Bank of Baroda Home Loan: Your Guide to Affordable Housing

Best Loan DSA in Kolkata can help you navigate the intricacies of securing a home loan. Bank of Baroda (BOB), a leading public sector bank in India, offers a range of attractive home loan options tailored to various needs and budgets.

Whether you’re looking to purchase your dream home, construct a new one, or renovate your existing property, Bank of Baroda Home Loan can be a great financing solution.

This comprehensive guide delves into the details of BOB Home Loan, covering everything from interest rates and eligibility criteria to the application process and required documents. Let’s explore how you can make your homeownership dreams a reality with Bank of Baroda.

Key Takeaways

• Competitive Interest Rates: Bank of Baroda offers home loan interest rates starting at 8.40% p.a.
• Flexible Loan Amounts: Borrow up to Rs. 20 Crores, depending on your location and eligibility.
• Extended Loan Tenures: Enjoy repayment periods of up to 30 years.
• Multiple Home Loan Products: Choose from various options like Home Loan, Max Savings Home Loan, Home Loan Takeover, and more, to suit your specific needs.
• Easy Application Process: Apply online, through the Bob World mobile app, or by visiting a Bank of Baroda branch.

Bank of Baroda Home Loan: An Overview

Owning a home is a significant milestone for many, and Bank of Baroda understands the financial commitment it entails. Their home loan offerings are designed to make this journey smoother and more affordable.

With competitive interest rates, flexible loan tenures, and a range of specialized home loan products, BOB caters to a wide spectrum of borrowers, including salaried individuals, self-employed professionals, NRIs, and even farmers.

Bank of Baroda Home Loan Interest Rates

One of the primary factors influencing your home loan decision is the interest rate. Bank of Baroda provides both fixed and floating interest rate options, allowing you to choose the one that aligns with your risk appetite and financial planning.

BOB Home Loan Floating Interest Rates

Floating interest rates are linked to the bank’s benchmark lending rate and fluctuate with market conditions.

Baroda Housing Loan and Home Improvement Loan

Category	Interest Rate (p.a.)
Salaried	8.40% – 10.60%
Non-Salaried	8.40% – 10.60%

Bank of Baroda Max Savings Home Loan

Loan Amount	Interest Rate (p.a.)
Up to Rs. 75 lakh	8.40% – 10.60%
Above Rs. 75 lakh	8.65% – 10.85%

Bank of Baroda Top Up Home Loan

Loan Type	Interest Rate (p.a.)
Top-up Home Loan	Applicable ROI on linked Home Loan (Based on BRLLR on the date of availment of Top up Loan) + Strategic Premium (0.25%) + 0.60%

Note:

• Interest rates are subject to change based on the loan amount and CIBIL score of the applicants.
• A risk premium of 0.05% will be applicable for customers who do not obtain credit insurance cover.

Bank of Baroda Home Loan Fixed Interest Rates

Fixed interest rates remain constant throughout the loan tenure, providing certainty in your EMI payments.

Baroda Housing Loan and Home Improvement Loan

Category	Interest Rate (p.a.)
Salaried	10.15% – 11.50%
Non-Salaried	10.25% – 11.60%

Bank of Baroda Home Loan Advantage

Loan Amount	Interest Rate (p.a.)
Up to Rs. 75 lakh	10.15% – 11.60%
Above Rs. 75 lakh	10.40% – 11.85%

Bank of Baroda Top Up Home Loan

Loan Type	Interest Rate (p.a.)
Top-up Home Loan	Applicable ROI on linked Home Loan + Strategic Premium (0.25%) + 0.60%

Note: A risk premium of 0.05% will be applicable for customers who do not obtain credit insurance cover.

Applying for a Bank of Baroda Home Loan

Bank of Baroda offers multiple convenient channels for applying for a home loan:

• Online: You can apply directly through the official Bank of Baroda website.
• Bob World Mobile App: Download the Bob World app on your smartphone and apply for a home loan seamlessly.
• Branch Visit: Visit your nearest Bank of Baroda branch and submit your application in person.
• Loanoffice.in Support: As the Best Loan DSA in Kolkata, Loanoffice.in also provides ongoing support and assistance throughout your loan journey. We can help you with any questions or issues that may arise, ensuring a seamless and positive experience.

Bank of Baroda Home Loan Processing Fees & Charges

Bank of Baroda charges a nominal processing fee for home loan applications.

Particular	Fee Details
Bank of Baroda Home Loan (For all variants)	0.25% – 0.50% of the loan amount (Rs. 8,500 – Rs. 25,000)

Bank of Baroda Home Loan Documents Required

To process your home loan application, Bank of Baroda requires certain documents for verification. The specific documents may vary depending on your employment profile.

List of Common Documents

• Duly filled application form with a photograph of the applicant
• Proof of Residence (Aadhaar Card, Voter’s ID Card, Passport, Driving License, Ration Card, etc.)
• Proof of Age (PAN card, Aadhaar Card, Voter’s ID Card, Birth Certificate, Passport, Driving License, etc.)
• Proof of assets held such as LIC, NSC, KVP, MF, Property
• Asset and liability statement
• ITR verification report

Additional BOB Home Loan Documents Requirement

For Salaried Individuals:

• Latest 3 months’ salary slips and 1 month’s salary slip for the guarantor
• Copy of employee ID card issued by the employer
• Past 1 year ITR and Form 16 of the applicant and guarantor
• Bank account statement for the past 6 months or Bank account number if the account is with Bank of Baroda
• Appointment letter, confirmation letter, promotion letter, or increment letter evidencing the duration of employment

For Self-employed Individuals/Professionals/Others:

• Balance sheet and profit and loss account with income computation for the last 2 years
• ITR for the last 2 years, 26AS, Traces
• IT assessment, clearance certificate, Income Tax challan, TDS certificate (Form 16A), Form 26AS for income declared in ITR
• Business Proof: Gumasta license, Service Tax Registration, Registration Certificate, etc.

In case of applicants engaged in business through Partnership Firm/Private Ltd. Company:

• Address Proof or PAN Card of Firm/Company
• ITR and audited results of the last 2 years of Firm or Company
• Memorandum and AOA of the company
• Current account statement for the last 1 year

For Farmers or Agriculturists:

• Talati’s/Gram Sevak/Village Revenue Officer Certificate for income of the past 2 years and Mamladaar’s/Block Revenue officer certificate for income of the past 2 years
• Bank account statement for the past 12 months (individual)
• Land revenue records – Form 6, 7/12, 8A

For NRI/PIO/OCI:

(Please refer to the original content for the detailed list of documents required for NRI/PIO/OCI applicants)

Eligibility Criteria for Bank of Baroda Home Loan

Bank of Baroda has specific eligibility criteria for its home loan schemes. These criteria consider factors like age, credit score, business vintage/work experience, and repayment history.

For BOB Home Loan:

• Resident Indian, Non-Resident Indian, Person of Indian Origin, Overseas Citizen of India
• Age: 21-70 years

For BOB Home Loan Takeover:

• Age: 21-70 years

For Individual Applicants:

• Minimum CIBIL Score – 701
• At least 12 EMIs paid already
• Satisfactory repayment track record

For Non-Individual Applicants:

• An individual applicant/co-applicant should be present in the proposed loan
• At least 18 EMIs should have been paid
• The firm/company should:
  • Have been incorporated for at least 5 years
  • Be engaged in business activities for the past 2 years
  • Be earning cash profits for the past 2 years
  • Have a positive net worth
  • Have a satisfactory CIBIL rating
  • Not have slipped into the SMA2 category for the last 12 months
  • Not be in the RBI defaulter’s list, ECGC Caution list/SAL, Suit filed/Non-Suit filed CIBIL list, CRILIC, etc.

BOB Credit Risk Guarantee Fund Scheme for Low Income Housing

• New individual borrowers of housing loans of up to Rs. 8 lakh under EWS/LIG category
• Housing unit size up to 430 sq. ft. carpet area

Types of Bank of Baroda (BOB) Home Loan

Bank of Baroda offers a diverse range of home loan products to meet specific needs. Let’s take a closer look at some of the prominent options:

Bank of Baroda Home Loan

Purpose: This is a standard home loan for purchasing a flat/house, constructing a home, purchasing a plot, and extending an existing property.

Loan Amount: Rs. 1 crore – Rs. 20 crore (varies based on location)

LTV Ratio:

Loan Amount	LTV Ratio
Up to Rs. 30 lakh	90%
Above Rs. 30 lakh – Rs. 75 lakh	80%
Above Rs. 75 lakh	75%

Tenure: Up to 30 years

BOB Max Savings Home Loan

Purpose: This loan is linked to an overdraft account, allowing borrowers to deposit savings and reduce interest costs. It can be used for purchase, construction, extension, and balance transfer.

Loan Amount: Rs. 1 crore – Rs. 20 crore (varies based on location)

LTV Ratio: (Same as Bank of Baroda Home Loan)

Tenure: Up to 30 years

Bank of Baroda Home Loan Takeover Scheme

Purpose: Transfer your existing home loan from another bank/HFC to Bank of Baroda at potentially lower interest rates.

Loan Amount: Rs. 1 crore – Rs. 20 crore (varies based on location)

LTV Ratio: (Same as Bank of Baroda Home Loan)

Tenure: Up to 30 years

Bank of Baroda Home Improvement Loan

Purpose: Renovate or repair your existing home, including purchasing new furniture, furnishings, and fittings.

Loan Amount: Up to Rs. 50 lakh

LTV Ratio: (Same as Bank of Baroda Home Loan)

Tenure: Up to 15 years

BOB Pre-Approved Home Loan

Purpose: Get an in-principle home loan sanction letter before identifying a property, giving you better negotiating power.

Bank of Baroda Top-up Loan

Purpose: Existing home loan borrowers, including NRIs and PIOs, can avail a top-up loan for personal needs.

Loan Amount: Rs. 1 lakh – Rs. 10 crore

LTV Ratio: 75% of the residual value of the house property

Tenure: Should not exceed beyond 70 years of age

BOB Credit Risk Guarantee Fund Scheme for Low Income Housing

Purpose: Affordable housing scheme for EWS/LIG individuals in urban areas, with a credit risk guarantee for lenders.

Bank of Baroda Home Loan: FAQs