Bank Of Baroda Home Loan |

Bank of Baroda Home Loan

With attractive rates of interest, higher loan amount eligibility, free personal accident insurance cover, and balance transfer facility with relaxed parameter, Bank of Baroda Home Loans have so much to offer to their customers. The bank offers a wide range of home loan offers for different purposes and needs. The bank offers a loan quantum of up to Rs. 10 Crores for a repayment tenure of up to 30 years. The rates of interest vary between 6.85% to 8.70% p.a.

Types of Bank of Baroda Home Loans

Baroda Home Loan

Baroda Home Loan Advantage

Baroda Pre Approved Home Loan

Home Improvement Loan

Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)

Baroda Home Suvidha Personal Loan

Baroda Top Up Loan (Resident/NRIs/PIOs)

Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS)

Baroda Home Loan Takeover Scheme

Baroda Ashray (Reverse Mortgage Loan)

Pradhan Mantri Awas Yojana (PMAY)

Eligibility

Resident as well as non-resident Indians, both are eligible for Bank of Baroda Home Loans

Salaried as well as self-employed can apply for the loan

The applicant’s age should be minimum 21 years to apply for the loan and maximum 65 years at loan maturity.

The applicant must have a regular income source

The proposed owners (as mentioned in the Agreement for sale) of the property (for which financial assistance is sought), must be co-applicants.

Husband-wife, father-son, or mother-son etc. can be joint applications

Interest Rate, Processing Fee, and Other Charges

The current Bank of Baroda Home Loans interest rates are:

Baroda Home Loan/ Baroda Home Improvement Loan:

85% – 8.70%

Baroda Home Loan Advantage

For loan up to Rs. 75 Lakhs: Same as regular home loan rates (7.00% to 7.50).

For loan above Rs. 75 Lakhs: 0.25% + regular home loan rates (7.10% to 8.10%)

Baroda CRE Home Loan

0.25% + regular home loan rates (7.25% to 8.25%)

Baroda CRE Home Loan (Advantage)

For loan up to Rs. 75 Lakhs: 0.25% + regular home loan rates (7.25% to 7.50%).

For loan above Rs. 75 Lakhs: 0.50% + regular home loan rates (7.35% to 8.35%).

Baroda Top Up Loan

Same as regular home loan rates + Strategic Premium of 0.25% + 0.50% (7.85%).

Processing fees (including inspection, valuation, and legal fees)

Baroda Home Loan/ Baroda Home Improvement Loan:

For loan up to Rs. 50 Lakhs: 0.50% of the loan amount (Minimum Rs. 8,500 and maximum Rs. 15,000) + GST.

For loan above Rs. 50 Lakhs: 0.25% of the loan amount (Minimum Rs. 8,500 and maximum Rs. 25,000) + GST.

Baroda Home Loan Top Up

0.35% of the loan amount (Minimum Rs. 5,000 and maximum Rs. 12,500) + GST.

Takeover of Home Loan (Resident/NRI/PIOs)

Flat Rs. 8,500 (Upfront)

Pre Approved Home Loan (in Principal Sanction)

0.25% – 0.50% of the loan amount (Rs. 8,500 Upfront) + GST

Baroda Ashray (Reverse Mortgage Loan):

0.20% of the loan amount (Rs. 8,500 and maximum Rs. 10,000)

Preclosure charges

Nil

Documents Required

Common documents for all applicants

Duly filled application form

Recent passport-sized photographs of all the applicants

Proof of age and residence (any one): Election ID card/ Passport/ PAN card/Driving License/Ration card/etc.

Property related documents: Copy of approved plan & sanction letter received from local civic authority, copy of NA permission, Title documents.

Documents for salaried applicants

Salary certificate

Latest salary slip/statement showing income and deductions of the applicant

Last 2 years bank statements

Documents for self-employed/ professionals

Copies of ITR/ assessment orders for the last 3 years

Last 2 years bank statements

Certified copies of Balance Sheets, Profit & Loss accounts, IT acknowledgments, and advance tax challans (for company/firm as well as personal account) for the last 3 years.

Memorandum and Articles of Association for companies, partnership deeds (for firms), a brief company/firm profile.

Additional documents in case of purchase from builder

Agreement of sale (copy)

Registration receipt (copy

Sanction plan and sanction letter from competent authorities (copy)

NA permission/ULC order (copy)

Receipts of payment already made (copy)

NOC from builder in bank’s format

Additional documents in case of direct allotment in a co-operative housing society

Allotment letter

Sale deed/lease deed in society’s favour (copy)

Share certificate

Society registration certificate

NOC from society in bank’s format

Possession letter (original)

Additional documents in case resale

All previous vendors agreement (copy), duly stamped & registered

Registration receipts (copy)

Original share certificate

NOC from society/builder in bank’s format

Why to Choose Bank of Baroda Home Loan?

Variety of home loan options to choose from

Wide reach

Home loans available for all – Salaried, self-employed, NRIs, PIOs, Indian Residents

Low interest rate and processing charges

Easy eligibility norms

FAQs

What is Baroda Pre Approved Home Loan?

Under this loan, the bank provides in-principle approval for a Home Loan even before the prospective home loan applicant identifies a specific house/flat/plot. The granted in-principle approval is valid for 4 months from the date of issuance.

What is the maximum repayment tenure available for Baroda Home Loan?

You can get a maximum repayment tenure of up to 30 years.

What is BRLLR?

BRLLR (Baroda Repo Linked Lending Rate) is the benchmark rate with which interest rates of loans offered by the Bank of Barodaa (including housing loans) are linked. It is linked with the RBI’s Repo Rate. The current BRLLR is 6.85% (4% Repo Rate + 2.85 Mark-Up) w.e.f. 25.05.2020.

Does Bank of Baroda offers home loan under PMAY scheme?

Yes.

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Types of Bank of Baroda Home Loans Eligibility Baroda Home Loan Advantage Baroda CRE Home Loan Baroda CRE Home Loan (Advantage)Baroda Top Up Loan Baroda Home Loan Top Up Takeover of Home Loan (Resident/NRI/PIOs):Pre Approved Home Loan (in Principal Sanction)Preclosure charges Documents Required Additional documents in case of purchase from builder Home loans available for all – Salaried, self-employed, NRIs, PIOs, Indian Residents FAQs Blog