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Bank of Baroda Home Loan

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Bank of Baroda offers a wide range of home loan options to its customers, enabling them to purchase their dream home on their own name. It offers attractive interest rates and easy documentation process with quick approval. The home loans made available by Bank Of Baroda are tailor-made for customers, be it salaried, self-employed, a lower income group, or senior citizens.

Here is the gist of the BOB Home Loans. Give it a quick read to know in detail about BOB.

Features and Benefits of BOB Home Loans

Home loans for salaried, non- salaried and self-employed professionals.
Interest rate starts from 8.70% onwards.
Offers loans to purchase a plot/flat, build a new home, or extend an existing one.
Adopts both floating and fixed interest rates.
The maximum loan amount offered in semi-urban and rural areas is Rs. 1 crore.
The maximum loan amount offered in metros is Rs. 10 crore.
Provides free personal accidental insurance for the stipulated repayment period.
Provides free credit card and 0.25% concession for car loans.
It can take 6 working days for the loan to be processed and accepted/rejected.

Eligibility Criteria for BOB Home Loans

The applicant's age must be between 25-65 years for salaried and 25-70 years for self-employed professionals.
The applicant can apply for upto 90% of the property value.
The facility of adding a co-applicant is provided, who can be a spouse/children with the age below 50 years with a steady income source.
Decent credit score
The bank requires security in the form of equitable mortgage of the housing property or any other suitable securities.

Interest Rates and Other Fees

Loan Type	Interest Rates
Bank of Baroda Home Loan (Floating)	8.65%-8.75%
Baroda Pre-approved Home Loan	8.65%-8.75%
Baroda Home Loan Suraksha Personal Loan	8.65%-8.75%
Baroda Home Loan Advantage	8.65%-9.00%

Processing fee:

If the loan amount is up to Rs. 50 lakhs, the fee is 0.50% or between Rs.7,500-Rs.12,500.
If the loan amount is above Rs. 50 lakhs, the fee is 0.25% or between Rs.7,500 - Rs. 20,000.

Technical and Legal Charges: BOB also charges for technical and legal consultation, which is explained to the customer during the loan process.

Prepayment Charges: As per RBI, there are no prepayment or loan foreclosure charges for floating interest rates.

Types of Bank of Baroda Home Loans

Baroda Home Loan

Baroda Home Loan offers to purchase a plot/flat, build a new home, or extend an existing one. NRIs are also eligible to apply for this loan.
Low interest rates and processing charges
You can receive a higher home loan if you add a close family member as a co-applicant.
Free credit card and 0.25% concession for car loans.
Free accident insurance with every home loan.
Loan tenure of up to 30 years with equated monthly installments (or EMIs).
Top-up loans can be given up to a maximum of five times.

Baroda Home Loan Advantage

The Home Loan will be linked with your Saving Bank Account.
The rate of interest applicable on this Savings Account will be zero.
To avail maximum benefit under this scheme, the individual must deposit all his savings in the linked savings bank account.
Customers will remit the EMIs to the linked savings account.
EMI recovery will be made by auto recovery from linked savings bank account.

Baroda Pre-Approved Home Loans

Baroda Pre-Approved Home Loan is offered prior to identification of a specific flat/house/plot by the applicant.
It helps the customer to negotiate with builders/sellers.
The customer is assured of the eligible loan amount.
It gives the in-principle sanction letter for ‘Baroda Pre Approved Home Loan’ where the loan amount calculated as per the prevailing interest rates.
The home loan eligibility is assessed based on the income of the customer as per the existing Home Loan scheme.
It varies for Resident Individuals, NRI, PIO, or OIC.
A validity of 4 months is given for the sanction letter.
Property papers must be submitted by the customer within this validity of Baroda Pre Approved Home Loan.

Home Improvement Loan

You can upgrade your residence by renovating and furnishing with the help of Home Improvement Loans.
It is affordable with minimal documentation.

Salaried/self-employed resident and non-resident individuals are eligible.
The maximum amount offered is:
- Up to Rs. 1 crore for semi-urban and rural areas
- Up to Rs. 10 crores in Mumbai
- Up to Rs. 5 crores in other metro cities
The maximum tenure is 30 years, including the moratorium period of 36 months.

Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)

The scheme offers the provision of interest subsidy to EWS/LIG segments to buy/construct their own houses.
Eligibility:
- EWS -an average monthly income upto Rs. 5,000.
- LIG - an average monthly income between Rs. 5001 - Rs. 10,000.
- Salaried persons: 48 times the average of last 3 months gross salary.
- For others: 4- times the average of last 2 years annual income.
- Decent credit score

Baroda Home Suvidha Personal Loan

Baroda Home Suvidha Personal Loan offers to finance the miscellaneous costs that incur while you purchase your home such as the cost of registration, stamp duty, insurance, goods & service tax, and club membership fee.
Eligibility:
- Existing borrowers under Baroda Home Loan Scheme
- Must be prospective borrowers for Baroda Home Loans including takeover

CRGFS - Credit Risk Guarantee Fund Scheme for Low Income Housing

The Ministry of Housing and Urban Poverty Alleviation has established this loan in respect of low-income housing loans.
The Guarantee Cover includes home improvement/construction/acquisition/purchase of new or second-hand units involving a Housing Loan amount not more than Rs. 5 lakh per person.
A Guarantee Cover of 90% can be provided under the Scheme for a loan amount of up to Rs 2.00 lakh and 85% for a loan amount between Rs. 2.00 lakhs - Rs. 5.00 lakhs.

Baroda Top Up Loan (Resident/NRIs/PIOs)

You can get a top up on the existing home loan.
Borrowers can be an NRI/PIO/Staff and Ex-staff Member (home loan under the public scheme as well as Staff Housing Loans) who has a standard asset classification.
Loan amount of Rs. 1 Lakh - Rs. 2 Crores can be sanctioned.

PMAY – Pradhan Mantri Awas Yojana

BOB Housing Finance offers CLSS for Economical Weaker Section, Lower Income Group, Middle Income Group categories under Pradhan Mantri Awas Yojana.

Credit Linked Subsidy Scheme (CLSS) is introduced by the Ministry of Housing & Urban Poverty Alleviation (MoHUPA), which was announced by Prime Minister Narendra Modi, with a vision of housing for all in 2022.

Under PMAY scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction/enhancement of a house.

Salient features

Benefits available for the first property purchase.
Applicants should be of immediate family including self/spouse/unmarried children only.
Interest subsidy benefit is calculated for 20 years.
Women Ownership is mandatory under LIG & EWS category for purchase of a new house.

Eligibility for PMAY

Available for Individuals only
Age should be above 18 years
Applicants should be of immediate family including self/spouse/unmarried children only
Annual combined income must be up to Rs. 6 lakhs for EWS & LIG category, Rs. 6.01 lakhs to Rs. 12 lakhs for MIG1 and Rs. 12.01 lakhs to 18 lakhs for MIG2.
Renovation/extension must be used to convert kuccha house to a pucca house.
The beneficiary family must not own a pucca house in his/her/in the name of any member of his/her family in any part of India.
The beneficiary family should not have availed any of the housing schemes from the Government of India.

Baroda Home Loan Takeover Scheme

Baroda Home Loan Takeover involves the transfer of a loan from other banks or financial institutes by offering competitive interest rates.
Resident and non-resident Indians are eligible for this loan.
It comes with a wide range of benefits such as:
- Take over of existing home loan and top-up loan from other reputed lenders.
- Avail low-interest rates and processing charges.
- Free credit card and 0.25% concession for car loans.
- Free accident insurance with every home loan.
- Tenure of up to 30 years on home loans through EMIs.
More Links on Bank of Baroda:

How to Apply for BOB Home Loans?

Online Method (Through BOB Home Loans Portal)

Visit the BOB Home Loans Portal.
You could see a wide range of Home Loans available.
Find out the best deal and click on ‘Apply Now’.
Fill in the details such as your name, email id, mobile number, state, and city.
Agree to the terms and conditions, and click on ‘Submit.’
The customer service representative will come in touch with you and guide through the process.

Online Method (Through mymoneykarma for Balance Transfer and Top-up Loans)

Visit Home Loans Portal at mymoneykarma website.
Fill in your Name, Email address, and Phone number.
Our customer care executive will get in touch will you and give you the best and the lower interest rate schemes.
After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.
After verification, your loan will be approved.

Offline Method(Through Branch)

Visit the nearest BOB Branch.
Fill in the Home Loan Application form.
Submit the form along with the required documents.
Your documents will be verified by the bank.
It takes up to 6 days for the application to be processed and approved/rejected.

Documents Required for BOB Housing Loan

For Salaried Employees:

Proof of Identity and Residence
- Passport
- Aadhaar Card
- Driving License
- Voter ID
Proof of Income
- 3 months pay slip
- Latest Form 16 and IT returns
- 6 months bank statement showing salary credits
Property related documents
- Receipts of payments made to the developer
- Copy of the Allotment Letter/Buyer Agreement
- Title Deeds of the Plot
- Copy of the plans, approved by the Local Authorities
- Proof of no encumbrances on the property
- Construction estimate by an Architect/Civil engineer
Other documents
- Own Contribution Proof
- Employment Contract/Appointment Letter if current employment is less than a year old.
- Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.
- 6 months Bank Statements that show the repayment of any ongoing loans.
- A cheque for processing fee favoring PNB.

For Self-employed:

Proof of Identity and Residence
- Passport
- Aadhaar Card
- Driving License
- Voter ID
Proof of Income
- Income Tax Returns along with computation of income for the last 3 Assessment Years (of the individual and the business entity attested by a CA)
- Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of the individual and the business entity attested by a CA)
- 6 months Savings Account Statements of the individual.
- 6 months Current Account Statements of the business.

Property related documents
- Receipts of payments made to the developer
- Copy of the Allotment Letter/Buyer Agreement
- Title Deeds of the Plot
- Copy of the plans, approved by the Local Authorities
- Proof of no encumbrances on the property
- Construction estimate by an Architect/Civil engineer
Other documents
- Latest Form 26 AS
- Own Contribution Proof
- Business Profile
- Partnership deed for a business entity that is a partnership firm
- Memorandum and Articles of Association of the Company
- List of Directors and Shareholders with their individual shareholding that is certified by a CS/CA in case of the business entity being a company
- Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.
- Details of ongoing loans of the business entity and the individual including the installments, outstanding amount, security, purpose, balance loan term, etc.
- A cheque for processing fee favoring PNB.

For NRIs:

Identification documents
- Passport Size photograph
- Copy of Passport
- Photocopy of valid Permanent Resident Card/valid Visa (if Indian passport)/valid Work Permit.
- Photocopy of address proof (Recent bank statement/Utility Bill)
- Post Paid Bill if landline is not available
- Photocopy of PAN Card
- Signature proof (any of the above KYC document )
- KYC of local co-applicant in India (ID proof, Address Proof, Sign proof ) and should be in a mortgage location.
Income documents:
- last 3 months salary slips with corresponding bank credits established through bank statements
- Last 2 years B4/P60/IR8/Employment Contract/Work Contract/Certificate for last 2 years
- Last 3 months bank statement
- Bank statement/loan statement confirming EMIs running (both for loans in India/abroad) for loan eligibility calculation purposes (in addition to salary a/c statement if other loans are running)
Property documents:
- Copy of latest Sale Deed with chain-link Allotment Letter
- Payment Plan and Receipts in case of property that is under construction
- Agreement of Sale, Sanction Plans, Tax Paid receipts, Chain link title papers, etc. in case the property is ready.

BOB Home Loan Eligibility Based on the Value of Property

You may not receive the entire property value when you apply for a loan. Below is the maximum home loan that can be sanctioned based on the value of the property:

If the value of the property is less than 30 Lakhs, 90% of the amount can be sanctioned.
If the value of the property is greater than 30 Lakhs and less than 75 Lakhs, 80% of the amount can be sanctioned.
If the value of the property is greater than 75 Lakhs, 75% of the amount can be sanctioned.

BOB Home Loan Eligibility Based on the Salary

The table given below shows the approximate loan amount that can be sanctioned based on the age and maximum loan tenure. The EMI amount is between 40%-65% of the Net Income or in-hand income (DTI). In this table, the EMI is taken as 65% of the Net Income and the rate of interest is taken as 8.65%.

Age	MaximumLoan Tenure	Loan amount (in Lakhs) for Salary (25,000)	Loan amount (in Lakhs) for Salary (50,000)	Loan amount (in Lakhs) for Salary (75,000)	Loan amount (in Lakhs) for Salary (1,00,000)
25 years	30 years	20.64	41.68	62.53	83.37
30 years	30 years	20.64	41.68	62.53	83.37
35 years	25 years	19.92	39.85	59.78	79.71
40 years	20 years	18.52	37.04	55.56	74.08
45 years	15 years	16.35	32.71	49.06	65.42
50 years	10 years	13.02	26.04	39.06	52.08

How to Calculate Home Loan EMI

There are a lot of EMI calculators available online. You can calculate your Home Loan EMI here at mymoneykarma.

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of loan amt	NIL
ICICI Bank	8.80%	0.5% – 1.00% of loan amt.	NIL
PNB Housing Finance	9.10%	Up to 1% of loan amt	NIL
Axis Bank	8.90%	Up to 1% of loan amt	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST( it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL

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