Bank of Baroda Home Loan Takeover Scheme

The Bank of Baroda Home Loan Takeover Scheme offers a convenient option for those looking to transfer their existing home loan to enjoy lower interest rates and better terms. This scheme features competitive rates, low processing fees, no hidden charges, and no pre-payment penalties, making it an attractive choice for both Resident and Non-Resident Indians. With options for additional borrowing and benefits for savings account linkage, it's designed to reduce your financial burden and provide greater flexibility. For detailed terms and eligibility requirements, explore the full information on our dedicated page.

Bank of Baroda Home Loan Takeover Scheme – Highlights

Bank of Baroda Home Loan Takeover Scheme – Features and Benefits

The Bank of Baroda Home Loan Takeover Scheme offers a variety of features and benefits designed to make refinancing your existing home loan attractive and beneficial:

• Competitive rates can potentially lower your monthly payments.
• Reduced fees for processing your loan application.
• Full transparency with no unexpected fees.
• Freedom to repay the loan early without any penalty charges.
• The interest is calculated on the outstanding balance daily, which can decrease the total interest paid over the life of the loan.
• Option to borrow additional funds on your existing loan under specific conditions.
• Any credit balance in the linked savings account at the end of the day helps reduce the interest burden on the linked home loan account.
• A facility is available to link home loans with savings accounts. This feature helps effectively reduce the interest outgo using the surplus funds in the savings account.
• The scheme is accessible to a wide range of customers, including NRIs and PIOs.
• Tailor your repayment schedule to fit your financial situation.

Bank of Baroda Home Loan Takeover Scheme Interest Rates

Bank of Baroda Home Loan Takeover Scheme Fees and Charges

Bank of Baroda Home Loan Takeover Scheme – Eligibility Criteria

• Resident Indians
• Non-resident Indians (NRIs) holding an Indian passport
• Persons of Indian Origin (PIOs) holding a foreign passport
• Overseas Citizens of India (OCI)
• Bank of Baroda staff members (under the public scheme)
• A minimum CIBIL score of 701 is required
• Must have completed the moratorium period with the existing lender
• At least 12 EMIs must have been paid
• Demonstrated satisfactory repayment behaviour

Eligibility Criteria for Non-Individual Entities

• • The firm/company should be actively engaged in business for at least 2 years and incorporated for at least 5 years
  • Must be earning cash profits for the last 2 years and have a positive net worth
  • Should not have slipped into the SMA 2 category within the last 12 months
  • Must have a satisfactory CIBIL score and not be listed on any RBI defaulter’s list, ECGC Caution list/SAL, or any similar adverse lists.
  • A minimum of 18 EMIs must have been paid.

Age Requirements

• • Minimum age for the primary borrower: 21 years
  • Minimum age for co-applicants: 18 years
  • Maximum age at loan maturity: 70 years

Bank of Baroda Home Loan Takeover Scheme – Documents Required

Here’s a list of the documents you’ll need to prepare:

General Documents for All Applicants

1. Duly Filled and Signed Application Form:
2. Proof of Identity:
   • PAN Card (mandatory for loan applications above Rs. 10 lakhs).
   • Other valid IDs include an Aadhaar Card, Passport, Driver’s License, or Voter ID.
3. Proof of Residence:
   • Recent utility bills, Aadhaar Card, Passport, Driver’s License, Voter ID, or Registered Rent Agreement.
4. Proof of Income:
   • For salaried individuals: Recent salary slips, Form 16, and Income Tax Returns (ITR).
   • For self-employed individuals: ITR, financial statements (Profit & Loss, Balance Sheet), and business proofs like GST registration, Shop Act license, etc.
5. Existing Loan Documents:
   • Loan account statements for the last 12 months.
   • Sanction letter of the existing loan.
   • If the existing loan is from the Bank of Baroda, then the account number or customer ID.

Additional Documents for Home Loan Takeover

1. Statement of Property Documents:
   • List of property documents currently held by the existing lender, duly acknowledged by them.
2. Legal and Valuation Reports:
   • Legal clearance and valuation report of the property from a recognized professional or firm.
3. No Objection Certificate (NOC):
   • From the builder or previous lender (if applicable) stating that they have no objection to the loan takeover.
4. Foreclosure Letter:
   • From the existing lending institution stating the terms and conditions for pre-closing the existing loan.
5. Property Documents:
   • Title deeds, sale deeds, and other relevant legal documents establishing ownership.
   • An encumbrance certificate indicates no other existing loans on the property.
   • Approved plan of construction or layout of the property.
6. Latest Property Tax Receipts:
   • To prove that all dues are clear on the property.

For NRI/PIO Applicants

1. Overseas Residential Proof:
   • It could be utility bills, overseas bank statements, or rent agreements.
2. Income Proof and Employment Details:
   • Employment contracts, salary certificates, and tax returns from the country of residence.
3. NRE/NRO Bank Statements:
   • For the last 6 months, bank statements have been from NRE or NRO accounts.

Bank of Baroda Home Loan Takeover Scheme EMI Calculator

To calculate the EMI for a Bank of Baroda Home Loan Takeover Scheme, you can use an EMI calculator by inputting the loan amount, the interest rate, and the loan tenure. For example, to calculate the EMI for a loan of Rs. 10,00,000 with an 8% annual interest rate over a 10-year period, convert the annual rate to a monthly rate (8%/12 = 0.67% per month), and then use the formula EMI=𝑃×𝑟×(1+𝑟)𝑛(1+𝑟)𝑛−1EMI=(1+r)n−1P×r×(1+r)n​, where 𝑃P is the principal amount, 𝑟r is the monthly interest rate, and 𝑛n is the tenure of the loan in months (120 months in this case). This formula will give you the monthly amount you must pay until the loan is fully repaid.