Bank of Baroda Home Loan

Features and Benefits of Bank of Baroda Home Loan

Attractive Interest Rates

Apply for Bank of Baroda home loan to get competitive interest rates on home loans, making it more affordable for borrowers to repay their loans over time. It can go as low as 9.15%, depending upon the borrower.

Flexible Repayment Tenure

Bank of Baroda offers a flexible repayment tenure, allowing borrowers to select a duration that aligns with their financial capacity, providing ease in loan management and ensuring a comfortable loan repayment experience. 

Balance Transfer Facility

Bank of Baroda offers a convenient Balance Transfer Facility, enabling borrowers to seamlessly transfer their existing home loans from other financial institutions to Bank of Baroda. By opting for this service, borrowers can take advantage of more favourable interest rates and other advantageous terms, leading to potential cost savings and reduced EMI burden.

Pradhan Mantri Awas Yojana (PMAY)

PMAY is a government scheme offering affordable housing benefits to eligible borrowers, catering to various income groups and promoting improved living standards.

Bank of Baroda Home Loan Apply Online

Bank of Baroda facilitates an easy and convenient online application process, enabling customers to apply for Bank of Baroda home loan from the comfort of their homes.

Don’t miss to Check: Bank of Baroda Home Loan Interest Rates

Bank of Baroda Home Loan Overview

Bank of Baroda’s home loan is designed to assist eligible individuals in financing residential property purchase, construction, renovation, or improvement. The bank offers competitive interest rates and flexible repayment options, ensuring a smooth and affordable home-buying process. With a customer-centric approach and simplified application procedures, Bank of Baroda strives to turn homeownership dreams into a reality for its customers, providing comprehensive financial support for their housing aspirations.

Eligibility Criteria and Factors Affecting Bank of Baroda Home Loan Eligibility

Applicants need to meet certain eligibility criteria to apply for a Bank of Baroda home loan. Bank of Baroda home loan eligibility criteria include:

Age

To be eligible for a Bank of Baroda home loan, the primary borrower must be at least 21 years old at the time of application. Additionally, the loan should be repaid before the borrower reaches the age of 70 years. For the co-signer, they should be at least 18 years old to be eligible.

Income

Bank of Baroda home loan eligibility requires the applicant’s income to determine their repayment capacity. Salaried individuals, self-employed professionals, and self-employed non-professionals can apply for the loan.

Employment Stability

For salaried applicants, a stable job with minimum work experience is a crucial requirement, ensuring a reliable and consistent source of income. On the other hand, self-employed individuals need to demonstrate a specified duration of being engaged in their business or profession, establishing their financial stability and capacity to manage loan repayments. These eligibility criteria help ensure that borrowers have the means to meet their loan obligations responsibly.

Credit Score

A good credit score is essential for Bank of Baroda’s home loan eligibility. Bank of Baroda considers the applicant’s credit history to assess their creditworthiness.

Co-Applicants

By including a co-applicant, like a spouse or immediate family member, who has a steady income, borrowers can significantly improve their prospects of loan approval. This joint application showcases higher repayment capacity, boosting the lender’s confidence and increasing the likelihood of securing the desired loan amount.

Property Documents

The Bank of Baroda home loan eligibility requires that the property being financed have a clear title, free from legal encumbrances.

Types of Bank of Baroda Home Loans

The Bank of Baroda claims to be your easy path to homeownership in India. It has launched specific home loan solutions to simplify the process and make your dream home a reality. Want to purchase, renovate, or reduce your interest payments? There’s a home loan for every story. Take a quick look at these popular Bank of Baroda home loan options that are available, and click on each to discover more details.

Baroda Home Loan to Corporates / Non Individuals

Loan Amount	Access higher loan amounts depending on the project size and collateral value.
Features	It is specially designed for corporations and other organisations looking to finance large real estate acquisitions. Flexible tenure and attractive interest rates to match corporate cash flow cycles Top-up and takeover facilities are available.
EMI	Customised repayment plans to suit organisational structures.
Who can Apply	Corporates / non-individuals Public Ltd Cos. Pvt. Ltd. Companies  Partnership Firms / LLPs

Baroda Max Savings Home Loan

Features	Maximise your savings by reducing the interest burden over the Bank of Baroda housing loan tenure. The bank can offset your interest against outstanding loan amounts. ROI will be zero on the Savings account
EMI	Auto Recovery EMI.
Who Benefits	This option is ideal for those who prefer financial flexibility and want to make their money work harder while repaying their loan.

Baroda Home Loan Takeover Scheme

Easy Top-Up Loan From	Other Banks HFCs NBFCs FIs
Features	A top-up loan facility is available if you need extra funds during the transfer. Free Credit Card  Zero pre-closure charges  Interest charges on daily reducing balance
Why Choose This Loan	Special schemes, if paid 12+ EMIs with no income proofs Minimum documentation

Explore more about Bank of Baroda Home Loan Takeover Scheme.

Home Improvement Loan

Features	Quick disbursement process to ensure you start your home improvement project without delays. Flexibility to spend Minimal documentation
Use this Loan for	Renovations Purchase of new furniture Repairs and upgrades Fittings and furnishings
EMI	Enjoy up to 6 months of no EMI payments, with a loan tenure of up to 15 years, including the moratorium period.

Baroda Pre-Approved Home Loan

Features	Get your  Bank of Baroda home loan approved before finalising your property, securing peace of mind. Greater flexibility.
EMI	Based on approved loan amount and tenure.
Who Benefits	First-time homebuyers and property investors Indian Residents  Non-resident Indians (NRIs) with an Indian passport, or Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCI) holding foreign passports.

Baroda Top-Up Loan

Features	Access additional funds on your existing home loan for personal or professional needs. The bank calculates competitive interest rates on a daily-reducing basis.
Why Choose This Loan	It is ideal for those needing extra liquidity, whether for home renovations, education, or other personal needs No Hidden Charges  Low processing fee
By leveraging the equity in your existing home, you can access additional funds to	Renovate or expand your home Consolidate debts Fund personal or educational expenses

Explore more about Bank of Baroda Home Top-Up Loan.

Baroda Home Suvidha Personal Loan

Features	Special personal loans can be used for home-related expenses such as furnishing or relocation. Quick approval and easy documentation process for disbursement
Purpose	100% finance for group credit life, health insurance, and property insurance premiums with bank-tied insurers (India First, Max Bupa, Tata AIG, etc.) 75% finance for stamp duty, registration charges, GST (if applicable), and club membership fees during property purchase. Reimbursement within 12 months from the payment date

Credit Risk Guarantee Fund Scheme for Low-Income Housing

Loan Amount & Coverage	Housing loans up to ₹8 lakh for home improvement, construction, or purchase of new/second-hand homes. No collateral or third-party guarantees are required for loans up to ₹5 lakh.
Features	Government-backed Bank of Baroda housing loan scheme to lower-income groups Flexible repayment options and minimal documentation Housing societies or groups of at least 20 eligible borrowers can also avail of this scheme.
Eligibility	Economically Weaker Section (EWS) with household income up to ₹1,00,000 per annum Lower Income Group (LIG) with household income between ₹1,00,001 and ₹2,00,000 per annum.

Baroda Yoddha Home Loan for Defence Personnel

Features	Special home loan scheme tailored for defence personnel Relaxed eligibility criteria and lower interest rates.
Loan Tenure	Upto 30 years
Why Choose This Loan	Easy top-up loans  Low processing charges Low interest rates

Explore more about Bank of Baroda Yoddha Home Loan For Defence.

Disclaimer: Interest rates, processing fees, and other charges are subject to change by the Bank of Baroda. Please contact the bank for updates on the latest rates, fees, and terms.

Bank of Baroda Home Loan Fees and Charges

Before you apply for a Bank of Baroda home loan, it’s essential to be aware of the various fees and charges associated with the loan. Banks and lending institutions typically impose a one-time charge known as the Home Loan processing fee on various Home Loan products. This fee is separate from the loan amount and is paid by the borrower to cover the costs incurred by the lender or bank during the loan processing. While some banks may offer special waivers on these processing charges, Bank of Baroda, for instance, may charge around Rs. 8,500, depending on the property’s value and loan type. Additionally, fees for loan top-ups may vary, so it is advisable to seek advice from a consultant before proceeding with the loan application.

Documents Required for Bank of Baroda Home Loan

Applicants need to submit a few documents when applying for a Bank of Baroda home loan. A few of them being:

Proof of Identity

• Passport
• Aadhaar Card
• Driving License
• Voter ID

Proof of Address

• Recent utility bills like electricity, water, or gas bills indicating the applicant’s residential address
• Passport
• Ration Card
• In the case of rented accommodation, a registered rental agreement may be submitted as address proof.

Income Proof

• Latest salary slips showcasing the applicant’s monthly income and deductions (applicable to salaried individuals).
• Bank statements for the last six months reflecting the applicant’s income and financial transactions.
• Filed income tax returns for the previous financial years, demonstrating the applicant’s income details (for salaried and self-employed individuals).

Other Documents 

• Property’s NOC
• Building plan approval
• Completion certificate
• Recent passport-size photographs

How does the EMI calculation work for the Bank of Baroda Home Loan?

Bank of Baroda uses the Equated Monthly Installment (EMI) method for loan repayments. Borrowers pay a fixed EMI each month, comprising the principal amount and interest. EMI calculation considers loan amount, interest rate, and chosen repayment tenure. This structured approach ensures predictability and easier financial planning for borrowers. The system streamlines the loan repayment process, facilitating a seamless borrowing experience. Customers can confidently manage their loan obligations with clarity and transparency. The EMI calculation depends on the loan amount, interest rate, and the chosen repayment tenure. 

The formula to calculate EMI is: 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Where,

• P = Loan principal amount
• R = Monthly interest rate
• N = Loan tenure in months

Don’t miss to Calculate Your EMI: Bank of Baroda Home Loan EMI Calculator

Balance Transfer Bank of Baroda Home Loan

If a borrower already has a home loan from another financial institution, they have the option to transfer it to the Bank of Baroda through the balance transfer facility. This borrower-friendly provision empowers individuals to capitalise on the potential benefits of lower interest rates and improved loan terms, which can ultimately lead to a reduced EMI burden and enhanced savings over the loan tenure. However, borrowers should exercise caution and conduct a comprehensive evaluation of the associated costs and potential advantages before opting for a balance transfer. Careful consideration of the overall impact is essential to ensure that the balance transfer brings significant financial advantages to the borrower. Seeking advice from financial experts or consultants can be beneficial in making an informed decision.

Don’t miss to Check: Home Loan Balance Transfer Calculator