Bank of Baroda Home Loan Balance Transfer

If you want to switch your existing home loan to a new bank with better terms, the Bank of Baroda home loan transfer might be the right choice. This option, also known as the BOB home loan transfer, allows you to transfer your current home loan to the Bank of Baroda for more favourable terms, such as lower interest rates and better repayment options. With the Bank of Baroda home loan balance transfer, you can enjoy benefits like reduced EMIs, no prepayment penalties, and additional top-up loan facilities. The Bank of Baroda balance transfer home loan also offers attractive features like financing for life insurance and free credit cards. One of the key attractions is the Bank of Baroda home loan transfer interest rate, which starts at a competitive rate, making it a cost-effective option for borrowers.

Bank of Baroda Home Loan Balance Transfer Highlights

Check the table below to understand the key highlights of the BOB home loan takeover scheme:

Bank of Baroda Home Loan Transfer Features & Benefits

Here are the features and benefits of the Bank of Baroda home loan transfer scheme:

Features and Benefits

• Easy Top-Up Loans: Conveniently available top-up loans.
• Finance Life Insurance: Option to finance your life insurance.
• Free Credit Card: Receive a free credit card with your loan.
• Longer Tenures: Benefit from extended loan repayment periods.
• Low Interest Rates: Enjoy lower interest rates on your loan.
• Low Processing Charges: Pay minimal processing fees.
• No Pre-Closure Charges: There are no penalties for closing your loan early.
• Optional Life Insurance: Choose to include life insurance coverage if desired.

Eligibility Criteria For Bank of Baroda Home Loan Transfer

The BOB home loan takeover scheme is for Indian residents, NRIs with an Indian passport, PIOs with foreign passports, and OCIs. Staff members can also take advantage of the public scheme. Individual applicants need a minimum CIBIL score of 701, with at least 12 EMIs paid and a completed moratorium. Non-individual entities must have been active for two years and incorporated for 5 years, with 18 EMIs paid, a positive net worth, and satisfactory CIBIL. Borrowers must be 21 or older; co-applicants must be 18 or older, with a maximum age limit of 70 years.

Documents Required For Home Loan Balance Transfer

It is mandatory to have the following documents to avail of a BOB home loan transfer:

For Indian Residents

• Signed application form with three photographs
• Proof of identity 
• Proof of residence 
• Additional documents based on employment status:
  • Salaried Individuals: Latest 3 months’ salary slips, Form 16, employee identity card, employment letters, and 6 months bank account statement
  • Self-Employed Individuals/Professionals: Balance Sheet, Profit & Loss account, business proof, IT returns, bank account statement
  • Farmers/Agriculturists: Income certificates, land revenue records

Property Documents (Varies by State):

• Agreement for sale
• Blueprint (approved plan copy)
• Non-Agriculture certificate
• Commencement certificate, completion certificate, occupancy certificate (if applicable)
• Latest property tax paid receipt
• Society registration certificate and share certificate (if applicable)
• All payment receipts to builder/seller
• Development agreement with the builder
• Chain of old agreements (for resale property)
• Title clearance report from approved advocate
• Valuation report from the bank’s approved valuer

Bank of Baroda Home Loan Transfer Fees & Charges

There are various fees & charges associated with the BOB home loan transfer that are mentioned in the table below:

Step-By-Step Process For Bank of Baroda Home Loan Transfer

The following steps need to be followed for a successful Bank of Baroda home loan transfer:

Initial Inquiry and Application:

• Visit the Bank of Baroda website or branch to start the Bank of Baroda home loan transfer process.
• Submit the application form with the required photographs.

Document Submission:

• Provide self-attested copies of identity, address, and income proofs.
• Include previous loan account statements, if applicable.

Eligibility and Credit Check:

• The bank verifies eligibility criteria (e.g., minimum CIBIL score of 701, 12 EMIs paid).
• Conducts credit and property assessments.

Approval and Offer:

• Receive an approval letter from the Bank of Baroda for the home loan transfer interest rate.
• Review and accept the offer.

Existing Loan Closure:

• Obtain a foreclosure letter from your current lender.
• Bank of Baroda closes the existing loan and transfers the balance.

Disbursement and EMI Setup:

• The loan amount is disbursed, and a new EMI schedule is set up.
• Track application status online or via customer service.