Bank of Baroda Home Loan Snapshot-
|Loan Amount||Up to 90% of the property cost|
|Rate of interest||6.75% - 8.25%|
|Tenure||Up to 30 Years|
|Lowest EMI possible||Rs. 649 Per Lakh|
Let’s quickly understand the top Bank of Baroda Home Loan features and find out the USP of BOB Home Loan.
Here is the checklist of Bank of Baroda Home Loan eligibility criteria:
A BOB Home Loan’s Document List can be an exhaustive one. Thus you should take a professional help and go through the checklist prior starting Bank of Baroda home loan process.
Given below is the official list of documents required to apply for Bank of Baroda Home Loan:
Bank of Baroda Home Loan Documents List:-
|Salaried Individuals||Self-employed Individuals, Professionals & Others||Farmers or Agriculturists|
|Last 3 months’ salary slips for applicants Guarantor: last 1-month salary slip|
|Form 16 and ITR for last 1-year for applicants and guarantor||--|
|Copy of Employee ID card||Land Revenue Records- Form 2,7/12, 8A|
|Appointment/ Confirmation/ promotion/ increment letter as proof of duration of employment|
|6 months bank statement or Account No in case of BOB account|
|Salaried Individuals||Self Employed|
|Copy of employment contract |
(in vernacular language)
|Business Balance sheet and Profit & Loss Account statement|
|Copies of individual ITR for the last 2 years||Copies of individual ITR for the last 3 years|
|Certified copy of latest salary slips for the last 6 months||A note about the nature of business or profession|
|Copy of ID card issued by Employer||Business proof ( Any two valid registrations, Place of Business and Address Proof)|
|Continuous Discharge Certificate, if applicable||Continuous Discharge certificate if applicable|
|Copy of latest work permit||--|
Bank of Baroda is trusted state owned bank. The rate of interest is calculated basis the following parameters as shared by the bank.
Currently BRLLR is 6.75% w.e.f. 15.03.2021,
RBI Repo Rate= 4.00%
Baroda BRLLR= Repo rate + Mark-Up (2.75%) + strategic premium (0-0.25%)
The Risk Premium of 0.05% will be applicable for customers not obtaining credit insurance cover.
Bank of Baroda Home Loan Rate of Interest:
|Product||Rate of Interest|
|Baroda Home Loan &|
Baroda Home Improvement Loan
BRLLR to BRLLR+1.60%
Effective rate: 6.75% to 8.35%
For Staff Members (Public scheme): BRLLR i.e. 6.75%
|Baroda Home Loan Advantage||Up to Rs 75.00 Lakh : Rate as applicable to regular Home Loan|
Above Rs 75.00 Lakh: 0.25% + ROI as applicable to regular Home Loan
|Baroda CRE Home Loan||0.25% + rate as applicable to regular Home Loan|
|Baroda CRE Home Loan (Advantage)||Up to Rs 75 Lakh: 0.25% + rate as applicable to regular Home Loan|
Above Rs 75 Lakh: 0.50% + rate as applicable to regular Home Loan
|Baroda Top Up Loan (Resident/NRIs/PIOs0)||Applicable interest rate on Home Loan + Strategic Premium + 0.60%|
*Thus, Bank of Baroda home loan interest rates will vary in the range of 6.75% to 8.25% p.a.
The Bank of Baroda will charge a unified processing Fee on approval of a home loan. It includes:
Let’s check the cost of these charges on your pocket:
|Product details||Baroda Unified Processing Charges (Excluding GST)|
|Baroda Home Loan, |
Baroda Home Improvement Loan,
& all other BOB Home Loans
Up to 50 Lakh: 0.50% of loan amount
Above 50 Lakh: 0.25% of Loan Amount
For staff members: Actual charges
|Baroda Top up Loans|
Minimum: Rs 5,000 (upfront)
Maximum: Rs 12,500
|Takeover of Home Loan|
|Rs 8,500 (upfront)|
|In principal sanction/ Pre-approved Home Loan|
0.25% - 0.50%
Rs 8,500/- (upfront).
*Submission of property documents before the expiry of pre- approval letter, will make you eligible for processing charges as applicable to Home Loan only.
|Pre Closure Charges||NIL|
The features of various BOB Home Loan schemes are:
Pradhan Mantri Awas Yojana or PMAY is a Central Government’s pilot scheme that aims to provide affordable Housing credit for all Indians by 2022. The scheme offers credit linked PMAY subsidy on housing loan interest rate to first time home borrowers.
|Lender||Maximum Loan Amount||Interest Rate||Processing Fee|
|Bank of Baroda Home Loan||Rs. 10 Crore||6.75% - 8.25%||Up to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)|
|ICICI Home Loan||Up to 90% of property||6.70%-8.05%||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||6.75% - 8.05%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||Rs. 5 Crore||6.70%-8.40%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||Up to 90% of property cost||6.70%-7.65%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
Bank of Baroda gives Home Loans at 75% to 90% of value of the property, also known as Loan to Value (LTV).
|Loan Amount ()||Margin||LTV Ratio|
|Up to 30 Lakh||10%||90%|
|Above 30 Lakh up to 75 Lakh||20%||80%|
|Above 75 Lakh||25%||75%|
To calculate Baroda Home Loan EMI on own, use MyMoneyMantra Home Loan EMI Calculator .
Simply click on financial tools and choose Home Loan calculator. Share loan amount, rate of interest, and loan tenure. Instantly you will get access to Bank of Baroda Home Loan EMI and total repayable interest amount. You will also get an EMI amortisation schedule on your screen.
If you are looking for Bank of Baroda home loan interest rate calculator, you must understand that BOB applies a risk premium and charge on BRLLR. The risk weightage depends on your income, score & property value.
You can use different interest rate and EMI combinations to make an informed decision.
|Loan Amount||10 years||20 years||30 years|
*For EMI calculation purpose, flat rate of Interest @ 6.75% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.
You can contact Bank of Baroda for your queries and concerns through following channels:
Bank of Baroda Home Loan Customer Care Contact Points:-
Toll Free Number for all customers except PMJDY holders & other government schemes (24x7):
Toll Free Number for PMJDY customers & other financial inclusion Schemes:
1800 102 77 88 (6:00 am to 10:00pm)
Missed Call Services:
Balance Enquiry: 8468001111
Mini Statement- 8468001122
24X7 Helpline for NRIs (from overseas locations)
Head Office Address:
Bank of Baroda,
7th Floor, RC Dutt Road
Vadodra- 390007, Gujarat
Call: (0265) 2316792
Furthermore, you can also call customer care to check Bank of Baroda Home Loan Application Status or BOB Home Loan tracking. Share Loan ref number and details for checking the status of your home loan.
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You can get maximum home loan amount up to Rs 10 Crore basis your repayment capacity and valuation of property.
Close relatives such as siblings, spouse & parents can 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.
Following relatives are accepted as close relatives at Bank of Baroda Home Loan:
No, pre-payment charges are not applicable on Bank of Baroda Home Loans
The waiver of processing fees is available as per bank’s current schemes & offers. The processing fee has been waived 100% up to Rs 7,500 + GST for out of pocket expenses.
The minimum age of the applicant should be 21 years. While, a co-applicant should be a minimum of 18 years old.
The maximum repayment tenure can extend up to 30 years for Bank of Baroda Home Loans. Besides, the borrower can avail of a 36 months of Moratorium.
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 also accepted as loan 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. The applicants should have adequate proof of income. The loan is available to salaried as well as self-employed individuals.
To download Bank of Baroda Home Loan statements using net banking customer portal online. Log in using customer ID & password. Here you can directly download or print the home loan statement for ITR & other purposes.
Yes. Bank of Baroda home loan clubs trust of a public sector bank with assortment of special value back offers. Some of the best features of Bank of Baroda home loan are: attractive rate of interest, transparent terms & condition, low processing fee, option to apply for 36 months of moratorium, customised product range, complimentary credit card, concession or car loan, combo personal loan and up to 30 years of tenure.
Bank of Baroda home loan portfolio is consistently rising. Though SBI is the largest housing lender, BOB Home Loan is also a very attractive option. Currently lowest Home Loan EMI on SBI is Rs 645 for 30 Years while it is Rs 649 with Bank of Baroda. Thus interest rate is comparable. You should compare other benefits and post disbursal services to make the best decision.