One of the lowest home loan interest rates available in India, Bank of Baroda home loan interest rates start at 7.45% p.a. Choose between different home loan schemes and get affordable interest rate offers based on your Bank of Baroda home loan eligibility. With minimal documentation, low processing charges and quick approvals, Bank of Baroda Home Loans confer a bundle of benefits.
|Product||Bank of Baroda Home Loan|
|Loan amount||Up to 90% of the property cost|
|Rate of interest||7.45% - 8.80%|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 696 Per Lakh|
|Salary/Income||Rs 25000 & above|
|Credit Score||Above 650|
|Processing Fees for Home Loan, Home Improvement Loan|
|Processing Fees for Top up Loans||0.25% of loan amount (Minimum 5,000 and Maximum 12,500)|
|Processing Fees for Takeover of Home Loan||7,500 upfront|
|Processing Fees for in principal approval for Home Loan|| 7,500 upfront. |
If the applicant submits the property documents within the delivery of pre-approval charges, the balance amount for unified processing charges towards Home Loan only will be recovered.
|Pre Closure Charges||NIL|
Additional Info: Also check Bank of Baroda Balance Check Number
The home loan interest rates are basically as per a computation of lender’s internal costs of raising funds, and customer’s occupation, income level, type of property and repayment capacity.
Income: The income or monthly salary of an individual helps in identifying the interest rate.
Bank of Baroda is one of the leading banks which provides various banking and financial services to its customers in order to support them with their requirements. It includes services like consumer, corporate, private and other investment banking services. The bank also provides a variety of housing loan schemes which enable them to buy or construct a house.
The Home Loans offered by Bank of Baroda have affordable rates of interest with a simple procedure and hassle-free documentation. New Home Loans are linked to repo rate and change according to change in RBI’s benchmark lending rates. Presently BRLLR is 7.45% & the range for Bank of Baroda home loan interest rates is 7.45% to 8.80% p.a.
You can reduce Bank of Baroda Home Loan Interest by:
Opting for a Shorter Tenure: The overall interest component is affected by the duration (tenure) of the Home Loan. The shorter is the tenure of the loan, the lower is the total interest paid. But the EMIs will be higher.
Increase EMIs: By increasing the amount of EMI or using regular prepayments, you can reduce the total interest component and prepay the loan faster.
Bank of Baroda Home Loan Interest can be calculated with the help of Home Loan EMI Calculator. You can also choose to use the formula:
Interest Amount = Principal Loan Amount x Interest Rate x Time
To use the calculator, share loan details like loan amount, interest rate and tenure and press submit button. Instantly you will get loan EMI, total repayment and total interest amount.
Using MyMoneyMantra Home Loan EMI calculator you will also get amortization schedule of the loan alongside graphical representation of the loan principal and interest.
|Lender||Maximum Loan Amount||Interest Rate||Processing Fee|
|Bank of Baroda Home Loan||Rs. 10 Crore||7.45% - 8.80%||Up to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)|
|ICICI Home Loan||Up to 90% of property||7.60%-8.45%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI Home Loan||Up to 90% of property cost||7.55% - 8.25%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||Rs. 5 Crore||7.60%-8.05%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||Up to 90% of property cost||7.55%-8.05%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
Additional Reading: How to calculate credit score?
Note: Now you can check your transaction made from saving account with Bank of Baroda Mini Statement Number service.
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You can get up to Rs 10 Crores depending upon the individual risk based pricing and the location of the property in consideration.
Close relatives (like spouse, parents, etc.) may be included as co-applicants even without being a joint owner. You can also add an individual who is not a close relative as long as he or she jointly owns the property.
The list of close relatives is as follows:
There are no pre-payment charges on Bank of Baroda Home Loans
The processing fee is waived 100% subject to 7,500 + GST for out of pocket expenses
The minimum age for the applicant is 21 years and for the co-applicant it's 18 years
The maximum repayment tenure can extend up to 30 years with Bank of Baroda Home Loans
The property purchased or constructed is considered as a mortgage against the loan. If this is not feasible, Insurance Policies, Shares and Debentures, Government Promissory Notes, etc. are accepted as security.
You can get a holiday period of up to 36 months with Bank of Baroda Home Loans.
Bank of Baroda Home Loan is available to NRIs, PIOs, and OCIs as well who have adequate proof of income. The loan is available to salaried and self-employed individuals as well.