55 Lakh Home Loan Bank of Baroda

Bank of Baroda's 55 lakh home loan stands out as a reliable choice, offering a range of benefits for eligible applicants. This financial solution features competitive interest rates, flexible repayment terms, and an expedited application process through the Urban Money website. 

Qualified candidates can efficiently check eligibility, apply for the loan, and complete the entire process within a brief 10 to 15-minute timeframe, eliminating the need for physical visits to bank branches. The streamlined documentation processes further enhance the borrower experience. For those seeking a more in-depth understanding of this borrower-centric financing solution, valuable insights await as you delve further into the details.

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Written By
Utsah Sharma
Utsah Sharma
Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Bank of Baroda 55 lakh Home Loan – Highlights

Here’s a rundown of the Bank of Baroda’s 55 lakh home loan for your better understanding. 

                                                             Highlights
Interest Rates From 8.40% to 10.60%
Loan Amount Up to 90% of the property value
Loan Tenure Up to 30 years 
Eligibility Both salaried and self-employed individuals are eligible

Bank of Baroda 55 lakh Home Loan EMI for 10 Years

Following are the 55 lakh home loan EMI in Bank of Baroda for a 10-year loan tenure:

Loan Amount Interest Rate Loan Tenure EMI
55 lakh 8.40% p.a. 10 years INR 67,898

55 lakh Home Loan EMI for 20 Years Bank of Baroda

Following are the estimated 55 lakh home loan EMI for 20 years Bank of Baroda:

Loan Amount Interest Rate Loan Tenure EMI
55 lakh 8.40% p.a. 20 years INR 47,383

55 lakh Bank of Baroda Home Loan – Fees and Charges

Following are the fees and charges for the Bank of Baroda’s 55 lakh home loan:

Fee/Charge Amount
Processing fee Nil
Login fee ₹1,500 to ₹10,000, depending on the type of loan you choose.
Late payment fee 1% to 2% on the overdue amount
Prepayment fee Nil

55 lakh Bank of Baroda Home Loan – Documents Required

Following are the documents required for 55 lakh Bank of Baroda home loan. 

  • Proof of Identity: Provide a valid proof of identity such as a PAN card, Aadhaar card, passport, voter ID, or driving licence.
  • Proof of Address: Furnish proof of address using documents like an Aadhaar card, passport, bank passbook, or utility bills such as water or electricity bills.
  • Proof of Income: Depending on your employment status (salaried or self-employed), submit Form 16, salary slips, IT returns, balance sheet, profit and loss statements, business licence, or registration certificate.
  • Proof of Property: Submit relevant documents based on the property type and status, including a No Objection Certificate, sale deed, allotment letter, or agreement to sell.

55 lakh Bank of Baroda Home Loan – Eligibility Criteria

Following are the 55 lakh home loan eligibility in Bank of Baroda:

  • Citizenship: Applicants must hold Indian nationality.
  • Age Requirement: The minimum age for eligibility is 21 years, and the maximum age at loan maturity is 70 years.
  • Creditworthiness: A robust credit profile with a positive credit history is essential. A CIBIL score of 701 or higher is generally considered optimal.
  • Income Stability: Applicants are expected to demonstrate a stable income source, whether derived from salaried employment, self-employment as a professional, or entrepreneurial endeavours.
  • Loan-to-Value (LTV) Ratio: The loan-to-value ratio must align within the specified range of 75% to 90%, contingent on the type and value of the intended property purchase.

Frequently Asked Question (FAQs)

What is the monthly installment for a 55 lakh home loan over 20 years with BOB?

The EMI for a BOB 55 lakh home loan spanning 20 years at an 8.40% interest rate is INR 47,383.

Who qualifies for a 55 lakh home loan with BOB?

Individuals meeting the bank's eligibility criteria are eligible to apply for a home loan.

What is the prevailing monthly interest rate for a 55 lakh home loan with BOB?

The monthly interest rate commences at 8.40%.
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