Bank of Baroda Home Loan Interest Rates
Interest Rate

Starting @ 8.10%

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Processing Fee

Upto 0.25%

Loan Tenure

5-30 years

Lowest EMI Per Lakh

₹ 741 for 30 years

Prepayment Charges

Nil charges for floating rates loans

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About Bank of Baroda Home Loan

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. 

The Purpose of Bank of Baroda Home Loan

Bank of Baroda's housing loans can be utilised for a number of home-related purposes like:

  • Purchasing an already existing house/flat
  • Transferring of a housing loan from another bank to Bank of Baroda
  • Fresh construction of a house
  • Buying a newly constructed house
  • Buying a land or a plot for building a house
Improvement and extension of a house

Bank of Baroda Home Loan Interest Rates

The rate of interest on Home Loans from Bank of Baroda starts from 8.65% which is one of the lowest Home Loan interest rate when compared to other banks in India. The rate of interest for housing loans vary on the basis of income level of the applicant, occupation, the loan amount or the type of Home Loan that is availed.

With Bank of Baroda Home Loans, you can either opt for Marginal Cost of Funds Based Lending Rate (MCLR) based interest rate or base rate based interest rate.

Existing Bank of Baroda customers can switch over from the base rate to the MCLR interest rate.

MCLR-based Interest Rates for Bank of Baroda Home Loan

Home Loan Type Interest Rate

Baroda Home Loan and Home Improvement Loan

1-Year MCLR to 1-Year MCLR + 1% based on applicant's risk rating = 8.65% - 9.65%

Baroda Home Loan Advantage

 

  • For loan amount up to 75 Lakhs = 8.65% - 9.65%
  • For loan amount above 75 Lakhs = 8.90% - 9.90%

Baroda CRE Home Loan

8.80% - 9.80%

Baroda Home Loan Advantage

  • For loan amount up to 75 Lakhs = 8.90% - 9.90%
  • For loan amount above 75 Lakhs = 9.15% - 10.15%

Baroda Top Up Loan (Resident/ NRIs/ PIOs)

Applicable interest rate on Baroda Home Loan + Strategic Premium + 0.50%

1-year MCLR is 8.65% as on 28.03.2019

Base Rate-based Interest Rates for Bank of Baroda

Home Loan Type Interest Rate

Baroda Home Loan to Individuals/ NRIs/ PIOs

9.60%

Baroda Home Improvement Loan

12.10%

Baroda Additional Assured Advance (AAA) (Resident/ NRIs/ PIOs)

11.10%

Base Rate is 9.60% per annum as on 28.03.2019

The Factors That Affect Bank of Baroda Home Loan Interest Rate

The Home Loan interest rates which are charged on a loan to a borrower are a computation of its internal cost of raising new funds and the occupation, the income levels, the type of property and also the repayment capacity of the customers.

  • Income:The income or monthly salary of an individual helps in identifying the interest rate. Hence, the bank's interest rate varies with your monthly income.
  • Loan amount:The total amount of the Home Loan that is borrowed from the bank has a major effect on the interest rate that is charged for the same. As the loan amount increases, the rate of interest decreases.
  • Existing relationship with the bank: Bank of Baroda offers reduced Home Loan interest rates to its existing customers who already have an account/loan in their bank in view to have a cordial relationship with the bank.
  • Type of loan:The interest rate may vary based on the type of Home Loa chosen
  • Type of applicant: The bank offers different interest rates for salaried, self-employed, men, and women applicants.
  • Type of interest rate: The interest rate for Bank of Baroda Home Loan may vary depending on the type of interest rate (MCLR-based or Base-rate based) chosen.

Tips to Reduce Bank of Baroda Home Loan Interest Rate

  • Opt for a Shorter Tenure:The rate of interest for a Home Loan is affected by the duration or the period of the Home Loan. The shorter the tenure of the loan, the lower is the total interest paid. And the EMIs paid will be higher.
  • Increase EMIs: By increasing the amount of EMI to be paid, it will not only reduce the total interest paid but it will help you to also pay the principal loan amount faster.

Types of Home Loan Schemes from Bank of Baroda

The Bank of Baroda provides a number of customized Home Loan schemes for its customers which are designed as per their requirements. Some of the popular Home Loan schemes of Bank of Baroda are: 

Baroda Home Loan

This Home Loan can be availed for purchasing a new/old house, flat or plot, constructing a house on purchased plot, a home extension of the existing house.

  • Resident Indians, NRIs, and PIOs are eligible to avail this loan
  • The pricing is Risk-Based (Bureau score linked) for any Home Loan
  • Maximum loan amount available is 10 Crores in Mumbai, 5 Crores in other metros and 1 Crore in semi-urban and rural areas.
  • You get loan repayment tenure of up to 30 years inclusive of a maximum 36 month moratorium period.
  • With Baroda Home Loan, you can get a free Credit Card and also a concession of 0.25% on Car Loan interest rates.
  • The bank also offers free accident insurance with its all Home Loan variants
  • You can also avail group credit life insurance when you apply for a Home Loan
  • Home Loan Balance Transfer facility available

Baroda Home Loan Advantage

This is a special type of Home Loan in which the bank links a savings bank account to the existing Bank of Baroda housing loan account. The bank also provides flexibility to the applicant so that they can deposit or withdraw the additional or surplus funds from this account. In case of any credit balance in the account, it will be directly debited from the borrower's savings account and credited in the applicant's Home Loan account.

The borrowers who want to take advantage of dual accounts which includes Home Loan account which is linked with a savings account and wants to save interest that is paid on housing loan over a long run.

  • The age required to avail the loan is a minimum of 21 years (18 years for co-applicant) and a maximum of 70 years.
  • The principal loan amount that you can borrow is from 15 Lakhs to 10 Crores
  • One can apply for a maximum loan-to-value (LTV) of 90% of the property value
  • The maximum repayment period for the Home Loan is 30 years

Home Improvement Loan

This is a unique type of Home Loan that is offered by the bank whereby the bank grants the Home Loan to the individuals who wish to renovate or extend their existing house. These Home Loans are availed for the modification or improvement of the home décor.

  • These Home Loans are given to both existing customers as well as new borrowers
  • These Home Loans are granted for the purpose of purchasing fans, geysers, fittings and furniture and other such goods needed for a comfortable living.
  • All the residents of India can avail this loan whether single or jointly
  • The minimum age limit for availing this Home Loan is 21 years for the applicant and 18 years for the co-applicant.
  • In the case of Home Loan repayment, the age of the applicant at the time of maturity should not cross the retirement age or 70 years (whichever is earlier).
  • The duration of this loan is maximum of up to 10 years which can be paid off through EMIs.
  • Under this Home Loan, the bank keeps the property that is to be renovated as security with itself.
  • The salaried individuals can avail this loan up to twice of their gross annual income and a self-employed person or a businessman can avail up to thrice the average of their previous 3 years annual income, including depreciation value of the property.
  • The bank charges a processing fee at the rate of 0.50% of the total Home Loan amount that is sanctioned.

Baroda Pre Approved Home Loan

This Home Loan offers an "in-principle" approval to the applicant before the plot or the property is purchased by them. This approval is valid for 4 months from the date it is issued. This Home Loan offers affordable rate of interest and the processing is quick and simple.

  • All the individuals who are salaried or self-employed professionals with a monthly salary or income of at least 20,000.
  • The borrowers who want to avail a Home Loan before finalisation of the property without wasting any time for getting the loan sanctioned.
  • The minimum age limit for availing this Home Loan is 21 years for the applicant and 18 years for the co-applicant.
  • In the case of Home Loan repayment, the age of the applicant at the time of maturity should not cross the retirement age or 70 years (whichever is earlier).
  • The principal loan amount one can borrow is from 15 Lakhs to 10 Crores
  • There is an option to apply for a maximum loan-to-value of 90% of the property value
  • The maximum period is 30 years for a Home Loan

Baroda Top up Loan

Get a top-up loan on your existing Bank of Baroda Home Loan to fund your personal financial needs.

  • Top up is available for all existing Home Loan borrowers including bank's staff, ex-staff members, NRIs, and PIOs.
  • The loan amount is based on the Standard Asset Classification

Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)

This government-initiated Home Loan scheme is for urban poor people belonging to the Low Income Groups (LIG) and Economically Weaker Sections (EWS) categories.

  • EWS Loan is available for households having a monthly income of up to 5,000
  • LIG Loan is available for households having an average income between 5001 and 10,000
  • For salaried individuals, 48 times of the last 3 months gross salary is available
  • For others, a maximum of 4 times of the average last 2 years annual income is available

Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS):

A Credit Risk Guarantee Fund Trust is established by the Ministry of Housing and Urban Poverty Alleviation. It provides guarantees of low-income Housing Loans.

  • This trust provides credit risk guarantee against Home Loans of up to 5 Lakhs for LIG and EWS borrowers.
  • No third-party guarantee/ security is required
  • The Guarantee Cover extends to up to 90% of the amount in default for loans up to 2 Lakhs and up to 85% for loans above 2 Lakhs up to 5 Lakhs.

Pradhan Mantri Awas Yojana (PMAY)

PMAY loans are available to EWS or LIG category of applicants. Under this scheme, you can get a subsidy on loan component to the extent of 6 Lakhs.

Baroda Home Suvidha Personal Loans

Existing Bank of Baroda Home Loan borrowers can avail this loan to finance various costs associated with the home purchase like registration cost, stamp duty, insurance cost, GST, and club membership fee.  

  • The scheme is offered to the existing Home Loan customers of the bank as well as Home Loan customers of other lenders (in balance transfer cases).
  • The loan is available to Senior Citizens of India of 60 years of age or above
  • Married couples are eligible if one of them is of 60 years of age and the spouse is below 55 years of age at the time of application.
  • Applicant should be the owner of a residential property
  • Loan repayment tenure can be of up to 15 years, subject to extension based on survival of advance value of the property.

How to Apply for Bank of Baroda Home Loan?

MyMoneyMantra is an online partner for Bank of Baroda. We help you to apply for a Home Loan online. This online procedure is very simple and quick. It has a sequence of steps (mentioned below) to be followed.

  • Visit MyMoneyMantra's official website
  • Go to Home Loan section by mentioned under Loans tab
  • Fill in the required details and submit the form
  • Enter the OTP received on your mobile number in the given space
  • Choose Bank of Baroda Home Loan
  • Our loan representative will get in touch with you to start the procedure of availing a housing loan. You will be assisted and directed by MyMoneyMantra's personal loan advisor in order to ensure that all the Home Loan process is smooth and you get the best Home Loan as per your requirements.

Documents Required for Bank of Baroda Home Loan

For Salaried Employees

  • Duly filled application form for Home Loan
  • 2 photographs of the applicant in passport size
  • ITR records for the last two years
  • Proof of identity such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport.
  • Proof of Income such as last six months' salary slip, Form 16 of two years, Bank statement of at least the last six months that reflects salary being credited or EMI being debited.
  • All the legal, property-related documents like past title chain. For e.g. - conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, a copy of the approved plan of construction or extension.

For Self-Employed

  • Duly filled application form for Home Loan
  • Two photographs of the applicant in passport size
  • Proof of identity such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport.
  • Proof of Business like - VAT/ service tax registration/ company's incorporation details Address proof of the business, accounts and balance sheets showing profit and loss statements which have been certified by a CA, the proof of the business's existence a copy of the partnership deed and business profile.
  • All the legal, property-related documents like past title chain. For e.g. - conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, copy of the approved plan of construction or extension.

Bank of Baroda Home Loan Processing Fees and Other Charges

In addition to interest rates, Bank of Baroda Home Loans also have some other charges as mentioned below:

Processing Fees for Baroda Home Loan and Baroda Home Improvement Loan

  • Up to 50 Lakhs: 0.50% of loan amount (Minimum 7,500 upfront and Maximum 12,500)
  • Above 50 Lakhs: 0.25% of Loan Amount (Minimum 7,500 upfront and Maximum 20,000)

Processing Fees for Baroda Top up Loans

0.25% of loan amount (Minimum 5,000 and Maximum 12,500)

Processing Fees for Takeover of Home Loan

7,500 up front

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


Note:

  • 100% waiver of processing fees is applicable on all Home Loan variants of Bank of Baroda, subject to recovery of 7,500 + GST or 5,000 + GST respectively towards out of pocket expenses.
  • The unified processing charges include: Processing charges, documentation charges, document verification/ vetting charges, pre-inspection charges, one-time post inspection charges, advocate charges, valuer charges for valuation, bureau report charges, CERSAI charges, and ITR verification charges.

FAQs on Bank of Baroda

What is the maximum loan amount allowed with Bank of Baroda Housing Loan?

You can get up to 10 Crores depending upon the individual risk based pricing and the location of the property in consideration.

Who can be a co-applicant for Bank of Baroda Home Loan?

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.

Who is considered a close relative to become a co-applicant for a Home Loan?

The list of close relatives is as follows:

  • Spouse
  • Mother (or stepmother)
  • Father
  • Son (including stepson)
  • Son's wife
  • Daughter (including stepdaughter)
  • Daughter's husband
  • Brother or sister (including stepbrother or sister)
  • Brother's wife
  • Sister or stepsister of spouse
  • Sister's husband
  • Brother or stepbrother of the spouse

Are there any pre-payment charges on Bank of Baroda Home Loans?

There are no pre-payment charges on Bank of Baroda Home Loans

Will the processing fee for Bank of Baroda Home Loans be waived?

The processing fee is waived 100% subject to 7,500 + GST for out of pocket expenses

What is the minimum age of eligibility for a Bank of Baroda Home Loan?

The minimum age for the applicant is 21 years and for the co-applicant it's 18 years

What is the maximum repayment tenure with Bank of Baroda Home Loans?

The maximum repayment tenure can extend up to 30 years with Bank of Baroda Home Loans

What can I offer as security against 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. 

Is there any moratorium or holiday period available with Bank of Baroda Home Loans?

You can get a holiday period of up to 36 months with Bank of Baroda Home Loans.

Is Bank of Baroda Home Loans available to Non Resident Indians?

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. 

Latest News on Bank of Baroda Home Loan

The best Home Loan Rates Being Offered Right Now

 17thSept 2018, Bank of Baroda was listed among the top 5 best Home Loan rates being offered by livemint.com. The current interest rates for Bank of Baroda Home Loans start at 8.65% per annum. The loan is subject to zero processing fees subject to out of pocket expenses of 7,500 + GST.

We are betting big on our housing loan portfolio, says Bank of Baroda's Chief Executive Director

 17th March 2018, The focused approach of Bank of Baroda towards Home Loan business is yielding tremendous results. The state-owned bank is now confident of increasing the market share of brand new Home Loans to 6% according to Executive Director, Ashok Kumar Garg.

Bank of Baroda Q1 Profit doubles to 528 crore

 27th July 2018, State-owned Bank of Baroda claims that profits have doubled to 528 crores in the June Quarter. Within the retail loans, the growth of Home Loans stood at 43.47 %.

Bank of Baroda to Partner with South Korea's KB Financial Group

 10th July 2018, State-run Bank of Baroda will enter into a joint venture with KB Financial Group from South Korea to develop innovative payment initiatives that may also result in the issue of new branded cards.

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