If you’re looking for a home loan, the Bank of Baroda can help! Find out about the different types of available loans and compare their rates in this article.
Bank of Baroda Home Loan Highlights
|Interest Rate||7.95% p.a. onward|
|Loan Amount||Up to Rs. 20 Crore|
|Loan Tenure||Up to 30 years|
|Processing Charges||0.50% of the loan amount|
Bank of Baroda Home Loan
Bank of Baroda is a major Indian bank with operations in over 20 countries. It offers home loans to individuals, businesses and farmers. The bank also offers home loan modification services. Bank of Baroda home loan interest rates start from 7.95% p.a. You can take a home loan from the bank up to a maximum of Rs 20 crore for a tenure of up to 30 years.
Bank of Baroda Home Loan Interest Rates
Bank of Baroda offers interest rates on home loans ranging from 7.95% to 9.70% p.a. This makes Bank of Baroda one of the most competitive lenders when it comes to home loan interest rates. In addition, the home loan terms offered by Bank of Baroda are also quite flexible, so you can find a loan that is right for your needs.
|Baroda Housing Loan and Home Improvement Loan||For Salaried: 7.95% to 9.30% p.a.|
For Non-Salaried: 8.05% to 9.40% p.a.
|Baroda Home Loan Advantage||Up to Rs 75 lakh: 7.95% to 9.40% p.a.|
Above Rs 75 lakh: 8.20% to 9.65%.
|Baroda Top-up Loan||8.80% to 10.65%|
Read Also – Canara Bank Gold Loan
Bank of Baroda Home Loan EMI Calculator
If you are looking to avail a home loan from Bank of Baroda, then you may want to calculate your estimated monthly instalment (EMI) using our online EMI calculator. This calculator will help you determine the amount of loan you will need to qualify for and the interest rate that will be applicable. You can also use this tool to find out if there are any prepayment penalties or early repayment charges associated with the mortgage.
Types of Bank of Baroda Home Loan
The Bank of Baroda is one of the most popular Indian banks and offers a wide range of home loans to its customers. The bank offers a number of different types of home loans, which can be used to purchase a property or fund an existing property. Here are some of the most common types of Bank of Baroda home loans:
1. Baroda Housing Loan
You can use this loan to buy flats/houses, to build houses, to expand existing houses and buy plots to build houses on it. The minimum amount of this loan is Rs 1 crore and the maximum amount is Rs 20 crore.
2. Home Improvement Loan
You can use this loan to purchase new or upgraded furnishings, appliances, or fixtures. You can also use a home improvement loan to cover costs related to repairs or renovations. The minimum amount of this loan is Rs 1 crore and the maximum amount is Rs 10 crore.
3. Baroda Home Loan Advantage
The bank also offers you an overdraft facility where you can link your loan account with your savings account. The minimum amount of this loan is Rs 1 crore and the maximum amount is Rs 10 crore.
4. Baroda Top-up Loan
Existing home loan borrowers can avail of additional credit facilities for any of their purposes other than speculative purposes. The minimum amount of this loan is Rs 1 lakh and the maximum amount is Rs 10 crore.
Pradhan Mantri Awas Yojna
The Pradhan Mantri Awas Yojna (PMAY) is a government scheme to provide housing to the rural poor. It was announced by Prime Minister Narendra Modi in his Independence Day speech in 2015. The scheme will provide affordable housing to the rural population, who are currently living in shanties, huts, and other unhygienic conditions. Under the PMAY, developers will build affordable homes on a public-private partnership (PPP) basis. The government will provide a subsidy of Rs 2.67 lakh per house. The minimum amount of this loan is Rs 9 lakh and the maximum amount is Rs 12 lakh.
Bank of Baroda Home Loan Eligibility Criteria
Bank of Baroda offers home loans to borrowers with good credit scores and a median income. The bank also looks for borrowers who have stable jobs and are not in any financial trouble. To qualify for a home loan from the Bank of Baroda, you will need to meet the following eligibility criteria:
- Applicant’s age minimum of 21 years and a maximum of 70 years.
- Co-applicant’s minimum age is 18 years and the maximum is 70 years
- Applicant must be an Indian Resident, Non-Resident Indian (NRI) or Person of Indian Origin (PIO).
- Applicant must be salaried or self-employed.
Bank of Baroda Home Loan Document Required
If you are looking for a home loan, it is important to familiarize yourself with the various documents that are required from you. Most importantly, you will need to provide documentation of your income and employment status. Here is a list of documents you will likely need.
- Duly fill and sign this application and provide three recent professional photographs.
- Proof of Identity: PAN CARD (mandatory for loan applications above Rs.10.00 lacs) Driver’s License / Voter ID / Passport / Aadhar Card.
- Proof of Residence: Utility bill / Driver’s License / Voter ID / Passport / Registered Rent Agreement.
- If any previous loan then loan a/c statement for the last 1 year along with a sanction letter.
( If a loan from BoB, Account No / Cust Id is required)
- Proof of assets held like LIC/NSC/KVP/MF/PROPERTY
- Assets and Liabilities statement
- ITR Verification report
Note: For more information Click Here.
Bank of Baroda Home Loan Customer Care
If you have any questions about your home loan or any other banking-related issues, the bank’s customer care team is available to help. You can reach them by calling the bank’s toll-free number or visiting one of its branches.
If you are interested in securing a home loan from one of the leading banks in India, be sure to check out Bank of Baroda’s options. This bank offers competitive rates and excellent customer service, making it a great choice for anyone looking to buy or refinish their home. Plus, with years of experience under its belt, Bank of Baroda is well-equipped to meet the needs of even the most complex borrowers. Give them a try today and see how they can help you get started on your dream home!
FAQs On Bank of Baroda Home Loan
Q. What is the maximum loan amount that the bank can offer?
Ans. The bank offers a range of home loans with a maximum loan amount of Rs 20 crore.
Q. Do I need a guarantor for a Bank of Baroda home loan?
Ans. No, you don’t need a guarantor. However, if you have any existing loans or credit card debts, you may want to seek advice from the bank before applying for a home loan as your credit score may suffer as a result.
Q. How long does it take for the bank to process a home loan application?
Ans. The bank typically takes around 1 week to process an application.
Q. What is the tenure of a Bank of Baroda home loan?
Ans. The tenure of a Bank of Baroda home loan maximum of up to 30 years.
Q. Is the interest rate on home loans from Bank of Baroda fixed or floating?
Ans. The interest rate on a home loan from Bank of Baroda is floating.