Bank of Baroda

Bank of Baroda Loan Against Property

Apply Bank of Baroda Loan Against Property

About Bank of Baroda Loan Against Property

In case you have an urgent financial requirement, but are short on cash, you can use a property registered under your name to get a loan to address the current financial exigency; this is called Loan Against Property. There are situations in life where there will be a sudden need for money such as investing in the business, expensive medical treatment, higher education overseas, destination wedding or other unexpected and unavoidable situations. In such cases, your residential or commercial property can be mortgaged for a certain period of time, to avail a loan. Many financial institutions offer this loan, and if you are looking to get one from a reputed public sector bank, you can take advantage of the Bank of Baroda Loan Against Property.

Bank of Baroda (BOB) is one of the leading banks in India and offers multiple financial products and services to its customers. Low interest rates, extended repayment tenure, high-value loans, and excellent customer service make Bank of Baroda stand out from its competitors. One of the most popular credit offerings from Bank of Baroda is its Loan Against Property. The process of getting a Loan Against Property from Bank of Baroda is simple and easy. An added advantage of Loan Against Property from Bank of Baroda is flexible repayment options so that your finances are not stretched thin and you can repay your loans very easily.

Why Bank of Baroda Loan Against Property?

Bank of Baroda Loan Against Property helps you tide over difficult situations when you are in urgent need of money. It is simple and easy to get a Bank of Baroda Loan Against Property.

Here are some reasons to go for Bank of Baroda Loan Against Property:

  • The best thing about a Loan Against Property from Bank of Baroda is that the money can be used for any purpose. The bank has no control over what you use the loan amount for. It can be used for multiple purposes to fund higher education, for emergency medical expenses, the wedding of son or daughter, etc. where the need is urgent and unavoidable.
  • Low interest rate
  • You can deposit surplus money/ regular salary/ income and save interest
  • You can withdraw the deposited money when you need and save on interest cost
  • The loan can be availed as overdraft or demand loan
  • Loan available up to 10 Crores

Features and Benefits of Bank of Baroda Loan Against Property

Getting a Bank of Baroda Loan Against Property helps you get over urgent financial needs and comes with some unique features and advantages, such as:

  • Purpose:
    • For your child's wedding and other ceremonies
    • For your child's higher education in premium institutions abroad
    • For taking a world tour or a trip to certain countries
    • For medical expenses like surgeries and expensive treatments
    • Starting or investing in a business venture
    • Carrying out renovation or upgradation of the building
    • Purchase of new equipment and machinery
  • Small EMIs: The Loan Against Property by Bank of Baroda is provided for an extended repayment tenure of up to 120 months. Longer is the repayment tenure; lesser is the equated monthly instalment (EMI) you have to pay every month. Since the repayment of the loan will not take up a large part of your monthly budget, you can repay your loan through pocket-friendly EMIs. This benefit reduces the chances of default and improves the chances of you paying off the loan without stretching your finances.
  • Available for all: Individuals as well as non-individuals who are resident or non-resident Indians can avail this loan.
  • Available against all kinds of properties: Bank of Baroda offers loans against property for different types of property including commercial property, residential property, or just plots. Hence whatever the type of property you hold, you will be able to get a Bank of Baroda Loan Against Property easily.
  • Best interest rates: The Loan Against Property from Bank of Baroda is available at interest rates starting from 9.40%, which is one of the lowest interest rates currently available in the market for a Loan Against Property.
  • Fast processing of loans: More often than not, all financial emergencies are time-sensitive. Hence, when applying for a Loan Against Property, it is important that the loan is processed quickly. The basic advantage of opting for Bank of Baroda is that the loans are processed fast.
  • Easy documentation: Another advantage of going for Bank of Baroda Loan Against Property is that the documentation process is very simple. The simple and effective process followed by the bank helps the customers apply for a Loan Against Property without any problems while speeding up the application process.
  • Balance transfer available: You can transfer their existing high-interest loan from other financial institution to Bank of Baroda.
  • Loan amount:
    • Minimum: 2 Lakhs
    • Maximum: 10 Crores at Metro Branches, 5 Crores at Urban Branches, 3 Crores at Semi Urban Branches, and 25 Lakhs Rural Branches.
  • Repayment facilities: There are two major options through which the borrowers can avail a Loan Against Property, i.e. a term loan or an overdraft. With the overdraft facility, you have to pay interest against the money utilised out of the total sanctioned amount. There are no fixed EMIs, but the interest payment has to be made every month. The principal amount can be repaid as and when your finances allow. While when you avail a term loan, you get the entire amount credited in your bank account at once and then conveniently repay it in EMIs over the repayment tenure which can go up to 120 months.
  • Customized loan options: People running a business can customize and pay the loans depending on their needs. This customized loan option provided by Bank of Baroda helps self-employed professionals to get loans and repay them easily.
  • Overdraft options: The loan amount can be used up to an approved limit, and the interest has to be paid only on the used amount. For overdraft against building and land properties, Bank of Baroda offers a renewable repayment period of 12 months.

Bank of Baroda Loan Against Property Interest Rates

The rate of interest offered by Bank of Baroda for a Loan Against Property is dependent on its 1-year MCLR or Marginal Cost of funds based Lending Rate, which is 8.45% w.e.f from 07.08.2019.

Following are the effective rates of interest:

Types of Loans Against Property Applicable Interest Rates

Baroda Mortgage Loan

Tenure up to 120 months: 9.40% to 11.95%

Tenure above 120 months: 9.65% to 12.20%

Baroda Mortgage Loan - Non Individuals

Tenure up to 120 months:

  • Security up to 50%: 9.90%
  • Security up to 50%: 10.15%

Tenure above 120 months:

  • Security up to 50%: 10.15%
  • Security up to 50%: 10.40%

Types of Loans Against Property Offered by Bank of Baroda

The Bank of Baroda offers two types of Loan Against Property:

  • Bank of Baroda Mortgage loan: This is a secured loan where the property against which the loan is obtained is offered as a security. The property is placed under a mortgage against which the loan is offered by the bank. After the loan repayment, the property gets free from any charge that was created and can be used by the owner for any purpose deemed fit.
  • Bank of Baroda Overdraft Against Land and Building: The overdraft facility option is available for existing land and building structure. In this loan type, depending on the applicant's credit profile, the loan amount is sanctioned as an overdraft. One needs to pay interest only on the amount utilised, and there is no fixed EMI that must be paid.

Bank of Baroda Loan Against Property Eligibility

Certain eligibility criteria have to be satisfied by the borrowers in order to be eligible for a Loan Against Property.

Indian Residents:

  • Salaried/ Self-employed/ Business Persons/ Professionals/ Agriculturists
  • Who are engaged in business/ profession for a minimum period of 3 years
  • Who have a minimum Gross Annual Income of 3 Lakhs (average of last 3 years) including co-applicants (if their income is considered for loan eligibility).

Non-Resident Indians (NRIs):

  • Any NRI who holds a valid Indian Passport
  • Who have a regular employment/ business/ self-employed/ for a minimum period of 2 years
  • Who holds a valid Job-Contract/ work permit for minimum 2 years in foreign country
  • Who have a minimum Gross Annual Income of 5 Lakhs (average of last 3 years) including co-applicants (if their income is considered for loan eligibility).

Documents Required for Bank of Baroda Loan Against Property

For getting the Loan Against Property offered by Bank of Baroda the documents that serve as proof for citizenship, earning status, identity, address, and age, along with property-related documents should be submitted. They have to be submitted along with the loan application. The loan will only be processed once these documents are verified. Bank of Baroda takes care to make this process simple and as quick as possible so that the verification is done in a few days, and the next steps are completed quickly. Following are the important documents that need to be submitted for loan approval:

  • Identification proof: The common documents that are submitted as identity proofs are Aadhaar card, PAN card, Driving license, and Passport.
  • Bank statement: Bank statements serve as income proof and are also useful for the bank to understand the financial situation of the borrower. To get a Loan Against Property from Bank of Baroda, usually, the bank statements for the last 6 months should be submitted.
  • Address proof: The address proof and the title document of the property should also be provided as proof. Generally, you can submit your driving license, passport, voter ID, rent agreement, and utility bills.
  • Salary slip: If you are a salaried professional, then the salary slip of the last three months have to be submitted. Along with this, Form 16 of the latest fiscal year, and the latest salary slips must be submitted. If the property has been rented or any other source of income is available, then it has to be mentioned along with the bank statements. If the borrower is retired, then the credit statement of pension has to be attached.
  • Age proof: For age proof, documents like SLC Birth certificate, LIC policy, employee ID of the working organization, and domicile certificate is adequate. Any of these documents can be submitted as age proof.

Why Apply for Bank of Baroda Loan Against Property on MyMoneyMantra?

If you want to avail Loan Against Property from Bank of Baroda, make use of MyMoneyMantra's online platform. Our mortgage specialists will help you through the entire loan process, including application, documents collection and submission, approval, and disbursal. With our decades of experience in offering different types of loans and other financial products, we will provide you with the best support possible. You can also use our EMI Calculator to know how much you are expected to pay before applying for the loan.

How to Apply for Bank of Baroda Loan Against Property on MyMoneyMantra?

At MyMoneyMantra, we are committed to making the process of availing a loan convenient and hassle-free. We did not just guide you to the scheme, which is best suited for your requirements, but we also provide complete assistance in the application process.

Here is the process of applying for Bank of Baroda Loan Against Property through MyMoneyMantra:

  • The first thing to do is to provide your personal details in the online application form given on the Loan Against Property page.
  • Enter the OTP received
  • Submit the form
  • You will soon be contacted by our Mortgage Specialists to guide you further

Other Products from Bank of Baroda

There are different products offered by the Bank of Baroda other than the Loan Against Property as follows:

Home Loan

Personal Loan

Vehicle Loan

Education Loan

Fintech Loan

Mudra Loan

Advance Against Securities

Commission Agents Loan (Arthias)

Loan for Public Issues/ LPO

Traders Loan

Baroda Advance Against Securities

Investments

Life Insurance

General Insurance

Standalone Health Insurance

Savings Account

Current Account

Baroda E Trade - 3-in-1 Account

Fixed Deposit

Recurring Deposit

How to Calculate Bank of Baroda Loan Against Property EMI?

The EMI amount for a Loan Against Property from Bank of Baroda can be computed using the MyMoneyMantra EMI Calculator. You just need to click on the EMI Calculator that is available under the Financial Tools tab, enter the three parameters, viz. Loan Amount, Interest Rate, and Repayment Tenure, then click on the Calculate button to get the result.

Bank of Baroda Loan Against Property - Processing Fees and Other Charges

Following are the charges applicable on Bank of Baroda Loan Against Property:

Type of Charge Description

Processing fees

For Term Loan:

  • 1% of the loan amount
  • Maximum 1,50,000
  • Minimum 8,500 has to be paid upfront and the balance amount will be recovered at the time of sanction.

 

For Overdraft:

  • Up to 3 Crores: 0.35% of limit, maximum 75,000
  • Above 3 Crores : 0.25% of the limit, no maximum limit
  • Minimum 8,500 has to be paid upfront and the balance amount will be recovered at the time of sanction.

Inspection charges

From second post sanction inspection onwards: 100 + GST per inspection

Establishment charges

0.50% of the loan amount

Mortgage creations charges

Up to 10 Lakhs: 500 per Lakh

Above 10 Lakhs and up to 50 Lakhs: 5,000

Above 50 Lakhs and up to 1 Crore: 10,000

Above 1 Crore: 15,000

Bank of Baroda Loan Against Property - Customer Care

The Bank of Baroda offers the best customer care services to its customers. The bank has many branches across every city in India. You can also contact at the numbers below or go in person to the corporate office of Bank of Baroda.

Toll-free number:          

1800 258 44 55 OR 1800 102 44 55

 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

FAQs - Bank of Baroda Loan Against Property

Which types of properties are acceptable as collateral to get a loan from the Bank of Baroda?

Commercial properties like shops and complexes which are self-owned or rented out as  well as residential properties can be considered for loans.

How can I apply for Bank of Baroda Loan Against Property?

You can apply for the loan at your nearest Bank of Baroda branch. Alternatively, you can also go to their website and apply for the loan or apply online through MyMoneyMantra.

Will I be able to get a top up option against the Bank of Baroda Loan Against Property?

There are adjustable rate options under which the Bank of Baroda loans can be topped up easily.

I do not have any income proof. Will I be able to get a Loan Against Property?

Unfortunately, income proof is evidence that you are earning and can repay the loan. Without proof, you cannot get the Loan Against Property from Bank of Baroda.

Can I close my loan account beforehand?

You can foreclose your Loan Against Property account by paying the fees mentioned in the loan agreement.

What is the maximum amount I can get as a loan against my property?

The maximum loan amount provided by Bank of Baroda as a Loan Against Property is 10 Crores, but the loan amount that you can get depends on the value of the property provided as collateral.

Latest News Snippets

25.07.2019: The first-quarter profit for BOB rises to 740 Crore

Bank of Baroda has achieved a net profit of 34% in the first quarter of the financial year 2019-20. On April 2019, BOB merged with two other banks, namely Vijaya Bank and Dena Bank. The total NPA ratio in June 2019 stands at 3.95%. The Managing Director, P.S. Jayakumar mentioned that this value is expected to rise in the second quarter of this year.

31.07.2019: Increase in transition costs after the merger

The merging of the Bank of Baroda with Vijaya Bank and Dena Bank is not only going to take some time to consummate, but will also lead to an increase in transition charges. Edelweiss Securities noted that the post-merger outlook would be modest with sub-optimal return ratios.

16.07.2019: BOB plans to raise 13,000 by the end of December

Bank of Baroda is considering increasing the Tier-I and Tier-II capital to 7,000 crores of which 5,000 crores will be through qualified institutions. The remaining will be raised through the Employee Share Purchase Scheme (ESPS) through 18,000 employees of the bank.

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