Bank of Baroda Home Loan Balance Transfer

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

These are:

• It sanctions high amounts of loans 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 the home loan plus top-up if any.
• Bank of Baroda offers home loan balance transfers at competitive interest rates. Enjoy a competitive rate of interest as per the given chart

• Avail negotiable risk premium of 0.05% p.a.
• A floating rate of interest keeps you abreast of the market changes.
• Enjoy flexible long-term repayment term up to a maximum of 30 years.
• Enjoy a high Loan-Value Ratio for the value of the 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 a concession of 0.25% p.a. onthe  rate of interest on car loans
• Avail group credit life insurance cover on home loans at an additional premium

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

• Choice between different schemes - Bank of Baroda offers home loans under different schemes. One can choose to balance transfer their existing home loan under any of the following schemes:
  • Baroda Home Loan
  • Baroda Home Loan Advantage
  • Baroda Pre-Approved Home Loan
  • Home Improvement Loan
  • Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)
  • Baroda Home Loan Suvidha Personal Loan
  • Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS)
  • Baroda Top-Up Loan
  • Pradhan Mantri Awas Yojana (PMAY)
• Choice between repayment channels: Bank of Baroda allows easy repayment of the 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.

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

• Applicant can be a Salaried Employee, Self-Employed Professional, or Self-Employed Non-Professional.
• NRIs holding an Indian passport or Persons of Indian origin (PIOs) holding a 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.
• The maximum age of the borrower should be 70 years.
• Apply individually or jointly.
• Resident Indian applicants must be employed with the 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 for at least 2 years.
• The gross annual income of an 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 using your 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 the underlying property must be with the borrower.
• The 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

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 the applicant.
• Residence Proof and Age Proof - PAN card, Election ID, Passport, Driver's license, 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 Passbook 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, and 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 the builder
  • Copy of Agreement for Sale
  • Copy of registration receipt
  • Copy of the sanctioned plan and the 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 the 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 the format prescribed by the Bank of Baroda
  • Possession letter in original
• In the case of a 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 the format prescribed by the Bank of Baroda
  • Original Share Certificate

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

Borrowers can apply for the 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 to 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.

Bank of Baroda charges the following fee:

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