About Bank of Baroda

Bank of Baroda is one of the earliest banking institutions in the country. It has an existence since July 1908 with its founder Maharaja Sayajirao Gaekwad III belonging to the royal lineage. Having its headquarters in Mandvi, Vadodara, the bank counts among the largest ones in India today. Bank of Baroda was in the first list of banks nationalised in July 1969. Since that day, it is functioning as a PSU (public sector undertaking).

Bank of Baroda has a significant presence in India and abroad. It has the distinction of being known as India's international bank. With the merger of Dena Bank and Vijaya Bank into Bank of Baroda, it has become a significant entity in the Indian banking system. The branch strength of Bank of Baroda is nearing the five-figure mark today. It serves more than 127 million customers across 21 nations.

About Bank of Baroda Home Loans

Bank of Baroda provides a garland of housing loan products to suit the needs of each of its clients. It has specific products to cater to the requirements of its NRI customers. At the same time, it provides first-time homebuyers with excellent financing options through PMAY. Some of the hallmark features of Bank of Baroda Home Loans are as follows.

  • An array of home loan products to meet every housing finance need of its clientele
  • One of the lowest interest rates in the country
  • Interest rates linked to an external benchmark rate, the Repo Rate
  • A simplified application and documentation procedure
  • Easy eligibility norms
  • Transparent pricing with affordable fees
  • Quick and prompt disposal of home loan cases
  • Financing facilities to PMAY beneficiaries
  • Flexible repayment norms
  • Excellent LTV ratio for small loans
  • Extended moratorium on loans for construction of homes
  • No pre-closure charges
  • Facilities for taking a life cover

Bank of Baroda Home Loans - At a Glance

Loan Product Ideal for Loan amount Tenure Rate of interest

Baroda Home Loan

All kinds of home loan requirements

10 Crores

30 years

7.25% to 8.25%

Baroda Home Loan Advantage

Home Loan linked to the savings account

10 Crores

30 years

7.25% to 8.50%

Baroda Pre-Approved Loan

Pre-approved loan

10 Crores

30 years

7.25% to 8.25%

Home Improvement Loan

For repairs and renovations

10 Crores

30 years

7.25% to 8.25%

Interest Subsidy Product for Housing the Urban Poor ISHUP

Home loan requirements for EWS/LIG group

1 Lakh to 1.60 Lakhs

20 years

7.25% to 8.25%

Baroda Home Suvidha Personal Loan

Miscellaneous purposes linked to housing

Depends on the requirement

30 years

7.25% to 8.50%

Credit Risk Guarantee Fund Scheme for Low Income Housing  CRGFS

Home loan requirements for EWS/LIG

5 Lakhs

25 years

7.25% to 8.25%

Baroda Top Up Loan

Personal or business purposes

2 Crores

Up to HL tenure

8.00% to 9.00%

Pradhan Mantri Awas Yojana

Home loan requirements of eligible first-time homebuyers

10 Crores

30 years

7.25% to 8.25%

Baroda Home Loan Takeover Scheme

A takeover of home loans from other banks

10 Crores

30 years

7.25% to 8.25%

Bank of Baroda Home Loan - How to Apply

Bank of Baroda offers facilities to apply for your home loan online.

  • Access the official website of Bank of Baroda and click on the Apply Now option
  • Submit the information sought for by the bank
  • The Relationship Manager of the bank will contact you to explain the various home loan products and complete the documentation process.

Alternatively, one can apply for a Bank of Baroda Home Loan by visiting the local branch office personally. The respective loan officer will help you with the completion of all formalities.

Bank of Baroda Home Loan - Detailed Info

Baroda Home Loan

Purpose

Meet all types of home loan requirements like

  • Purchase or construct your home or flat
  • Purchase plot of land intending to build your dream home at a later stage
  • Extend your existing home
  • Reimbursement of the cost of plot or land purchased within 24 months
  • Repayment of a loan taken from another HFC or bank

Eligibility

  • Both residents and NRIs are eligible for availing this home loan
  • The minimum age should be 21 years, whereas the co-applicant can be 18.
  • The maximum age of the borrower at the maturity of the loan should not be more than 70 years

Loan amount

  • Semi-urban and rural areas - 1 Crore
  • Urban areas - 3 Crores
  • Other Metros - 5 Crores
  • Mumbai - 10 Crores

LTV ratio

  • Loans <= 30 Lakhs -  90%
  • Loans > 30 Lakhs and up to 75 lakhs - 80%
  • Loans > 75 Lakhs -  75%

Loan tenure

Maximum of 30 years including the moratorium up to 36 months

Rate of Interest

7.25% to 8.25%

Documents

  • Standard KYC documents
  • Income statements
  • Property records

Other benefits

  • Free credit card and accident insurance
  • Concession of 0.25% on car loans
  • Facility to apply for the top up loans for a maximum of five times
Baroda Home Loan Advantage

Purpose

Meet all home loan requirements similar to those available in the Baroda Home Loan product

The home loan links to your savings account, whereby the borrower saves interest on the home loan

Eligibility

The same eligibility as applicable to Baroda Home Loan

Loan amount

  • Same as that for Baroda Home Loan
  • The maximum amount can range from 1 Crore to 10 Crores depending on where you reside.

LTV ratio

75% to 90% depending on the loan amount

Loan tenure

  • The maximum loan tenure is 30 years
  • It includes a moratorium of 36 months in the case of home loans for properties under construction

Rate of Interest

Up to 75 Lakhs - 7.25% to 8.25%

Above 75 Lakhs - 7.25% to 8.50%

Documents

Same as that applies to Baroda Home Loan

Other benefits

  • The borrower has to open a savings bank account with the bank
  • This account links to the loan account
  • The borrower saves on the interest component because the bank considers the credit balances lying in the SB account while calculating the home loan interest.

Important features

The borrower gets all the facilities that are available to savings account holders

Baroda Pre-Approved Loan

Purpose

Pre-approved home loan in-principle approval before identifying the property to be purchased

Eligibility

Resident and non-resident Indian individuals are eligible

Loan amount

As per the loan eligibility of the borrower

LTV ratio

Not applicable at this juncture

Loan tenure

The in-principle approval is valid for 4 months

Rate of Interest

Same as that applicable to home loans if the borrower opts for a home loan after identifying and finalising the property

Documents

Only income documents and the standard KYC documents at the initial stage

Other benefits

The borrower is in a better position to negotiate with the builder or the seller

Important features

Processing fees 7,500 (non-refundable)

Home Improvement Loan

Purpose

Carrying out repairs, renovations, remodelling, and other interior decoration to your current home

Purchase of consumer durables like furniture, geysers, AC units, water purifiers, heaters, fans, and water filters, and so on

Eligibility

Same as that of Baroda Home Loan

Loan amount

  • Depending on the requirement
  • If the improvement loan is clubbed along with an existing home loan, the revised amount should comply with eligibility norms

LTV ratio

  • The overall liability should be considered for home loan improvement if it is clubbed together with the home loan.
  • The maximum LTV can be 75% to 90% of the property value

Loan tenure

Same as that of home loans

Rate of Interest

7.25% to 8.25%

Documents

Apart from the regular home loan documents, an estimate from the structural engineer is necessary

Interest Subsidy Product for Housing the Urban Poor ISHUP

Purpose

Meet the housing loan requirements of people belonging to the EWS or LIG categories living in urban areas

Eligibility

  • EWS Household income up to 5,000 per month
  • LIG Household income > 5,000 and up to 10,000 per month
  • Salaried person 48 times the average salary for the previous three months
  • Others 4 times the average of last two years income
  • Satisfy area restrictions

Loan amount

  • The maximum loan ceiling for this loan product is as follows
  • EWS The maximum amount is 1 Lakh
  • LIG The ceiling is 1.60 Lakhs

LTV ratio

80% of the estimated cost of the property

Loan tenure

20 years including the moratorium period of 18 months

Rate of Interest

Same as that of Baroda Home loans - 7.25% to 8.25%

Documents

Regular KYC documents

Other benefits

  • Interest subsidy is available @ 5% for a maximum principal amount of loan 1 Lakh.
  • Loan portion above 1 Lakh is an unsubsidised loan.
Baroda Home Suvidha Personal Loan

Purpose

Financing the miscellaneous costs involved with the purchase of home such as stamp duty, registration, GST, club membership, insurance, and so on

Eligibility

  • Prospective borrowers under the Baroda Home Loans Scheme including the takeover of loans
  • Existing borrowers who have availed Baroda Home Loan Scheme are also eligible

Category A

  • Group Credit Life Insurance Premium - Products offered by Indiafirst Life Insurance Company or any other company having a tie-up with the bank
  • Group Credit Health Insurance Premium - Products provided by Tata AIG, or Max Bupa Health Insurance or any other company having tie-up arrangements with the bank.
  • Property Insurance premium - Products offered by Tata AIG or Cholamandalam MS General Insurance Company or National Insurance Company or any other company with tie-up arrangements with the bank

Category B

  • Stamp Duty and Registration Charges at the time of purchase of the property
  • GST, if applicable
  • Club membership charges if applicable at the time of the purchase of the house

Loan amount

  • Category A - 100% finance
  • Category B - 75% finance

LTV ratio

To be clubbed along with the home loan

Loan tenure

Clubbed along with the home loan

Rate of Interest

7.50% to 8.50%

Documents

As applicable to home loans

Other benefits

Reimbursement of such expenses allowed within 12 months from the date of payment

Credit Risk Guarantee Fund Scheme for Low Income Housing CRGFS

Purpose

Home loan requirements of the EWS/LIG category who seek home loans up to 5 lakhs Housing area 430 square feet

Eligibility

  • Persons belonging to the EWS/LIG category seeking home loans up to 5 Lakhs
  • Household income of EWS category Up to 1 Lakh per annum
  • Low Income Group Up to 2 Lakhs per annum
  • No loans for repairs and renovations
  • The applicant should not be a beneficiary of any other home loan scheme that provides subsidy

Loan amount

The maximum loan amount is 5 Lakhs

LTV Ratio

80% of the estimated cost

Loan tenure

20 years including the moratorium of 18 months

Rate of Interest

Same as that of Baroda Home Loan

Documents

Standard Home Loan documents

Other Benefits

  • The loan is covered under the Credit Risk Guarantee Fund Trust
  • Guarantee cover is 90% of the loan amount up to 2 Lakhs and 85% for loans above 2 Lakhs
  • The guarantee comes into force only when there is a default in repayment
Baroda Top Up Loan

Purpose

Eligible home loan borrowers can use the loan to meet personal or business requirements

Eligibility

  • Existing home loan borrower in the Standard Asset category
  • Resident and NRIs eligible
  • Residents should not be over 70 years of age at the time of maturity of the loan. For NRIs, the age limit is 65 years

Loan amount

The minimum loan account is 1 Lakh, and the ceiling is 2 Crores

LTV ratio

  • To be seen in combination with the home loan
  • Consolidated loan amount up to 30 Lakhs - 90%
  • Loans > 30 Lakhs and <= 75 Lakhs - 80%
  • Loans > 75 Lakhs - 75%

Loan tenure

Maximum tenure can go up to the maximum age limit of the respective borrower

Rate of Interest

8.00% to 9.00%

Documents

Normal income statements (latest records)

Other benefits

  • Free Personal Accidental death insurance
  • Group credit life insurance cover - optional
Pradhan Mantri Awas Yojana

Purpose

Housing requirements of PMAY beneficiaries to construct or purchase their first homes

Eligibility

  • The applicant should be a first-time homebuyer
  • The applicant should satisfy the income norms for classification of the borrower
  • The applicant should not have availed subsidy under any housing scheme in the past

Income criteria

The maximum income of the entire household should not exceed

  • 3 Lakhs - EWS
  • 6 Lakhs - LIG
  • 12 Lakhs - MIG-I
  • 18 Lakhs - MIG-II

Loan amount

Depending on the requirement and eligibility

LTV ratio

As applicable to Baroda Home Loans

Loan tenure

The maximum home loan tenure can go up to 30 years, but the subsidy calculation is for 20 years

Rate of Interest

Same as Baroda Home Loans - 7.25% to 8.25%

Documents

Standard KYC documents and other documents

Other benefits

PMAY upfront interest-free subsidy available depending on the category

Subsidy breakup

Category

EWS/LIG

MIG-I

MIG-II

Max loan amount for subsidy

6 Lakhs

9 Lakhs

12 Lakhs

Subsidy rate

6.50%

4%

3.50%

Maximum support

2.67 Lakhs

2.35 Lakhs

2.30 Lakhs

Baroda Home Loan Takeover Scheme

Purpose

Take over home loans from other banks and financial institutions

Eligibility

Both resident and non-resident Indians are eligible to apply for home loan balance takeover

Loan amount

The minimum amount is 2 Lakhs, and the maximum is 100% of the takeover amount without any ceiling.

LTV ratio

75% to 90% depending on the home loan amount

Loan tenure

Maximum of 30 years

Rate of Interest

7.25% to 8.25%

Documents

As applicable to Baroda Home loans plus additional documents as per the Bank loan takeover product

Other Benefits

  • Get top up loans as available for regular Baroda Home Loan borrowers
  • All benefits that apply to Baroda Home Loan are available

Apart from these home loans, Bank of Baroda offers an innovative product, Baroda CRE Home Loan product. This product is available to NRIs and PIOs who wish to purchase a third house in India. The eligibility and other features of the Bank of Baroda Home Loan apply to this loan product, as well.

The rate of interest on the Baroda CRE Home Loan is 0.25% more than that applicable for the home loan. Thus, the ROI slab is from 7.50% to 8.50%..

Bank of Baroda Home Loan Documents required

Standard Documents for a home loan
  • Recent passport size photo of all applicants
  • Residence and Age verification documents - PAN card, Election ID, Driving licence, Passport, or Ration card
  • Proof of business or office address - for self-employed individuals
  • Bank account statements Last six months
  • Income Tax Returns  - Last three years with the assessment order
  • Payslips  - Minimum of last three months for salaried employees
  • LIC Premium receipts  - if any
  • Audited financial statements - previous three years for self-employed individuals
  • Brief profile of the business
  • Details of guarantor
  • Property records  - Copies of all documents related to the property
  • A cheque for unified processing charges
Additional Documents wherever applicable

For NRI borrowers

  • Latest valid passport with Visa stamp
  • In the case of PIOs, the copy of the PIO card
  • Work permit
  • Employment contract
  • Payslips for a minimum of three months
  • Income Tax returns if applicable
  • Bank account statements

For Home Loan Balance takeover

  • Closure letter from the existing bank
  • List of documents deposited with the current bank

For Home Improvement

  • An estimate of expenses certified by a structural engineer
  • In the case of purchase of furniture and other gadgets - Copy of the invoice

For Construction purposes

  • Construction agreement
  • Assessment of construction

Bank of Baroda - Non-Housing Loans

Apart from home loans, Bank of Baroda offers non-housing loans.

Loan Product Ideal for Loan amount Tenure Rate of interest

Mortgage Loan

Loan against property to meet personal and business requirements

Maximum 10 Crores

Term Loan - 120 months

Overdraft - Review every 12 months

9.45% onwards

Baroda Ashray

Reverse Mortgage facility - Additional income for senior citizens

Maximum 1 Crore

15 years

9.25%

Bank of Baroda Home Loan - Processing Charges

Loan Product Processing Fee

Home Loans

Home Improvement Loans

Home Loan Advantage

PMAY

  • Up to 50 Lakhs charges are  0.50% of the loan amount with a minimum of 8,500 and a maximum of 15,000
  • Above 50 Lakhs 0.25% of the loan amount with a minimum of 8,500 and a maximum of 25,000

Baroda Home Loan Top Up

0.35% with a minimum of 5,000 and a maximum of 12,500

Balance Takeover

8,500

Pre-approved home loan

0.25% to 0.50% with an upfront fee of 8,500 and balance to be recovered on the sanction of the loan

Baroda Ashray

0.20% with a minimum of 8.500 and a maximum of 10,000

 

Bank of Baroda Home Loan - Frequently Asked Questions

How does Bank of Baroda charge interest on its home loans?

Bank of Baroda offers home loan interest linked to the Repo Rate with effect from October 01, 2019. The repo rate as on date is 5.15%.

Bank of Baroda loads a premium (also known as Mark Up) of 2.95% on the repo rates. Hence, the individual rates start from 8.10%. The interest rate range for home loans is 8.10% to 9.10%.

Why does Bank of Baroda ask for upfront fees?

The processing charges include the fees for the advocate and the valuer. These are out-of-pocket expenses.

These amounts are payable irrespective of the sanction of the loan. Hence, the bank asks for upfront fees, usually amounting to around 8,500 from the applicants. It is a non-refundable amount.

What are the additional benefits available on the Bank of Baroda Home Loan?

Bank of Baroda offers the following benefits to its home loan borrowers.

  • Free credit card
  • Free accident insurance
  • Concession of 0.25% on car loans

What is the moratorium period in a Bank of Baroda Home Loan?

Bank of Baroda offers a moratorium period on its home loans for construction of houses and purchase of flats/houses under construction. The maximum moratorium period is for 36 months. The break-up is as follows.

  • 18 months for the development of homes/flats up to the 6th-floor level
  • If the proposed apartment is at the level of 7th floor or higher, the applicant gets an additional moratorium of six months for every storey.
  • However, the maximum moratorium is 36 months.

What documents should I provide for a Pre-approved loan?

Pre-approved loans are available to enable the borrower to search for the ideal dream house with their budget. It is an in-principle sanction depending on the eligibility of the borrower. Hence, the applicants do not have to submit the property papers. The other documents are as follows.

  • Existing customers can provide income details alone
  • New applicants have to submit the KYC documents along with the income papers.

Should I provide the originals of all the documents at the time of applying for the home loan?

No, the original documents are not necessary at this juncture. The applicant can provide self-attested copies of all the essential papers.

When should I submit the original title deeds of the property?

Bank of Baroda asks for the title deeds when creating the equitable mortgage in favour of the bank. It is after the sanction of the loan and disbursement.

How is the PMAY loan different from the other subsidy or guarantee based home loans?

PMAY is a unique scheme formulated by the Central Government to facilitate the home loan requirements of first-time homebuyers. The eligibility criteria depend on the income of the applicants. Apart from the EWS and LIG category, the PMAY loan has two more classes, MIG-I and II.

The other subsidy-based scheme, ISHUP, is specifically for the EWS and LIG people living in urban areas. Other borrowers who are eligible under PMAY cannot apply for this loan. Secondly, the Credit Guarantee Scheme is also applicable to EWS and LIG borrowers with a ceiling on the home loan and guaranteed amount. The PMAY scheme does not have any such limit.

The subsidy calculation pattern is also different in PMAY loans.

As per Bank of Baroda, who is an eligible co-applicant to the home loan?

The following persons are eligible to be co-applicants to the home loan.

  • All co-owners of the property, irrespective of whether they are close relatives of the applicant or not
  • Close relatives of the applicant can join as co-applicant.

The following relatives qualify as close relatives according to the policies of Bank of Baroda.

  • Spouse
  • Parents including step-mother
  • Children including step-children
  • Daughter-in-law
  • Son-in-law
  • Brother or sister (including step-brother and step-sister)
  • Brother's wife
  • Sister of spouse (including step-sister)
  • Sister's husband
  • Brother of spouse (including step-brother)

Should all co-applicants submit their respective documents?

Yes, all co-applicants should provide their KYC papers and income records when applying for the home loan.

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