Bank of Baroda Home Improvement Loan
Bring your home makeover visions to life with the Bank of Baroda Home Improvement Loan. Whether it's repairing wet walls, remodeling your kitchen, or purchasing new furniture, this loan enables you to renovate your place within your budget. Apply hassle-free with NoBroker for a quick and easy experience with minimal paperwork and expert advice.
Bank of Baroda Home Improvement Loan
If your house is due for some changes—whether its repairing those damp walls, renovating the kitchen or buying new furniture—the Bank of Baroda Home Improvement Loan is a perfect partner. Making a renovation in a home can be costly. But with this flexible, and affordable loans you can give your living space the upgrade or upgrade it needs without having to empty your savings.
Let us dive a little deeper into how this loan works, who it is for, what it covers, and why much of the loan process via NoBroker is so faster and seamless.
Key Features of Bank of Baroda Home Improvement Loan
| Feature | Details |
| Loan Amount | Up to ₹50 lakhs |
| Loan Tenure | Up to 15 years (including a moratorium of up to 6 months) |
| Interest Rate | Floating rates from 7.90% to 10.10%* |
| Eligible Applicants | Resident & Non-Resident Indians (NRIs, PIOs, OCIs) |
| Purpose | Repairs, renovations, furniture, fixtures, and gadgets |
| Processing Charges | Up to 100% waiver (conditions apply) |
| Insurance | Optional group life cover (premium can be funded) |
| Security | Mortgage of property or other acceptable securities |
Why Choose a Bank of Baroda Home Improvement Loan?
Most of us invest in a home once in a lifetime. But homes need regular upgrades—sometimes out of necessity (like plumbing issues), to keep up with changing lifestyles. Instead of dipping into your savings or delaying needed upgrades, the BOB home renovation loan allows you to:
- Repair old construction
- Renovate interiors or exteriors.
- Buy new furniture
- Install electrical appliances and home gadgets.
So whether you’re redoing your bathroom, changing the flooring, or installing an air conditioner—this loan has you covered.
What You Can Use the Loan For
Bank of Baroda’s Home Improvement Loan isn’t just limited to walls and paint. Here’s what you can fund:
- Civil repairs, painting, and tiling
- Modular kitchens or false ceilings
- Interior design, wooden work, or flooring
- Purchase of furniture: sofa sets, dining tables, wardrobes
- Fixtures and fittings: lights, fans, geysers, ACs, water purifiers, coolers, etc.
The BOB home renovation loan gives you complete freedom to improve the look, feel, and utility of your home—inside and out.
Who Can Apply?
You’re eligible if you are:
- A Resident Indian, NRI, PIO, or OCI
- A salaried or self-employed individual with a stable income
- Applying individually or jointly with a close relative or co-owner
Note: HUFs (Hindu Undivided Families) are not eligible.
Minimum Income Criteria:
- Salaried: 1 year of stable employment
- Self-employed: 2 years of business continuity
- NRIs: Minimum 2 years of work abroad or owning a business overseas
Loan Amount & Repayment Terms
You can borrow up to ₹50 lakhs, depending on your income and repayment capacity. The repayment period can stretch up to 15 years, which includes a moratorium period of up to 6 months, where you don’t need to pay EMIs.
Repayment Capacity Limits:
| Net Monthly Income | Max EMI Deduction Allowed |
| Less than ₹25,000 | 40% |
| ₹25,000 to less than ₹50,000 | 60% |
| ₹50,000 to less than ₹1 lakh | 65% |
| ₹1 lakh to less than ₹2 lakh | 70% |
| ₹2 lakh and above | 75% |
For self-employed individuals, deductions are based on average annual income for the past 2 years:
- Up to ₹6 lakh: 70%
- Above ₹6 lakh: 80%
Interest Rates (Effective as per BRLLR)
The interest rate is floating and linked to the Baroda Repo Linked Lending Rate (BRLLR). It varies based on your CIBIL score and borrower profile for Bank of Baroda Home Improvement loan:
| Applicant Type | Rate Range (BRLLR ± Spread) | Effective Interest Rate |
| Salaried | BRLLR – 0.75% to +1.45% | 7.90% to 10.10% |
| Self-employed | BRLLR – 0.75% to +1.45% | 7.90% to 10.10% |
A small risk premium (0.05%) is added if you don’t opt for credit insurance coverage.
Processing Fees & Waivers
Bank of Baroda offers generous waivers on processing fees depending on the source of the application:
| Loan Source | Processing Fee |
| Non-DSA (Digital/Non-digital) | NIL (Login Fee ₹1,500, refunded post disbursement) |
| Approved Projects (All Channels) | 100% waiver + out-of-pocket expenses (₹3,500 + GST) |
| Govt/PSU Employees (Non-DSA leads) | NIL (₹1,500 Login Fee refunded) |
| Digital Leads | 100% waiver + expenses (₹5,000–₹8,500 + GST) |
| Non-Digital Channel (Others) | 100% waiver + ₹10,000 + GST |
Security & Collateral
The Bank of Baroda Home Improvement loan is secured by a mortgage of the property being improved. In some cases, other acceptable security such as:
- Insurance policies
- Government securities
- Shares, gold, or debentures
Documents Required
The Bank of Baroda Home Improvement loan documentation is straightforward. You can refer to the official BOB Home Loan Document Checklist for complete details. In general, you’ll need:
- ID proof and address proof
- Property documents
- Income proof (salary slips, ITRs, bank statements)
- Passport/visa for NRIs
Co-Applicants Allowed
You can apply jointly with:
- Spouse, parents, children, siblings, in-laws (including step-relations)
- Any non-relative, only if they are joint owners of the property
Adding a co-applicant for the Bank of Baroda Home Improvement loan increases your loan eligibility by combining incomes.
Optional Life Insurance Cover
Bank of Baroda has a tie-up with IndiaFirst Life Insurance to provide optional life cover to home improvement loan borrowers.
Benefits:
- One-time premium
- Premium can be included in the loan
- Outstanding loan repaid in case of death
- No EMI burden on your family
- Partial refund of premium in case of early closure
This cover provides peace of mind, ensuring that your family stays protected from financial if something unfortunate happens.
Pre-closure Charges – Zero!
If you decide to repay your BOB home renovation loan early, you won’t be penalized. There are no prepayment or foreclosure charges, making it easier for you to close the loan ahead of schedule and save on interest.
Why Apply Through NoBroker?
Applying for the Bank of Baroda Home Improvement Loan through NoBroker gives you several unique advantages:
- 100% digital process with expert support
- Document assistance and pre-screening
- Quick eligibility check
- Rate negotiation on your behalf
- Help with faster approvals and disbursements.
You skip the hassle, paperwork delays, and confusion—our experts guide you at every step.
Final Thoughts
The Bank of Baroda Home Improvement Loan is a practical and affordable way to enhance your home’s comfort, value, and style. With attractive interest rates, relaxed eligibility norms, and a wide range of uses—from painting walls to buying air-conditioners—it’s a smart financial tool for homeowners and property upgraders alike.
Ready to Upgrade Your Home?
Let NoBroker help you get the best deal on your Bank of Baroda Home Improvement Loan. From checking eligibility to getting disbursal—we’re with you all the way.
