Bank of Baroda home loans up to Rs 20 crore are offered at one of the lowest interest rates in the market. Whether building a new home, renovating an existing one, or buying a flat, Bank of Baroda offers the best home loan options. The tenure of BOB home loans is up to 30 years, so you can choose when to repay it. Apart from this, the organization also offers a free credit card with a home loan.
Bank of Baroda home loans are meant to help eligible individuals access funding to acquire, construct, repair, or upgrade a residential property. The bank guarantees a simple, affordable home-buying process by offering reasonable interest rates and flexible repayment options. By putting its customers’ needs first and simplifying the application process, the Bank of Baroda aims to help its customers fulfill their housing ambitions by providing them with complete financial support. Check out Axis Bank Business Loan.
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Bank of Baroda Home Loan Features and Benefits
| Attractive Interest Rates | Bank of Baroda offers competitive interest rates on home loans, making it easier for borrowers to repay over time. Interest rates can be as low as 9.15%, depending on the borrower. |
| Flexible Repayment Tenure | Borrowers can choose a repayment tenure that suits their financial situation, ensuring a seamless loan management experience with Bank of Baroda. |
| Balance Transfer Facility | Bank of Baroda offers a balance transfer facility, allowing borrowers to transfer their existing home loans from other institutions. This service can lead to cost savings through better interest rates and lower EMI burden. |
| Pradhan Mantri Awas Yojana (PMAY) | Bank of Baroda supports PMAY, a government scheme that provides affordable housing benefits to eligible borrowers across various income groups, with the aim of enhancing the standard of living. |
| Easy online application process | Bank of Baroda has made it easy to apply for a home loan with a user-friendly online application system, allowing customers to apply from the comfort of their homes. |
Eligibility Criteria and Factors Affecting Bank of Baroda Home Loan Eligibility
To apply for a Bank of Baroda home loan, applicants must meet certain eligibility criteria, which include the following:
| Age | The main borrower of a Bank of Baroda home loan must be at least 21 years of age at the time of application to be eligible. Also, the borrower must repay the loan before the age of seventy. The co-signer must be at least eighteen years of age to be eligible. |
| Income | Income is required to assess the applicant’s ability to repay a Bank of Baroda home loan. Loan applications are accepted from salaried individuals, self-employed professionals, and self-employed non-professionals. |
| Employment Stability | Salaried applicants must demonstrate job stability with a minimum work experience requirement. Self-employed individuals must show that they have been engaged in their business or profession for a specified period, which shows financial stability and ability to repay the loan. |
| Credit Score | A high credit score is required to be eligible for a home loan from Bank of Baroda. When determining an applicant’s loan-worthiness, Bank of Baroda takes into account their credit history. |
| Co-applicant | Adding a co-applicant such as a spouse or an immediate family member can increase the chances of loan approval.Joint application demonstrates higher repayment capacity, thereby increasing the chances of getting the desired loan amount. |
| Property documents | The property being financed must have a clear title and be free from legal encumbrances. |
Fees & Charges for Bank of Baroda House Loan
It is important to know about all the fees and costs associated with Bank of Baroda home loans before applying. On different types of home loan arrangements, banks and lending organizations generally levy an upfront cost known as a home loan processing fee. The borrower pays this fee, which is separate from the loan amount, to compensate for the costs incurred by the bank or lender while processing the loan.
While some banks may offer unparalleled savings on these processing costs, for example, Bank of Baroda may charge a cost of up to Rs 8,500 depending on the type of loan and the value of the property. It is also advisable to speak to an advisor before submitting a loan application as the costs associated with loan top-ups may vary. You may also check Federal Bank Personal Loan.
How is Bank of Baroda home loan EMI calculated?
Equated Monthly Installment (EMI) is how Bank of Baroda repays loans. Every month, borrowers make a fixed payment, which includes principal and interest. The loan amount, interest rate, and the selected repayment period are all considered when calculating the EMI. For debtors, this systematic approach guarantees stability and simple financial planning.
This technique makes loan repayment easier, resulting in a seamless borrowing experience. Customers can confidently handle their loan commitments by viewing them clearly and transparently. The loan amount, interest rate, and the selected repayment period all affect how the EMI is calculated.
The formula to calculate EMI is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
- P = Loan principal amount
- R = Monthly interest rate
- N = Loan tenure in months
Documents Required for Bank of Baroda Home Loan
Applicants must submit certain documents while applying for a Bank of Baroda home loan. Some of them are as follows:
| Proof of Identity | Passport Aadhaar CardDriving License Voter ID |
| Proof of Address | Recent utility bills like electricity, water, or gas bills indicating the applicant’s residential address. Passport Ration Card In the case of rented accommodation, a registered rental agreement may be submitted as address proof. |
| Income Proof | Latest salary slips showcasing the applicant’s monthly income and deductions (applicable to salaried individuals). Bank statements for the last six months reflecting the applicant’s income and financial transactions. Filed income tax returns for the previous financial years, demonstrating the applicant’s income details (for salaried and self-employed individuals). |
| Other Documents | Property’s NOC Building plan approval Completion certificate Recent passport-size photographs |
Balance Transfer on Bank of Baroda Home Loan
If a borrower already has a home loan from another financial institution, they can transfer it to the Bank of Baroda using the balance transfer program. With lower interest rates and better loan terms, people can take advantage of these borrower-friendly provisions, which can ultimately reduce the burden of monthly payments and improve savings throughout the loan.
Before transferring a loan, borrowers should be cautious and carefully consider all the costs and benefits. To ensure that a balance transfer helps the borrower financially, it is important to evaluate the whole picture thoroughly. Consulting financial advisors or experts can help make an informed choice.
