Bank of Baroda offers home loans starting from 8.4% 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
Type | ROI |
---|---|
For Salaried Persons | 8.60% to 10.20% p.a. |
For Non-Salaried Persons | 8.65% to 10.30% p.a. |
BOB Home Loan Interest Rate for Advantage
Amount | ROI |
---|---|
Up to Rs. 75 lakh | 8.60% to 10.20% p.a. |
More than Rs. 75 lakh | 8.85% 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:
- 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).
- 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).
- 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).
- 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).
- The Bank of Baroda Top-Up Loan Scheme
- Loan amount: Rs. 1 lakh to Rs. 10 lakhs (75% of the house or property value).
- The Pradhan Mantri Awas Yojna
- Loan amount: Rs. 9 lakh to Rs. 12 lakh (maximum interest subsidy of Rs. 2.67 lakhs).
- The Bank of Baroda Pre-Approved Home Loan
- Loan amount: Up to Rs. 10 crores, Validity: 4 months.
- Interest Subsidy Scheme for the Urban Poor
- EWS: Rs. 1 lakh subsidy, LIG: Rs. 1,60,000 subsidy.
- 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
Lender | Home 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 Finance | 8.50% to 10.75% | 8.50% to 10.55% | 8.50% to 10.35% |
State Bank of India | 8.50% to 10.05% | 8.50% to 10.05% | 8.50% to 10.15% |
HDFC Bank Limited | 8.40% onwards | 8.40% onwards | 8.40% onwards |
Frequently Asked Questions
The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)
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.
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.
You can calculate the EMI for using any online EMI Calculator