How to take home loan in Bank of Baroda?: Bank off Baroda How to take home loan in (How to take home loan in Bank of Baroda). Are you dreaming of buying your own home? Bank of Baroda Home Loan Options. Our Bank of Baroda home loan is loaded with some exclusive features and benefits for aspiring home owners. Our home loans can be used for various purposes. For example, you can buy a plot, buy a flat, build your own house and even expand your existing residence with a home loan. Use the Bank of Baroda Home Loan Calculator to know Bank of Baroda Home Loan Interest Rates and more!
How to take home loan in Bank of Baroda?
Types of Bank of Baroda Home Loans
Baroda Home Loan – Interested home owners can avail Bank of Baroda home loan for various purposes. You can buy a plot, buy a flat, build your own house or even expand your existing residence.
Baroda Home Loan Advantage – Under this scheme, the borrower has the option of depositing all his savings in a linked SB account to get the maximum benefit of the interest in the home loan account.
Baroda Home Loan Takeover Scheme – Convert your existing home loan to Bank of Baroda. If you have an ongoing home loan from any other bank and request a takeover, we offer some special benefits like lower interest rates and processing fees.
Home Improvement Loan – Renovate your home with a home renovation loan from Bank of Baroda. Renovating your home can be expensive, but our home improvement loans can turn your dream home into a reality.
Baroda Pre-Approved Home Loan – Baroda Pre-Approved Home Loan provides an in-principle approval for a home loan, prior to identification of a particular house/flat/plot, which gives the customer more flexibility in negotiating with builders/sellers.
Maximum tenure: Borrower’s age + tenure should not exceed 65 years
Baroda Home Facility Personal Loan – A Baroda home facility personal loan helps a person finance miscellaneous expenses related to their home purchase such as insurance cost, registration cost, stamp duty, goods and services tax and club membership fees.
Credit Risk Guarantee Fund Scheme for Low Income Housing – Under this scheme, the Trust provides credit risk guarantee against their housing loans to lending institutions for Economically Weaker Section (EWS)/Low Income Group (LIG) category in urban areas.
Bank of Baroda Home Loan Benefits
- Low interest rates
- Low processing fees
- Higher loan amount
- Free credit card
- Free accident insurance
- Maximum duration
- Simple top up loan
- Bank of Baroda Home Loan Features
- Home loan products to suit every customer’s need
- The sanctioned amount of home loan varies depending on the location and income of the applicants.
- Low interest rates
- Low processing fees
- There are no hidden charges
- There is no prepayment penalty
- The interest rate is linked to the Bank of Baroda Repo Linked Lending Rate (BRLLR) and is reset monthly.
- Interest charge on daily reducing balance
- Repayment up to 30 years
- Moratorium period up to 36 months after disbursement of loan amount.
- Generally, we accept mortgages on constructed or purchased property as collateral. In some cases, home loans for Collateral Insurance Acceptable in the form of policies, government promissory notes, shares and debentures, gold ornaments and other assets etc.
Bank of Baroda Home Loan Eligibility
How to take home loan in Bank of Baroda
Resident Type:
Indian
Non-Resident Indians Holders of Indian Passports or Persons of Indian Origin Holders of Foreign Passports or Foreign Citizens of India.
Minimum Age:
Applicant: 21 years
Co-applicant: 18 years
Maximum Age: 70 years
Loan Tenure: Up to 30 years
Maximum loan amount
Mumbai: 20 crores
Hyderabad, New Delhi and Bengaluru: 7.50 crores
Other Metros: 5.00 crores
Urban Area: 3.00 Cr
Semi-Urban and Rural: 1.00 crore
Chandigarh, Panchkula and Mohali: 5 crores
Bank of Baroda Home Loan Documents
Following documents are required to apply for Bank of Baroda Home Loan
All documents self-attested by applicant/co-applicant/guarantor
Indian Resident:
Duly filled and signed application form with three photographs
Identity Proof – PAN Card (Mandatory for loan applications above Rs.10.00 lakh)
Driver’s License / Voter ID / Passport / Aadhaar Card
Proof of Residence (Driving License/Ration Card/Voter ID/Passport/Aadhaar Card/Registered Rent Agreement)
Last 1 year loan account statement along with approval letter if any previous loan. (Account Number / Customer ID required if loan taken from Bank of Baroda)
Proof of assets like LIC/NSC/KVP/MF/property
Statement of Assets and Liabilities
ITR verification report
Contract for Sale:
Blueprint (copy of approved plan) PS: Gram Panchayat approval is not acceptable by Bank if not supported by Town Planning approval.
Non-Agriculture (NA) Certificate.
Commencement Certificate (CC) – (For flats, if applicable)
Completed certificate in case of ready-made flat/old flat/house if applicable
Occupancy Certificate (OC) – In case of ready-made flat/old flat/house, if applicable
Latest Tax Payment Receipt (Property) – In case of old flat/house
Society Registration Certificate – In case of ready built flat/house, if applicable
Share Certificate – In case of old flat/house, if applicable
All receipts of payment to builder/vendor. – Both new and old
Registered copy of Builder’s Development Agreement, if applicable
Chain of old contract (for flat resale) – – In case of old flat/house
Title clearance report from a recognized advocate
Valuation report from Bank approved valuer
Other Banks / F.I. Additional documents for acquisition from
Current Loan Account Statement (last 12 months)
Bank / F.I. List of documents in respect of property deposited with Bank / F.I. duly accepted by
Acceptance letter
Foreclosure letter (if available)
Bank of Baroda Home Loan Terms and Conditions
target group
Non-Resident Indians (NRIs) Indian passport holders or Persons of Indian Origin (PIOs) Foreign passport holders or Overseas Citizens of India (OCIs).
Staff Members (Beneficiaries under Public Schemes)
Borrower Eligibility
Persons – singly or jointly.
HUF is not eligible.
Resident Indian
The applicant/co-applicant, whose income is considered for eligibility, should have been engaged in a job/trade/business for at least 1 year (for salaried) and/or 2 years (non-salaried).
Break in service, if any, may be allowed for a maximum of 3 months.
NRI/IOP/EYE
The applicant/co-applicant, whose income is considered for eligibility, should be working regularly in a reputed Indian/foreign company, organization or government department, holding a valid job contract/work permit for at least last 2 years.
Should be employed/self-employed or owning a business unit and at least 2 years for Must be living abroad.
The minimum gross annual income of the applicant/co-applicant, whose income is considered for eligibility, should be equal to Rs. 5 lakhs per annum. If the applicant/co-applicant, whose income is considered for eligibility, includes an NRI, the minimum gross annual income is Rs. 5 lakhs (combined income of applicant/co-applicant) can be considered for this criterion.
A Person of Indian Origin (PIO) is defined as follows
Citizen of any country other than Bangladesh/Pakistan/Sri Lanka/Afghanistan/China/Iran/Nepal/Bhutan if –
He has ever held an Indian passport or both he or his parents or grandparents were citizens of India by virtue of the Citizenship Act 1955 of the Constitution of India, or
The person is the spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) above. Overseas Citizen of India (OCI) is defined as follows.
A person registered as an Overseas Citizen of India (OCI) under Section 7A of the Citizenship Act, 1955.
As per the guidelines, an Overseas Citizen of India (OCI) must necessarily be a Person of Indian Origin (PIO).
A foreign national who was eligible to become a citizen of India on 26/01/1950 or was a citizen of India at any time on or after 26/01/1950 or of any territory which became part of India after 15/08/ 1950 became part of was 1947, and their children and grandchildren, if their country of citizenship permits some form of dual citizenship under local laws, are eligible for registration as Overseas Citizens of India (OCI). Minor children of this person are also eligible for OCI. However, if the applicant has ever been a citizen of Pakistan or Bangladesh, he will not be eligible for OCI.
Co-applicants
Close relatives of the applicant can be added as co-applicants for higher eligibility.
If the applicant wants to add a person as a co-applicant who is not a close relative, he can be considered only if he is a joint owner of the property.
List of next of kin
Spouse, father, mother (including step mother), son (including step mother), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including step mother/sister), brother’s wife, spouse’s sister (step sister) incl.), sister’s husband, husband/wife’s brother (including step brother).
Maximum loan amount
Mumbai: 20 crores
Hyderabad, New Delhi and Bengaluru: 7.50 crores
Other Metros: 5.00 crores
Urban Area: 3.00 Cr
Semi-Urban and Rural : 1.00 crore
Chandigarh, Panchkula and Mohali: 5 crores
Payment period
Initially the maximum loan tenure will be 30 years, including a maximum moratorium period of 36 months.
The maximum moratorium period will be 36 months as follows.
Important Links
| Official Website | View |
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