Bank of Baroda Home Loan

About Bank of Baroda Bank

Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It has a network of 5538 branches and 10,441 ATMs. Bank of Baroda provides a wide range of banking products and financial services to corporate and retail customers.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Bank of Baroda Bank Home Loans

Bank of Baroda Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Bank of Baroda Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Bank of Baroda Bank Home Loans are tailor made, catering to the needs of various customers.

Advantages of Bank of Baroda Bank Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options
• Door step assistance provided

Features of Bank of Baroda Bank Home Loan

Key Highlights

Objective:

Bank of Baroda Bank home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Depending on your repayment capacity

Loan Tenure:

Up to 30 years of repayment period is available under Bank of Baroda home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

0.50% of the loan amount or INR 11,800, whichever is minimum.

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to Bank of Baroda Bank at ease.

Exclusive Benefits:

• Free credit card for home loan borrowers with a loan limit of INR 2 Lakhs
• 0.25% concession for car loan
• Close relatives can be co-applicants without being the joint owner
• Risk based pricing for home loan

Top Up Home Loan

Bank of Baroda allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.

Interest Rate on Bank of Baroda Home Loans

The interest rate ranges between 8.30% to 9.60%. However, the rate of interest is subject to change at the sole discretion of the bank.

Eligibility Criteria:

To avail the home loan from Bank of Baroda, you need to have the following eligibility criteria.

• You should be over 21 years of age.
• Steady source of income

Documents Required to Apply for Bank of Baroda Bank Home Loans

Important documents to be submitted while applying for home loan with Bank of Baroda Bank

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Bank of Baroda Bank home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Bank of Baroda Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Baroda Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Bank of Baroda Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Bank of Baroda Bank account at your nearest Bank of Baroda Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Bank of Baroda Bank Home Loan?

You can either apply online or visit a nearby Bank of Baroda Bank branch for the application. You can also download the home loan application form from the Bank of Baroda Bank official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Bank of Baroda Bank Home Loans

With attractive interest rates and low processing fees, Bank of Baroda Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Bank of Baroda Bank home loan without any penalty. Bank of Baroda Bank home loan is the best option to buy or construct your dream house.

Bank of Baroda Bank Home Loan FAQs

1. What are processing fees on Bank of Baroda Bank Home Loans?

Up to 0.50% of the loan amount is charged as processing fee.

2. Is there penalty for prepaying the Bank of Baroda Bank Home Loan?

No penalty is levied for prepaying the Bank of Baroda Home Loan.

3. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

4. What is the maximum loan repayment period for Bank of Baroda Bank home loans?

The maximum repayment period is 30 years.

5. How Can I apply for Bank of Baroda Bank home loan?

You can either apply online or visit a nearest Bank of Baroda branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by Bank of Baroda Bank?

No cap on the maximum loan amount and it depends on your repayment capacity which is decided by the bank.

7. Does Bank of Baroda Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Bank of Baroda.

8. Can I get tax benefits from Bank of Baroda Bank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.