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.
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 |
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 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:
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 |
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:
The following formula is used to calculate EMI of Bank of Baroda Home Loan :
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Where,
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% |
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:
For more assistance and information, you can contact the 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
1. Bank of Baroda Personal Loan
4. Bank of Baroda Education Loan
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:
In order to enhance your eligibility for Bank of Baroda home loan, you can try the following checkpoints:
No. You will not have to pay prepayment/foreclosure charges or penalties on making the prepayment or part-payment of your BOB home loan.
The maximum loan tenure is 30 years for Bank of Baroda Home Loan.
The interest rate provided for a home loan from Bank of Baroda starts from6.85% to 7.85% per annum.
The processing fee provided by Bank of Baroda home loan is 0.25% of the loan amount,
The minimum loan amount is Rs.1 lakh and the maximum loan amount is Rs.10 crore provided by Bank of Baroda 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/2021Know More About
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
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