Hello,

Guest!

Updated:

Features of Bank of Baroda Home Loan Balance Transfer

Bank of Baroda offers home loan that is packed with certain exclusive features and benefits. 

These are:

  • It sanctions high amounts of loan starting from a minimum of 2 lakh. One can avail up to 10 crore in Mumbai, 5 crore in other Metro cities, up to 3 crore in urban areas and up to 1 crore in semi-urban and rural areas.
  • Avail up to 5 times loan top-up to meet additional needs.
  • Allows takeover of both home loan plus top-up if any.
  • Bank of Baroda offers home loan balance transfer at competitive rates of interest. Enjoy competitive rate of interest as per the given chart
CIBIL ScoreRate of Interest
760 and aboveOne Year MCLR+ Risk Premium
725 and above but less than 760One Year MCLR + 0.25%+ Risk Premium
675 and above but less than 725One Year MCLR + 1.00% + Risk Premium
CIBIL : (-1) or (0)One Year MCLR + 0.25% + Risk Premium
  • Avail negotiable risk premium of 0.05% p.a.
  • Floating rate of interest keeps you abreast with the market changes.
  • Enjoy flexible long term repayment term up to a maximum of 30 years.
  • Enjoy high Loan-Value Ratio for the value of property
  • Salaried individuals and self-employed professionals and non-professionals are eligible for home loan balance transfer
  • Both resident and non-resident Indians can apply for a takeover.
  • Low processing charges and minimal documentation
  • Avail free credit card and free accident insurance
  • Avail concession of 0.25% p.a. on rate of interest on car loans
  • Avail group credit life insurance cover on home loans at an additional premium

Additional Reading: How to check free cibil score?

Benefits of Bank of Baroda Home Loan Balance Transfer

Bank of Baroda Home Loan Balance Transfer bestows the following benefits:

  • Choice between different schemes - Bank of Baroda offers home loan under different schemes. One can choose to balance transfer their existing home loan under any of the following schemes:
  1. Baroda Home Loan
  2. Baroda Home Loan Advantage
  3. Baroda Pre-Approved Home Loan
  4. Home Improvement Loan
  5. Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)
  6. Baroda Home Loan Suvidha Personal Loan
  7. Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS)
  8. Baroda Top-Up Loan
  9. Pradhan Mantri Awas Yojana (PMAY)
  • Choice between repayment channels: Bank of Baroda allows easy repayment of home loan. It accepts repayment through EMIs which can be paid through a convenient channel namely, NEFT, Electronic Clearing System, RTGS and post-dated cheques.
  • Minimal documentation and fast processing: Bank of Baroda supports a straight and streamlined process of home loan balance transfer. It requires minimal documentation.
  • Individual / Joint applications: Bank of Baroda allows home loan balance transfer to both individual and joint applicants. Co-owners of the property can become joint owners.
  • No hidden charges: The process of home loan balance transfer at Bank of Baroda is transparent without any hidden charges. The bank promises a great customer experience.

Additional Reading: How to calculate credit score?

Eligibility of Bank of Baroda Home Loan Balance Transfer

The borrower must fulfill the following eligibility conditions to qualify for Bank of Baroda Home Loan Balance Transfer:

  • Applicant can be Salaried Employee, Self-Employed Professional or Self-Employed Non-Professional.
  • NRI holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI) are eligible.
  • Minimum age of borrower must be 21 years, while that of co-applicant must be at least 18 years.
  • Maximum age of the borrower should be 70 years.
  • Apply individually or jointly.
  • Resident Indian applicants must be employed with same employer for a minimum period of 1 year. Self employed must be in same business for at 2 years.
  • NRI must be a permanent employee of the company and must have a work permit of at least 2 years.
  • Gross annual income of NRI should be at least 5 lakh.

In addition to the above eligibility conditions, Bank of Baroda also considers:

  • Minimum CIBIL Score must be 725. You can check cibil score by pan card online.
  • Applicant must have completed the Moratorium period with the existing lender.
  • Applicant must have paid at least 12 EMIs to the existing lender.
  • Equitable Mortgage of the primary security must have been created. Possession of underlying property must be with the borrower.
  • Borrower must have a satisfactory repayment behavior. No EMI payment must have been delayed.
  • The property is question must not be used as collateral for another credit availed by the borrower.
  • Proposed EMI of Home Loan and Top up should remain up to the extent of EMI on existing Home loan and top-up availed with existing lender

Additional Reading: Cibil score required for home loan

Documents Required for Bank of Baroda Home Loan Balance Transfer

A home loan balance transfer application directed towards Bank of Baroda must include the following documents:

Common documents required from all applicants (Salaried/ Self-Employed professional, Self-Employed Non-professional, NRI)

Application form duly filled and signed with the latest photograph of applicant.

Residence Proof and Age Proof - PAN card, Election ID, Passport, Drivers license and Ration card etc.

Identity Proof - Passport, Aadhaar Card, Driving License, Voter ID Card, PAN Card

Copy of approved plan and sanction letter from local civic authority.

Copy of NA permission.

Salary certificates

Copies of I.T. returns or assessment orders for the last three years for self-employed

Bank Pass-book of statements for the last two years.

Latest salary slip/statement showing all deductions in case of employed applicants.

Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challan (for both company or firm and personal account) for the last three years in case of self employed applicants.

Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self employed applicants.

Property Documents

In case of purchase from builder

Copy of Agreement for sale

Copy of registration receipt

Copy of sanctioned plan and sanction letter of the competent authorities

Copy of NA permission/ULC order

Copies of receipts of payments already made

NOC from builders in the format prescribed by Bank of Baroda

In case of direct allotment in a Co-operative Housing Society

Allotment letter

Share certificate

Society registration certificate

Copy of sale/lease deed in favor of the society

NOC from society in format prescribed by Bank of Baroda

Possession letter in original

In case of property purchased in resale

Copy of all previous vendors' agreements duly stamped and registered along with registration receipts. (Original to be presented before disbursement).

NOC from Society/Builder in format prescribed by Bank of Baroda

Original Share Certificate

Additional Reading: How to get loans for bad credit?

Process of Bank of Baroda Home Loan Balance Transfer

Bank of Baroda has a well structured process to handle home loan balance transfer cases.

Borrowers can apply for Bank of Baroda takeover through the following process:

Step 1: The first and foremost step is to apply for a loan closure with the existing bank. The applicant must submit a loan closure application in the prescribed format to the existing lender.

Step 2: Once the existing lender receives the loan application request, the lender will process the application further. Backend checks will be conducted by the existing lender regarding EMI payments, charges pertaining to delays and defaults, outstanding amount, etc. Once the account is scrutinized and cleared, a No Objection Certificate along with other documents like the latest outstanding letter, Home Loan Repayment Track Record will be issued.

Step 3: The documents collected have to be submitted with the Bank of Baroda loan representative. You can schedule a meeting with the representative either through the official website of Bank of Baroda or through MyMoneyMantra. The loan executive will apprise you of the balance transfer process and its related charges.

Step 4: The documents along with the loan application form will be deposited at the bank branch. The loan department will assess, evaluate and scrutinize the application and supporting documents before approving the loan. The property documents will be reviewed by the bank's legal and technical team.

Step 5: You will receive acceptance intimation once the home loan balance transfer application is approved. A sanction letter and loan proceeds will be disbursed. The entire process may take up to 2 weeks.

Additional Reading: How to improve cibil score?

Charges on Bank of Baroda Home Loan Balance Transfer

Bank of Baroda charges the following fee:

Name of ChargeAmount Charged
Processing Fee - Up to 50 lakh0.50% of loan amount + GST, subject to a minimum of 7500 + GST and maximum of 12500 + GST.
Processing Fee - Above 50 lakh0.25% of loan amount + GST, subject to minimum of 7,500 + GST and maximum of  20,000 + GST
Prepayment chargesNIL

Contact Numbers for Bank of Baroda Home Loan Balance Transfer

To reach Bank of Baroda for home loan balance transfer you can contact the bank:

  • Give a missed call to 846 700 1111
  • 24X7 Customer Care helpline: 1800 258 4455, 1800 102 4455

Additional Reading: What is cibil score customer care number?

View and improve your credit score - for free.

Know how good your score is

Get insights on how to improve it

Unlock offers as per your score

chart_15f235bf64 (1).svg

The best offers from India’s most
trusted banks

ICICI.png
PNB.png
Kotak.png

Home Loan Balance Transfer starts at 6.45% p.a for all profiles

Apply for Home Loan Balance Transfer online instantly and get lower interest rate starting at 6.45% p.a. Get better terms and services. You can also avail instant top up loan facility during balance transfer.

Bank of Baroda Home Loan Balance Transfer - FAQ

✅ What is the rate of interest at which Bank of Baroda approves Home Loan Balance Transfer?

image

The rate of interest charged by Bank of Baroda depends upon the CIBIL score of the applicant. The same is as follows:

CIBIL ScoreRate of Interest
760 and aboveOne Year MCLR+ Risk Premium
725 and above but less than 760One Year MCLR + 0.25%+ Risk Premium
675 and above but less than 725One Year MCLR + 1.00% + Risk Premium
CIBIL : (-1) or (0)One Year MCLR + 0.25% + Risk Premium

Risk premium is 0.05% p.a. which can be negotiated depending upon customer profile.

✅ What is the processing fee for Bank of Baroda Home Loan Balance Transfer?

image

The processing fee charged by Bank of Baroda for home loan balance transfer is:

Name of ChargeAmount Charged
Processing Fee - Up to Rs. 50 lakh0.50% of Loan amount + GST, subject to a minimum of Rs. 7500 + GST and maximum of Rs. 12500 + GST
Processing Fee - Above Rs. 50 Lakh0.25% of Loan Amount + GST, subject to minimum of Rs. 7,500 + GST and maximum of  Rs. 20,000 + GST

✅ What property documents are required for home loan balance transfer in case the property is purchased from a builder?

image

Property documents required for home loan balance transfer in case the property is purchased from a builder are:

  • Copy of Agreement for sale
  • Copy of registration receipt
  • Copy of sanctioned plan and sanction letter of the competent authorities
  • Copy of NA permission/ULC order
  • Copies of receipts of payments already made
  • NOC from builders in the format prescribed by Bank of Baroda

✅ What is the minimum CIBIL score accepted by Bank of Baroda for home loan balance transfer?

image

Bank of Baroda accepts a minimum CIBIL score of 725 to process a home loan balance transfer application further. Check cibil score range online.

✅ What property documents are required for home loan balance transfer in case the property is purchased in resale?

image

Property documents required for home loan balance transfer in case the property is purchased in resale are:

  • Copy of all previous vendors' agreements duly stamped and registered along with registration receipts. (Original to be presented before disbursement)
  • NOC from Society/Builder in format prescribed by Bank of Baroda
  • Original Share Certificate

✅ Who is eligible for a Bank of Baroda home loan balance transfer?

image

Applicant can be Salaried Employee, Self-Employed Professional or Self-Employed Non-Professional. Also, NRI holding Indian passport or Persons of  Indian Origin (PIOs) holding foreign passport and Overseas Citizens of India (OCI) are eligible for a Bank of Baroda home loan balance transfer.