logo
Home Loans
Calculators
Resources
Partner with Us
Find Properties
Free Credit Report

Apply For Bank Of Baroda
Home Loans Now

verified
Nil Processing fee
verified
7-Day Loan Disbursal
verified
Concession for Women Borrowers
EMI Starts From : ₹846/Lakh
verifiedMax Funding Available

Bank Of Baroda offers max funding upto 20 Crores

verifiedAttractive Interest Rates

Interest Rates starting @8.40%

verifiedFlexible Loan Tenure

Tenure upto 30 years

Our Official Partners
HDFCSBILIC HFCICICI+15 more
Select City
+91
Bank Of BarodaBank Of Baroda
  • Overview
  • Loan Calculations
  • Highlights
  • Home Loan Interest Rates
  • Compare With Other Banks
  • Processing Fees
  • Fees and Charges
  • Home Loan Types
  • EMI Calculator
  • Eligibility Criteria
  • Documents
  • Tenure
  • How to Apply
  • Loan Amount
  • Customer Care
  • Nearest Branches
  • Disbursement Process
  • Home Loan Insurance
  • Tax Benefits
  • Bank Features
  • Why Choose Credit Dharma

Bank Of Baroda Home Loan

Bank of Baroda offers home loans starting from 8.40% for a year, with tenures of up to 30 years and loan amounts up to 10 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.

Rate of Interest

8.40% - 10.90%

Loan to Value

80% - 90%

Loan Tenure

Max 30 Years

Max Loan Amount

Upto 20cr

Rate of Interest8.40% - 10.90%
Loan TenureMax 30 Years
AgeSalaried/Self Employed : 21 - 70 years
ProfessionSalaried/Self Employed
IncomeMetro Cities : 20,000/Month & Above
Other Cities : 15,000/Month & Above
NationalityResident Indian/ NRI
Max Loan AmountUpto 20cr
Plot Purchase
Independent Building
Apartment
Resale Property
New Construction
LTV80% - 90%
Home Loan
Plot Cum Construction Loan
Balance Transfer
Overdraft Facility
Top Up Facility
Other OfferingsHome Improvement Loan, Home Loan to Corporates
Processing FeesNIL
Other ChargesFor leads sourced through Digital Channel- 100% waiver in Processing charges
Overdraft Facilities-
Highlights• Max savings under Baroda Max Savings Home loan.
• Concession for Women Borrowers- 0.05%
• Nil Processing fee
• Easy Takeover without income documents.

*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.

Home Loan Calculations
₹50,00,000
20 Years
Loan Amount₹ 50,00,000
Loan Tenure20 years
Rate of Interest8.40% - 10.90%
Monthly EMI₹ 43,075 -
₹ 51,269

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.

CategoryHighlights
Interest Rate8.40% p.a. onwards
Loan AmountMaximum Amount: Rs. 10 Crores
Loan Tenure30 Years
Processing Charges100% waiver in Processing charges
Prepayment ChargesIf Prepaid within 3 years: 2% Penalty on Amount Prepaid
If Prepaid/Foreclosed after 3 years: NIL

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

ConditionsEffective 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

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

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.

BankUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI Bank8.50% p.a. onwards8.5% p.a. onwards8.50% p.a. onwards
HDFC Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
LIC Bank8.50% – 10.35% p.a.8.50% – 10.55% p.a.8.50% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Punjab National Bank8.50% – 11.05% p.a.8.50% – 11.05% p.a.8.50% – 11.05% p.a.
Bank Of Baroda8.40% – 10.65% p.a.8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Axis Bank8.75%-10.30% p.a.8.75%-10.30% p.a.8.75%-10.30% p.a.
Bank of India8.40% p.a onwards8.40% p.a onwards8.40% p.a onwards
TATA Capital8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

Check Out: Bank of Baroda vs SBI vs. HDFC

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. 

CategoryProcessing Fees
For Individuals100% waiver in Processing charges

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. 

BOB Home Loan

The Bank of Baroda Home Loan offers flexible financing and expert support to make your dream home a reality. Enjoy competitive interest rates, hassle-free paperwork, and personalized assistance throughout the process. With customized repayment options and continuous guidance, owning your dream home has never been easier.

Additional Benefits

  • No Hidden Charges
  • No Pre Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Free Credit Card
  • Easy Top-Up Loans
  • Concession for Women Borrowers- 0.05%
  • 0.10% for Gen Z and Millennials ( Under 40 years of age)

Highlights

Tenure30 years
Rate of Interest8.40% p.a. onwards
Moratorium Period36 Months
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age21 years – 70 years
NationalityIndian/ NRI/ PIO
ProfessionIndividuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates
Note: Trust is not eligible under the scheme.

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

BOB Home Loan Take Over

Bank of Baroda offers an excellent opportunity to transfer your home loan with exclusive features and benefits. Whether you’re a resident or non-resident Indian, you can easily switch your loan from other banks, HFCs, NBFCs, or financial institutions.

Additional Benefits

  • Optional life insurance
  • No Pre Payment Penalty
  • Any credit balance in SB a/c at the end of day will be counted for credit in linked HL a/c.
  • Free Credit Card
  • Easy Top-Up Loans

Highlights

Tenure30 years
Rate of Interest8.40% p.a. onwards
Moratorium Period36 Months
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age21 years – 70 years
NationalityIndian/ NRI/ PIO
CIBIL Score701+
Note: Trust is not eligible under the scheme.

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

Tenure30 years
Rate of Interest8.40% p.a. onwards
Processing ChargesRs. 8500/- upfront
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age21 years – 70 years
NationalityIndian/ NRI/ PIO
CIBIL Score701+
Note: Trust is not eligible under the scheme.

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

Tenure30 years
Rate of InterestFrom 8.40% to 10.60% (Upto 75 lakhs)
From 8.65% to 10.85% (Above 75 Lakhs)
Processing Charges100% waiver in Processing charges
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age21 years – 70 years
NationalityIndian/ NRI/ PIO
CIBIL Score701+
Note: Trust is not eligible under the scheme.

Bank of Baroda Home Improvement Loan

Transform your living space with Bank of Baroda’s Home Improvement Loan. Whether it’s repairs, renovations, or upgrading with new furniture and appliances, this loan makes your dream home a reality. With affordable rates, easy processing, and minimal paperwork, turning your house into a modern haven has never been simpler. Apply now and take the first step toward your perfect home!

Additional Benefits

  • Flexibility to spend
  • Insurance cover
  • Minimal Documentation

Highlights

Tenure30 years
Rate of Interest8.40% p.a. onwards
Processing Charges100% waiver in Processing charges
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age21 years – 70 years
NationalityIndian/ NRI/ PIO
CIBIL Score701+
Note: Trust is not eligible under the scheme.

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

Age21 years – 70 years
NationalityIndian/ NRI/ PIO
CIBIL Score701+
Note: Trust is not eligible under the scheme.

Bank of Baroda Home Loan to Corporates / Non Individuals

Bank of Baroda offers home loans at attractive interest rates tailored for corporates and non-individual entities. Public Ltd. Companies, Pvt. Ltd. Companies, Partnership Firms, and LLPs can avail of these loans to purchase or construct residential units for their employees, directors, promoters, or partners.

Highlights

Rate of Interest9.90% p.a. onwards
Processing Charges100% waiver in Processing charges
Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Type of ApplicantPublic Limited Company/Ltd. Company
/Partnership Firms /LLPs
Company Profile-The company / firm should be incorporated for at least 5 years and registered in India.

– Should be actively engaged in business activities for last 2 years

-Should be our existing borrower for min. 06 months OR a debit fee company / Firm

-The CIBIL of the Company / firm should be satisfactory
Note: Trust is not eligible under the scheme.

Bank of Baroda Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate Bank of Baroda Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the Bank of Baroda to finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

  1. A 20-Year Loan (240 months)
  2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

Home Loan AmountInterest RateTenureEMIInterest PaymentTotal Payment
Scenario 1₹50,00,000 8.35% p.a.20 years₹42,918₹53,00,236₹ 1,03,00,236
Scenario 2₹50,00,000 8.35% p.a.30 years₹37,915₹86,49,548₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

  • Although the monthly EMI is higher, your total interest outflow is much lower. 
  • Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

  • However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.
  • You’ll pay a lower EMI each month, easing short-term financial burden. 

Get the best Home Loan interest rates tailored for you

If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.

Apply Now
Talk to Us

Bank of Baroda Home Loan Eligibility Criteria

Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Bank of Baroda:

CriteriaRequirements
Age21 years – 70 years
NationalityIndian/ NRI/ PIO
CIBIL Score701+
Note: Trust is not eligible under the scheme.

Check Out: Bank Of Baroda EMI Calculator

Documents Required For Bank of Baroda Home Loans

When applying for a home loan with the Bank of Baroda, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:

General Documents

CategoryDocuments Required
Proof of IdentityPAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card
Proof of AddressDriver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement

Additional Documents Based on Employment Type

Employment TypeRequired 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

RequirementDetails
Application FormDuly filled and signed with photographs.
Passport with VisaCopy required.
Proof of ResidenceIndia & Abroad – Driver’s License, Ration Card, Voter ID, Passport, Aadhar Card, Registered Rent Agreement.
Local Contact DetailsName, relation, address, and contact numbers of local contact person.
NRE Savings Bank StatementLast 6 months statement.
Overseas Bank Account StatementLast 6 months statement including salary account.
Credit Check ReportFrom Overseas Credit Bureau if already obtained.

Property Documents

Property TypeRequired 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

RequirementDetails
Existing Loan Account StatementLast 12 months’ statement.
List of Documents SubmittedDocuments submitted to the existing bank/FI with acknowledgment.
Sanction LetterCopy of the original sanction letter.
Foreclosure LetterIf available.

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.

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


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 TypesMaximum and Minimum Loan Amount
Baroda Home LoanMaximum: 10 Crores
Baroda Home Loan TakeoverMaximum: 10 Crores
Baroda Pre- Approved Home LoanMaximum: 10 Crores
Baroda Suvidha Peronal Loan75% – 90% of the property value
Baroda Max Savings Home Loan75% – 90% of the property value
Baroda Home Improvement LoanUp to 15% of Home Loan
Baroda Home Loan to Corporates / Non IndividualsMinimum – Rs. 100 Lacs

Bank of Baroda Customer Care Contact Details

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

Contact MethodDetails
Email IDcs.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 AddressBank of Baroda-Head Office
Principal Nodal Officer (General Manager)
Baroda Bhawan
7th Floor, R.C Dutt Road
Vadodara- 390007 (Gujarat)
WebsiteBaroda Home Loan

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.


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

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.

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.

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.

SectionDeduction TypeMaximum Deduction AmountConditions
80CPrincipal Repayment of Home Loan₹1.5 Lakh per annumThe house property must not be sold within five years of possession. 
80CPayment of Stamp Duty₹1.5 Lakh per annumThese expenses can only be claimed in the year they are incurred. 
24bInterest Payment on Home Loan₹2 Lakh per annumThe 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.
Note: Section 80C also covers other investments like Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), and more, up to a combined total limit of ₹1.5 lakh.

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

CategoryAmount
Loan AmountRs. 70,00,000
Interest Payable Per YearRs. 4 Lakhs
Tax Deduction Rs. 2 Lakhs/ Year
Tax Bracket30%
Tax Benefits per YearRs. 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

CategoryAmount
Loan AmountRs. 75,00,000
Principal Payable Per YearRs. 3.5 Lakhs
Tax Deduction Rs. 1.5 Lakhs per Year
Tax Bracket30%
Tax Benefits per Year50,000

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

CategoryCo Applicant 1Co Applicant 2
Tax Deduction under 24BRs. 2 Lakhs/ YearRs. 2 Lakhs/ Year
Tax Deduction under 80CRs. 1.5 Lakhs/ YearRs. 1.5 Lakhs/ Year
Tax Deductions/ YearRs. 3.5 Lakhs/ YearRs. 3.5 Lakhs/ Year
Tax Bracket30%30%
Tax BenefitsRs. 1.16 Lakhs/ YearRs. 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


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.

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.
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 by considering factors such as the loan amount, loan tenure, CIBIL score, and the type of interest rate (fixed or floating) chosen by the borrower. Additionally, the borrower’s financial profile and repayment capacity may also influence the final rate.

How can I calculate the EMI for BOB Home Loan?

You can easily calculate the EMI by using any online EMI calculator; moreover, it provides quick and accurate results to help you plan your finances better.


Bank Of Baroda Calculators
logologo
Fast. Transparent. Spam Free.
Getting a home loan in India is none of the above.
At Creditdharma we are changing that and making your home buying journey stress free. Top Experts, Best Banking Partners and Super Easy Process.
Quick Links
Blogs
Home Loan Eligibility
Balance Transfer
Calculators
About Us
Partner with Us
Become an Advisor
Properties
Glossary
IFSC Code Search
Refer & Earn
Free Credit Report
Home Loan Score
Help
Sitemap
Get in Touch
Enzyme Office Spaces , 27th Main, 480/B, 18th Cross Road, HSR Layout, Bengaluru, Karnataka 560102
linkedininstatwt/x
General Enquiry
contact@creditdharma.in

Home Loans From Top Banks

SBI

SBI Home LoansSBI Home Loan EMI CalculatorSBI Home Loan Eligibility CalculatorSBI MaxGain Home LoansSBI Privilege Home LoanSBI Home Loan StatementSBI Home Loan Customer Care

HDFC

HDFC Home LoansHDFC Home Loan EMI CalculatorHDFC Home Loan Eligibility CalculatorHDFC Loan Against PropertyHDFC Home Loan with Overdraft FacilityHDFC Home Loan StatementHDFC Home Loan Customer Care

LIC Housing Finance

LIC Housing Finance Home LoansLIC Home Loan EMI CalculatorLIC Home Loan Eligibility CalculatorLIC Plot Loan DetailsLIC Home Loan StatementLIC Home Loan Customer Care

Bank of Baroda

Bank of Baroda Home LoansBank of Baroda Home Loan EMI CalculatorBank of Baroda Home Loan Eligibility CalculatorBank of Baroda Loan Against PropertyBank of Baroda Home Loan StatementBank of Baroda Home Loan Customer Care

IDBI Bank

IDBI Bank Home LoansIDBI Bank Home Loan EMI CalculatorIDBI Bank Home Loan Eligibility CalculatorIDBI Bank Home Loan Interest RatesIDBI Bank Home Loan StatementIDBI Bank Home Loan Customer Care

ICICI Bank

ICICI Bank Home LoansICICI Bank Home Loan EMI CalculatorICICI Bank Home Loan Eligibility CalculatorICICI Bank Home Loan Top-UpICICI Bank Home Loan StatementICICI Bank Home Loan Customer Care

AXIS Bank

AXIS Bank Home LoansAXIS Bank Home Loan EMI CalculatorAXIS Bank Home Loan Eligibility CalculatorAXIS Bank Loan Against PropertyAXIS Bank Home Loan StatementAXIS Bank Home Loan Customer Care

BAJAJ Housing Finance

BAJAJ Housing Finance Home LoansBAJAJ Housing Finance Home Loan EMI CalculatorBAJAJ Housing Finance Home Loan Eligibility CalculatorBAJAJ Housing Finance Sambhav Home LoanBAJAJ Housing Finance Home Loan StatementBAJAJ Housing Finance Home Loan Customer Care

Resources

Best Home Loans in Your City

Home Loans in BangaloreHome Loans in HyderabadHome Loans in MumbaiHome Loans in DelhiHome Loans in ChennaiHome Loans in JaipurHome Loans in Pune

Home Loans by Amount

Home Loan for 40 LakhsHome Loan for 45 LakhsHome Loan for 50 LakhsHome Loan for 55 LakhsHome Loan for 60 LakhsHome Loan for 65 LakhsHome Loan for 70 Lakhs

Home Loans by Salary

Home Loan for 40,000 SalaryHome Loan for 50,000 SalaryHome Loan for 60,000 SalaryHome Loan for 70,000 SalaryHome Loan for 80,000 SalaryHome Loan for 90,000 SalaryHome Loan for 1 Lakh Salary

Trending Home Loan Options

Home Loans for Salaried IndividualsHome Loans for Business OwnersPlot cum Construction LoansLoan Against Property DetailsHome Loan Top-Up DetailsHome Loan for NRIsHome Loan Without ITR Documents

Tools

Home Loan EMI CalculatorHome Loan Balance Transfer CalculatorCompare Home LoansHome Loan Eligibility CalculatorBuy vs Rent CalculatorFind Branch Details with IFSC CodeHome Loan Tax Benefits CalculatorFOIR CalculatorCheck Your Credit ScoreHome Loan Prepayment CalculatorHome Loan Insurance CalculatorProperty Budget CalculatorHome Loan with Overdraft CalculatorCapital Tax Gains CalculatorExplore CD Approved PropertiesPlot Loan EMI CalculatorRental Yield CalculatorHome Loan Downpayment Calculator30-30-30-10 Calculator

Compare Home Loans

HDFC vs SBI Home LoansHDFC vs ICICI Home LoansHDFC vs BAJAJ Housing FinanceSBI vs AXIS Home LoansBank Of India vs SBIBank of Baroda vs AXIS BankHDFC vs Bank of BarodaSBI vs IIFL Housing FinanceSBI vs ICICI BankSBI vs BAJAJ Housing FinanceAXIS Bank vs ICICILIC vs SBI Home Loans

Best Home Loan Offers

Best Banks for a Home Loan Balance TransferBest NBFCs for a Home LoanBest Small Finance Banks for Home LoansBest Housing Finance CompaniesBest Public Sector BanksBest Options for Independent Properties
© Copyright Tres Commas Technologies Pvt. Ltd.
CIN : U72900KA2021PTC143997
Privacy Policy | Terms & Conditions
Disclaimer : The information contained in this website is presented purely for information purposes only provided as service to the internet community at large. It does not constitute insurance advice and we do not guarantee the accuracy, adequacy or the completeness of the information contained here.
Loading...