Bank of Baroda Home Loan Interest Rate

Bank of Baroda gives its customers home loans that start from the rate of 7.95% for a year and also for tenures that range up to a period of 30 years. Their home loans go up to a value of 20 crores. It can also give you balance transfer facilities to the existing clientele of home loans from other banks and finance companies at lower rates. The bank can also give you pre-approved home loans with the principal approval before the identification of the home property, which will be valid for a period of 4 months.

Bank of Baroda Home Loan Rate of Interest for Home Improvements

For Salaried Persons

7.95% to 9.30% p.a.

For Non-Salaried Persons

8.05% to 9.40% p.a.

BOB Home Loan Interest Rate for Advantage

Up to the value of Rs. 75 lakh

7.95% to 9.40% p.a.

More than Rs. 75 lakh

8.20% to 9.65% p.a

 

Bank of Baroda Home Loan Interest Rate 2022 for Top-Up

Top-Up Loan

8.80% to 10.65% p.a

 

Types of Bank of Baroda Home Loans

There are varied types of home loans that are offered by the Bank of Baroda, and each home loan from the bank serves different purposes and customers and also has Bank of Baroda home loan interest rates.

1) Baroda Housing Loan

This is a home loan scheme that is meant for buying plots, houses, and flats, constructing houses, and also expanding the current homes. The loan amount for this particular loan is Rs. 1 crore to Rs. 20 crore. In the city of Mumbai, it is up to a value of twenty crores, and in other metro cities of the country is up to Rs. 7.5 crores. In the urban areas of up to Rs. 3 crores. In semi-urban and rural areas of up to Rs. 1 crore. In Chandigarh, Mohali, and Panchkula, it is up to Rs. 5 crores.

2) Baroda Home Loan Takeover Loan

The balance transfer of existing home loans from varied banks and non-banking financial companies to Bank of Baroda at a lower Bank of Baroda housing loan interest rate. The amount for this loan is Rs. 1 crore to Rs. 20 crore. In Mumbai, the loan value is Rs. 20 crores. Other metropolitan cities of the country have a threshold value of up to Rs. 3 crores. The semi-urban and rural areas have a value of up to Rs. 1 crore.

3) Baroda Home Loan Advantage Scheme

The motive of this scheme is an overdraft facility where the home loan account would be linked with the savings bank account. In the city of Mumbai, the value of the loan is Rs. 10 crores. In other metropolitan cities, this value is reduced to Rs. 5 crores. In other semi-urban and rural areas, it is Rs. 1 crore.

4) Home Improvement Loan Scheme

This scheme aims at repairing and renovating the existing homes, which also inclusive of new furniture, furnishings, and fittings that include fans, air conditioners, geysers, air purifiers, water filters, and more. The loan tenure will range from a period of 30 years, with a maximum value in the city of Mumbai, to Rs. 10 crores. In other metropolitan cities, it is up to Rs. 5 crores. In urban areas of the country, it is Rs. 3 crores, and in other semi-urban and rural areas, it is up to Rs. 1 crore. 

5) The Bank of Baroda Top-Up Loan Scheme

This is a loan scheme that aims at an additional loan facility for the existing or current home loan borrowers, inclusive of NRIs and PIOs for motive other than speculative. The borrower of this loan cannot be over the age of 65 years. The loan amount for this scheme is Rs. 1 lakh to Rs. 10 lakhs. The value that can be availed through this scheme is 75% of the house or property.

6) The Pradhan Mantri Awas Yojna

The motive of this scheme is to offer affordable housing for the economically weaker sections, which consists of the low-income groups and middle-income groups. They will have a subsidy of up to Rs. 2.67 lakhs. The maximum loan that could be availed from this scheme is Rs. 9 lakh to Rs. 12 lakh. The repayment tenure of this loan is a period of 30 years.

7) The Bank of Baroda Pre-Approved Home Loan

The motive of this loan is to get approval before the identification of a house, flat, plot, or any other property by the applicant. This scheme has a validity of 4 months, and the maximum amount that can be availed through this scheme is Rs. 10 crores. The repayment tenure of this loan is also a period of 30 years.

8) Interest Subsidy Scheme for the Urban Poor

This is a scheme with a motto of - affordable housing for all. It is an interest subsidy scheme that can fulfil the housing needs of the economically weaker sections. This means the applicant's household income needs to be up to Rs. 5,001 for a month. The low-income groups, whose income is Rs. 5,001 to Rs. 10,000 for a month in the urban areas to ensure them to buy or construct houses. The amount for this loan is:

  • For EWS: Rs 1 lakh.
  • For LIG: Rs 1,60,000

9) The Credit Risk Guarantee Fund Scheme for the Low Income Housing

This scheme aims at a risk guarantee of up to Rs. 5 lakhs to the bank for the home loan value of up to Rs. 8 lakhs sanctioned by it to the borrowers who belong to an economically weaker section and the low-income groups of the urban areas of the country. The tenure of repayment for this loan is 25 years. 

Who is Eligible for the Bank of Baroda Home Loan?

The eligibility for availing a BOB home loan is divided into following categories:

For the Home Loan Take Over

The age of the individual needs to be from 21 years to 70 years.

For the Baroda Housing Loan

  • Needs to be an Indian, NRI, or person of Indian origin.
  • The age of the individual needs to be from 21 years to 70 years of age.
  • Needs to be employed, self-employed, and with a regular income.

For Individuals

  • Needs to have a minimum CIBIL score of 701.
  • Needs to have at least paid 12 EMIs already.
  • There needs to be a satisfying track record.

For Non-Individual Applicants

  • Needs to have paid at least 18 EMIs.
  • The firm or the company needs to have been working for at least five years.
  • The company needs to be engaged in business activities for at least a period of 2 years.
  • There needs to be a positive net worth in the company.
  • Firm earning cash profits for the past two years.
  • The company's name shouldn't be on the RBI defaulter list.
  • The company should not have slipped into the SMA2 category for the last 12 months.

For the Urban Poor (ISHUP)

  • Has to be 21 years of age.
  • EWS with an average monthly income of up to Rs. 5,000.
  • LIG with an average monthly income of Rs. 5,001 to Rs. 10,000.
  • The salaried people need to be 48 times the average of the last three months' gross salary.
  • For non-salaried people, it needs to be up to 4 times the average of the last two years' annual income.
  • Needs to have a regular income.

For Credit Risk Guarantee Fund Scheme 

The new individual borrowers of the house loans need to be up to Rs. 8 lakhs under EWS or LIG category.

The housing unit size is 430 sq. ft. carpet area.

Required Documents to Apply for the Home Loan from Bank of Baroda

  • Identity Proof - Passport, PAN, Voter ID, Aadhaar, or Driver's license.
  • Proof of Residence - Passport, PAN, Voter ID, Aadhaar, Driver's license or utility bills.
  • Age Proof - Birth Certificate, passport, Aadhaar, or Voter ID.
  • Proof of Income - Latest Form 16 or Last 6 months’ bank account statements.

 

Other Fees and Charges from the Bank for the Loan

  • For Pre-approved Home Loan - 0.25%-0.50%
  • For Baroda Top-up Home Loan - 0.35%
  • For Baroda Housing Loan and Home Improvement Loan - 0.50%
  • For Home Loan Takeover - Rs 8,500
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