or credit is offered on home loans
- Interest subsidy is based on the annual income category of the family
Bank of Baroda Pradhan Mantri Awas Yojana
Bank of Baroda offers housing finance to eligible families and beneficiaries through the Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana Scheme (PMAY). Under this scheme, beneficiaries can avail interest subsidies ranging from 3.00% to 6.50% depending on the income category they belong to. The categories eligible under PMAY are:
- Economically Weaker Section (EWS)
- Low Income Group (LIG)
- Middle Income Group (MIG –I & MIG – II)
|Category||Annual Household Income||Interest Subsidy|
|EWS||Up to Rs.3 lakh||6.50%|
|LIG||Rs.3 lakh to Rs.6 lakh||6.50%|
|MIG – I||Rs.6 lakh to Rs.12 lakh||4.00%|
|MIG – II||Rs.12 lakh to Rs.18 lakh||3.00%|
Bank of Baroda Home Loan Eligibility Criteria
|Age||Applicant:Minimum Age: 21 yearsMaximum Age: 70 yearsCo-applicant:Minimum Age: 18 yearsMaximum Age: 70 years|
|Residency Status||Resident IndianNon-Resident Indian (NRI)Person of Indian Origin (PIO)|
|Type of Employment||The applicant can be:SalariedSelf-employed|
Document Required to Apply for Bank of Baroda Home Loan
|Identity Proof (any one)||Valid PassportPAN CardDriving LicenseVoter IDAadhaar Card|
|Proof of Residence (any one)||Aadhaar CardVoter IDDriving LicensePassportCopy of Utility Bills|
|Age Proof (any one)||Birth CertificateVoter IDValid PassportAadhaar Card|
|Proof of Income||Latest Form 16 or Income Tax (IT) ReturnsLast 6 months’ bank account statements|
|Other Documents||Processing fee cheque favouring the bankDuly filled and signed application form with passport size photographs of the applicant and co-applicants|
What is the maximum home loan amount I am eligible for?
Bank of Baroda offers housing finance up to Rs.1 crore for eligible customers in the rural and semi-urban areas. While borrowers in the metro cities can avail loans up to Rs.5 crore, the maximum loan amount one is eligible for in Mumbai is Rs.10 crore.
What are the prepayment charges on home loans?
Bank of Baroda does not charge you any penalty on prepayments towards your loan at present.
What are the processing charges applicable on my loan?
While the bank charges a processing fee up to 0.50% of the loan amount plus applicable taxes on their housing loans, some loan products can also be availed with a full waiver of processing charges.