Bank of Baroda Home Loan

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Bank of Baroda Home Loan Highlights

The Bank of Baroda home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

Category	Highlights
Interest Rate	8.40% p.a. onwards
Loan Amount	Maximum Amount: Rs. 10 Crores
Loan Tenure	30 Years
Processing Charges	100% waiver in Processing charges
Prepayment Charges	If Prepaid within 3 years: 2% Penalty on Amount Prepaid If Prepaid/Foreclosed after 3 years: NIL

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Bank of Baroda Home Loan Interest Rates

Bank of Baroda provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.

Bank of Baroda Floating Interest Rate Home Loans

Conditions	Effective Rate of Interest
For Salaried*	From 8.40% to 10.60%
For Non-Salaried*	From 8.40% to 10.60%

Bank of Baroda Fixed Interest Rate Home Loans

Conditions	Effective Rate of Interest
For Salaried*	From 10.15% to 11.50%
For Non-Salaried*	From 10.25% to 11.60%

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Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

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

Check Out: Bank of Baroda vs SBI vs. HDFC

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Bank of Baroda Home Loan Processing Fees

Bank of Baroda takes processing fees to cover the cost of reviewing your documents and assessing your loan application. 

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Bank of Baroda: Top Home Loan Schemes

Bank of Baroda provides a variety of home loan schemes tailored to meet different needs. These include Home Loans for property purchases, Top-Up Loans for additional financial needs, loans for NRIs and HNIs, Overdraft (OD) Loans for flexible funding, and loans for Home Renovation or Extensions. 

Must Read: Find Out How Much You Can Save with a Home Loan Overdraft

BOB Pre-Approved Home Loan

The Baroda Pre-Approved Home Loan offers in-principle approval, allowing prospective applicants to secure their home loan even before finalizing a specific house, flat, or plot.

Additional Benefits

• Assured eligible loan amount
• Better negotiation powers with sellers
• Greater Flexibility
• Free Credit Card
• Valid for 4 months

Highlights

Tenure	30 years
Rate of Interest	8.40% p.a. onwards
Processing Charges	Rs. 8500/- upfront

Eligibility Criteria

Age	21 years – 70 years
Nationality	Indian/ NRI/ PIO
CIBIL Score	701+

Baroda Home Suvidha Personal Loan

The Baroda Home Suvidha Personal Loan is designed to cover the additional costs that come with purchasing a home. From insurance premiums and registration fees to stamp duty, GST, and club membership charges, this loan ensures you have the financial flexibility to manage all the extra expenses seamlessly.

Eligibility Criteria

• Prospective borrowers for Baroda Home Loans including takeover
• Existing borrowers under Baroda Home Loan Scheme

Baroda Max Savings Home Loan

Bank of Baroda invites you to fulfill your dream of owning a home with the Baroda Max Savings Home Loan, designed for convenience and savings. This unique offering links your sanctioned home loan to a savings bank account, where any credit balance at the end of the day is applied towards reducing the interest on your loan. By depositing your savings into the linked account, you can maximize interest savings while simplifying EMI payments.

Additional Benefits

• Auto recovery EMI
• Best use of idle fuunds
• Linked with savings account
• Lower effective interest
• Saving account zero ROI

Highlights

Tenure	30 years
Rate of Interest	From 8.40% to 10.60% (Upto 75 lakhs) From 8.65% to 10.85% (Above 75 Lakhs)
Processing Charges	100% waiver in Processing charges

Eligibility Criteria

Age	21 years – 70 years
Nationality	Indian/ NRI/ PIO
CIBIL Score	701+

Bank of Baroda Top Up Loan

The Baroda Top-Up Loan is a convenient additional loan facility exclusively for home loan borrowers. It provides extra funds for a variety of purposes, excluding speculative or illegal activities, giving you the financial flexibility you need alongside your home loan.

Eligibility Criteria

Age	21 years – 70 years
Nationality	Indian/ NRI/ PIO
CIBIL Score	701+

Additional Documents Based on Employment Type

Employment Type	Required Documents
Salaried Individuals	– Latest 3 months salary slips and Form 16.
	– Appointment/promotion letters.
	– Employee Identity Card.
	– 6 months bank account statement.
Self-Employed Individuals	– Balance Sheet & Profit & Loss Account for the last 2 years.
	– Income Tax Returns for the last 2 years.
	– Business proof (licenses/registrations).
	– 12 months individual bank account statement.
Farmers/Agriculturist	– Income proof from local authorities (Talati’s/Gram Sevak).
	– Land revenue records (Form 6, 7/12, 8A).

NRI/PIO/OCI Requirements

Requirement	Details
Application Form	Duly filled and signed with photographs.
Passport with Visa	Copy required.
Proof of Residence	India & Abroad – Driver’s License, Ration Card, Voter ID, Passport, Aadhar Card, Registered Rent Agreement.
Local Contact Details	Name, relation, address, and contact numbers of local contact person.
NRE Savings Bank Statement	Last 6 months statement.
Overseas Bank Account Statement	Last 6 months statement including salary account.
Credit Check Report	From Overseas Credit Bureau if already obtained.

Property Documents

Property Type	Required Documents
Ready Flat/House	– Agreement for Sale, Blueprint (approved plan copy).
	– Occupancy Certificate (OC) and Completion Certificate (if applicable).
	– Latest property tax receipt, share certificate, and society registration certificate.
Flat Under Construction	– Agreement for Sale and Non-Agriculture (NA) Certificate.
	– Commencement Certificate (CC) from authorities.
For Construction of House	– Blueprint (approved plan copy).
	– NA Certificate and Builder’s Development Agreement.

Additional Documents for Takeover from Other Banks

Requirement	Details
Existing Loan Account Statement	Last 12 months’ statement.
List of Documents Submitted	Documents submitted to the existing bank/FI with acknowledgment.
Sanction Letter	Copy of the original sanction letter.
Foreclosure Letter	If available.

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Bank of Baroda Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Bank of Baroda offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

• Minimum Tenure: 5 years
• Maximum Tenure: 30 years

Read More: How to Reduce Your Home Loan Tenure?

Impact of Home Loan Tenure on EMIs

• EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
• Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
• Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
• Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best Bank of Baroda Home Loan Tenure?

• Assess income, expenses, and job security for consistent repayments.
• Opt for shorter tenures to reduce overall interest costs.
• Choose EMIs that fit comfortably within your budget.
• Calculate total interest to minimize long-term costs.
• Check for prepayment options without heavy penalties.
• Align tenure with long-term financial goals.
• Plan to settle the loan before retirement.
• Factor in potential salary growth for shorter tenures.
• Balance EMI affordability with loan tenure.

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How To Apply For a Home Loan From Bank of Baroda ?

1. Check Eligibility Criteria: Verify age, income, credit score, and employment status.
2. Calculate Loan Amount and EMI: Use Bank of Baroda’s online calculator to determine affordable loan amounts and monthly installments.
3. Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
4. Choose Application Method: Apply online through Bank of Baroda’s website or visit a nearby branch in person.
5. Submit the Application: Complete the application form accurately and attach all necessary documents.
6. Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
7. Property Valuation and Legal Checks: Bank of Baroda assesses the property’s market value and performs legal due diligence.
8. Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
9. Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
10. Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
11. Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.

Read More: Home Loans in Bangalore

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Bank of Baroda Home Loan: Minimum and Maximum Loan Amount

Bank of Baroda offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search. 

Home Loan Types	Maximum and Minimum Loan Amount
Baroda Home Loan	Maximum: 10 Crores
Baroda Home Loan Takeover	Maximum: 10 Crores
Baroda Pre- Approved Home Loan	Maximum: 10 Crores
Baroda Suvidha Peronal Loan	75% – 90% of the property value
Baroda Max Savings Home Loan	75% – 90% of the property value
Baroda Home Improvement Loan	Up to 15% of Home Loan
Baroda Home Loan to Corporates / Non Individuals	Minimum – Rs. 100 Lacs

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Bank of Baroda Customer Care Contact Details

To facilitate effective communication with customers, Bank of Baroda offers various channels for support.

Contact Method	Details
Email ID	cs.ho@bankofbaroda.com
Phone Number	(0265) 2316792
Text Message (Missed Call)	8468001111 (Balance Inquiry) 8468001122 (Mini Statement) 7799022129 (Toll-Free Number of Central Registry for CKYC ID)
Official Address	Bank of Baroda-Head Office Principal Nodal Officer (General Manager) Baroda Bhawan 7th Floor, R.C Dutt Road Vadodara- 390007 (Gujarat)
Website	Baroda Home Loan

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Bank of Baroda Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. Bank of Baroda has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest Bank of Baroda branch using our branch locator tool.

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Bank of Baroda Home Loan Approval and Disbursal 

Bank of Baroda is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

• Completeness of documents
• Property type and location
• Applicant’s financial profile and credit score

Bank of Baroda Home Loan Disbursement Process

BOB ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan

Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction

Upon submission, BOB reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement

After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Disbursement

• Full Disbursement: Entire loan amount released if the property is fully constructed
• Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of Bank of Baroda Home Loan Approval?

• Maintain a high credit score
• Showcase strong financial stability
• Reduce existing debt obligations
• Provide complete and accurate documentation
• Pay sufficient down payment
• Choose property in approved locations
• Maintain consistent employment history
• Avoid multiple loan applications simultaneously
• Submit clear and legal property documents
• Ensure proper property valuation
• Keep income tax returns up to date
• Maintain low credit utilization ratio

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Bank of Baroda Home Loan Insurance

Bank of Baroda (BOB) offers home loan insurance to protect you and your family from unexpected events. This insurance is included in your home loan package and is considered as a home loan component.

House Holders Insurance Policy – National Insurance

The Householder Insurance Policy is a comprehensive bundled policy designed to cover a range of contingencies faced by homeowners and tenants. Applicable to flats, apartments, bungalows, row houses, and housing societies in rural, semi-urban, and urban areas, this policy features 10 detailed sections. To ensure full coverage, the sum insured must equal 100% of the Value at Risk (VAR).

Features and Benefits:

• Building, Fire & Special Perils Coverage: Protection against loss or damage to building and contents, including temporary removal and transit within India for up to 120 days.
  
• Stock, Furniture, Fixtures, and Fittings Coverage: Covers fire and special perils affecting these items.
  
• Burglary Protection: Covers loss or damage to property caused by burglary, theft, housebreaking, dacoity, or robbery (excluding money and valuables).
  
• All-Risk Coverage for Jewellery and Valuables: Protection against loss or damage to jewellery, mobile phones, and valuables due to accidents or misfortune anywhere in India.
  
• Plate Glass Coverage: Covers accidental breakage of fixed plate glass in the insured premises.
  
• Breakage of Domestic Appliances: Indemnifies loss or damage to domestic appliances caused by mechanical or electrical breakdown.
  
• Television Set Protection:
  • Coverage for loss or damage due to fire, burglary, theft, or accidents.
  • Legal liability coverage up to ₹25,000.
  • Coverage for breakage of antenna fittings up to ₹3,000.
    
• Pedal Cycle Coverage:
  • Protection against loss or damage caused by fire, burglary, theft, or accidents.
  • Legal liability coverage up to ₹10,000.
    
• Baggage Coverage: Protects personal baggage of the insured and family members during travel within India against loss, damage, or destruction by accident or misfortune.
  
• Personal Accident Coverage: Covers bodily injuries leading to death or disablement caused by accidental, violent, external, and visible means for individuals aged 16 to 65.
  
• Terrorism Coverage: Protection against terrorism-related damages as per the GIC Pool guidelines.

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Is Home Loan Insurance Mandatory?

Although not legally mandated, Bank of Baroda makes it mandatory for its customers to obtain a home loan insurance.

Benefits of Opting a Home Loan Insurance Premium

• Financial Security: Ensures loan repayment during unforeseen events.
• Comprehensive Protection: Covers critical illness, accidents, and death.
• Joint Borrower Coverage: Protects both borrowers under one policy.
• Reduced Financial Stress: Lessens financial burden on dependents.
• Tax Benefits: Possible tax deductions on premium payments.
• Peace of Mind: Guarantees loan liability coverage in emergencies.

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Bank of Baroda Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

Section	Deduction Type	Maximum Deduction Amount	Conditions
80C	Principal Repayment of Home Loan	₹1.5 Lakh per annum	The house property must not be sold within five years of possession.
80C	Payment of Stamp Duty	₹1.5 Lakh per annum	These expenses can only be claimed in the year they are incurred.
24b	Interest Payment on Home Loan	₹2 Lakh per annum	The loan must be taken for purchasing or constructing a house. If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken. If the property is let out (rented), there is no cap on the interest deduction under Section 24(b). This allows property owners renting out their property to claim full interest payments as a deduction.

1. Section 24B – Deduction on Home Loan Interest

What It Is:

• Allows you to claim a deduction on the interest paid on your home loan.

Benefits:

• Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
• Rented Property: No upper limit on the interest amount you can claim.

Example

Category	Amount
Loan Amount	Rs. 70,00,000
Interest Payable Per Year	Rs. 4 Lakhs
Tax Deduction	Rs. 2 Lakhs/ Year
Tax Bracket	30%
Tax Benefits per Year	Rs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is:

• Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

Benefits:

• Reduces your taxable income by the principal amount repaid.
• Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

Category	Amount
Loan Amount	Rs. 75,00,000
Principal Payable Per Year	Rs. 3.5 Lakhs
Tax Deduction	Rs. 1.5 Lakhs per Year
Tax Bracket	30%
Tax Benefits per Year	50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is:

• When two or more people take a joint home loan and are co-owners of the property.

Benefits:

• Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
• Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
• Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

• Father/ Mother
• Unmarried Daughter
• Siblings
• Husband/ Wife
  (Minors cannot be considered as co-applicants for a Home Loan)

Example

Category	Co Applicant 1	Co Applicant 2
Tax Deduction under 24B	Rs. 2 Lakhs/ Year	Rs. 2 Lakhs/ Year
Tax Deduction under 80C	Rs. 1.5 Lakhs/ Year	Rs. 1.5 Lakhs/ Year
Tax Deductions/ Year	Rs. 3.5 Lakhs/ Year	Rs. 3.5 Lakhs/ Year
Tax Bracket	30%	30%
Tax Benefits	Rs. 1.16 Lakhs/ Year	Rs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

• EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
• Money Saved through Tax Deductions: ₹2,32,000
• Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

Read More: Stamp Duty and Registration Charges in Bihar

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Why Should You Choose Bank of Baroda For Your Home Loan?

• Benefit from the lowest home loan interest rates in the market, ensuring affordable repayments.
• Access Overdraft facility on your entire loan or outstanding balance at your home loan rate.
• Free accidental insurance coverage up to ₹5 Crores.
• Get instant Top-Up Loans without a separate application.
• Option to adjust your EMI to match your financial situation, if you need lower initial payments.
• Simplified paperwork for a swift approval process.
• Transparent terms with no hidden charges.

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How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

• Guaranteed up to 100% funding
• Receive lifetime assistance and expert guidance long after your loan is approved.
• Enjoy a fully digital process with minimal paperwork 
• Get your loan approved within just 1-2 weeks.

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