Bank of Baroda
Loan Against Property

• Customised mortgage loan against immovable property.
• BOB LAP is available as Term Loan, Overdraft or Demand Loan.
• BOB LAP interest rates are competitive, starting at 8.20% p.a.
• Processing fee is nominal at 1 % for term loan and 0.35% for overdraft.
• Avail high value BOB loan against property for up to 10 crore:

Get max LAPs up to 10 Cr in metro cities, 5 Cr at urban areas, 3 Cr at semi urban and 25 Lakhs at rural branches.

• Loan is available for all purposes, except for speculation activities. 
• LAPs are available for extended tenure of 15 years.
• Both individuals as well as non-individuals can apply for BOB LAP.
• Expect fast processing and easy documentation.
• Attractive balance transfer options are also available.

Additional Reading: How to get loans for bad credit?

Bank of Baroda LAP interest rate vary according to the borrower’s credit profile, property value and product category. 

BOB Rate of Interest for LAP:

Collateral: 
Mortgage loans are available against immovable properties, such as:

• Residential property (House/flat)
• Commercial property (Building/land & building)
• Plot of land (not agricultural land)

Loan Amount: Rs. 2 lakhs to 10 crore
Eligibility for amount is assessed basis following income criteria:

Salaried:
Gross Monthly Income up to Rs. 75,000: Approval for 30 times of GMI
Gross Monthly Income above Rs. 75,000 up to Rs. 3 lakhs: Approval for 48 times of GMI
Gross Monthly Income up to above Rs. 3 lakhs: Approval for 60 times of GMI

Others (self-employed & professionals:
Gross Annual Income up to Rs. 5 lakhs: Approval for 5 times of GAI
Gross Annual Income above Rs. 5 lakhs up to Rs. 8 lakhs: Approval for 6 times of GAI
Gross Annual Income above Rs. 8 lakhs: Approval for 8 times of GAI

Repayment Period: 
Term loan: 120 months
Overdraft: 12 months; Subject to Annual Review

Repayment Capacity:
Loan is approved basis repayment capacity of the borrower. EMI will be assessed as under:

Gross monthly income up to Rs. 75,000: Up to 50% of GMI
Gross monthly income above Rs. 75,000 to Rs. 3 lakhs: Up to 60% of GMI
Gross monthly income above Rs.3 lakhs: Up to 70% of GMI

Resident Indians (RIs):

• Eligibile profiles: Salaried/ Self-employed/ Business Persons/ Professionals/ Agriculturists.
• Borrower should be employed or engaged in business or profession for at least 3 years.
• Both primary and co applicants should have minimum Gross Annual Income of 3 Lakhs in last 3 years.  
• Facilities available: Term loan/demand loan/overdraft

Non-Resident Indians (NRIs):

• The applicant should hold a valid Indian Passport.
• The borrower should have a regular employment/ business for a minimum of 2 years.
• There should be a valid Job-Contract/ work permit for 2 years in foreign country.
• The minimum Gross Annual Income for main applicant & co-applicant should be Rs 5 Lakhs in last 3 years.
• Facilities available: Term loan/demand loan

*HUF/ Trust/ Public limited company are not eligible to apply for BOB Mortgage Loan.

Additional Reading: How to check free cibil score?

The primary as well co applicants need to submit documents to establish their citizenship, income, identity, address, age and property ownership. Here is a summary of LAP documents required: 

• Dully filled loan against property form with passport size photos of all applicants.
• Proof of Identity (any one): Aadhaar card, PAN card (mandatory), driving license and passport.
• Proof of residence: Driving license, passport, Voter ID, rent agreement and latest utility bill.
• Income: Salary slips for last three months, Form 16, business existence proof & bank statement for last 12 months (as applicable for profile).
• Proof of income through other sources such as rent receipts, pension statement etc.
• Proof of age: Birth certificate, LIC Policy, Employee ID and Domicile Certificate.
• Chain of property title deeds.
• Also check cibil score before applying for a loan against property. You can check cibil score by pan number online.

You can conveniently calculate BOB Loan Against Property EMI with LAP EMI Calculator. Click on the EMI Calculator and enter details: Loan Amount, Interest Rate and Repayment Tenure.

Clicking on the calculate button and you will get loan EMI with amortization schedule. You can use different combinations to assess the loan affordability and make an informed decision.

The EMI will vary according to the loan tenure, interest rate and amount. Here is calculation for the lowest LAP interest rate offer form Bank of Baroda @8.20 p.a. for 5, 10 & 15 years in the range of 10 lakh to 50 Lakh:

Loan Against Property EMI Calculation

Bank of Baroda offers mortgage loan as term loan, demand loan or an overdraft facility (only to Resident Indians).

Bank of Baroda Term Mortgage Loan: 

• Term mortgage loan where EMIs are repaid each month.
• EMI constitutes interest as well as principal amount. 
• The loan is sanctioned basis borrower’s repayment capacity & property value. 
• The property is pledged for a loan by bank.

Bank of Baroda Overdraft (Against Land & Building)

• Overdraft facility is available for pre-owned land and building structure. 
• The eligibility depends on the applicant's credit profile. 
• The facility is not open for NRIs.
• There is no fixed EMI structure.
• The interest is charged only for the amount utilised.

Additional Reading: Credit rating agencies in India

Resident Indians can contact Bank of Baroda loan helpline on following toll-free numbers:

1800 258 44 55 
1800 102 44 55

For NRIs helpline numbers are:

+91 79-49044100 or +91 79-23604000

The lender has pan India presence. You can also reach out to the nearest branch for resolution of your queries.

Corporate office address:

Bank of Baroda,
Baroda Corporate Centre, Plot No. C-26, Block G,
Bandra Kurla Complex, Bandra (East), Mumbai 400051
Telephone: 022 6698 5000-04
Fax 022 2652 3500