When applying for a home loan, knowing the BOB home loan processing fee helps in planning expenses. The fee covers administrative costs, including document verification and legal checks. Understanding these charges ensures a smooth loan process without unexpected costs.
Bank of Baroda Home Loan Processing Fees
Here is a detailed breakdown of the processing fees for different types of Bank of Baroda home loans. This will help you understand the charges associated with each loan category.
| Loan Type | Processing Fee |
|---|---|
| Baroda Home Loan & Home Improvement Loan | – Loan Amount up to Rs. 50 lakh: 0.50% of the loan amount Minimum: Rs. 8,500 (upfront) Maximum: Rs. 15,000 – Loan Amount above Rs. 50 lakh: 0.25% of the loan amount Minimum: Rs. 8,500 (upfront) Maximum: Rs. 25,000 |
| Baroda Home Loan Top-Up | 0.35% of the loan amount Minimum: Rs. 5,000 Maximum: Rs. 12,500 |
| Takeover of Home Loan (Resident/NRI/PIOs) | Flat fee of Rs. 8,500 (upfront) |
| Pre-Approved Home Loan (In-Principle Sanction) | 0.25% – 0.50% of the loan amount Rs. 8,500 |
Key Points:
- Unified Processing Charges: These fees encompass documentation, inspection, legal verification, and valuation costs.
- No Prepayment Charges: Borrowers with floating interest rates are not subject to fees for prepayment or foreclosure.
Check Out: Bank of Baroda Home Loan Documents
Additional Fees and Charges for BOB 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 |
Bank Of Baroda Home Loan Prepayment/Part-Payment Charges
Below is a detailed breakdown of BOB’s Prepayment Charges.
| Loan Type | Prepayment/Part-Payment Charges |
|---|---|
| Floating Rate Loans (Individuals) | NIL |
| Fixed Rate Loans (Individuals) | – Prepayment within 3 years: 2% penalty on the amount prepaid. – Prepayment after 3 years: No charges. |
Check Out: Bank of Baroda Home Loan Eligibility Calculator
Factors Influencing the Processing Fees
Several factors determine the processing fees for a Bank of Baroda home loan. These factors impact the overall cost of loan approval and vary based on loan type, borrower profile, and bank policies.
| Factor | Description |
|---|---|
| Loan Amount | Processing fees are often a percentage of the loan amount. Larger loans may result in higher absolute fees. |
| Lender Policies | Different lenders have varying fee structures based on their operational costs and customer acquisition strategies. |
| Credit Score | Applicants with higher credit scores may be eligible for lower fees, reflecting reduced lending risk. |
| Loan Type | Specific loan products, such as top-up loans or balance transfers, may have distinct processing fee structures. |
How to Calculate the Processing Fees?
Bank of Baroda calculates home loan processing fees based on the loan amount, with specific percentages and caps. These fees cover administrative tasks such as document verification, legal evaluation, and property appraisal.
Example Calculation:
Scenario 1:
If you apply for a home loan of ₹40 lakh:
- Processing Fee Calculation: 0.50% of ₹40,00,000 = ₹20,000
- Applicable Fee: Since ₹20,000 exceeds the maximum cap for this slab, the processing fee will be ₹15,000.
Scenario 2:
For a loan amount of ₹60 lakh:
- Processing Fee Calculation: 0.25% of ₹60,00,000 = ₹15,000
- Applicable Fee: The calculated fee of ₹15,000 is within the specified range, so this amount will be charged.
Read More: How to Get a Home Loan Without All Property Documents?
Home Loan Processing Fees from Top Banks in India
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Also Read: Home Loan Charges and Fees
Home Loan Interest Rates by Top Banks
| 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 | 8.15% onwards | 8.15% – 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 |
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Conclusion
Understanding the BOB home loan processing fee is crucial before applying for a loan. The fee depends on the loan amount, borrower profile, and other factors. Reviewing the latest charges and additional costs helps in better financial planning. Always check with the bank for updated policies to avoid unexpected expenses.
Frequently Asked Questions
The BOB home loan transfer fee ranges from ₹5,000 to 0.50% of the loan amount, whichever is higher, plus GST and other applicable taxes. The exact charges depend on the loan terms and bank policies.
Bank of Baroda requires a minimum balance based on branch location. Metro and urban branches need ₹2,000, semi-urban ₹1,000, and rural ₹500. A 6% charge applies monthly on the shortfall if the required balance is not maintained.
Bank of Baroda charges a 3% pre-closure fee or a minimum of Rs. 100 for closing an EMI facility before the tenure ends. This fee applies to the remaining principal amount.
Yes, Bank of Baroda is a public sector bank owned by the Government of India. It was nationalised in 1969 and is one of the largest government banks in the country.
Bank of Baroda charges a 2% processing fee or a minimum of ₹100 for EMI conversions. Interest rates range from 39% to 42% annually, with repayment options from 6 to 36 months. A zero-cost EMI option is also available.
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