Still paying more on your current home loan? Move to Bank of Baroda Home Loan Balance Transfer and watch your EMI reduce with every month you stay. Quick paperwork, transparent fees, and an interest rate that rewards smart choices—everything you need to start saving right below.
Bank Of Baroda Home Loan Balance Transfer Highlights
| Highlights | Details |
|---|---|
| Interest Rate | Contact the Bank |
| Loan Amount | Up to ₹20 Crore |
| Tenure | Up to 30 years |
| Processing Fees | Flat ₹8,500 |
Suggested Read: How to Login to Bank of Baroda Home Loan Account?
Bank of Baroda Home Loan Balance Transfer Interest Rates 2025
Bank of Baroda has not released a dedicated balance‑transfer rate on its official site. Based on the bank’s current home‑loan slabs, you can expect an interest rate of around 8.40 % p.a., though the final offer will depend on your credit profile and prevailing repo‑linked revisions.
Suggested Read: Bank of Baroda Repo Rate Cut on Interest Rates
Bank Of Baroda Home Loan Balance Transfer Eligibility Criteria
To qualify for a home loan balance transfer with Bank of Baroda, you must meet certain eligibility criteria, including credit score, income, and other factors. Understanding these requirements will help you determine your eligibility.
| Criteria | Details |
|---|---|
| Target Group | • Resident Indians • NRIs (Indian passport) / PIOs (foreign passport) / OCIs • Bank staff under public scheme |
| Eligible Borrowers | • Individuals (single / joint) • Non‑individual entities allowed as co‑applicant or guarantor |
| Credit Score | 701+ |
| Existing Loan Conditions | • Moratorium with current lender must be over • At least 12 EMIs already paid • Repayment track must be satisfactory |
| Age Limits | • Borrower: 21 Years – 70 Years • Co‑applicant: Years – 70 Years |
Check Out: How to Download Bank Of Baroda Home Loan Statement
Bank of Baroda Home Loan Balance Transfer Processing Fees and Other Charges
When transferring your home loan to Bank of Baroda, there may be processing fees and other charges involved. It’s important to be aware of these costs to plan your transfer effectively.
| Category | Fees and Charges |
|---|---|
| Processing Fees | ₹8,500 |
| Conversion Fees | One‑time switch from fixed to floating rate. Conversion fee: 0.50 % of the outstanding balance per residual year, capped at 2 % + GST. Pre‑closure fee: 0.50 % of the outstanding balance per residual year after conversion, capped at 3 % + GST (borrower’s written consent required). |
| Prepayment Charges | NIL |
Also Read: Bank Of Baroda Home Loan Interest Rates
Bank of Baroda Home Loan Balance Transfer Documents
To complete your home loan balance transfer with Bank of Baroda, you will need to provide specific documents for verification and approval. These documents help facilitate the transfer process smoothly and ensure your eligibility.
Core Application and KYC Documents
| Item | Details / Acceptable Proofs |
|---|---|
| Application form & photos | Filled‑in form signed by all applicants + 3 passport‑size photographs |
| Identity proof | PAN (mandatory if loan > ₹10 Lakh), Passport, Aadhaar, Voter ID, Driving Licence |
| Address proof | Any of the above IDs or a registered rent agreement |
| Assets & liabilities | Self‑declared statement + proofs of LIC/NSC/KVP/Mutual Funds/Property |
| ITR verification | Latest ITR‑V / income‑tax verification report |
1. Every applicant / co‑applicant / guarantor must self‑attest each document.
2. Branch may seek extra income or title papers for clarity; comply promptly
Income and Employment Evidence
| Profile | Documents Required |
|---|---|
| Salaried | • Last 3 salary slips (1 for guarantor) • Form 16 + latest ITR • Employee ID card • Appointment/confirmation letters • 6‑month salary‑account statement |
| Self‑employed / Professionals | • Last 2 yr audited P&L & balance sheet • Business registration proof (GST, Shops & Est.) • IT returns, Form 26AS • 12‑month current‑account statement |
| Farmers / Agriculturists | • Income certificates for preceding 2 year (Gram Sevak/Talati) and last year (Block Revenue Officer) • Land records (Form 6, 7/12, 8A) |
| NRI / PIO / OCI | • Passport with valid visa / PIO proof • Overseas & NRE statements (6 months) • Overseas salary slips or business financials • Foreign credit‑bureau report, work permit |
1. Every applicant / co‑applicant / guarantor must self‑attest each document.
2. Branch may seek extra income or title papers for clarity; comply promptly
Banking and Existing‑Loan History
| Item | Details |
|---|---|
| Existing loan statement | Last 12‑month statement from current lender |
| Lender’s document list | Acknowledged list of original property papers held by current lender |
| Sanction letter | Copy of existing loan sanction terms |
| Foreclosure letter | If already issued, provide original/printout |
1. Every applicant / co‑applicant / guarantor must self‑attest each document.
2. Branch may seek extra income or title papers for clarity; comply promptly
Property Papers
| Property Stage | Mandatory Documents |
|---|---|
| Ready flat / house | Agreement for Sale approved blueprint Commencement & Completion Certificates Occupancy Certificate latest property‑tax receipt society registration & share certificate chain of title builder/seller receipts title clearance valuation report |
| Flat under construction | Agreement for Sale approved plan Commencement Certificate registered development agreement payment receipts title clearance valuation report |
| Self‑construction | Approved blueprint plot purchase payment proofs title clearance valuation report |
1. Every applicant / co‑applicant / guarantor must self‑attest each document.
2. Branch may seek extra income or title papers for clarity; comply promptly
Suggested Read: Bank of Baroda Home Loan Interest Rates 2025
Home Loan Balance Transfer Case Study
This case study evaluates the financial impact of transferring a home loan balance from Axis Bank to Bank of Baroda after 2 years of repayment. The analysis focuses on interest savings, revised EMIs, and total repayment amounts under the new loan terms.
Current Loan Details at Axis Bank
| Parameter | Value |
|---|---|
| Loan Amount | ₹60,00,000 |
| Interest Rate | 9.70% p.a. |
| Tenure | 30 years |
| EMI | ₹51,549/month |
| Total Interest Payable | ₹1,25,57,734 |
| Total Amount Payable | ₹1,85,57,734 |
Loan Status After 2 Years
| Parameters | Details |
|---|---|
| No. of EMIs Paid | 24 |
| Total Amount Paid | ₹12,37,176 |
| Principal Repaid | ₹54,000 (approx) |
| Interest Paid | ₹11,83,176 |
| Remaining Principal | ₹59,26,200 |
Balance Transfer to Bank of Baroda
| Parameters | Details |
|---|---|
| Transferred Balance | ₹59,26,200 |
| New Interest Rate | 8.40% p.a. |
| Remaining Tenure | 28 years |
| New EMI | ₹45,550/month |
| Total Interest Payable | ₹95,78,600 |
| Total Amount Payable | ₹1,53,04,800 |
Financial Impact Analysis
| Metric | Axis Bank (Current) | Balance Transfer (BoB) | Savings |
|---|---|---|---|
| Total Payment | ₹1,85,57,734 | ₹1,65,41,976 | ₹20,15,758 |
| Monthly EMI | ₹51,549 | ₹45,550 | ₹6,000/month |
| Total Interest Paid | ₹1,25,57,734 | ₹1,05,41,976 | ₹20,15,758 |
Key Findings :
- Monthly Savings : ₹6,000 reduction in EMI.
- Total Savings : ₹20.16 lakhs over the loan tenure.
- Effective Interest Rate Reduction : From 9.70% to 8.40%, lowering the cost of borrowing.
Home Loan Balance Transfer Interest Rates by Top Banks
| Bank | Transfer Rate |
|---|---|
| SBI | 8.50% p.a. onwards |
| HDFC Ltd | 8.75% p.a. onwards |
| LIC Housing Finance Ltd | 9.10% p.a. onwards |
| Axis Bank | Contact the bank |
| Bank of Baroda | 8.85% p.a. onwards |
| Canara Bank | 8.80% p.a. onwards |
| Union Bank of India | 9.00% p.a. onwards |
| IDFC First Bank | 8.85% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards |
| Karur Vysya Bank | 9.00% p.a. onwards |
| Tamilnad Mercantile Bank | 9.45% p.a. onwards |
Suggested Read: Bank of Baroda Home Loan Customer Care
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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.
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