Bank of Baroda Home Loan Interest Rate

Bank of Baroda Home Loan Interest Rate
Bank of Baroda Home Loan Interest Rate

Bank of Baroda is currently offering one of the lowest home loan interest rates.

Bank of Baroda house loan interest rates start at 6.90 percent per annum and go up to 30 years with flexible repayment alternatives. The bank provides loans up to Rs.10 crore, and processing costs for Bank of Baroda home loans start at 0.25 percent of the loan amount.

For floating-rate house loans, the bank imposes no prepayment penalties. One of the most appealing aspects of the Bank of Baroda house loan is the ability to request a top-up loan up to five times throughout the loan term.

Bank of Baroda Home Loan Interest Rates 2022

Bank of Baroda’s home loan interest rate starts at 6.75 percent per annum. The interest rate on a house loan varies depending on whether you are salaried or self-employed, as well as a number of other criteria such as eligibility and loan size.

Fees for processingNormal Applicable Rate

Up to Rs. 50 lacs: 0.50 percent of loan amount Minimum: Rs. 8,500/- (Upfront) Maximum: Rs.15,000/-

Above Rs. 50 lacs: 0.25 percent of loan amount Minimum: Rs. 8,500/- (upfront*) Maximum: Rs. 25,000/-
Charges for ModificationsUp to Rs. 1 Crore: Rs. 5,000

Above Rs. 1 crore and up to Rs. 10 crores: Rs. 15,000

Above Rs. 10 crore: Rs. 25,000
Charges for DeviationRs. 1,500 per deviation (Max. Rs. 5,000)

Features and Benefits of a Bank of Baroda Home Loan

Whether you’re purchasing a house, building a new one on a plot of land, or remodeling an existing one, Bank of Baroda has a variety of home loan programs and offers. Bank of Baroda provides home loan solutions for both self-employed and salaried persons, with cheap interest rates and processing costs, and a lengthy tenure.

  1. Amount of the loan: Bank of Baroda provides house loans up to Rs. 20 crores to anyone looking to build or buy their dream home.
  2. Application Procedure: You may apply for a Bank of Baroda Home Loan, not just offline, but also online to save time and effort.
  3. Tenure Variable: You have the option of repaying the Bank of Baroda Home Loan over a period of up to 30 years.
  4. Simple Documentation: Bank of Baroda requires a standard set of paperwork as well as specialized documentation based on the nature of your activity. The documentation procedure is simple and rapid.
  5. Balance Transfer Service: Bank of Baroda guarantees a cheaper interest rate on your existing house loan and permits you to transfer it from other banks and NBFCs.
  6. Charges for prepayment/foreclosure: Prepaying your Bank of Baroda Home Loan is simple since there are no prepayment penalties if the interest rate is variable and only minimal penalties if the interest rate is set.
  7. Affordability of Interest Rate: Bank of Baroda house loan interest rates begin from $$Bank of Baroda -home-Loan-for-Salaried-Self-employed and increase based on your eligibility and credit score
  8. Fees for processing: Bank of Baroda’s processing charge ranges from 0.25 percent to 0.50 percent of the loan amount.

Home Loan EMI Calculator by Bank of Baroda

If property ownership is not properly planned for, instead of adding to an asset, it might result in further loss. Buying a home is a costly endeavor, so careful preparation is essential ahead of time. The home loan EMI calculator assists the applicant in planning the process. EMI for various plans may be computed by inputting the term duration, loan amount, and interest rate.

This table provides an estimate of the EMI based on various loan amounts and loan terms.

TenureLoan amount 30 LakhsLoan amount Rs 60 LakhsLoan amount Rs 1 Crore
5 yearsRs 59,050Rs 1,18,100Rs 1,96,834
10 yearsRs 34,447Rs 68,894Rs 1,14,824
20 yearsRs 22,810Rs 45,621Rs 76,036
30 yearsRs 19,457Rs 38,915Rs 64,859

Eligibility Criteria for Bank of Baroda Home Loans

The qualifying conditions for a Bank of Baroda home loan are shown below and must be met in order for the loan to be approved.

The applicant’s maximum age

  • The applicant’s age range is 21-70 years.

Borrower Eligibility Criteria

  • NRIs are required to have an Indian passport.
  • Details about the local contact, such as their name, relationship, and address
  • Proof of residency (in India and abroad): Driver’s license/voter ID/passport/Aadhar Card/registered lease agreement
  • Evidence of Employment Abroad
  • Completed and signed application form, as well as a stamp-sized photograph
  • Passport photocopy with visa stamp
  • Loans are available to both Indian and non-Indian residents.
  • Credit report from a foreign credit bureau
  • NRE Savings Bank account statement over the previous six months
  • Statement of accounts for all existing Loan accounts for the last year for people who do not have a Bank of Baroda account.
  • Statement of Overseas Bank Accounts for the Previous 6 Months (including for Salary Account)

Criteria for Eligibility for Self-employed Non-Professionals

  • Traders, commission agents, and contractors are examples of self-employed non-professionals who can qualify for a Bank of Baroda home loan.

Provisional list of papers necessary for a home loan

Documents that are required (To be submitted by all applicants)

  1. Loan application completed
  2. Three passport-sized photos
  3. Identity documents include a driver’s license, a passport, a voter ID card, an Aadhar card, and a PAN card (if loan size is more than Rs 10 Lakhs)
  4. Address evidence includes a driver’s license, an Aadhar card, a voter ID card, a passport, and a registered rent agreement.

Individuals who are paid

  1. Salary slips for the previous three months for the applicant
  2. Form-16 and ITR for the applicant and guarantor for the previous year
  3. Bank statement over the previous six months
  4. Salary slip for the previous month for the guarantor
  5. Appointment letter/Confirmation letter/Promotion letter as proof of employment term
  6. Employee ID card photocopy

Individuals who work as Self Employed

  1. Balance sheet and profit and loss statement, income calculations over the last two years
  2. IT Returns for the previous two years, 26 AS, Traces
  3. Income Tax Challans / TDS Certificate (Form 16A) / Form 26 AS for income stated in ITR, IT Assessment / Clearance Certificate
  4. IT returns and audit findings over the last two years for the firm
  5. Gumasta Certificate, Business Registration Certificate, and GST Registration are all examples of business evidence.
  6. The company’s memorandum
  7. PAN Card and Address Proof (if the applicant’s firm is a Partnership Firm/Private Ltd. Company)
  8. Statement of current accounts for the previous year

Non-resident Indians: (NRIs)

  1. Proof of abroad employment
  2. Application form completed
  3. A copy of your passport and visa
  4. Proof of residence (both in India and abroad): License/Voter ID/Passport/Aadhar/Registered Rent Agreement
  5. Name, Relationship, and Address of any local contact
  6. Photograph in stamp size
  7. Statement of NRE Savings Bank over the previous six months
  8. Credit report from an international credit bureau
  9. Existing loan account statement for the previous year (if the applicant is not a Bank of Baroda account holder)
  10. Statement of Overseas Bank Accounts for the Previous 6 Months (including for Salary Account)

How to Apply for a Housing Loan from Bank of Baroda

To apply for a Bank of Baroda house loan, go directly to the Bank of Baroda website and follow the four simple steps below:

  1. Visit the official site to apply.
  2. Fill out the essential details and click the Apply Now button.
  3. Enter the requested information, such as name, age, occupation, date of birth, and so on.
  4. A few financing possibilities will be displayed. You can select the one that applies to you.

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