Bank of Baroda Max Savings Home Loan

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The Bank of Baroda Max Savings home loan is a popular home loan option designed for individuals looking to purchase or construct a home. This loan is linked to a savings bank account, allowing borrowers to use their savings to reduce the interest on the home loan. The scheme offers an advantage to the borrower. Letting the daily credit balance in the savings account contribute towards lowering the outstanding loan amount. The BOB Max Savings home loan has multiple purposes, including purchasing a house or flat, buying a residential plot, constructing a house, or renovating a house. Also, it supports taking loans from other financial institutions and reimburses expenses for house or flat construction from personal funds. It is ideal for salaried and self-employed individuals, NRIs, PIOs, and OCIs.

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Table of Content

1. Baroda Max Savings Home Loan Highlights

2. Baroda Max Savings Home Loan Features and Benefits

  • 2.1 Features
  • 2.2 Benefits

    • 3. Baroda Max Savings Home Loan Interest Rates

    4. Baroda Max Savings Home Loan Fees and Charges

    5. Baroda Max Savings Home Loan Eligibility Criteria

  • 5.1 Applicant Type
  • 5.2 Eligible Purposes

    • 6. Baroda Max Savings Home Loan Documents Required

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    Rishabh Baisoy
    Rishabh Baisoy
    With a background in journalism and mass communications, Rishabh might be clueless about his plans for the evening, but he clearly knows what to write. A proud cinephile, Rishabh makes the perfect choice to discuss any movie with. Poetry holds a special place in his heart, which mingles well with his wanderlust personality. While he physically exists in India, his heart beats for the red part of Merseyside. Rishabh educates and empowers readers towards financial success at Urban Money.
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    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.

    Baroda Max Savings Home Loan – Highlights

    Here are some highlights of Baroda Max Savings Home Loan:

    Highlights Details
    Linked to Savings Account With zero interest on the savings account.
    Interest Rate Varies from 8.40% to 11.85% p.a.
    Loan Amount Up to ₹75 lakhs
    Processing Fee The waiver is available with certain conditions.
    Eligible Applicants Resident Indians, NRIs, PIOs, OCIs.
    Purpose Purchase, construction, or extension of residential properties.

    Baroda Max Savings Home Loan – Features and Benefits

    Some key features and benefits of BOB Max Saving home loan are as follows:

    Features

    • Linked with Savings Bank Account: The home loan is connected to a savings account. This allows the borrower to deposit their savings in the account and receive an interest reduction on the home loan.
    • Zero Interest on Savings Account: The savings account linked with the loan will not earn any interest, but the balance will be used to reduce the interest on the loan.
    • Daily Credit Balance Consideration: Any credit available in the savings account at the end of the day will be considered to reduce the outstanding home loan amount.
    • Flexible Loan Usage: The loan can be used to purchase a house, flat, or residential plot or to construct a house.
    • Transfer Facility: The loan can be transferred from other banks, housing finance companies (HFCs), or financial institutions (FIs).

    Benefits

    • Best Use of Funds: The scheme lets you make the most of unused money in your savings account by lowering loan interest.
    • Lower Effective Interest: The linked savings account reduces the overall interest paid on the home loan.
    • Optional Life Insurance: Borrowers can opt for life insurance coverage, providing added security for their home loan.
    • No Interest on Savings Account: While the savings account won’t earn interest, it helps reduce the overall loan amount.

    Baroda Max Savings Home Loan Interest Rates

    Below are the interest rates of Baroda Max Savings home loan:

    Loan Amount Applicant Type Interest Rate Range (Floating) Interest Rate Range (Fixed)
    Up to ₹75 lakhs Salaried 8.40% – 10.60% 10.15% – 11.50%
    Non-Salaried 8.40% – 10.60% 10.25% – 11.60%
    Above ₹75 lakhs Salaried 8.65% – 10.85% 10.40% – 11.75%
    Non-Salaried 8.65% – 10.85% 10.50% – 11.85%

    Baroda Max Savings Home Loan Fees and Charges

    Here are the fees and charges of Bank of Baroda Max Saving home loan:

    Fee Type Details
    Processing Fee (Takeover via Non-DSA) NIL (with ₹1,500 refundable login fee on first disbursement)
    Processing Fee (Approved Projects) 100% waiver; Out-of-pocket expenses of ₹3,500 + GST per property apply
    Processing Fee (Non-Digital, Other Leads) 100% waiver; Out-of-pocket expenses of ₹10,000 + GST per property
    Processing Fee (Digital Leads) 100% waiver; Out-of-pocket expenses range from ₹5,000 + GST to ₹8,500 + GST
    Risk Premium 0.05% additional interest for customers without credit insurance cover

    Baroda Max Savings Home Loan – Eligibility Criteria

    The eligibility criteria for the Baroda Max Savings home loan is given below:

    Applicant Type

    • Resident Indians
    • Non-resident Indians (NRIs) holding Indian passports
    • Persons of Indian Origin (PIOs) holding foreign passports
    • Overseas Citizens of India (OCI)

     

    Eligible Purposes

    • Purchase or construction of a house/flat.
    • Purchase of a residential plot.
    • Purchase a residential plot of land along with the construction of a house.
    • The takeover of home loans from other banks, housing finance companies (HFCs), non-banking financial companies (NBFCs), and financial institutions (FIs).
    • Extension or additional construction for an existing house.
    • Reimbursement of house/flat construction expenses is made from one’s sources.

    Baroda Max Savings Home Loan – Documents Required

    The applicant will be required to submit the following documents to get a BOB Max Savings home loan:

    Document Type Resident Indian NRI/PIO/OCI
    Application Form Duly filled and signed, with three photographs Duly filled and signed, with photographs
    Proof of Identity PAN Card (mandatory for loans above ₹10 lakhs), Driver’s Licence, Voter ID, Passport, Aadhaar Card Passport with visa stamped
    Proof of Residence Driver’s Licence, Voter ID, Passport, Aadhaar Card, Rent Agreement Proof of residence in India and abroad (Driver’s Licence, Rent Agreement)
    Income Proof (Salaried) Latest 3 months’ salary slips, Form 16 and last year’s ITR  6 months salary slips, ITR for the previous 2 years
    Income Proof (Self-employed) Balance Sheet, Profit & Loss A/C, ITR for the last 2 years Balance Sheet, Profit & Loss A/C, ITR for the last 3 years
    Bank Account Statements 6 months statement (Salary/Individual) NRE account and overseas salary account statements (6 months)
    Property Documents Sale agreement, blueprint, non-agriculture certificate, commencement/completion certificate Same as Resident Indian
    Loan Details (if any) 1-year loan statement, sanction letter (if applicable) 1-year loan statement
    Additional for PIO/OCI Not applicable Photocopy of PIO card or proof of Indian origin

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