Bank of Baroda offers attractive home loan interest rates for aspiring homeowners. In January 2024, the starting interest rate is 8.60% p.a. The loan tenure can be up to 30 years, providing borrowers with flexible repayment options. Depending on the applicant’s profile, the bank offers special interest rates for women, senior citizens, and NRIs. To be eligible for a home loan, a specific credit score may be required, subject to Bank of Baroda’s policies. If you’re looking for the latest Bank of Baroda housing loan interest rate, check out the competitive rates they offer for your dream home.
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Bank of Baroda Home Loan Interest Rates of Different Schemes in 2024
| Home Loan Scheme / Product | Interest Rates (p.a.) Range |
| Bank of Baroda Home Loan | 8.60% – 10.60% p.a. |
| Bank of Baroda Home Loan Advantage | 9.15% – 10.85% p.a. |
| Bank of Baroda Home Loan Takeover Scheme | 8.60% – 9.40% p.a. |
| Bank of Baroda Home Improvement Loan | 9.15% – 10.60% p.a. |
| Bank of Baroda Pre-Approved Home Loan | 8.60% – 9.40% p.a. |
| Bank of Baroda Top Up Loan | 8.60% – 9.40% p.a. |
Different Types of Home Loans Offered by Bank of Baroda – Detailed Overview
Bank of Baroda Home Loan:
The Baroda Home Loan is designed for individuals looking to purchase or construct a new residential property.
Read: Federal Bank Home Loan EMI Calculator
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- Applicant Type: Resident Indians,Persons of Indian origin (PIOs) holding foreign passport, Overseas Citizens of India (OCI) and Non-Resident Indians (NRIs).
- Eligibility: Salaried and self-employed individuals with a regular source of income.
- Age: Minimum 21 years; maximum 70 years or retirement age, whichever is lower, at loan maturity.
- Cibil Score: A healthy credit score is preferred.
- Employment Type: Both salaried and self-employed applicants are eligible.
- Loan Tenure: Up to 30 years, depending on the borrower’s age.
- Loan Amount: Maximum amount varies based on the applicant’s repayment capacity and property value.
- Mumbai : Rs. 20 Crores
- Hyderabad, New Delhi and Bengaluru: Rs. 7.50 Crores
- Other Metros : Rs. 5.00 Crores
- Urban Areas : Rs. 3.00 Crores
- Semi-urban and Rural : Rs. 1.00 Crores
- Chandigarh, Panchkula & Mohali:- Rs. 5 Crores
- Interest Rate: 8.60% – 10.60% p.a.
- Processing Fees:
- For home loan applications that are not takeover cases and those sourced through the Digital Channel:
100% waiver in Processing charges, subject to the recovery of out-of-pocket expenses of ₹8,500.00 + GST (Per Property).
- For home loan applications sourced through Non-Digital Channels:
100% waiver in Processing charges, subject to the recovery of out-of-pocket expenses of ₹10,000.00 + GST (Per Property).
- For home loan applications financed in Approved Projects:
100% waiver in Processing charges, subject to the recovery of out-of-pocket expenses of ₹3,500.00 + GST (Per Property).
- For Takeover leads received through non-DSA:
NIL processing charges, subject to a Login Fee of Rs. 1,500/- which will be refunded on the first disbursement.
Bank of Baroda Home Loan Advantage:
This loan offers dual interest rate options (fixed and floating) to cater to borrowers’ preferences and financial planning. Check out the current BOB home loan interest rate and explore the advantages of this flexible loan option.
- Applicant Type:
- Resident Indians
- Non-Resident Indians (NRIs) who hold an Indian passport
- Persons of Indian origin (PIOs) who hold a foreign passport
- Overseas Citizens of India (OCIs)
- Eligibility: Salaried and self-employed individuals meeting the bank’s criteria.
- Age: Minimum 21 years; maximum 70 years or retirement age, whichever is lower, at the loan’s end.
- Cibil Score: A healthy credit score is preferred.
- Employment Type: Both salaried and self-employed applicants are eligible.
- Loan Tenure: Up to 30 years, depending on the borrower’s age.
- Loan Amount: Maximum amount depends on the applicant’s repayment capacity and property value.
- Interest Rate: 8.60% – 10.85% p.a.
- Processing Fees: Applicable as per the bank’s guidelines.
Bank of Baroda Home Loan Takeover Scheme:
With competitive BOB housing loan interest rates, this scheme allows borrowers to transfer their existing home loan from other banks or financial institutions to Bank of Baroda to avail better terms and interest rates.
- Applicant Type:
- Resident Indians
- Non-resident Indians (NRIs) with Indian passports
- Persons of Indian Origin (PIOs) with foreign passports
- Overseas Citizens of India (OCIs)
- Staff members availing under the public scheme.
- Eligibility: Salaried and self-employed individuals who meet the bank’s requirements. The applicant must have paid a minimum of 12 EMIs of the existing loan and the moratorium period must be over.
- Age: Minimum 21 years; maximum 70 years or retirement age, whichever is lower.
- Cibil Score: A minimum credit sc ore of 701 is mandatory.
- Employment Type: Both salaried and self-employed applicants can apply.
- Loan Tenure: Up to 30 years, depending on the borrower’s age and other factors.
- Loan Amount: Maximum loan amount based on the property’s value and the applicant’s repayment capacity.
- Interest Rate: 8.60% – 9.40% p.a.
- Processing Fees: As per the bank’s norms with potential fee waivers for balance transfer.
Bank of Baroda Home Improvement Loan:
This loan is tailored for individuals looking to renovate or improve their existing residential properties. It can be used for repairs, renovation, and improvement of existing house/flat.
Read: Karur Vysya Bank Home Loan Interest Rate- Updated on April 2024
Purchase of furniture/fixtures/furnishing/other gadgets such as fans, geysers, air-conditioners, water filters, air purifiers, heaters, desert coolers, etc.
- Applicant Type: Resident Indians, Persons of Indian origin and NRIs.
- Eligibility: Salaried and self-employed individuals fulfilling the bank’s criteria.
- Age: Minimum 21 years; maximum 70 years or retirement age, whichever is lower, at the loan’s maturity.
- Cibil Score: A healthy credit score is preferred for smoother approval.
- Employment Type: Both salaried and self-employed applicants are eligible.
- Loan Tenure: Up to 10 years, depending on the borrower’s age and other factors.
- Loan Amount: Maximum amount depends on the property’s value and the applicant’s repayment capacity.
- Interest Rate: 8.60% – 10.60% p.a.
- Processing Fees: As per the bank’s guidelines.
Bank of Baroda Pre-Approved Home Loan:
This loan offers pre-approved home loan limits to eligible customers, simplifying the home-buying process.
- Applicant Type: Resident Indians, Persons of Indian origin and NRIs.
- Eligibility: Salaried and self-employed individuals fulfilling the bank’s criteria for pre-approval.
- Cibil Score: Applicants should have a strong credit profile for pre-approval.
- Employment Type: Both salaried and self-employed applicants can avail pre-approved loans.
- Loan Tenure: Up to 30 years, depending on the applicant’s age and other factors.
- Loan Amount: Maximum amount as per the bank’s pre-approved limit.
- Interest Rate: 8.30% – 9.40% p.a.
- Processing Fees: As applicable to pre-approved customers.
Bank of Baroda Top-Up Loan:
Existing home loan borrowers can avail additional funds for personal or business needs through the Baroda Top-Up Loan.
- Applicant Type: Existing home loan borrowers of Bank of Baroda.
- Eligibility: Applicants should have a good repayment track record with Bank of Baroda.
- Age: Similar to other home loan products (minimum 21 years; maximum 70 years or retirement age, whichever is lower).
- Cibil Score: A strong credit history is essential for additional loan approval.
- Employment Type: Both salaried and self-employed applicants can apply.
- Loan Tenure: Up to the remaining tenure of the existing home loan.
- Loan Amount: Maximum amount based on the property’s value and the applicant’s repayment capacity.
- Interest Rate: 8.30% – 9.40% p.a.
- Processing Fees: Applicable as per the bank’s guidelines.
Bank of Baroda Home Suvidha Personal Loan:
Discover flexible loan options with Bank of Baroda interest rates on loans. The Baroda Home Suvidha Personal Loan offers financial assistance for various miscellaneous expenses related to the purchase of a home. These expenses may include insurance costs, registration fees, stamp duty, goods & service tax, and club membership fees.
- Applicant Type: Prospective borrowers, including those seeking a takeover, and existing borrowers under the Baroda Home Loan Scheme are eligible applicants for Baroda Home Loans.
- Eligibility: Applicants should have a good repayment track record with the bank.
- Age: Similar to other home loan products (minimum 21 years; maximum 70 years or retirement age, whichever is lower).
- Cibil Score: A strong credit history is preferred for personal loan approval.
- Employment Type: Both salaried and self-employed applicants can apply.
- Loan Tenure: Up to 7 years, depending on the applicant’s age and other factors.
- Loan Amount: Maximum amount based on the applicant’s repayment capacity and eligibility.
- Processing Fees: As per the bank’s guidelines.
Bank of Baroda Credit Risk Guarantee Fund Scheme for Low-Income Housing:
Under the Credit Risk Guarantee Scheme, the trust offers a credit risk guarantee fund to lending institutions for housing loans up to Rs. 5 lakhs granted to borrowers belonging to the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories in urban areas, without requiring collateral security or third-party guarantee.
- Applicant Type: Individuals from economically weaker sections.
- Eligibility: As per the guidelines of the Credit Risk Guarantee Fund Trust for Low Income Housing.
- Age: As per the scheme’s eligibility criteria.
- Cibil Score: Credit score may not be the sole criterion for eligibility under this scheme.
- Employment Type: Salaried, self-employed, or individuals with irregular incomes can apply.
- Loan Tenure: As per the scheme’s guidelines.
- Loan Amount: As per the scheme’s eligibility criteria and guidelines.
- Interest Rate: Interest rates may be subsidised under this scheme.
- Processing Fees: As per the scheme’s guidelines.
Bank of Baroda Home Loan Interest Rates for Women and Benefits
Bank of Baroda offers attractive home loan interest rates exclusively for women borrowers, making homeownership more accessible and affordable for them. Women applicants can enjoy reduced interest rates, fostering financial empowerment and encouraging them to fulfill their homeownership dreams.
| Cibil Score | Interest Rate (p.a.) |
| 750 and above | Starting from 8.60% |
| Below 750 | Interest rates may vary |
Bank of Baroda Home Loan Interest Rates for Self-Employed
Bank of Baroda provides home loan options tailored for self-employed individuals, helping them realize their homeownership goals. The interest rates are competitive, offering flexibility and support for entrepreneurs and self-employed professionals.
| Cibil Score | Interest Rate (p.a.) |
| 750 and above | Starting from 8.60% |
| Below 750 | Interest rates may vary |
Bank of Baroda Home Loan Interest Rates for Salaried
Bank of Baroda’s home loan solutions for salaried individuals offer competitive interest rates and convenient repayment options, enabling them to buy their dream homes with ease.
| Cibil Score | Interest Rate (p.a.) |
| 750 and above | Starting from8.60% |
| Below 750 | Interest rates may vary |
Bank of Baroda Home Loan Interest Rates for NRI
Bank of Baroda extends home loan facilities to Non-Resident Indians (NRIs), ensuring that distance is no barrier to achieving their homeownership aspirations. The bank offers competitive interest rates and attractive loan terms to support NRI customers.
| Eligibility | Loan Tenure | Loan Amount | Interest Rate (p.a.) | Processing Fees |
| As per bank’s guidelines | Up to 30 years | Varies based on the applicant’s profile and repayment capacity | Starting from 8.60% | As per bank’s norms |
Features and Benefits of Bank of Baroda Home Loan
Bank of Baroda’s Home Loan offers numerous features and benefits to prospective homebuyers, making the process of owning a home smoother and more rewarding.
- Features:
- Competitive interest rates based on Cibil score and loan amount.
- Flexible repayment tenure of up to 30 years.
- Home Loan balance transfer facility for better terms and interest rates.
- Provision for top-up loans for additional financial requirements.
- Attractive interest rates for women borrowers.
- Simplified documentation and quick processing.
- Benefits:
- Access to funds for purchasing a new home or constructing one.
- Financial support for home improvement and renovation.
- Tax benefits on the principal and interest payments under applicable sections of the Income Tax Act.
- Special schemes for NRI applicants.
- Dedicated customer support and assistance throughout the loan journey.
How to Apply for Bank of Baroda Home Loan?
Applying for a Bank of Baroda Home Loan is a straightforward process. Follow these steps to apply:
- Online Application:
Visit the Bank of Baroda website and fill out the home loan application form.
- Documentation:
Gather all the required documents as per the bank’s checklist.
- Eligibility Check:
Ensure you meet the eligibility criteria set by the bank for home loans.
- Submission:
Submit the filled application form and supporting documents to the nearest branch or through online channels.
- Verification
The bank will verify your application and documents.
- Loan Sanction:
Upon approval, the loan amount will be sanctioned.
- Disbursement:
After completing the necessary formalities, the loan amount will be disbursed to you.
Bank of Baroda Home Loan Eligibility
To be eligible for a Bank of Baroda Home Loan, applicants must meet certain criteria set by the bank. The eligibility requirements may differ based on the type of borrower, employment status, income, age, and property details. The general eligibility criteria include:
- Age: The minimum age should be 21 years, and the maximum age should not exceed 70 years or retirement age, whichever is lower, at the time of loan maturity.
- Employment Type: Both salaried individuals and self-employed professionals are eligible.
- Income: The applicant’s income should meet the bank’s specified requirements to ensure timely loan repayments.
- Credit Score: A good credit score is preferred, as it indicates a strong credit history and enhances the chances of loan approval.
- Citizenship: The Bank of Baroda Home Loan is available to Resident Indians, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) based on specific terms and conditions.
- Loan Amount: The loan amount sanctioned depends on the applicant’s repayment capacity and the property’s value.
Meeting these eligibility criteria increases the likelihood of loan approval, and borrowers can proceed with the application process confidently. It is essential to check the specific eligibility criteria for different home loan products offered by Bank of Baroda to ensure compliance before applying.
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Documents Required for Bank of Baroda Home Loan
When applying for a Bank of Baroda Home Loan, applicants need to submit a set of documents to support their loan application. These documents serve as essential proof of the borrower’s identity, income, employment, and property details. The required documents may vary based on the applicant’s employment type (salaried or self-employed) and the loan amount applied for. Commonly requested documents include:
- Identity Proof: Aadhar card, passport, voter ID, PAN card, or any other government-issued ID.
- Address Proof: Utility bills, ration card, rental agreement, or any document displaying the current residential address.
- Income Proof: Salaried individuals must provide salary slips, Form 16, and bank statements. Self-employed individuals need to submit audited financial statements, IT returns, and business continuity proofs.
- Property Documents: Sale deed, property title, NOC from society/building, and other related property papers.
- Passport-sized photographs: Recent photographs of the applicant.
It is essential to submit accurate and complete documents to ensure a smooth and efficient loan processing experience.
Bank of Baroda Home Loan EMI Calculator – How to Calculate Bank of Baroda Home Loan EMI?
To calculate your Bank of Baroda home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Loan amount
R = Interest rate per month
N = Loan tenure in months
Exmaple:
Assume you have taken a home loan from Bank of Baroda for Rs. 30 lakh at an annual interest rate of 9.15% for a tenure of 20 years.
Calculate the monthly interest rate (R):
Monthly Interest Rate = Annual Interest Rate / 12
R = 9.15% / 12 = 0.007625 (approx.)
Calculate the loan tenure in months (N):
Loan Tenure in Months = Loan Tenure in Years x 12
N = 20 years x 12 = 240 months
Plug the values into the EMI formula:
EMI = [30,00,000 x 0.007625 x (1+0.007625)^240] / [(1+0.007625)^240-1]
Calculate the EMI using a calculator or spreadsheet:
EMI = [30,00,000 x 0.007625 x 3.914649] / 2.914649
EMI = 84,849.65 (approx.)
So, the Equated Monthly Installment (EMI) for your Bank of Baroda home loan of Rs. 30 lakh, with an annual interest rate of 9.00% and a tenure of 20 years, would be approximately Rs. 84,849.65. This amount is payable every month for the entire loan tenure until the loan is fully repaid.
EMI Calculator
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Bank of Baroda Home Loan Interest Rate Comparison with Other Banks
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% – 14.00% |
| Aditya Birla Capital Home Loan | 9% – 12.50% |
| Bandhan Bank | 8.65% – 13.65% |
| Bank of Baroda | 8.50% – 10.60% |
| Bank of India | 7.80% – 9.65% |
| Bank of Maharashtra | 8.40% – 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% – 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% – 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% – 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% – 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% – 10.05% |
| IDBI Bank | 8.75% – 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% – 10.38% |
| Karur Vysya Bank | 9.23% – 12.13% |
| Kotak Mahindra Bank | 8.85% – 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% – 10.85% |
| Reliance Home Finance | 9.35% – 13% |
| State Bank of India | 8.25% – 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% – 11.25% |
Factors that Affect Bank of Baroda Home Loan Interest Rate
Credit Score: A higher credit score indicates lower credit risk, leading to a more favourable interest rate.
Loan Amount and Tenure: Larger loan amounts or longer tenures may result in higher interest rates.
Loan-to-Value Ratio (LTV): A higher LTV ratio may lead to higher interest rates as it increases the bank’s risk.
Income and Employment Stability: Stable income and employment history can positively impact the interest rate.
Market Conditions: Interest rates can fluctuate based on economic conditions and monetary policies.
Type of Interest Rate: Fixed or floating interest rates can affect the overall cost of borrowing.
Government Policies: Changes in government policies may influence interest rates in certain cases.
Borrower Profile: Factors like age and repayment capacity also impact the interest rate.
Tips to Avail Bank of Baroda Home Loan at Lower Interest
To secure a Bank of Baroda Home Loan at a lower interest rate, follow these tips:
Maintain a Good Credit Score: A higher credit score enhances your creditworthiness and increases the likelihood of getting a lower interest rate.
Compare Loan Offers: Compare multiple loan options to identify the most competitive interest rates and favorable terms.
Negotiate with the Bank: Negotiate with Bank of Baroda to avail of better interest rates based on your creditworthiness and financial profile.
Higher Down Payment: Making a higher down payment reduces the loan amount, potentially leading to a lower interest rate.
Shorter Loan Tenure: Opt for a shorter loan tenure if it aligns with your repayment capacity, as it may result in a lower interest rate.
Bank of Baroda Home Loan interest rates are influenced by several factors such as credit score, loan amount, LTV ratio, and market conditions. By adopting effective strategies such as maintaining a good credit score, comparing loan offers, and negotiating with the bank, borrowers can enhance their chances of securing a home loan at a lower interest rate.
Bank of Baroda’s current home loan interest rate is subject to change based on prevailing market conditions and the individual borrower’s profile. Interested borrowers can apply directly through Bank of Baroda’s website for a seamless home loan application process, allowing them to explore their dream of owning a home.
Ready to own your dream home? Apply for a Bank of Baroda Home Loan with competitive interest rates and flexible terms. Take the first step towards homeownership today with NoBroker Home Loan Services!
Disclaimer
This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog.
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Frequently Asked Questions
1. What documents are required to apply for a Bank of Baroda Home Loan?
Documents such as identity proof, address proof, income proof, bank statements, and property-related documents are typically required for the application process.
2. Can I prepay my Bank of Baroda Home Loan without any charges?
Bank of Baroda allows prepayment of home loans without charging any prepayment penalties.
3. Is it possible to transfer my existing home loan to Bank of Baroda for better rates?
Yes, Bank of Baroda offers a balance transfer facility, allowing borrowers to transfer their existing home loan to the bank for better interest rates and terms.
4. Does Bank of Baroda offer special home loan schemes for women borrowers?
Yes, Bank of Baroda may offer special home loan schemes with preferential interest rates for women borrowers.
5. Can NRIs apply for a home loan from Bank of Baroda?
Yes, Bank of Baroda provides home loan options for Non-Resident Indians (NRIs) looking to invest in residential properties in India.
6. What is the maximum loan tenure offered by Bank of Baroda?
Bank of Baroda offers home loan tenures of up to 30 years, depending on the borrower’s age and loan amount.
7. Are there any processing fees for a Bank of Baroda Home Loan?
Yes, Bank of Baroda may charge processing fees, which vary based on the loan amount and other factors.
8. What is the minimum and maximum age limit to apply for a Bank of Baroda Home Loan?
The minimum age for eligibility is typically 21 years, and the maximum age limit is 70 years, subject to the loan tenure.
9. Can I get a home loan to purchase a plot of land and construct a house later?
Yes, Bank of Baroda offers plot loans for purchasing residential plots and construction of houses later.
10. How long does it take for Bank of Baroda to process a home loan application?
The processing time may vary, but Bank of Baroda strives to process home loan applications efficiently and promptly.
