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Bank of Baroda Home Loan is available worth up to Rs. 20 Crores at one of the lowest interest rates in the market. Band of Baroda has the ideal home loan solution whether you’re buying a flat, building a house or remodelling your home. With a long tenure of up to 30 years, you can choose to repay the BOB home loan at your convenience. In addition, the institution offers a free credit card with home loans.
Bank of Baroda’s home loan is designed to assist eligible individuals in financing residential property purchase, construction, renovation, or improvement. The bank offers competitive interest rates and flexible repayment options, ensuring a smooth and affordable home-buying process. With a customer-centric approach and simplified application procedures, Bank of Baroda strives to turn homeownership dreams into a reality for its customers, providing comprehensive financial support for their housing aspirations.
Apply for Bank of Baroda home loan to get competitive interest rates on home loans, making it more affordable for borrowers to repay their loans over time. It can go as low as 9.15%, depending upon the borrower.
Bank of Baroda offers a flexible repayment tenure, allowing borrowers to select a duration that aligns with their financial capacity, providing ease in loan management and ensuring a comfortable loan repayment experience.
Bank of Baroda offers a convenient Balance Transfer Facility, enabling borrowers to seamlessly transfer their existing home loans from other financial institutions to Bank of Baroda. By opting for this service, borrowers can take advantage of more favourable interest rates and other advantageous terms, leading to potential cost savings and reduced EMI burden.
PMAY is a government scheme offering affordable housing benefits to eligible borrowers, catering to various income groups and promoting improved living standards.
Bank of Baroda facilitates an easy and convenient online application process, enabling customers to apply for Bank of Baroda home loan from the comfort of their homes.
Don’t miss to Check: Bank of Baroda Home Loan Interest Rates
Applicants need to meet certain eligibility criteria to apply for a Bank of Baroda home loan. Bank of Baroda home loan eligibility criteria include:
To be eligible for a Bank of Baroda home loan, the primary borrower must be at least 21 years old at the time of application. Additionally, the loan should be repaid before the borrower reaches the age of 70 years. For the co-signer, they should be at least 18 years old to be eligible.
Bank of Baroda home loan eligibility requires the applicant’s income to determine their repayment capacity. Salaried individuals, self-employed professionals, and self-employed non-professionals can apply for the loan.
For salaried applicants, a stable job with minimum work experience is a crucial requirement, ensuring a reliable and consistent source of income. On the other hand, self-employed individuals need to demonstrate a specified duration of being engaged in their business or profession, establishing their financial stability and capacity to manage loan repayments. These eligibility criteria help ensure that borrowers have the means to meet their loan obligations responsibly.
A good credit score is essential for Bank of Baroda’s home loan eligibility. Bank of Baroda considers the applicant’s credit history to assess their creditworthiness.
By including a co-applicant, like a spouse or immediate family member, who has a steady income, borrowers can significantly improve their prospects of loan approval. This joint application showcases higher repayment capacity, boosting the lender’s confidence and increasing the likelihood of securing the desired loan amount.
The Bank of Baroda home loan eligibility requires that the property being financed have a clear title, free from legal encumbrances.
Before you apply for a Bank of Baroda home loan, it’s essential to be aware of the various fees and charges associated with the loan. Banks and lending institutions typically impose a one-time charge known as the Home Loan processing fee on various Home Loan products. This fee is separate from the loan amount and is paid by the borrower to cover the costs incurred by the lender or bank during the loan processing. While some banks may offer special waivers on these processing charges, Bank of Baroda, for instance, may charge around Rs. 8,500, depending on the property’s value and loan type. Additionally, fees for loan top-ups may vary, so it is advisable to seek advice from a consultant before proceeding with the loan application.
Applicants need to submit a few documents when applying for a Bank of Baroda home loan. A few of them being:
The Bank of Baroda claims to be your easy path to homeownership in India. It has launched specific home loan solutions to simplify the process and make your dream home a reality. Want to purchase, renovate, or reduce your interest payments? There’s a home loan for every story. Take a quick look at these popular Bank of Baroda home loan options that are available, and click on each to discover more details.
| Loan Amount | Access higher loan amounts depending on the project size and collateral value. |
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| EMI | Customised repayment plans to suit organisational structures. |
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| EMI | Auto Recovery EMI. |
| Who Benefits | This option is ideal for those who prefer financial flexibility and want to make their money work harder while repaying their loan. |
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Explore more about Bank of Baroda Home Loan Takeover Scheme.
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| EMI | Enjoy up to 6 months of no EMI payments, with a loan tenure of up to 15 years, including the moratorium period. |
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| EMI | Based on approved loan amount and tenure. |
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| By leveraging the equity in your existing home, you can access additional funds to |
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Explore more about Bank of Baroda Home Top-Up Loan.
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| Loan Tenure | Upto 30 years |
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Explore more about Bank of Baroda Yoddha Home Loan For Defence.
Disclaimer: Interest rates, processing fees, and other charges are subject to change by the Bank of Baroda. Please contact the bank for updates on the latest rates, fees, and terms.
Bank of Baroda uses the Equated Monthly Installment (EMI) method for loan repayments. Borrowers pay a fixed EMI each month, comprising the principal amount and interest. EMI calculation considers loan amount, interest rate, and chosen repayment tenure. This structured approach ensures predictability and easier financial planning for borrowers. The system streamlines the loan repayment process, facilitating a seamless borrowing experience. Customers can confidently manage their loan obligations with clarity and transparency. The EMI calculation depends on the loan amount, interest rate, and the chosen repayment tenure.
The formula to calculate EMI is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
If a borrower already has a home loan from another financial institution, they have the option to transfer it to the Bank of Baroda through the balance transfer facility. This borrower-friendly provision empowers individuals to capitalise on the potential benefits of lower interest rates and improved loan terms, which can ultimately lead to a reduced EMI burden and enhanced savings over the loan tenure. However, borrowers should exercise caution and conduct a comprehensive evaluation of the associated costs and potential advantages before opting for a balance transfer. Careful consideration of the overall impact is essential to ensure that the balance transfer brings significant financial advantages to the borrower. Seeking advice from financial experts or consultants can be beneficial in making an informed decision.
It is always advised to carefully analyse your monthly income and expenses before deciding on a loan amount. You should ensure that you have adequate funds to repay the loan amount after subtracting your monthly obligations.
Bank of Baroda usually sanctions a home loan with a maximum tenure of up to 30 years. However, under no circumstances will the home loan term be more than retirement age or 65 years (whichever is earlier).
Bank of Baroda usually takes an all-inclusive view of home loan applications. This means that the applicant's credit score is not the only criteria determining the borrower's eligibility. However, lenders usually view a credit score over 700 as the ideal lending score.
Currently, the Bank of Baroda does not charge any prepayment fees towards the early repayment of a home loan.
Currently, the Bank of Baroda charges no processing fee on most of their home loan products. However, certain products attract a processing fee of 0.5% of the approved loan amount.
Yes, the Bank of Baroda charges an additional 0.10% interest from non-salaried applicants.
Yes, applying with a co-borrower has improved chances of acquiring a Bank of Baroda home loan. Bank of Baroda accepts immediate relatives of the applicant as a qualified co-borrower. However, if the co-applicant is not a close relative, they should be the joint owner of the property in question.
Yes, you can also consider your spouse's salary while applying for a BOB home loan. However, this is only applicable if your spouse is the co-applicant for the loan.