Highlights
- Bank of Baroda home loan at 8.50% - 10.60%
- Bank of Baroda interest rates and application procedure
Bank of Baroda is presently offering one of the lowest interest rates on home loans. Read this article to know details of Bank of Baroda home loan to analyze whether how can you take a housing loan.
- Home loan interest rate
- Processing fee on the loan
- Home loan schemes
- Eligibility criteria required for the loan
- Bank of Baroda home loan EMI calculator
- Documents checklist
- Customer care number
- Application form details
Bank of Baroda Home Loan Interest Rate November 2023
Go through the table below to check the interest rate, loan amount and processing fee on Bank of Baroda home loan.
| Particulars | Details |
|---|---|
| Interest Rate | 8.50% - 10.60% |
| Tenure | Up to 30 years |
| Processing Fee | 0.25%-0.50% of the loan amount Minimum- ₹7,500 Maximum- ₹20,000 |
| Foreclosure Charges | NIL |
Bank of Baroda Housing Loan Eligibility
On the basis of the eligibility given in the table below, banks consider whether or not you are eligible for the loan or not.
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 21-60 Years | 21-70 Years |
| Income | Must be earning reasonably sufficent to pay off the loan | Must be earning reasonably sufficent to pay off the loan |
| Job/Professional Status | Must have worked for atleast 2-3 years | Required to be in the same line of business for 2-3 years |
Bank of Baroda Home Loan Documents List
Checkout the list of documents given below which you need to submit with the application form.
| Proofs | Salaried | Self-employed/Professionals |
|---|---|---|
| Age Proof | Passport/PAN Card or Any Other Certificate from Statutory Authority | Passport, PAN Card or Any Other Certificate from Statutory Authority |
| Identity Proof | PAN Card/Passport/Voter ID/Driving License | PAN Card/Passport/Voter ID/Driving License |
| Residence Proof | Passport/Driving License/Voter ID/Ration Card/Telephone Bill | Passport/Driving License/Voter ID/Ration Card/Telephone Bill |
| Income Proof | Salary Slips for Past 3 Months Form 16 for Past 2 Years Last 6-month Bank Statement | ITR for Last 2 Years CA-certified Profit & Loss Account and Balance Sheet of Last 3 Years Advance Tax Challans for Last 3 Years 1-year Bank Statement (Both Self & Business) |
| Processing Fee Cheque | Applicable | Applicable |
| Property Documents | Photocopy of Property Title Document | Photocopy of Property Title Document |
How to apply for Bank of Baroda home loan?
Wishfin is an online platform that has an expertise in providing affordable housing loans. By applying at Wishfin, you get:
- Get to know Bank of Baroda home loan interest rate as per your income
- Instant approval if you match the criteria
- Genuine and expert advise from experts
Bank of Baroda Home Loan EMI Calculator
Like the loan amount eligibility, you can also calculate the EMI using home loan EMI calculator. The calculator takes into account the loan amount availed, Bank of Baroda home loan interest rate and loan tenure to arrive at the sum. Here is an example for your reference.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 35,00,000 | 8.65% | 1 | ₹ 3,05,512 | ₹ 1,66,149 | ₹ 36,66,149 |
| ₹ 35,00,000 | 8.65% | 2 | ₹ 1,59,335 | ₹ 3,24,043 | ₹ 38,24,043 |
| ₹ 35,00,000 | 8.65% | 3 | ₹ 1,10,730 | ₹ 4,86,273 | ₹ 39,86,273 |
| ₹ 35,00,000 | 8.65% | 4 | ₹ 86,517 | ₹ 6,52,823 | ₹ 41,52,823 |
| ₹ 35,00,000 | 8.65% | 5 | ₹ 72,061 | ₹ 8,23,669 | ₹ 43,23,669 |
| ₹ 35,00,000 | 8.65% | 6 | ₹ 62,483 | ₹ 9,98,785 | ₹ 44,98,785 |
| ₹ 35,00,000 | 8.65% | 7 | ₹ 55,692 | ₹ 11,78,134 | ₹ 46,78,134 |
| ₹ 35,00,000 | 8.65% | 8 | ₹ 50,642 | ₹ 13,61,677 | ₹ 48,61,677 |
| ₹ 35,00,000 | 8.65% | 9 | ₹ 46,753 | ₹ 15,49,367 | ₹ 50,49,367 |
| ₹ 35,00,000 | 8.65% | 10 | ₹ 43,676 | ₹ 17,41,153 | ₹ 52,41,153 |
| ₹ 35,00,000 | 8.65% | 11 | ₹ 41,189 | ₹ 19,36,979 | ₹ 54,36,979 |
| ₹ 35,00,000 | 8.65% | 12 | ₹ 39,144 | ₹ 21,36,783 | ₹ 56,36,783 |
| ₹ 35,00,000 | 8.65% | 13 | ₹ 37,439 | ₹ 23,40,498 | ₹ 58,40,498 |
| ₹ 35,00,000 | 8.65% | 14 | ₹ 36,000 | ₹ 25,48,054 | ₹ 60,48,054 |
| ₹ 35,00,000 | 8.65% | 15 | ₹ 34,774 | ₹ 27,59,377 | ₹ 62,59,377 |
| ₹ 35,00,000 | 8.65% | 16 | ₹ 33,721 | ₹ 29,74,389 | ₹ 64,74,389 |
| ₹ 35,00,000 | 8.65% | 17 | ₹ 32,809 | ₹ 31,93,008 | ₹ 66,93,008 |
| ₹ 35,00,000 | 8.65% | 18 | ₹ 32,015 | ₹ 34,15,151 | ₹ 69,15,151 |
| ₹ 35,00,000 | 8.65% | 19 | ₹ 31,319 | ₹ 36,40,731 | ₹ 71,40,731 |
| ₹ 35,00,000 | 8.65% | 20 | ₹ 30,707 | ₹ 38,69,658 | ₹ 73,69,658 |
| ₹ 35,00,000 | 8.65% | 21 | ₹ 30,166 | ₹ 41,01,842 | ₹ 76,01,842 |
| ₹ 35,00,000 | 8.65% | 22 | ₹ 29,686 | ₹ 43,37,191 | ₹ 78,37,191 |
| ₹ 35,00,000 | 8.65% | 23 | ₹ 29,259 | ₹ 45,75,611 | ₹ 80,75,611 |
| ₹ 35,00,000 | 8.65% | 24 | ₹ 28,878 | ₹ 48,17,007 | ₹ 83,17,007 |
| ₹ 35,00,000 | 8.65% | 25 | ₹ 28,538 | ₹ 50,61,285 | ₹ 85,61,285 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 41,313 | ₹ 3,01,138 | ₹ 34,58,686 |
| 2 | ₹ 45,032 | ₹ 2,97,419 | ₹ 34,13,653 |
| 3 | ₹ 49,086 | ₹ 2,93,365 | ₹ 33,64,567 |
| 4 | ₹ 53,504 | ₹ 2,88,947 | ₹ 33,11,062 |
| 5 | ₹ 58,320 | ₹ 2,84,131 | ₹ 32,52,742 |
| 6 | ₹ 63,570 | ₹ 2,78,881 | ₹ 31,89,171 |
| 7 | ₹ 69,292 | ₹ 2,73,159 | ₹ 31,19,879 |
| 8 | ₹ 75,529 | ₹ 2,66,922 | ₹ 30,44,349 |
| 9 | ₹ 82,328 | ₹ 2,60,123 | ₹ 29,62,021 |
| 10 | ₹ 89,738 | ₹ 2,52,712 | ₹ 28,72,282 |
| 11 | ₹ 97,816 | ₹ 2,44,635 | ₹ 27,74,465 |
| 12 | ₹ 1,06,621 | ₹ 2,35,830 | ₹ 26,67,844 |
| 13 | ₹ 1,16,218 | ₹ 2,26,233 | ₹ 25,51,625 |
| 14 | ₹ 1,26,679 | ₹ 2,15,771 | ₹ 24,24,945 |
| 15 | ₹ 1,38,082 | ₹ 2,04,369 | ₹ 22,86,862 |
| 16 | ₹ 1,50,512 | ₹ 1,91,939 | ₹ 21,36,350 |
| 17 | ₹ 1,64,060 | ₹ 1,78,391 | ₹ 19,72,290 |
| 18 | ₹ 1,78,827 | ₹ 1,63,624 | ₹ 17,93,462 |
| 19 | ₹ 1,94,924 | ₹ 1,47,527 | ₹ 15,98,538 |
| 20 | ₹ 2,12,470 | ₹ 1,29,981 | ₹ 13,86,068 |
| 21 | ₹ 2,31,595 | ₹ 1,10,856 | ₹ 11,54,472 |
| 22 | ₹ 2,52,442 | ₹ 90,009 | ₹ 9,02,030 |
| 23 | ₹ 2,75,165 | ₹ 67,286 | ₹ 6,26,865 |
| 24 | ₹ 2,99,933 | ₹ 42,518 | ₹ 3,26,931 |
| 25 | ₹ 3,27,135 | ₹ 15,520 | ₹ 0 |
Details on Margin Loan to Value (LTV) for Home Loans
| Home Loan Category | LTV | Margin |
|---|---|---|
| Upto ₹30,00,000 | 90% | 10% |
| Over ₹30,00,000-75,00,000 | 80% | 20% |
| Over ₹75,00,000 | 75% | 25% |
LTV indicates the portion of property value that can be financed by a lender to a borrower. Margin, on the other hand, is a percentage of the property value to be paid by a borrower to avail a loan from the lender.
Maximum Home Loan Amount for Salaried Professionals
| Monthly Income | Extent of Loan Disbursement |
|---|---|
| Upto ₹20,000 | 36 times of monthly salary |
| Above ₹20,000-1,00,000 | 48 times of monthly salary |
| Over ₹1,00,000 | 54 times of monthly salary |
What is the processing fee for Bank of Baroda Home Loan?
The processing fee applicable on Bank of Baroda housing loan offered by the bank is one of the lowest. The fee you have to pay goes maximum up to 0.50% of the loan amount or a maximum of ₹7,500 + 18% GST.
Types of Bank of Baroda Home Loan
Bank of Baroda provides home loan under three categories, namely-
- Baroda Home Loan & Home Improvement Loan
- Baroda Home Loan Advantage
- Baroda Top-Up Loan
Baroda Home Loan Advantage
This scheme is for the borrowers who have the requirement of loan amount upto ₹ 75 lakhs where normal home loan rate is applicable. For loan amount above ₹75, the rate is 0.25% more than normal home loan rate.
Bank of Baroda Home Loan Application Form
You can download the application form from the official website of Bank of Baroda. Or, when you will apply at Wishfin, you will get the application form which you can fill and submit along with the listed documents. You have to mention the following details on the form:
- Personal details such as name, age and gender
- Professional details income, employer’s name, professional stability
- Residence and correspondence address
- Contact details such as email ID, mobile number
- Aadhaar Number
- PAN
- Required loan amount
- Co-borrower or co-applicant’s details, if any
Bank of Baroda Home Loan Application Status
You can check the status of your Bank of Baroda home loan application by contacting the Wishfin executive if you apply through Wishfin. Otherwise you can check the loan application status online via bank’s official website.
Bank of Baroda Home Loan Statement
You can request the bank at the time of loan approval to provide you the statement on your email ID. Do check the statement regularly so that you can budget well to pay off the loan in a hassle-free manner.
Bank of Baroda Home Loan Contact Number
You can dial the toll-free number- 1800 22 33 44, 1800 102 44 55 to get all your queries and complaints regarding the home loan resolved. So, feel free to raise queries on Bank of Baroda home loan.
Bank of Baroda Home Loan FAQs
1. How to apply for a Bank of Baroda home loan online?
You can apply for BOB Home loan online on the bank’s official website and by then filling the home loan application form. You can also download the BOB application and apply online through the app.
2. Which is the best Bank of Baroda home loan scheme?
Bank of Baroda home loan provides you with a scheme named as Baroda home loan advantage. Under this scheme, the borrower has an alternative to deposit all his savings in the linked savings bank account. In this way, the borrower can avail maximum interest benefits.
3. Should you take a housing loan from Bank of Baroda?
Yes, you can take a housing loan from Bank of Baroda as it provides minimal paperwork, attractive interest rates and quick home loan processing.
4. What are the different types of Bank of Baroda home loan?
The different types of Bank of Baroda home loan are Baroda home loan, Baroda home loan advantage, Baroda home loan takeover scheme, Home improvement loan, Pre-approved home loans, Baroda top-up loan and Baroda home suvidha personal loan.
5. What is the maximum home loan tenure in Bank of Baroda?
The maximum home loan tenure in BOB is of 30 years with a moratorium period of up to 36 months after the loan disbursement.
6. How long does it take for Bank of Baroda home loan approval?
You can get your BOB home loan approved in usually 3-7 working days, depending upon the eligibility of the borrower and the documentation provided.
7. What is Bank of Baroda home loan processing fee?
The Bank of Baroda home loan processing fee is 0.25%-0.50% of the loan amount.
8. What is the minimum CIBIL score for Bank of Baroda home loan?
The minimum CIBIL score for Bank of Baroda home loan is 650.
9. What is the minimum salary to apply for a home loan in Bank of Baroda?
The minimum monthly salary to apply for a home loan in Bank of Baroda is Rs 20,000.
10. What is the maximum limit of a Bank of Baroda housing loan?
The maximum limit of a Bank of Baroda housing loan is 20 crores. The home loan amount that you are eligible for depends on the borrower’s income criteria and repayment capacity.
11. Can a pensioner get a housing loan from Bank of Baroda?
Yes, a pensioner gets a housing loan from Bank of Baroda under the Baroda Ashray scheme.
12. How much home loan can I get on 50000 salary from Bank of Baroda?
According to the BOB home loan eligibility calculator, the home loan that you can get on INR 50,000 monthly salary, with an interest rate of 6.85% (the lowest BOB home loan interest rate) and a tenure of 30 years, can be of around 35 lakhs.
13. How much housing loan can I get on 80000 salary from Bank of Baroda?
According to the BOB home loan eligibility calculator, the home loan that you can get on INR 80,000 monthly salary, with an interest rate of 6.85% (the lowest BOB home loan interest rate) and a tenure of 30 years, can be of around 60 lakhs.
