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BANK OF BARODA HOME LOAN

Bank of Baroda home loan offers you the funds to help you walk to your dream house. You can avail this loan for your goals such as construction of a house, purchase of a new house or flat etc. The bank enables you to different home loan schemes suiting your purpose and profile at affordable interest charges. On the top, the BOB home loan comes with features like balance transfer and PMAY. Let us move ahead and explore more about the Bank of Baroda home loan.

Interest Rates & Other Charges on Bank Of Baroda Home Loan

Loan Amount Up to 2 crore
Interest Charges Starts at 6.85%
Processing Fees 0.25% to 0.50% 
Tenure Up to 30 years 
Prepayment NIL 

Features and Benefits of BOB Home Loan

Here are the noteworthy features and benefits of BOB home loan that you may want to consider:

Home Loan for Different Needs : Bank of Baroda provides the home loan to finance different types of home-related plans. You can avail the BOB house loan for buying a new house or flat, to construct a house, to buy a land or for renovation/ extension/ repairs.

Loan Amount : There are multiple factors such as income, repayment capacity, type of employment etc. that the bank considers to decide the loan amount to be availed to you. The maximum loan amount offered by Bank of Baroda ranges from Rs 5 crore to Rs 10 crore.

Loan Tenure : Bank of Baroda home loan features loan tenure ranging up to 30 years. 

Interest Charges : BOB home loan interest rates start at 6.75%. The rate of interest is determined based on multiple factors such as property value, loan amount, loan tenure etc. 

Prepayment : Bank of Baroda housing loan comes with the option to prepay the loan amount before the tenure ends. You can prepay the loan in full or parts before the loan tenure and close the loan. Doing this saves you from paying interest charges. 

Eligibility Criteria for Bank of Baroda Home Loan

Eligibility is an important factor to watch out for before you apply for the BOB home loan. The bank has some eligibility standards designed to help decide whether the applicant qualifies for the loan or not. Therefore, it is important you check the Bank of Baroda home loan eligibility criteria before you apply for the loan.

Here is the eligibility criteria for BOB home loan:

  • The applicant should be at least 21 years at the time of loan application. 
  • The maximum age of the applicant should not be more than 70 years.
  • The applicant should be a salaried or self employed individual.
  • The applicant should be a resident Indian or an NRI. 
  • The applicant should have a stable job/business. 
  • The applicant should have a good credit score. 

Documents Required for Bank of Baroda House Loan Application

There are certain documents that you need to submit when applying for a BOB Housing loan which include address proof, property related documents and income proof. 

Mentioned here are all the documents that are required for BOB home loan application:

Documents 

Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Address Proof

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

Income Proof

Salary Slips, Bank Statements, Form 16

Balance sheet and profit and loss account, IT Returns, Business Proof

Other Documents

Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank

Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank

BOB Home Loan EMI Calculator

Bank of Baroda home loan EMI calculator is a tool that you can use to calculate the Equated Monthly Installment (EMI) you have to pay for the repayment of your BOB home loan. Using the EMI calculator, you will be able to know the amount you need to keep aside as EMI every month and set the budget accordingly. 

Here is what you need to do to use the BOB EMI calculator:

  • Navigate to the official website of Bank of Baroda.
  • Click on “Home Loan Types” in the “Loans” menu. 
  • Now find and click on the type of loan you want to apply for.
  • Click on the “EMI Calculator” option.
  • In the calculator, you need to enter the home loan amount, rate of interest and the loan tenure.
  • You should now be able to view the EMI as monthly payment below the calculator. 

The following formula is used to calculate EMI of Bank of Baroda Home Loan :

EMI = [PXRX(1+R)^N] / [(1+R)^N-1]

Where,

  • P stands for Loan Amount
  • R stands for Interest Rate
  • N stands for tenure in number of months 

Compare other bank home loan interest rates:

BANKS  INTEREST RATE
AXIS Bank Home Loan 7.75% to 9.40%
SBI Regular Home Loan 6.95% onwards 
HDFC Bank Home Loan 6.95% to 7.50%
Kotak Mahindra Bank Home Loan 7.40% to 9.70%
Yes Bank Home Loan 9.60% to 10.55%
Citi Bank Home Loan 7.34% to 8.29%
ICICI Bank Home Loan 6.95% to 8.05%
Standard Chartered Bank Home Loan Starting at 8.71%
IDBI Bank Home Loan 7.80% to 8.80%
RBL Bank Home Loan 9.75% to 10.05%
HSBC Bank Home Loan 8.55% to 8.655
HSBC Bank Smart Home Loan 11.005 to 11.505
IndusInd Bank Home Loan 8.00% to 15.00%
Bank of Baroda Home Loan 6.85% to 7.75%
Bank of India Home Loan 6.85% to 7.755
Canara Bank Home Loan 6.90% to 8.90%
Indian Bank Home Loan 7.55% to 8.40%
Punjab National Bank Home Loan Starting at 7.00%

How to Apply for Bank of Baroda Home Loan

Here are the ways to apply for BOB home loan:

Apply for BOB home loan offline

You can apply for the Bank of Baroda housing loan offline. To do that, you can go to the nearest branch of Bank of Baroda and have assistance from the bank official to proceed with the BOB bank home application. You need to carry all the necessary documents that you are required to submit with the application. 

Apply for BOB home loan online

Here is how you can apply for BOB home loan online:

  • First of all, you have to go to the official website of Bank of Baroda.
  • Now hit the “Home Loan Types” in the “Loans” section. 
  • Find and click the type of home loan you want to apply for.
  • After that, click on the “Apply Now” button. 
  • Fill the required details.
  • Click on the “Proceed” button.

For more assistance and information, you can contact the Bank of Baroda customer service.

Bank of Baroda Customer Service

If you have any query, complaint or grievance related to the BOB housing loan, you are just one call away from sharing it all with the bank and have everything answered.
 
Here are the toll-free numbers which you can dial and contact the Bank of Baroda customer service:
 
1800 258 44 55
1800 102 44 55

Other products of Bank of Baroda :

1. Bank of Baroda Personal Loan

2. Bank of Baroda Car Loan

3. Bank of Baroda Home Loan

4. Bank of Baroda Education Loan

FAQs On BOB Home Loan

Q.1 How can I track the status of my Bank of Baroda home loan application?

You can track the status of your BOB home loan application and keep your tabs on it in many ways. In order to do that, you can contact the customer service of Bank of Baroda and ask the representative about the status of your home loan application. You can also visit the nearest branch of the bank to share your query related to the home loan application status. 

Apart from that, the Bank of Baroda offers you to keep your watch on the status of your home loan application online. Here are the steps that you can follow in order to track the status of your Bank of Baroda home loan application online:

  • Go to the official website of Bank of Baroda.
  • Click on the “Loans” menu and then hit the “Home Loan Types” from the dropdown. 
  • Now, find the type of home loan you have availed and click on the “Track/Continue Application Status” option that appears.
  • Enter the details that are asked on the next page to continue. 

Q.2 How can I improve my eligibility for BOB home loan?

In order to enhance your eligibility for Bank of Baroda home loan, you can try the following checkpoints:

  • Repay the existing loans.
  • Apply for a loan with the bank you already have an account with.
  • Maintain the credit score to 750 and above.
  • Have a co-applicant. 

Q.3 Are there any pre-closure charges on Bank of Baroda home loan?

No. You will not have to pay prepayment/foreclosure charges or penalties on making the prepayment or part-payment of your BOB home loan. 

Q.4 What is the maximum loan tenure for Bank of Baroda Home loan?

The maximum loan tenure is 30 years for Bank of Baroda Home Loan.

Q.5 What is the interest rate provided by a home loan from Bank of Baroda?

The interest rate provided for a home loan from Bank of Baroda starts from6.85% to 7.85% per annum.

Q.6 Is, processing fee charged by Bank of Baroda home loan?

The processing fee provided by Bank of Baroda home loan is 0.25% of the loan amount,

Q.7 What is the minimum and maximum loan amount provided by Bank of Baroda home loan?

The minimum loan amount is Rs.1 lakh and the maximum loan amount is Rs.10 crore provided by Bank of Baroda home loan.

Q.8 How to calculate EMI of Bank of Baroda for home loan?

The following formula is used to calculate EMI of Bank of Baroda home loan is EMI = [PXRX(1+R)^N] / [(1+R)^N-1], Where, P stands for Loan Amount, R stands for Interest Rate, N stands for tenure in number of months 

Last Updated on : 19/Mar/2021

Know More About

Bank Of Baroda Home Loan

You're eligible for a Bank Of Baroda Home Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of Baroda Home Loan Interest Rates

Updated on 25 Nov 2017

Bank Of Baroda Home Loan Details
Interest Rate (Monthly reducing balance) 6.85% - 7.85%
Processing Fees 0.25% of the loan amount
Loan Tenure 1 year to 30 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Home Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959