Bank of Baroda home loan is one of the best home loans in India. The multi-purpose home loan offered by the Bank of Baroda provides a unique and customer-friendly experience to individuals looking for a home loan. To serve its customers a desired product, the Bank Of Baroda home loan interest rate is very low without compromising on the loan amount margin. Read this article to know the rates and other details.

Bank of Baroda Home Loan Interest Rate February 2025

Bank of Baroda provides affordable home loan interest rates ranging from 8.40% - to 10.60% per annum that helps individuals keep their EMI pocket-friendly. Some important details related to the Bank of Baroda Home Loan Interest Rate are provided in the table below. 

Benefits of Bank Of Baroda Home Loan

Here are some of the benefits of the Bank of Baroda Home loan that could be beneficial to the applicants. Read to understand better.

• Easy Top-up Loans – Additional loan amounts can be borrowed on an existing loan with minimal documentation.
• Finance Life Insurance – Loans can be used to pay life insurance premiums.
• Free Credit Card – A credit card is offered without joining or annual fees.
• Longer Tenures – Flexible repayment periods, often extending up to 10 years.
• Low Interest Rates – Competitive rates to reduce the overall cost of borrowing.
• Low Processing Charges – Minimal fees for processing the loan application.
• No Pre-closure Charges – No penalties for repaying the loan before the tenure ends.
• Optional Life Insurance – Borrowers can opt for life insurance coverage along with the loan for added financial security.

Features of Bank Of Baroda Home Loan

These are the features of Bank of Baroda Home Loan -

• Low Interest Rates – Enjoy competitive interest rates, making home loans more affordable with reduced monthly EMIs.

• Low Processing Fee – Minimal charges for loan processing, ensuring a cost-effective borrowing experience.

• No Hidden Charges – Transparent loan terms with no undisclosed fees, ensuring clarity and trust.

• No Pre-Payment Penalty – Borrowers can make early loan repayments without incurring any penalty, helping in faster debt clearance.

• Interest Charges on Daily Reducing Balance – Interest is calculated based on the daily outstanding principal, reducing the overall interest burden as you repay the loan.

• A Top-up Facility is also available – Existing home loan borrowers can avail of an additional loan amount based on their eligibility and repayment history.

• Facility to Link Home Loan with SB Account – Customers can link their Savings Bank (SB) account with their home loan for better fund management.

• Credit Balance in SB Account Considered for Home Loan Credit – Any surplus funds in the linked SB account at the end of the day are adjusted against the home loan balance, helping to reduce interest liability and loan tenure.

Calculate EMI with the BOB Home Loan Calculator

For a home loan of ₹35,00,000 with a tenure of up to 30 years, the EMI may vary based on interest rates ranging from 8.40% to a maximum of 10.60% per annum. You can use the Wishfin Bank of Baroda Home Loan EMI Calculator to estimate your monthly payments and plan your finances accordingly.

You can simply put the following details - 

• Loan Amount

• Tenure

• Interest Rate

Bank of Baroda Home Loan Rates for Balance Transfer

If you are facing some difficulty in paying the EMI amount on your existing home loan due to higher interest rates, don’t worry the Bank of Baroda Home Loan Balance Transfer facility is here to help you. You can opt for this facility at affordable interest rates. With this facility, you can transfer your outstanding balance to the Bank of Baroda. Interest rates on your balance transfer facility will depend on the outstanding loan amount and they may be different for salaried and self-employed applicants. This will certainly help you in reducing the monthly installment amount.

There is one thing you must remember: the lender will check your credit score before giving you the Balance Transfer facility. An individual with a score of 700 or above will be easily eligible for this facility.

Eligibility of Bank Of Baroda Home Loan

Here are the eligibility criteria for people with different categories - 

Eligibility of Borrower/s

• Individuals - singly or jointly.
• Non-individual entities can stand as an applicant/co-applicant/guarantor along with the individual applicant(s).

Eligibility for Individual applicant

• The minimum cut-off CIBIL score must be 701.
• The moratorium period must have been completed with the existing lender.
• A minimum of 12 EMIs must have been paid.
• Satisfactory repayment behavior of the borrower.

Eligibility for Non-Individual

• The planned facilities must have an individual applicant or co-applicant.
• A minimum of 18 EMIs have been paid.
• The business should be incorporated for a minimum of five years.
• The corporation or firm should have been actively conducting business for a minimum of two years.
• The firm/company should have been earning cash profits for the last 2 years.
• The organization or firm should have a positive net worth.
• The firm/company should not have slipped into the SMA 2 category during the last 12 months.
• The CIBIL of the firm/company should be satisfactory.
• The name of the firm/company should not be adversely in the RBI defaulter’s list, ECGC Caution list/SAL, Suit filed/Non-Suit filed CIBIL list, CRILIC, etc.

How Can Uou Get Lowest Rate on Home Loans from Bank of Baroda?

If you match the eligibility criteria especially CIBIL score and your property should be in good location. CIBIL score of 750 or above is the minimum requirement of Bank of Baroda in addition to a regular source of income. All of this together can help you negotiate with the lender for a lower or lowest rate on Bank of Baroda home loan.

Conclusion

Bank of Baroda home loans come with attractive interest rates and a daily reducing balance, ensuring cost-effective repayment. With minimal processing fees, complete transparency, and no pre-payment penalties, borrowers can manage their finances with ease. The added benefit of linking a savings account to the loan further helps in reducing interest costs, making it a smart and flexible choice for home financing. With the competitive Bank of Baroda home loan interest rate, customers can achieve their dream of owning a home without financial strain, backed by reliable and customer-friendly services.

Frequently Asked Questions

1. What is the current Bank of Baroda home loan rate?

2. How can I reduce my home loan interest rate in Bank of Baroda?

3. Is prepayment allowed in the Bank of Baroda home loan?

4. Who can be a co-applicant for the Bank of Baroda Home Loan?

5. What is the minimum age of eligibility for a Bank of Baroda Home Loan?