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Bank Of Baroda Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Bank Of Baroda Home Loan One year MCLR to One year MCLR +1.00% (As per Risk Rating of the applicant/s.) ₹7,500 - ₹20,000 up to 10 crore 30 Years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.
  • Identity Card of Employer
  • Proof of Investment: Shares or stocks, Insurance, Fixed Deposits
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
  • Copies of documents related to the property that has been zeroed in for purchase
Benefits

  • The home loan is available for the purchase of a new house or for the old existing unit.
  • The home loan can also be applied for the construction of a new house or for the purchase of a plot of land for construction of a house
  • The repayment period is spread across a period of 30 years.
  • The applicant can either choose for floating or for a fixed interest rate to repay the loan
  • Attractive interest rates which are easy on borrowers pockets. 
  • Get a free credit card and insurance with every home loan.
Eligibility

  • The applicant can be either a resident Indian or Non-Resident to secure a home loan in Bank of Baroda.
  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant should be 70 years
  • Salaried individuals should at least have one year of remaining service pending to secure the loan.
Other Details

  • The approved home loan usually depends on the location and the income of the applicant.
  • The semi-urban and rural areas will get a maximum of Rs 1 crore as home loan.
  • The applicants who reside in metros can avail a loan between Rs 5 crores – Rs 10 crores (based on the requirements).
  • Processing Fee – 0.5% of the loan amount if the loan is less than Rs 50,00,000 with a minimum fee of Rs 7,500 and a maximum of Rs 12,500.
  • The Processing Fees is 0.25% of the loan amount if the loan is more than Rs 50,00,000 with a minimum fee of Rs 7,500 and a maximum of Rs 20,000
Baroda Home Loan Advantage One year MCLR to One year MCLR +1.00% 0 maximum Rs 10 crore up to 30 years
Details
Documents Required

Resident Indian

  • Duly filled in application form along with 3 passport photographs
  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Driving License
  • Passport
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
  • Loan account statement in case of any previous loan for last 1 year along with sanction letter.
  • Proof of assets – LIC certificate, NSC, Mutual Funds, KVP, property documents
  • Assets and Liabilities statement
  • ITR Verification report

Account Statement

  • Bank Account Statements for last 6 months from all the bank accounts held by the applicant.
  • If the borrower has taken a loan from any other bank/lenders, then Loan A/C statement for the last 1 year has to be submitted.

Income Proof for Salaried Applicant/ Guarantor/ Co-Applicant

  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.

Income Proof of Non- Salaried Applicant/ Guarantor/ Co-Applicant

  • Income Tax returns for the last 3 years
  • Business Address Proof
  • Profit and Loss A/C and Balance Sheet for the last 3 years
  • Business License Details
  • TDS certificate (Form 16A)
  • In the case of Chartered Accounts/ Doctor/ Other Professions Certificate of Qualification.

For NRI/OCI/PIO

  • Duly filled in application form along with a recent passport sized photographs
  • Proof of Residence (India as well as abroad)
  • NRE savings banks account statement for the last 6 months
  • Copy of Passport and Visa stamped
  • Credit card check reports from Overseas Credit Bureau (if any)
  • Statement of accounts of all existing loan accounts for the last 6 months
  • Photocopy of PIO Card or any of the below mentioned documents
  • Indian Passport, if held earlier
  • Current passport which indicates birthplace either in India or abroad
  • Parents or grandparents passport with details therein substantiating his/her claim of being a PIO.
Benefits

  • Attractive interest rates
  • Lower processing charges
  • No hidden charges
  • No Processing Fee
  • Pre-closure charges – Nil
Eligibility

  • Minimum age of the borrower is 21 years
  • Minimum age of the co-applicant is 18 years
  • Maximum age of the loan applicant should be 70 years
Other Details

  • The maximum amount of loan amount in Mumbai is Rs 10 crores
  • Maximum loan amount in other metros is Rs 5 crores
  • Maximum loan amount in urban areas is Rs 3 crores
  • Maximum loan amount in semi-urban and rural areas is Rs 1 crore
  • Maximum loan repayment tenure is up to 30 years
  • Moratorium period for the home loan is 36 months.
Baroda Pre Approved Home Loan Floating and Fixed Rs 7500 + GST charges min Rs 10 lakhs up to 30 years
Details
Documents Required

  • Duly filled in application form along with 3 passport photographs
  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Driving License
  • Passport
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
Benefits

  • The loan provides in principle approval prior to the identification of a specific house/ flat/ plot by a prospective applicant.
  • Attractive Interest rates
  • Longer tenure to repay the loan amount
  • Less or lower processing charges
Eligibility

  • Minimum age of the borrower is 21 years
  • Minimum age of the co-applicant is 18 years
  • Maximum age of the loan applicant should be 70 years
  • The income of the main applicant, as well as co-applicant, can be clubbed together to arrive at net annual salary.
Other Details

  • Processing charges are Rs 7500 + applicable GST
  • The in-principle approval will be valid for a period of 4 months from the date of issue.
  • One should submit the documents which support income and repayment capacity for securing Pre Approved Sanction Letter
  • The applicant should submit the property papers to the borrowers (Bank of Baroda) within a span of 4 months from the date of issue of the loan.
Home Improvement Loan Maximum of base rate + 2.50% per annum Rs 7500 + GST charges maximum of up to Rs 75,00,000 up to 30 years
Details
Documents Required

  • Duly filled in application form along with 3 passport photographs
  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Driving License
  • Passport
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Property Documents related to house
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
Benefits

  • Pre-closure charges – Nil
  • Get insurance cover to the entire family.
  • Attractive interest rates
  • The loan amount can be used to get carpentry work or painting work or any civil work or masonry work and so on.
  • Minimal processing fee
Eligibility

  • The loan is available for both Resident Indians or Non – Resident Indians or Persons of Indian Origin or Overseas Citizens of India.
  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant up to 70 years
  • The applicant can either apply either individually or can apply along with co-applicant (parents, siblings, daughter, son)
Other Details

  • For loan amount up to Rs 50,00,000, minimum service charges are Rs 7,500 and maximum charges are Rs 12,500.
  • For loan amount above Rs 50,00,000, minimum service charges are Rs 7,500 and maximum charges are Rs 20,000
  • Interest rates are maximum of base rate + 2.50% per annum.
Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) 8% 7500 + applicable taxes up to Rs 1,60,000 up to 20 years
Details
Documents Required

  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
Benefits

  • Lower interest rates
  • More time for repayment of the loan
  • Subsidy reimbursement on loan amount
  • Get additional loans if required at unsubsidized rates
Eligibility

  • The applicant should either be from economically weaker section or from a low-income group in order to be eligible to apply for the loan
  • If the applicant falls under the economically weaker section, then the average monthly income of the individual should be Rs 5000
  • For lower income group, the households should have an average monthly income between Rs 5001 – Rs 10000
  • In case of salaried individuals get 48 times the average of last 3 months gross salary
  • In case of others, get a maximum of up to 4 times of average of last 2 years annual income
Other Details

  • Minimum interest rate stands at 8%
  • The processing fee is Rs 7500 + applicable taxes
  • For economically weaker section the maximum loan amount is Rs 1,00,000 and the tenure for repayment is 20 years for a house which measures 25 square meters
  • For low-income group, the maximum loan amount is Rs 1,60,000 for a house which measures 40 square meters (subsidy eligibility will be only for Rs 1,00,000)
Baroda Home Suvidha Personal Loan 0 0 depends on combined income minimum of 50% of the original home loan tenure
Details
Documents Required

  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
Benefits

  • Get a loan for miscellaneous expenses be it for registration cost of a house, club membership fee, stamp duty, goods and services tax, cost of insurance and so on.
  • For those who are taking a loan for group credit LIC or group credit health insurance premium or property insurance premium, they can get 100% finance against all the expenses.
  • For those borrowers who are availing a loan for expenses related to stamp duty and registration charges at the time of buying a property or club membership charges (only at the time of purchase of a house) or for goods and services tax, get up to 75% finance and 25% margin on eligible costs.
  • Get 100% waiver off on Processing Charges of various Home / Top-up Loans.
Eligibility

  • Those applicants who are already borrowers under the Baroda Home Loan Scheme can avail the loan.
  • The Prospective borrowers for Baroda home loan including take over.
  • The applicant should be a resident Indian.
  • The minimum age of the applicant should be 21 years
  • The borrower should have a regular source of income.
Other Details

  • Unified Processing Charges is Nil
  • Rate of Interest for Baroda Home Suvidha Personal Loan is revised every year and is based on the reset of spread on the linked home loan.
Baroda Top Up Loan Applicable ROI on Home Loan + Strategic Premium + 0.50% 0.25% of loan amount 75% of the residual value of the house up to 20 years
Details
Documents Required

  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
Benefits

  • Attractive interest rates
  • Quicker documentation procedure
  • 100% waiver on Processing Fee (on the recovery of out of pocket expenses of Rs 7500 + GST)
  • The loan can be availed for any purpose other than speculation
Eligibility

  • The applicant should be a resident Indian.
  • The minimum age of the applicant should be 21 years
  • All the existing home loan borrowers including staff and ex-staff members of Bank of Baroda, Non-Resident Indians, PIOs can avail the loan under the public scheme as well as staff housing loans whose asset classification is standard.
  • The applicant should have a regular source of income.
Other Details

  • 0.25% of the loan amount is charged as processing fee
  • Minimum processing fees is Rs 5000 (upfront) 
  • Maximum processing fees is Rs 12500 + GST
Baroda Ashray (Reverse Mortgage Loan) One year MCLR + Strategic Premium + 1.75% 0.20% of loan amount maximum of up to Rs 1 crore up to 15 years
Details
Documents Required

  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
  • Aadhaar Card
Benefits

  • Attractive interest rates
  • Quick approval procedure
  • Minimum processing fees
  • Easy documentation process
Eligibility

  • The applicant should be a senior citizen who is aged above 60 years.
  • Married couples will be eligible to secure this loan as joint borrowers if in case one of them is aged above 60 years and the age of the other should not be less than 55 years at the time of submitting the application.
  • The applicant should be the owner of the residential property.
  • The property should be located in India.
  • The residential property should be used as a permanent primary residence by the borrower and should be the fully self-occupied property
Other Details

  • Get a 100% waiver on processing charges.
  • Processing charges are 0.20% of the loan amount.
  • The upfront Processing fee is Rs 7500
  • The maximum Processing fee is Rs 10000
  • Loan amount repayment tenure is 15 years (tenure can be extended till the survival of borrowers subject to the advance value of the property)
Baroda Home Loan Takeover Scheme One Year MCLR+ Risk Premium 0.50% of Loan amount + GST based on loan amount from other bank up to 30 years
Details
Documents Required

  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
  • Aadhaar Card
Benefits

  • The home loan borrowers can switch from the existing home loans to Bank of Baroda.
  • Lower interest rates
  • Minimum processing charges
  • Get a free credit card
  • Get free accident insurance for every home loan
Eligibility

  • Individuals either singly or jointly can apply for the loan
  • The applicants can be either a Resident Indians or Non-Resident Indians who hold Indian passport or Persons of Indian Origin who hold foreign passports or Overseas Citizens of India can apply for a home loan.
  • The staff members of Bank of Baroda who are currently availing loan facilities under the public scheme.
  • The minimum age of the borrower should be 21 years
  • The minimum age of the co-applicant can be 18 years
  • The maximum age of the borrower should not be over and above 70 year
Other Details

  • Loan repayment tenure stands at 30 years for floating rate option
  • Interest rates are linked to the one-year marginal cost of funds based lending rate (MCLR)
  • Interest rates are revised annually
  • The maximum moratorium period of the loan is up to 36 months post which loan amount will be disbursed.
  • The mortgage of the house property is accepted as collateral.

FAQs

Q: What is the interest rate in Bank of Baroda for home loan borrowers?

A: Bank of Baroda offers home loans with an attractive rate of interest.

The interest rate range is from 8.30% to 9.35%. It totally depends on the borrower's profile and income.

Q: How many types of home loans BOB providing to its customers?

A: Bank of Baroda offers various home loans which are suitable to meet the applicant’s needs and desires. The various home loan categories in BOB includes

1. Home Improvement Loans

2. Bank of Baroda Pre-Approved Home Loan

3. Baroda Home loan Suvidha Personal Loan

4. Bank of Baroda NRI Home loan.

Q: What is the maximum loan amount BOB is providing for housing loan customers?

A: The applicant can avail the maximum loan amount from Bank of Baroda up to Rs. 10 crores. An applicant who is residing in the rural/semi-urban area can apply for a BOB home loan and get a maximum of Rs.5 crore, whereas applicants from other areas can apply for a BOB Home loan for a maximum amount of Rs. 10 crores.

Q: What are the charges in BOB for a housing loan?

A: Bank of Baroda provides housing loan with the lowest processing charges as follows:

  • If the loan amount is less than Rs 50/- lakhs then the processing charges will be 0.5% of the loan amount with a minimum of Rs 7,500/- and a maximum of Rs 12,500/-.
  • If the loan amount is above Rs 50 lakhs then the processing charges will be 0.25% of the loan amount with a minimum of Rs 7,500/- and a maximum of Rs 20,000/-.
  • For home loan takeovers the bank will charge Rs 7500/- which is fixed.
  • In case of Additional Assured Advance (AAA), it is 0.25% of the loan amount with a minimum amount of Rs 5,000 to a maximum amount of Rs 12,500/-.

Q: What are the documents required to avail the home loan in BOB?

A: To avail the home loan in BOB the applicant should provide the following list of documents:

  • Passport size photographs
  • KYC: Identity proof and Address proof.
  • Bank statement from the last 6 months.
  • Business persons and self-employed individuals need to submit Business/office address proof and Income tax returns from the last 3 years.
  • Payslips of the last 3 months for salaried persons.
  • Proof of investments such as insurance, fixed deposits or shares and stocks.

Latest Articles

Bank of Baroda Cuts MCLR By 10 Basis Points Making Loans Cheaper

The Bank of Baroda has cut the MCLR by up to 10 basis points (bps) on various tenors and the same will come into effect starting from Sunday (July 7, 2019).

In its regulatory filing, the bank stated that it has revised the marginal cost of funds – based lending rate.

Accordingly, the benchmark for one – year MCLR has been trimmed down by 10 bps to 8.60 per cent from its earlier record of 8.70 per cent. This one-year MCLR is the rate which is linked to most of the loans including home loan, personal loan and car loan.

6 July 2019
Bank of Baroda Trims Down Lending Rates on Loans

The Bank of Baroda has announced its decision to cut the lending rates on loans for its customers thereby making it cheaper. The public sector lender has cut its benchmark lending rate to the tune of 0.1 per cent. The bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) under the Regulatory 30 of SEBI (LODR) regulations of 2015.

Accordingly, lending rates of loans whose tenure is less than a year are down by 10 basis points. The new loan rates will come into effect starting from March 7, 2019.

The MCLR for one year period has also been trimmed to 8.65 per cent from its earlier rate of 8.75 per cent.

6 March 2019

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