Friends, you must have heard from many people that your own home is always special, no matter what it looks like. This statement is indeed true because our emotions and memories are connected to our home, which is not the case with a rented house. In our own home, we don’t have to worry about rent, and we don’t even fear having to leave it someday.

If you also dream of having your own home, today’s post is for you. We will discuss how you can build your dream home through a home loan. Let’s delve into the process of taking a home loan from Bank of Baroda. You’ll learn how to apply for a Bank of Baroda Home Loan, the applicable interest rate, and the duration for which it is available.

So without further ado, let’s get started with today’s post!

How much will you get from Bank of Baroda home loan?

• Rural Area: Loans can be granted for up to ₹1 Crore.
• City Area: Loans can extend up to ₹10 Crore.

Whether you’re planning to build a cozy farmhouse in the countryside or a luxurious penthouse in the heart of the city, Bank of Baroda can assist you in realizing your dream home. Remember to check the eligibility criteria and documentation requirements to make the process smoother. 🏡💰

Bank of Baroda Home Loan Eligibility.

The eligibility for a Bank of Baroda home loan is determined based on various factors, including the applicant’s age, income, and credit score. The bank offers attractive home loan schemes with different interest rates to fulfill various needs. Additionally, the maximum tenure for home loans is set by the bank, ranging up to 30 years, with a moratorium period for technical usage.

Here are the eligibility criteria for Bank of Baroda home loans:

1.Age:

Applicants must be between 21 and 70 years old.

2.Employment Type:

  Eligible categories include:

• Salaried individuals
• Self-employed individuals
• Businesspersons or professionals

3.Work Experience:

• Minimum work experience required:
• At least 1 year for salaried individuals
• At least 2 years for self-employed individuals

4.Loan-to-Value (LTV) Ratio:

• The LTV ratio ranges from 75% to 90%.

Bank of Baroda’s home loan eligibility depends on several factors, such as the applicant’s age, income, and credit score. Your home loan interest rate will depend on your credit score, as it’s tied to the Baroda Repo Linked Lending Rate (BRLLR). Any changes in the BRLLR will impact the interest rates for Bank of Baroda home loans, which are floating rates.

To calculate your eligibility based on your monthly income, tenure of 30 years, and an interest rate of 6.85% per annum (the initial rate for Bank of Baroda home loans), you can use the Bank of Baroda Home Loan Eligibility Calculator1. Remember that these calculators provide general self-help planning tools, and results depend on various factors and assumptions.

Buying your dream home is a significant decision, and understanding your home loan eligibility criteria is essential. It ensures a smoother loan application process and reduces the chances of loan rejection, which could impact your credit score. Bank of Baroda assists both Indian residents and NRIs in achieving their homeownership goals.

Bank Of Baroda Home Loan Interest Rate.

Floating Interest Rates.

Baroda Housing Loan and Home Improvement Loan

• 8.40%-10.60% per annum for employed
• 8.40%-10.60% per annum for non-employed

Baroda Home Loan Benefits

• Up to Rs 75 lakh 8.40%-10.60% per annum
• Above Rs 75 lakh 8.65%-10.85% per annum

Baroda Top Up Home Loan

Top-up Home Loan Interest rate applicable on linked home loan based on BRLLR (as on the date of availing top up loan) + Strategic Premium (0.25%) + 0.60%

pay attention:

• The interest rate depends on the loan limit and CIBIL score of the applicants.
• For customers not availing credit insurance cover, a risk premium of 0.05% will continue to be applicable.

Fixed Interest Rates

Baroda Housing Loan and Home Improvement Loan

• 8.80%-9.80% per annum for employed

Baroda Home Loan Benefits

• Up to Rs 75 lakh 8.80%-9.80% per annum
• Above Rs 75 lakh 9.05%-10.05% per annum

Bank Of Baroda Home Loan Documents Required.

When you apply for a home loan, the bank requires proof to verify your identity and evaluate your creditworthiness. This makes it easier for you to provide the documents you need to provide. By doing so, you must ensure that you provide all the documents that are mentioned in the loan application form.

Here is a list of key home loan documents that you need when applying for a home loan, including special documents that are required from salaried and self-reliant applicants.

Key Documents for Home Loan

• The home loan application form, duly filled in and signed, is available at your nearest Bank of Baroda branch or on the bank’s website.
• 2 passport size photographs; One of which must be certified on the application form.
• home loan application form

Identity Proof Document

(Any government approved document bearing your photograph)

• pan
• Aadhar card
• Passport
• driving license
• Voter ID Card
• age certificate
• pan
• Aadhar card
• Passport
• driving license
• Birth certificate
• address proof for home loan

Documents Required For Home Loan For Salaried Individual.

As a salaried individual, you need to provide the above home loan documents. You will also need to provide some additional, income related documents to the bank to evaluate your eligibility. They are the following:

• A comprehensively filled Form 16
• A letter from your employer verifying your employment status and the period of your employment
• Your salary stream for the last 3-6 months
• IT returns for the last three years of your financial year have been filed
• Investment proof (shares, fixed deposits), if any.
• Account statement showing credit of salary.

Home loan documents required for self-employed individuals

They also need to provide some additional documents to prove their source of income.

• business address proof
• Documents duly filled by income tax return of last three years
• Company Balance Sheet, Profit and Loss Speaker’s Dividend Documents certified/approved by a Chartered Accountant
• Their business license/professional practice (doctor, lawyer etc.) documents
• Copies of registration certificates of shops, factories, clinics, offices etc.
• Business account details.

Property Document for Home Loan

Apart from your original and income related documents required for a home loan, you will also have to provide documents of the property you intend to purchase through the loan. These include:

• No Objection Certificate (NoC) provided by the society or manufacturer.
• Original, registered sale deed, allotment letter or letter of stamp advance or bill, as provided by the manufacturer.
• Housing Certificate for ready-move-in properties.
• Maintenance and electricity bills, as well as certificates of property tax receipts.
• Original receipts, showing any advance payments made to purchase the property.
• Copy of building plan for purchasing flats, villas, bungalows etc.
• Original land tax receipt along with possession certificate issued by the concerned authority.

Bank account statements showing any payments made to the seller or manufacturer.
Detailed estimate of construction cost in case of construction loans.
To get your loan approved without any hassles, you need to provide all the home loan documents mentioned in the home loan application form. You may also be required to provide some other documents, depending on your employment, property type, etc. So, do you have your documents ready? Go ahead; Apply for a home loan from Bank of Baroda today!

Bank Of Baroda Home Loan Processing Fee.

Home loan processing fee is a fee that a bank or a lending institution charges for processing the home loan. This is a one-time fee and is usually not deducted from the loan amount but is paid separately by the borrower. This fee is usually charged to cover the loan processing expenses incurred by the bank. Some banks may waive such home loan processing charges as part of special offers.

Bank of Baroda Home Loan Processing Fee:

• Document Verification/Scrutiny Fee
• Pre-Approval Inspection (Contact Point Verification CPV) Fees
• One time post inspection fee
• Lawyer’s fee for assessment
• Appraisal Fee for Appraisal
• bureau report fee
• CERSAI Fee
• ITR Verification Fee

Bank of Baroda Home Loan Processing Fee Details:

• For Baroda Home Loan and Baroda Home Improvement Loan, a processing fee of 0.50% is charged on loan amount up to Rs 50 lakh and 0.25% on loan amount above Rs 50 lakh.
• For Baroda Home Loan Top Up, there is a processing fee of 0.35%.
• For takeover of a home loan, a fixed fee is charged.
• For pre-approved home loans, the borrower has to pay a processing fee of 0.25% – 0.50%.

Additionally, some other charges such as home loan prepayment or loan conversion charges are also charged. However, in the case of Bank of Baroda home loan, the borrower is not charged any fee if he wishes to pre-pay before any tenure of the loan.

Impact of Home Loan Interest Rates:

There is no relation between the processing fee and the interest rate, however, your loan amount is a factor in calculating the processing fee. The interest rate on Bank of Baroda home loan is charged on the current floating rate which is linked to RBI or MCLR. The interest rate is linked to the Repo Linked Lending Rate of Bank of Baroda and is updated annually based on your bureau score.

Why choose Bank of Baroda Home Loan?

With Bank of Baroda home loan, you can enjoy a free credit card and 0.25% discount for car loan. When you apply, you can also choose Group Credit Life Insurance cover. This cover provides protection to the family against the death of the borrower, and the family is not required to repay the home loan up to a fraction of the claim amount. You can pay the premium with EMI.