Bank of Baroda Home Loan for Self Employed

Being self-employed can pose challenges in securing a better home loan with favourable rates. This is because lenders typically consider self-employed individuals as risky due to their irregular income nature. However, worry no more; your search concludes here. With a BOB home loan for self-employed, you can ideally expect a lower interest rate, moderate eligibility criteria, minimal documentation, a streamlined application process, and prompt fund disbursement. 

Thus Urban Money offers this concise guide where you can find nearly everything you need to know about this appealing financing option. We mainly cover topics such as Bank of Baroda home loan for self-employed interest rates, fees, eligibility criteria, and required documents. Let’s scroll down to learn more.

Bank of Baroda Home Loan for Self-Employed – Highlights

The following are the key parameters of a BOB Home Loan for Self-Employed individuals:

Bank of Baroda Home Loan for Self-Employed – Fees and Charges

The following are fees and charges you can expect from a BOB home loan for self-employed individuals:

Note: If you repay your loan on time, the bank will not impose any additional charges except for the processing fee.

Bank of Baroda Home Loan for Self-Employed – Documents Required

Here are the required documents that you may need to submit regarding a BOB home loan for self-employed individuals:

• Proof of Identity: Aadhaar card, PAN card, passport, voter ID, or driving licence.
• Proof of Address: Passport, ration card, driving licence, or registered rent agreement.
• Proof of Income: Balance Sheet and Profit & Loss Account, last two years’ Income Tax Returns, and TDS Certificate.
• Proof of Business: Gomasta License, Registration certificate, Service Tax, etc.
• Proof of Assets: Life Insurance Corporation of India (LIC), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Mutual Fund (MF), or property documents, depending on the type of assets.
• Other Documents: Assets and Liabilities statement, ITR Verification report, duly signed application form along with three photographs.

Bank of Baroda Home Loan for Self-Employed – Eligibility Criteria

The following are the Bank of Baroda home loan for self-employed eligibility criteria: 

• You must be between 21 and 65 years of age.
• You must have a minimum income of Rs 2,60,000 per year.
• You must have a minimum credit score of 701 or above.
• Your business must have been operational for at least 2 years.
• Your loan-to-value ratio must fall within the range of 75% to 90%.
• You must be an Indian citizen.