- Bank Of Baroda Home Loan Balance Transfer Highlights
- Bank Of Baroda Home Loan Balance Transfer Eligibility Criteria
- Bank Of Baroda Home Loan Balance Transfer Rates
- Documents Required for BOB Home Loan Balance Transfer
- Home Loan Balance Transfer Interest Rates by Top Banks
- Get a BOB Home Loan Balance Transferwith Highest Eligibility & Best Rates
- Benefits of Bank Of Baroda Home Loan Balance Transfer
- How to Use BOB Home Loan Balance Transfer Calculator
- The formula used in Bank of Baroda Home Loan Balance Transfer Calculator
- Home Loan Balance Transfer Processing Fees by Top Banks
- Get the Best BOB Home Loan Balance Transfer Offers with Credit Dharma
- Conclusion
- Frequently Asked Questions
Thinking about switching your home loan to Bank of Baroda for better rates? The Bank of Baroda Home Loan Balance Transfer Calculator makes it easy to see how much you can save! Just enter your current loan details—like the outstanding amount, interest rate, and tenure—and compare it with Bank of Baroda’s offer.
Bank Of Baroda Home Loan Balance Transfer Highlights
| Highlights | Details |
|---|---|
| Interest Rate | 8.40% onwards |
| Loan Amount | Up to Rs 20 crore |
| Tenure | Up to 30 years |
| Processing Fees | NIL Login Fee : Rs.1,500/- which is to be refunded on first disbursement. |
Bank Of Baroda Home Loan Balance Transfer Eligibility Criteria
Find out the key eligibility requirements for transferring your home loan to Bank of Baroda and enjoy lower interest rates and better terms.
| Criteria | Details |
|---|---|
| Age | 21 – 70 years |
| Target Group | Resident Indians, NRIs, Staff Members |
| CIBIL Score | 701+ |
| EMIs | Minimum 18 EMIs should have been paid. |
Check Out: How to Download Bank Of Baroda Home Loan Statement
Bank Of Baroda Home Loan Balance Transfer Rates
Baroda Housing Loan
| For Salaried | 8.40%-10.60% p.a. |
| For Non-Salaried | 8.40%-10.60% p.a. |
Baroda Max Savings Home Loan
| Up to Rs 75 lakh | 8.40%-10.60% p.a. |
| Above Rs 75 lakh | 8.65%-10.85% |
Baroda Top Up Loan
| Top-up Home Loan | Applicable ROI on linked Home Loan (Based on BRLLR on the date of availing Top up Loan) + Strategic Premium (0.25%) + 0.60% |
Also Read: Bank Of Baroda Home Loan Interest Rates
Documents Required for BOB Home Loan Balance Transfer
| Salaried | Self-Employed | Farmers/Agirculturalists |
|---|---|---|
| Latest 3 months Salary Slips & latest 1 month salary slip for Guarantors | Balance Sheet & Profit & Loss A/c, Computation of Income | Talati’s/Gram Sevak/Village Revenue officer Certificate for previous two years |
| Form 16 & ITR – last 1 years of Applicants & Guarantors | Income Tax Returns – last 2 years for Applicants, 26 AS , Traces | |
| Copy of Employee identity Card provided by Employer | Business proof: Gomasta License, Registration Certificate, Service Tax Registration, etc | Land revenue records – Form 6, 7/12, 8A ; |
| 6 months Bank A/c statement | Firm’s PAN card, Address Proof of Firm / Company | 12 months Bank A/c statement |
| Memorandum & A.O.A of Co. | ||
| ITR & Audited Results of last 2 years of Firm / Company |
Also Read: Documents Required for BOB Home Loan
Home Loan Balance Transfer Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Suggested Read: Why you Should Consider Balance Transfer
Get a BOB Home Loan Balance Transfer
with Highest Eligibility
& Best Rates
Benefits of Bank Of Baroda Home Loan Balance Transfer
- Easy top-up loans
- Finance Life Insurance
- Free Credit Card
- Longer Tenure
- Low Interest Rates
- Low Processing Fees
- No Pre-closure Charges
- Optional Life Insurance
How to Use BOB Home Loan Balance Transfer Calculator
To harness the full potential of the Home Loan Balance Transfer Calculator, follow these steps:
- Existing Loan Details: Input the outstanding amount, current EMI, and remaining tenure.
- Prospective Loan Parameters: Fill in the intended tenure and interest rate for the Bank of Baroda Home Loan.
- Results Analysis: The calculator will then display total cash flow savings, existing EMI, Bank of Baroda EMI, and total EMI savings.
The formula used in Bank of Baroda Home Loan Balance Transfer Calculator
The Calculator takes input as shown below to calculate the Balance Transfer benefits.
| Outstanding Principal | P |
| Yearly ROI | ROI |
| Tenure | T |
| New Tenure | NT |
| NewROI | NROI |
Outputs that we will get from the calculator will be
| Total Savings | S |
| Existing EMI | E |
| New EMI | NE |
| Monthly EMI Savings | ES ( E – NE ‘) |
| NewROI | NROI |
For example, assume that a person took a home loan of which Rs. 70 Lakhs Outstanding Principal is yet to be paid for a tenure of 20 years at an agreed-upon interest rate of 10.5%. and now wants to transfer the home loan to Bank of Baroda with new interest rate of 9.45% and without changing the tenure of 20 years So, according to the formula –
- P = 70,00,000
- ROI = 10.5%
- T = 20 Years
- NT = 20
- NROI = 9.45
Now using the Balance Transfer Formula:
R = ROI/100
E = [P x R x (1+R) ^T] / [((1+R) ^T)-1]
Current Amount = A = E*T*12
NR = NROI/100
NE = [P x R x (1+R) ^NT] / [((1+R) ^NT)-1]
New Amount = NA = NE*NT*12
ES = A – NA
A home loan balance transfer calculator will swiftly provide you with precise calculations, specifically in this scenario.
Existing EMI: Rs.69,887
New EMI: Rs.65,021
Monthly Savings: Rs.4,866
Total Savings: Rs.11,67,791
Home Loan Balance Transfer Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Get the Best BOB Home Loan Balance Transfer Offers with Credit Dharma
Credit Dharma is your trusted partner for securing the best BOB Home Loan Balance Transfer offers, with over ₹500 Cr+ loans handled and partnerships with 20+ leading banks. We provide exclusive access to the lowest interest rates and a seamless, digital process with fast approvals in just 1-2 weeks, backed by lifetime support from our home loan experts.
Why choose Credit Dharma? We provide:
- Lowest Interest Rates: Save more with every EMI.
- Maximum Funding: Get up to 100% funding for your dream home.
- Simple & Digital Process: No tedious paperwork or branch visits.
- Expert Guidance: Lifetime support from our team of specialists.
Compare, choose, and secure the best BOB Home Loan Balance Transfer offer with Credit Dharma — your home loan journey starts here!
Conclusion
The Bank of Baroda Home Loan Balance Transfer Calculator stands as a testament to the bank’s commitment to customer-centric financial solutions. It’s more than just a calculator; it’s a pathway to smarter financial decisions. Embrace this tool to navigate the complexities of home loan transfers and step into a realm of financial prudence and prosperity.
Visit the Bank of Baroda’s official website for more information.
Frequently Asked Questions
Transferring your home loan balance typically takes between 5 to 20 days. This duration can vary based on the processing speed of your current bank and the time needed for documentation and approval processes at the new bank.
Initiating a balance transfer for your home loan does not directly impact your credit score. In fact, it may have positive effects, such as reducing the number of active loan accounts and decreasing your overall credit utilisation.
Consider transferring your home loan balance if you find yourself subject to an interest rate that exceeds the current market average. Some Banks are known for offering attractive rates for these kinds of balance transfers.
Absolutely. Under the Income Tax Act of 1961, you qualify for tax deductions on both the principal and interest amounts of your balance transfer loan. Since these tax advantages can change from year to year, it’s advisable to consult with banks for up-to-date information on the tax benefits available for your loan.
HDFC Home Loan
SBI Home Loan
