Bank of Baroda Home Loan

Home Home Loan Bank of Baroda Home Loan

About Bank of Baroda

Bank of Baroda is an Indian state-owned International banking and financial services organization headquartered in Vadodara, Gujarat. The bank was founded in 1908 and is the second largest nationalized bank in India. Bank of Baroda offers a full spectrum of financial products and services including loans, deposits, credit and debit cards etc.

About Bank of Baroda Home Loan

Bank of Baroda offers a home loan with competitive interest rates, longer loan tenor, and high loan amount. The bank also provides balance transfer of the existing home loan and top- up loan facility to the borrowers. The borrower including salaried employees and self-employed business persons can apply for Bank of Baroda Home Loan.

Bank of Baroda Home Loan

 

Loan Amount

  Rs. 20 lacs up to Rs. 10 crores

Home Loan Tenor

  Up to 30 years

Processing Fee

  0.50% up to 1% of the loan amount

Purpose of Applying for Home   Loan from Bank of Baroda

  • Construction of the property
  • Purchasing of old property (More than 25 years old property)
  • Purchase of plot and construction thereon (House is to be constructed within 3 years from purchase)
  • For extension of existing property

Security/ Collateral

  • Mortgage of the property purchased   or constructed

Loan to Value (LTV)

  • Up to Rs. 30 lacs- 90% of the property value
  • Loan above Rs. 30 lacs- Up to Rs. 75 lacs- 80% of the property value
  • Loans above Rs. 75 lacs- 75% of the property value

Life Insurance Cover for Home   Loan Borrowers (Optional)

  • Optional Life Insurance covers from   India Life Insurance Co Ltd and Kotak   Life Insurance Co Ltd.

Pre-payment of a Home Loan

  NIL

Bank of Baroda Home Loan Features

Bank of Baroda offers a Home Loan with several features that are mentioned below:

  • BOB Home Loan interest rate: The bank offers a home loan at a low and competitive rate of interest.
  • Credit Card Facility: Bank of Baroda is the only bank that provides a complimentary credit card to all its home loan borrowers. However, the offer is applicable only if the loan amount is of Rs. 2 lacs and above.
  • Home Loan Top- up: Bank of Baroda offers a home loan with a top-up facility. The borrower can avail home loan top-up for 5 times during the tenure of a loan.

Bank of Baroda Housing Loan Eligibility Criteria

Eligibility criteria for Bank of Baroda Home Loan are mentioned below:

Eligibility Criteria

 

  Age

  • 21 years and above at the time of applying for a loan
  • 60 years at the time of loan maturity

  Job Stability

 Applicant should have relevant   number of working experience

  CIBIL Score

 Good CIBIL Score (Typically 650 and   above)

Bank of Baroda Home Loan Documentation

The borrower is required to furnish the following documents for applying a home loan from Bank of Baroda:

List of documents

Salaried employees

Self-employed

  Photo identity proof

Anyone of the following:

  • Aadhar Card
  • valid passport
  • PAN card
  • voter ID card
  • valid driving license
  • Job ID card by NREGA signed by central or central govt.

Anyone of the following:

  • valid passport
  • PAN card
  • voter ID card
  • valid driving license
  • Job ID card by NREGA signed by central or central govt.
  • Aadhar card

  Address Proof

Anyone of the following:

  • Aadhar card
  • valid passport
  • PAN card
  • voter ID card
  • valid driving license
  • Job ID card by NREGA signed by central or central govt.

 

Anyone of the following:

  • Aadhar card
  • valid passport
  • PAN card
  • voter ID card
  • valid driving license
  • Job ID card by NREGA signed by central or central govt.

 

  Signature Proof

Anyone of the following:

  • valid passport
  • Bank's certificate
  • Driving license
  • PAN card

Anyone of the following:

  • valid passport
  • Bank's certificate
  • Driving license
  • PAN card

  Age proof

Any of above-mentioned documents or Birth Certificate

Any of above-mentioned documents or Birth Certificate

  Financial documents

  • Salary slips of last 3 months
  • Form 16 issued by your employer
  • Certification by HR reflecting all allowances and reimbursements (if there are any)
  • Bank statement of last 6 months
  • Details of existing loan or loan closure letter
  • Form 26AS for last 2 years
  • ITR of last 2 years
  • P & L statement and balance sheet of last 2 years (signed by CA)
  • Proof of business continuity of last 3 years
  • Bank statement of last 6 months
  • Note including brief details about nature of the business, the form of organization, clients and suppliers etc.
  • Sanction letter and repayment bank statements for all running loans

  • Interest Rate 8.30% - 9.55%
  • Loan Amount20L - 10Cr
  • Processing Fee 0.5% - 1%
  • TenorUpto 20 Years Years

  • Quick Apply

Other Types of Home Loan by Bank of Baroda

Bank of Baroda offers other types of home loans that are mentioned below:

Baroda Home Loan Advantage

Advantages of a Home Loan Advantage by Bank of Baroda:

  • Free Savings Account: The bank will link the savings bank account with the home loan sanctioned.
  • No interest on Savings Account: The bank does not charge any interest on the linked savings account linked with the home loan.
  • Deposit the savings in the linked account: A borrower can deposit all his savings into the linked savings account. This is beneficial for the borrower in getting the maximum benefit of interest in a home loan account.

 

Bank of Baroda Pre Approved Home Loan

The bank provides in-principle approval for the home loan prior to the identification of the type of property including a specific flat, plot or house. This loan type helps the borrower in negotiating a great deal with the seller and the borrower is assured the eligible loan amount.

Key facts about Baroda Pre Approved Home Loan

  • Loan Eligibility: The loan eligibility of the borrower is calculated based on his income details as per the guidelines of Home Loan Scheme to Resident individuals.
  • Validity of Pre Approval: The home loan in-principle pre-approval is valid 4 months from the date of issue.
  • Documents Submission: All the documents related to applicant?s income and repaying capacity are to be submitted before the issuance of a pre-approval letter.

 

Bank of Baroda Home Improvement Loan

The bank offers an exclusive home loan product for the home renovation, improvement or extension of the home.

Key Facts about Home Improvement Loan

  • Loan Amount: The maximum loan amount of home improvement can go up to Rs. 50 lacs.
  • Repayment Tenor: The loan tenor of this loan type can go up to 15 years.
  • Complimentary Credit Card: Bank of Baroda offers a complimentary credit card to the first time home loan borrowers. However, a home loan amount should be at least Rs. 2 Lacs.
  • Existence of the house property: The house for which the loan is applied for should not be more than 35 years old.

 

Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)

The scheme is designed with a consideration of the government's initiative of 'Housing For All'. This loan type is suitable for low-income group (LIG) and economically weaker sections (EWS). The scheme offers the provision of interest subsidy to the home loan applicants for the construction and purchase of the new house.

Key Facts 

Loan Amount: The loan amount in for the following home loan borrowers is:

1. EWS: A Maximum home loan amount of Rs. 1 lacs is permissible for the house of at least 25 square meters.

2. LIG: A Maximum home loan amount of Rs. 1.6 lacs is permissible for the house of at least 40 square meters.

However, any amount over and above the permissible limit is available at the unsubsidized rate of interest.

Subsidy Reimbursement: As per the bank's norms, 5% interest subsidy for the maximum of principal amount of Rs. 1 lac is available to the home loan borrower. 

 

 

 

 

Other Available products from Bank of Baroda

  • Home Loan Balance Transfer
  • Loan Against Property

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