Bank of Baroda Home Loan Details
Apply for Bank of Baroda home loans at floating rates linked to MCLR. Here is a quick snapshot of the BoB home loan plans you can choose from:
Bank of Baroda’s unified processing fee includes documentation charges, inspection and valuation charges, legal fees, and CERSAI fees, among other things. Visit our home loan processing charges page to know more.
Bank of Baroda Home Loan Interest Rates
BoB housing loan interest rates are based on its 1-year MCLR, which currently stands at 8.70%. The bank does not offer fixed-rate packages since 1 July 2010. The rates vary according to your risk profile. The current interest rates for Bank of Baroda home loan schemes are given in the table below:
Bank of Baroda Home Loan Schemes
Bank of Baroda offers housing finance up to Rs.10 crore to eligible customers looking to purchase/construct their dream home or improve/extend an already existing property. The home loans attract an interest rate starting from 8.65% p.a. and a processing fee up to 0.50% of the loan amount.
Extended loan tenures up to 30 years and zero charges on pre-payments and foreclosure ensure a comfortable loan repayment period. The Bank of Baroda also offers free accident insurance on all their loans.
Baroda Home Loan
- Attractive interest rates and low processing fees
- Repayment tenures up to 30 years
- Free accident cover on your housing loan
- Baroda Home Loan Advantage
- Borrowers can choose to deposit his/her savings to the savings bank account to avail interest benefits in the loan account.
- Sanctioned loan linked to the savings bank account.
- Interest calculated on the daily outstanding credit balance in the savings bank account.
- EMIs auto-recovered from the loan-linked savings bank account
- Bank of Baroda Home Improvement Loan
- Attractive floating interest rates linked to one-year MCLR
- Maximum moratorium period of 36 months
- Maximum loan amount of Rs.1 crore in semi-urban and rural areas; Rs.5 crore in metro cities and Rs.10 crore in Mumbai
- Group credit life insurance cover for the borrower and his/her family.
- Baroda Home Loan Advantage for NRI/PIOs
- Sanctioned loan linked to the savings bank account
- Borrowers can deposit their savings to the linked account to enjoy better interest benefits in the loan account
- Interest charged on daily outstanding credit balance in the linked savings bank account
- EMIs recovered only from the linked savings account
- Baroda Home Improvement Loan for NRI/PIOs
- Can be availed for the purpose of improvement/repair/renovation of an existing property.
- Loan tenures up to 30 years with maximum moratorium period of 3 years
- Zero charges on prepayment of loan
- Interest charged on daily reducing balance at monthly rests
- Baroda CRE Home Loan to NRI/PIOs
- Suitable for NRI/PIO borrowers looking to avail housing finance for his/her third house onwards
- Applicable rate of interest is set 0.25% higher than the regular Baroda Home loan for NRI/PIOs
- No prepayment and foreclosure charges
- Baroda Home Loan for NRI
- Competitive rates of interest
- Free accidental insurance offered on the loan
- Extended loan repayment tenures up to 30 years
Bank of Baroda Home Loan Calculator
Calculate the EMI payable towards your Bank of Baroda housing loan using the Creditupchar Home Loan EMI Calculator. All you have to do is key in a few parameters such as loan amount, applicable interest rate, tenure and the processing fee. The automized tool calculates your EMI on the basis on the entered values and provides the break-up of the total amount payable during the entire loan tenure.
A detailed amortization schedule indicating all your debt repayments towards the principal and interest component of your home loan is also provided.
Bank of Baroda Home Loan Eligibility Criteria
Document Required for All Home Loan Applicants Under Bank of Baroda
Bank of Baroda Pradhan Mantri Awas Yojana
Bank of Baroda offers housing finance to eligible families and beneficiaries through the Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana Scheme (PMAY). Under this scheme, beneficiaries can avail interest subsidies ranging from 3.00% to 6.50% depending on the income category they belong to. The categories eligible under PMAY are:
- Economically Weaker Section (EWS)
- Low Income Group (LIG)
- Middle Income Group (MIG –I & MIG – II)