Bank of Baroda Home Loan Interest Rate

Bank of baroda LOAN INTERST RATE

Bank of Baroda offers home loans starting from 7.95% for a year, with tenures of up to 30 years and loan amounts up to 20 crores. They also provide balance transfer facilities for existing home loan clients from other banks and finance companies, offering them at more favorable, lower rates. Furthermore, the bank extends an additional feature by offering pre-approved home loans, wherein principal approval is granted even before property identification, and notably, this approval remains valid for a duration of 4 months.

Bank of Baroda Home Loan Rate of Interest

Home Improvements

TypeROI
For Salaried Persons8.60% to 10.20% p.a.
For Non-Salaried Persons8.65% to 10.30% p.a.

BOB Home Loan Interest Rate for Advantage

AmountROI
Up to Rs. 75 lakh8.60% to 10.20% p.a.
More than Rs. 75 lakh8.85% to 10.45% p.a.

Bank of Baroda Home Loan Interest Rate 2023 for Top-Up

Top-Up Loan 8.80% to 10.65% p.a.

Types of Bank of Baroda Home Loans

Bank of Baroda offers various types of home loans, each serving different purposes with distinct interest rates:

  1. Baroda Housing Loan
    • Loan amount: Rs. 1 crore to Rs. 20 crore (Mumbai: up to Rs. 20 crores, Other metro cities: up to Rs. 7.5 crores, Urban areas: up to Rs. 3 crores, Semi-urban and rural areas: up to Rs. 1 crore, Chandigarh, Mohali, and Panchkula: up to Rs. 5 crores).
  2. Baroda Home Loan Takeover Loan
    • Loan amount: Rs. 1 crore to Rs. 20 crore (Mumbai: up to Rs. 20 crores, Other metro cities: up to Rs. 3 crores, Semi-urban and rural areas: up to Rs. 1 crore).
  3. Baroda Home Loan Advantage Scheme
    • Loan amount: Rs. 10 crores (Mumbai), Rs. 5 crores (Other metropolitan cities), Rs. 1 crore (Other semi-urban and rural areas).
  4. Home Improvement Loan Scheme
    • Loan amount: Up to Rs. 10 crores (Mumbai), up to Rs. 5 crores (Other metropolitan cities), up to Rs. 3 crores (Urban areas), up to Rs. 1 crore (Semi-urban and rural areas).
  5. The Bank of Baroda Top-Up Loan Scheme
    • Loan amount: Rs. 1 lakh to Rs. 10 lakhs (75% of the house or property value).
  6. The Pradhan Mantri Awas Yojna
    • Loan amount: Rs. 9 lakh to Rs. 12 lakh (maximum interest subsidy of Rs. 2.67 lakhs).
  7. The Bank of Baroda Pre-Approved Home Loan
    • Loan amount: Up to Rs. 10 crores, Validity: 4 months.
  8. Interest Subsidy Scheme for the Urban Poor
    • EWS: Rs. 1 lakh subsidy, LIG: Rs. 1,60,000 subsidy.
  9. The Credit Risk Guarantee Fund Scheme for Low-Income Housing
    • Loan amount: Up to Rs. 8 lakhs, Tenure: 25 years.

Eligibility for Bank of Baroda Home Loan

The eligibility criteria for a BOB home loan vary for different schemes:

  • For Home Loan Takeover: Age 21 to 70 years.
  • For Baroda Housing Loan: Indian, NRI, or PIO, age 21 to 70 years, employed/self-employed with regular income.
  • For Individuals: Minimum CIBIL score of 701, at least 12 paid EMIs, and a satisfactory track record.
  • For Non-Individual Applicants: At least 18 paid EMIs, the firm/company should be in business for five years, engaged in business activities for two years, positive net worth, cash profits for two years, not on RBI defaulter list, no SMA2 category for 12 months.
  • For Urban Poor (ISHUP): Age 21 years and above, EWS with an average monthly income of up to Rs. 5,000, LIG with an average monthly income of Rs. 5,001 to Rs. 10,000, with regular income.
  • For Credit Risk Guarantee Fund Scheme: New individual borrowers of house loans up to Rs. 8 lakhs under EWS or LIG category, housing unit size 430 sq. ft. carpet area.

Documents Required for Bank of Baroda Home Loan

  • Identity Proof – Passport, PAN, Voter ID, Aadhaar, or Driver’s license (ID proof).
  • Proof of Residence – Passport, PAN, Voter ID, Aadhaar, Driver’s license, or utility bills (Address proof).
  • Age Proof – Birth Certificate, passport, Aadhaar, or Voter ID (Age proof).
  • Income Proof – Latest Form 16 or last 6 months bank account statements (For salaried individuals).
  • Other documents as required.

Other Fees and Charges

  • For Pre-approved Home Loan: 0.25% – 0.50%
  • For Baroda Top-up Home Loan: 0.35%
  • For Baroda Housing Loan and Home Improvement Loan: 0.50%
  • For Home Loan Takeover: Rs 8,500

Also check home loans from other banks

LenderHome Loan Interest Rates (Above 75 lakhs)Home Loan Interest Rates (Above 30 lakhs to 75 lakhs)Home Loan Interest Rates (Up to 30 lakhs)
LIC Housing Finance8.50% – 10.75%8.50% – 10.55%8.50% – 10.35%
State Bank of India8.50% – 10.05%8.50% – 10.05%8.50% – 10.15%
HDFC Bank Limited8.40% onwards8.40% onwards8.40% onwards

FAQs

What is the maximum tenure BOB offers home loan for

The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)


Are BOB housing Finance interest rates fixed or floating?

Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.


How is Interest Rate Determined for BOB Home Loan

BOB determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.

How can I calculate the EMI for BOB Home Loan?

You can calculate the EMI for using any online EMI Calculator

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