The down payment wiped out your savings, yet bare walls stare back? Rather than swipe a card for every sofa and appliance, top up your existing loan in minutes.
With Bank of Baroda home renovation loan, BOB disburses funds exclusively for interiors at housing‑loan rates. All expenses merge under one schedule, so budgeting stays simple and transparent.
Quick digital processing means no fresh property valuation or lengthy paperwork. Decorate now, pay gradually, and keep your cash cushion intact.
Bank of Baroda Home Improvement Loan Highlights
Here’s a quick overview of the key features—interest rates, loan amounts, and fees—so you can decide if the home loan is the right choice for you.
| Aspects | Highlights |
|---|---|
| Interest Rate | 8.00% p.a. onwards |
| Loan Tenure | 15 Years |
| Loan Amount | Up to ₹50 Lakh |
| Processing Fees | Minimum: ₹8,500 Maximum: ₹25,000 |
Suggested Read: Impact of Home Renovation on Home Insurance
Bank of Baroda Home Improvement Loan Interest Rates
Check out the interest rates for home loan in 2025 to get an idea of your potential EMI and costs.
| Income Category | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| For Salaried | BRLLR – 0.65 % to BRLLR + 0.85 % | From 8.00 % to 9.50 % p.a. |
| For Non-Salaried | BRLLR – 0.65 % to BRLLR + 0.95 % | From 8.00 % to 9.60 % p.a. |
Suggested Read: Small Bathroom Renovation Ideas
Bank of Baroda Home Improvement Loan Eligibility Criteria
Find out the basic eligibility requirements, such as age, income, and existing home loan status, before applying for a home loan.
Find out the basic eligibility requirements, such as age, income, and existing home loan status, before applying for a home loan.
| Criterion | Details |
|---|---|
| Eligibility | • Resident Indians • NRIs with Indian passport • Persons of Indian Origin (PIO) with foreign passport • Overseas Citizens of India (OCI) |
| Permitted Purposes | • For repairs/renovation/improvement of existing house/flat. • Purchase of furniture/fixtures/furnishing/other gadgets such as fans, geysers, air-conditioners, water filters, air purifiers, heaters, desert coolers, etc. |
Additional Eligibility Checklist
| Eligibility Criterion | Details |
|---|---|
| Employment / Business Tenure | Resident Indians: • Salaried – ≥ 1 year in service (breaks up to 3 months allowed). • Non-salaried – ≥ 2 years in business/profession. NRIs/PIOs/OCIs: • In a regular overseas job with a reputed entity for the past ≥ 2 years or self-employed abroad for ≥ 2 years. |
| Minimum Income (NRIs/PIOs/OCIs) | Combined gross annual income of applicant/co-applicant(s) must be ≥ ₹5 lakh equivalent. |
| Definition – Person of Indian Origin (PIO) | A foreign citizen (except of Bangladesh, Pakistan, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan) who: • Ever held an Indian passport, or • Has a parent/grandparent who was an Indian citizen, or • Is the spouse of an Indian citizen / PIO (as above). |
| Definition – Overseas Citizen of India (OCI) | Registered under Section 7A of the Citizenship Act, 1955; effectively a PIO whose foreign country permits some form of dual citizenship (excludes ex-citizens of Pakistan or Bangladesh). |
| Co-applicants | • Close relatives may be added to boost eligibility. • Non-relatives can be co-applicants only if they are joint owners of the property. |
| Who counts as a “Close Relative” | Spouse, father, mother (incl. step-mother), son/step-son & son’s wife, daughter/step-daughter & daughter’s husband, brother/step-brother & brother’s wife, sister/step-sister & sister’s husband, plus the same relations of the spouse. |
| Age Limits | Minimum: 21 years (borrower), 18 years (co-applicant). Maximum at loan maturity: 70 years. |
Suggested Read: Puja Room Renovation Ideas
Bank of Baroda Home Improvement Loan Processing Fee
Understand the processing fees involved so you can factor them into your overall cost when opting for a home loan.
| Loan Amount | Processing Fee |
|---|---|
| Up to ₹50 Lakh | Minimum: ₹8,500 Maximum: ₹15,000 |
| Above ₹50 Lakh | Minimum: ₹8,500 Maximum: ₹25,000 |
Read More: Home Loans in Bangalore
Bank of Baroda Home Improvement Loan Other Fees and Charges
Be aware of any extra charges, such as prepayment penalties or overdue fees, that may apply to your home loan.
| Charge Type | Amount |
|---|---|
| Takeover of Home Loan | – Loans up to ₹20 lakh: 0.35% of the loan amount – Loans above ₹20 lakh: 0.40% of the loan amount – Maximum: ₹15,000 (Service tax applicable separately) |
| Prepayment Charges | Nil for all home loans |
| Inspection Charges | – First Post-Inspection: No charge – Second & Onwards: ₹100 + out-of-pocket and conveyance charges (per inspection) + GST |
| Legal Reports / Valuation Charges | Actual charges as per legal and valuation fees incurred |
| Conversion Charges (Fixed to Floating) | – One-time process – 0.50% per year of the residual loan period (maximum 2% of outstanding loan) + GST – Premature Closure Fee: 0.5% of balance outstanding per year (maximum 3%) |
| Conversion Charges (Floating to Fixed) | Not Available |
Read More: How to Reduce Your Home Loan Tenure?
Bank of Baroda Home Improvement Loan Documents Required
Ensure you have all the necessary documents ready, from identity proof to income statements, to make the home loan application process smooth.
General Documents
| Document Category | Details / Notes |
|---|---|
| Application Form & Photos | Duly filled and signed application form + 3 photographs |
| Proof of Identity | PAN Card (mandatory for loan amounts above ₹ 10 lakh) |
| Alternate ID Proofs | Any one: Driver’s Licence / Voter ID / Passport / Aadhaar Card |
| Proof of Residence | Any one: Driver’s Licence, Ration Card, Voter ID, Passport, Aadhaar Card, or Registered Rent Agreement |
| Previous Loan Evidence | Last 1-year loan a/c statement and sanction letter. (If the loan is from BoB, also provide Account No. & Cust ID) |
| Proof of Assets | Documents for LIC, NSC, KVP, Mutual Funds, Property, etc. |
| Assets & Liabilities Statement | Comprehensive current statement |
| ITR Verification Report | Latest Income-Tax-Return verification report |
Income Proof for Salaried
| Salaried Individuals – Required Income Documents |
|---|
| Latest 3 salary slips (plus 1 slip for each guarantor, if any) |
| Form 16 + ITR (past 1 year) |
| Employee ID card copy |
| Appointment / promotion / increment letter |
| 6-month salary-account statement(or simply BoB A/c No. if already banking with BoB) |
Income Proof for Self Employed
| Self-Employed / Professionals – Required Income Documents |
|---|
| Balance Sheet, Profit & Loss A/c, and income computation (last 2 years) |
| ITR + Form 26AS (last 2 years) |
| Business proof – Gumasta licence, registration certificate, GST/Service-Tax, etc. |
| Tax assessment / clearance orders, challans, TDS certificates (Form 16A) |
| Additional if Partnership / Pvt Ltd: |
| • Firm’s PAN & address proof |
| • MoA & AoA |
| • Audited results + ITR (last 2 years) |
| • Current A/c statement (last 1 year) |
Suggested Read: Bank of Baroda Home Loan Account Login
How to Apply for Bank of Baroda Home Improvement Loan?
The application process is easy—simply fill in your details, upload the required documents, and get started on your loan.
Time needed: 5 minutes
- Visit the official Bank of Baroda website.
- Go to the Home Loans section and select “Baroda Home Improvement Loans.” Click “Apply.”
- Fill Out Personal Details
a. Enter your Full Name and Email ID in the provided fields.
b. Select your Preferred Branch, including State, City, and Address. - Upload Documents
Upload scanned copies of your KYC documents, income proofs, and property documents.
- Submit Application
a. Agree to the terms and conditions by ticking the box.
b. Click on ‘Submit’ to finalize your application.
Suggested Read: Bank of Baroda Home Loan Customer Care
Compare Top Banks Home Loan Interest Rates 2025
Explore home loan top-up offers from different banks to find the best deal that fits your needs.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% 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% – 10.65% p.a. | 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 |
Conclusion
Credit Dharma is your trusted partner for securing the best Home Loan 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 Home Loan offer with Credit Dharma — your home loan journey starts here!
Frequently Asked Questions
Personal‑loan APRs often cross 14‑18 % and credit cards 36 %+, while furnishing loans start in the single digits—saving serious interest over 3‑5 years.
Yes. Under Section 24(b) you can claim up to ₹30,000 a year on interest paid toward a renovation/furnishing loan, within the overall ₹2 lakh home‑interest cap.
If you already have a mortgage, the furnishing loan is usually secured by the same property (BOI even waives fresh mortgage up to ₹5 lakh). A few NBFCs offer totally unsecured renovation loans—but they price higher.
Functionally they’re similar—both give you extra funds. A top-up loan rides on your existing mortgage (often at the same tenor), whereas a stand-alone renovation loan can be taken even if you have no current home loan. Choose whichever has the lower effective rate + simpler paperwork for you.
Typically lenders fund 70–90 % of the renovation estimate (max ₹20–30 lakh in most retail products). The exact cap depends on your income, existing EMIs, property value, and bank policy. You’ll need to arrange the rest as margin money.
HDFC Home Loan
SBI Home Loan
