Bank of Baroda Home Loan Interest Rates

Bank of Baroda Home Loan Interest Rates

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Turn your dream of owning a home into reality with Bank of Baroda Home Loans. Whether you are buying an apartment, constructing a house or renovating your home, we have the right Home Loan for you. Bank of Baroda offers home loans with interest rates starting at 8.15% per annum and going up to 10.90% per annum, depending on factors such as the applicant’s credit score, loan amount, tenure, and employment profile.

Key Features of Bank of Baroda Home Loans

  • Loan Amount: Up to ₹20 crore, depending on the location (₹1 crore in semi-urban/rural areas, ₹5 crore in metro cities, and ₹10 crore in Mumbai).

  • Tenure: Up to 30 years, including a moratorium period of up to 36 months.

  • Processing Fees: Ranges from 0.25% to 0.50% of the loan amount (minimum ₹7,500, maximum ₹20,000). For loans sourced through digital channels, processing charges may be waived, subject to out-of-pocket expenses of ₹5,000–₹8,500 + GST.

  • Prepayment/Foreclosure Charges: No charges for floating-rate loans; up to 2% for fixed-rate loans.

  • Special Concessions:

    • Women borrowers receive a 0.05% interest rate concession.

    • Gen Z and Millennials (under 40) get a 0.10% concession.

    • A 0.10% concession is available for those opting for group credit life insurance.

  • Additional Benefits: Free accident insurance, linked savings account for interest savings (Baroda Max Savings Home Loan), and top-up loans up to five times during the loan tenure.

Types of Home Loan Schemes

BoB offers a variety of home loan schemes tailored to different needs:

  1. Baroda Home Loan: For purchasing flats/houses, constructing homes, or plot purchases.

  2. Baroda Home Loan Advantage: Links a savings account to the loan, reducing interest costs based on the daily outstanding balance in the savings account.

  3. Baroda Pre-Approved Home Loan: Offers in-principle approval before property selection, valid for 4 months.

  4. Baroda Home Improvement Loan: For repairs, renovations, or furnishing, with a maximum tenure of 15 years.

  5. Baroda CRE Loan: For purchasing plots or properties in specific locations.

  6. Home Loan Balance Transfer: Allows transferring existing home loans from other banks at lower rates.

  7. PMAY Scheme: Offers interest subsidies for economically weaker sections (EWS) and low-income groups (LIG) with monthly incomes up to ₹10,000.

Factors Affecting Interest Rates

The interest rate offered by BoB depends on several factors:

  • Credit Score: A CIBIL score of 701 or higher (preferably 750+) increases the likelihood of securing a lower rate.

  • Loan Amount and Tenure: Higher loan amounts (above ₹7.5 crore) or longer tenures (above 120 months) may attract an additional 0.25% risk premium.

  • Employment Profile: Salaried individuals may receive slightly lower rates compared to self-employed applicants, depending on risk assessment.

  • Location: Rates may vary based on whether the property is in urban, semi-urban, or rural areas.

  • Type of Interest Rate: Floating rates are linked to BRLLR and adjust with RBI’s repo rate changes, while fixed rates remain constant but may be slightly higher.

How to Calculate EMI

You can calculate your Equated Monthly Instalment (EMI) using the Bank of Baroda Home Loan EMI Calculator available on their website. Input the loan amount, interest rate, tenure, and processing fee to get an instant EMI estimate and a detailed amortization schedule. For example:

  • Loan Amount: ₹35,00,000

  • Interest Rate: 8.40% p.a.

  • Tenure: 30 years

  • EMI: Approximately ₹26,625 (calculated using the EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n – 1), where P is the principal, r is the monthly interest rate, and n is the number of months).

Eligibility Criteria

To qualify for a BoB home loan, applicants must meet the following criteria:

  • Age: 21–70 years (loan tenure should not exceed retirement age or 65, whichever is earlier).

  • Applicant Type: Resident Indians, Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), or Overseas Citizens of India (OCIs).

  • Income:

    • Salaried: Minimum 1 year of employment with a regular income.

    • Self-employed: Minimum 2 years in business/profession.

    • NRIs: Minimum 2 years with a valid work permit abroad.

  • Credit Score: Minimum 701 (preferably 750+ for better rates).

  • Income Threshold: For PMAY schemes, monthly household income should be up to ₹5,000 (EWS) or ₹5,001–₹10,000 (LIG).

Documents Required

  • Identity Proof: PAN card, Aadhaar, passport, voter ID, or driver’s license.

  • Address Proof: Utility bills, ration card, or rental agreement.

  • Income Proof:

    • Salaried: Last 3 months’ salary slips, Form 16, or bank statements.

    • Self-employed: ITR for the last 3 years, balance sheets, and profit/loss statements certified by a CA.

  • Property Documents: Approved plan, sanction letter, title deeds, and receipts for taxes/maintenance.

  • Application Form: Duly filled with photographs.

How to Apply

  1. Online Application: Visit the Bank of Baroda website, fill out the home loan application form, and upload required documents.

  2. Branch Visit: Submit documents at a nearby BoB branch for verification.

  3. Loan Processing: The bank assesses eligibility, credit score, and property details.

  4. Approval and Disbursal: Upon approval, the loan is disbursed based on the agreement and construction stage.

Frequently Asked Questions (FAQs)

  1. What is the current Bank of Baroda home loan interest rate in 2025?
    The interest rate ranges from 8.15% to 10.90% p.a., depending on the applicant’s profile, loan amount, tenure, and credit score. Special concessions of 0.05% for women and 0.10% for Gen Z/Millennials are available.

  2. What is the maximum loan amount I can avail?
    BoB offers up to ₹20 crore in Mumbai, ₹5 crore in metro cities, ₹3 crore in urban areas, and ₹1 crore in semi-urban/rural areas, subject to eligibility and property value.

  3. What is the processing fee for a BoB home loan?
    The processing fee ranges from 0.25% to 0.50% of the loan amount (minimum ₹7,500, maximum ₹20,000). For digital applications, fees may be waived, except for out-of-pocket expenses of ₹5,000–₹8,500 + GST.

  4. Can I prepay or foreclose my home loan?
    Yes, there are no prepayment or foreclosure charges for floating-rate loans. For fixed-rate loans, a charge of up to 2% may apply.

  5. What is the Baroda Max Savings Home Loan?
    This scheme links your home loan to a savings account. Any balance in the savings account reduces the outstanding loan amount, lowering the interest cost.

  6. Are there special benefits for women borrowers?
    Women borrowers receive a 0.05% interest rate concession and may benefit from reduced stamp duty charges in certain regions. They can also opt for extended tenures up to 30 years.

  7. How does the RBI repo rate affect BoB home loan rates?
    BoB’s floating rates are linked to the BRLLR, which adjusts with changes in the RBI’s repo rate. For instance, a repo rate cut on February 7, 2025, reduced rates, lowering EMIs for borrowers.

  8. Can NRIs apply for a BoB home loan?
    Yes, NRIs, PIOs, and OCIs with a valid work permit and 2 years of employment abroad are eligible.

  9. What is the minimum credit score required?
    A minimum CIBIL score of 701 is required, but a score of 750 or higher can secure better interest rates.

  10. How can I calculate my EMI?
    Use the BoB Home Loan EMI Calculator on their website by entering the loan amount, interest rate, tenure, and processing fee for an instant EMI estimate.

For more information visit : https://www.bankofbaroda.in/personal-banking/loans/home-loan

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