Bank of Baroda NRI Home Loan

Living abroad doesn't mean your dream of owning a home in India has to fade. Non-Indian residents find it very difficult when they go for home loans in India. Bank of Baroda's NRI Home Loan opens the door to fulfilling that aspiration, offering convenient financing and flexible options specifically tailored for NRIs like you. The bank offers home loans with the same interest rates for everyone, whether you're salaried, self-employed, or even an NRI.

BOB NRI home loan can be used for various housing needs, such as purchasing a house/plot, construction of a house or renovation/repair of an existing home. Additionally, the scheme offers attractive interest rates and flexible repayment terms. But before you pack your bags for a housewarming party, let's delve into the specifics of this loan and see if it fits your needs.

Feature & Benefits of Bank of Baroda NRI Home Loan

Take a look at the necessary features and benefits you should know about the Bank of Baroda home loan for NRI:

Quick note:  The interest rates are linked to the bank’s MCLR. Hence, ensures transparent and fair pricing.

Types of Bank of Baroda Home Loan for NRIs

The bank provides a variety of BOB Home loans for NRI to support every housing requirement of yours:

Home Improvement Loan

Build your dream home from the ground up with phased financing. Plan your home repairs, re-construction, or even new home furnishings with easy eligibility for up to 30 years. Tailored for renovating or repairing existing residential properties in India. The interest rate is slightly higher by 0.25% compared to regular home loans.

Mortgage Loan

Raise funds to purchase a real estate property or simply generate an amount from idle property at competitive interest rates. A loan against property for personal or business needs, with an interest rate of 9.35% p.a., can reach up to Rs. 10 crores. Utilise the home loan EMI calculator for estimating monthly payments across these schemes.

Baroda Top-Up Loan

The loan offers NRI borrowers the option of an additional loan facility. It can be used for any purpose by simply submitting a security deposit.

Baroda CRE Home Loan for NRI/PIOs

Intended for purchasing subsequent residential properties in India, with a 0.25% interest rate increment over regular home loans.

Baroda Home Loan Advantage for NRI/PIOs

Offers an overdraft facility, enabling interest savings on surplus funds. The interest rate aligns with regular home loan terms.

Purpose of Bank of Baroda NRI Home Loan

When you sign up with Bank of Baroda, it not only provides you with the funds for every need of yours, but it is the construction of the house, plot purchase, or renovation. Bank of Baroda’s NRI Home Loan caters to various needs. You can use the loan to:

• Purchase a primary residence for yourself or your family.
• Purchase of residential plot.
• Construction or extension of existing property. 
• Invest in a rental property for regular income generation.
• Build a vacation home for getaways and family gatherings.
• Replace other banks/HFCs/NBFCs with BOB.

Bank of Baroda NRI Home Loan Interest Rates

Bank of Baroda Home Loans offers similar interest rates to everyone, starting from 8.40%. To estimate your potential interest rate, you can follow these steps:

• Choose the MCLR tenor that matches your desired loan repayment term (e.g., 1 Year for a 12-year loan).
• Add a margin of 0.25% to 1% to the MCLR rate based on your eligibility and creditworthiness (you can consult Bank of Baroda for a specific estimate).
• The resulting number will be your approximate interest rate.

Bank of Baroda NRI Home Loan Documents Required

The required Bank of Baroda NRI home loan documents are standard for most NRI loans and include:

• Identity and address proof: Passport, PAN card, and overseas address proof.
• Income proof: Employment contract, salary slips, bank statements.
• Property documents: Sale agreement, property tax receipts, approved building plans.

Bank of Baroda NRI Home Loan Eligibility Criteria

Explore the eligibility criteria for Bank of Baroda NRI home loan in detail:

Fees and Charges for Bank of Baroda NRI Home Loan

The table below highlights the additional fees and charges you should know before applying for a BOB NRI home loan:

Tax Benefits of Bank of Baroda NRI Home Loans

Borrowers can enjoy some additional tax benefits from the financing of a house. Under Bank of Baroda NRI Home Loans, NRIs can avail tax benefits on the interest paid on their home loan under Section 24(b) of the Income Tax Act. This can significantly reduce your overall loan cost.