Bank of Baroda Housing Home Loan
Based on 285 Customer Reviews
Published on: 10 Feb 2019
Bank of Baroda (BOB) is an Indian multinational banking and financial services institution. It offers a wide range of banking products and services including loans, credit and debit cards etc.
Home loans help you buy a house without massive down payments. Bank of Baroda offers attractive interest rates, longer tenure and higher loan amounts. BOB also provides balance transfer of existing loan and top-up loan facility to the borrowers.
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Bank of Baroda (BOB) offers different kinds of home loan products: Baroda Home Loan, Baroda Pre-Approved Home Loan, Home Improvement Loan, Credit Risk Guarantee Fund Scheme for low Income Housing (CRGFS), Baroda Top-UP Loan, Baroda Home Loan Suraksha Personal Loan, Pradhan Mantri Awas Yojana (PMAY).
Checkout Our Other Home Loans:-
Bank of Baroda Home Loan Eligibility Criteria
Bank of Baroda issues home loan to resident Indians and Non-Resident Indians (NRIs) holding passport or persons of Indian origin (PIO) holding foreign passport.
|Loan amount||From Rs. 20 lacs to Rs. 10 crores|
|Home loan tenure||Upto 30 years|
|Processing fee||0.5% upto 1% of the loan amount|
|Loan to Value (LTV)|
|Pre-payment of a Home Loan||NIL|
Getting a home loan from Bank of Baroda is easy and quick; the borrowers are required to complete minimum paperwork and other formalities. Some key documents like proof of identity, address and income are required to be submitted for BOB Home Loan.
Bank of Baroda Home Loan Interest Rate
The interest rates for Bank of Baroda Home Loan products are as follows:
|Loan Products||Interest rates|
|Baroda Home Loan and Home Improvement Loan||1 year MCLR +1%, depending on the risk rating of the applicant(s)|
|Baroda Home Loan Advantage||For up to Rs.75 lacs: as per normal home loan rate;|
|For more than Rs.75 lacs: 0.25% higher than normal rate|
|Baroda Commercial Real Estate (CRE) Home Loan||0.25% more than normal home loan|
|Baroda CRE Home Loan (Advantage)||For up to Rs.75 lacs: 0.25% higher than normal rate|
|For more than Rs.75 lacs: 0.50% higher than normal rate|
The unified processing charge of 0.5% of the loan amount is applicable if the loan is less than Rs. 50 lacs with a minimum of Rs. 7,500 and maximum 12,500, and 0.25% of the loan amount is applicable if the loan is above Rs. 50 lacs loan with a minimum of Rs. 7,500 and maximum Rs. 20,000.
Bank of Baroda Home Loan Marginal Cost of fund based Lending Rate (MCLR)
|MCLR Benchmark||MCLR in (%) w.e.f. 07.05.2018|
The honourable Prime Minister of India has launched Pradhan Mantri AwasYojana (PMAY) programme under the umbrella of Affordable Housing that envisages a vision of housing for everyone by 2022. The scheme has been divided into two categories:
In order to apply for this scheme, the beneficiary must not have availed any central aid under Housing for everyone by 2022.
Query. Can I choose the category of interest rate between fixed or floating on my home loan?
Reply–Bank of Baroda allows the customers to enjoy fixed and floating interest rates. The rate of interest varies based on certain factors like the loan amount, category of borrower, tenure of the loan and fixed or floating rate of interest.
Query. If I want to close my home loan before the scheduled tenure, is there any prepayment charge?
Reply- As per new mandate of RBI, banks are forbidden from charging prepayment penalty on floating rate loans. If the loan is borrowed on fixed rate of interest, bank will charge 2% (applicable taxes) on the outstanding principal.
Query. How can I apply for Bank of Baroda Home loan online?
Reply-You can apply for Bank of Baroda bank home loan online by simply entering your personal and financial details on our website or you can directly contact our team by calling us at +91- 8795.021.552 or emailing us @ email@example.com