Bank of Baroda Home Loan
Bank of Baroda provides home loans with interest rates starting at 7.45% per year, repayment terms up to 30 years, loan amounts up to Rs. 10 crore, and processing fees beginning at 0.25% of the loan. Floating-rate loans have no prepayment charges, and borrowers can also avail of a top-up loan up to five times during the loan tenure.
| Loan Type | Who Can Apply | Floating Rate | Fixed Rate |
|---|---|---|---|
| Home Loan (Non-staff) | Salaried | 7.45% – 9.20% | 9.15% – 10.20% |
| Home Loan (Non-staff) | Non-salaried | 7.45% – 9.20% | 9.25% – 10.20% |
| Home Improvement Loan | Salaried / Non-salaried | 7.45% – 9.20% | 9.15% – 10.20% |
| Max Savings - Home Loan – Up to ₹75 lakh | Salaried / Non-salaried | 7.45% – 9.20% | 9.15% – 10.20% |
| Max Savings - Home Loan – More than ₹75 lakh | Salaried | 7.70% – 9.45% | 9.40% – 10.45% |
| Max Savings - Home Loan – More than ₹75 lakh | Non-salaried | 7.70% – 9.45% | 9.50% – 10.45% |
| CRE - Home Loan | Salaried / Non-salaried | 7.70% – 9.45% | 9.40% – 10.45% |
| CRE Max Savings Home Loan– Up to ₹75 lakh | Salaried / Non-salaried | 7.70% – 9.45% | 9.40% – 10.45% |
| CRE Max Savings Home Loan – Above ₹75 lakh | Salaried | 7.95% – 9.70% | 9.65% – 10.70% |
| CRE Max Savings Home Loan – Above ₹75 lakh | Non-salaried | 7.95% – 9.70% | 9.75% – 10.70% |
| Top-Up on Home Loan | All | Linked Home Loan + 0.85% | Fixed Linked Home Loan + 0.85% |
Note: The interest rates can change at the bank’s discretion. Floating rates follow BLLR, which is currently 8.15% per year, and top-up loans have an additional premium of 0.25% plus 0.60%.
Bank of Baroda Home Loan Schemes
Bank of Baroda offers home loans to help you buy, build, or improve your dream home. Loans are available up to Rs. 10 crore with interest rates starting at 7.45% per annum. Enjoy flexible repayment options of up to 30 years, zero prepayment or foreclosure charges, and free accident insurance for a safe and convenient loan experience.
Home Loan for Residents & NRIs
- Processing fee: Up to 0.50% (Min. Rs. 7,500; Max. Rs. 20 crore)
- Repayment tenure: Up to 30 years
- Free accident insurance included
Baroda Top-Up Loan
- Available for residents, NRIs, and PIOs
- Loan amount: Rs. 1 lakh to Rs. 2 crore
- Repayment linked to remaining tenure of existing home loan
- Processing fee: Up to 0.35%
Home Improvement Loan
- For renovation, repair, or extension of an existing property
- Loan amount: Rs. 1 crore (semi-urban/rural), Rs. 5 crore (metro), Rs. 10 crore (Mumbai)
- Floating interest rates linked to 1-year MCLR
- Moratorium period up to 36 months
- Group credit life insurance for borrower and family
- Zero prepayment charges
Pre-Approved Home Loan
- Loan approval even before selecting a property
- Fixed eligible amount valid for 4 months
- Helps in negotiations with sellers or builders
CRE Home Loan for NRI/PIOs
- For third or additional properties
- Interest rate 0.25% higher than regular NRI loans
- No prepayment or foreclosure charges
Affordable Housing Schemes
- ISHUP: For Low Income Group (up to Rs. 10,000/month) and Economically Weaker Section (up to Rs. 5,000/month)
- PMAY: It provides benefits like lower interest rates on loans and affordable housing options depending on your family’s income.
Bank of Baroda home loans provide flexible terms, low fees, and special schemes for NRIs and low-income groups, making it easier to buy, build, or improve your home without financial stress.
Compare Home Loan Interest Rates Across Different Banks
| SBI Home Loan | 7.25% p.a. to 10.50% p.a. |
| HDFC Home Loan | 7.75% p.a. onwards |
| PNB Housing Finance | 7.70% p.a. to 11.45% p.a. |
| Axis Home Loan | 8.35% p.a. to 9.35% p.a. |
| Union Bank of India Home Loan | 8.60% p.a. onwards |
| Bank of Baroda Home Loan | Floating rate: 7.45% to 9.20% per year, Fixed rate: 9.15% to 10.20% per year. |
| LIC Home Loan | 7.50% p.a. onwards |
| Kotak Mahindra Bank Home Loan | 7.99% p.a. onwards |
| Central Bank of India Home Loan | 7.35% p.a. onwards |
| Aditya Birla Housing Finance | Salaried: 8.80%–14.00% p.a. & Self-employed: 9.10%–14.75% p.a. |
| HSBC Home Loan | 7.70% p.a. onwards |
| Standard Chartered Bank Home Loan | Starting from 8.95% p.a. |
| TATA Capital Home Loan | 7.75% p.a. onwards |
| YES Bank Home Loan | 9.00% - 11.50% p.a. |
| IDBI Home Loan | 7.65% p.a. onwards |
| Bandhan Bank Home Loan | 8.14% p.a. onwards |
| Federal Bank Home Loan | 8.75% p.a. onwards |
| South Indian Bank Home Loan | 8.30% p.a. onwards |
Bank of Baroda Pradhan Mantri Awas Yojana (PMAY)
Bank of Baroda offers home loans at lower interest rates through the Credit Linked Subsidy Scheme (CLSS) under the PMAY program. Eligible families can get interest rates reduced by 3% to 6.5% depending on their income group.
Income Categories and Subsidy
| Category | Annual Household Income | Interest Subsidy |
|---|---|---|
| Economically Weaker Section (EWS) | Up to Rs. 3 lakh | 6.5% |
| Low Income Group (LIG) | Rs. 3 lakh – 6 lakh | 6.5% |
| Middle Income Group I (MIG-I) | Rs. 6 lakh – 12 lakh | 4% |
| Middle Income Group II (MIG-II) | Rs. 12 lakh – 18 lakh | 3% |
Bank of Baroda Home Loan Eligibility
- Age: 18 to 70 years
- Residency Status: Resident Indian, NRI, or PIO
- Employment Type: Salaried or Self-employed
These criteria make it easier for different income groups and employment types to get a home loan with benefits under PMAY.
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Documents Required for Bank of Baroda Home Loan
- Identity Proof: Passport, PAN Card, Driving License, Voter ID, Aadhaar Card
- Address Proof: Aadhaar Card, Voter ID, Driving License, Passport, Recent Utility Bills
- Age Proof: You can prove your age using documents like a birth certificate, voter ID, passport, or Aadhaar card.
- Income Proof: Latest Form 16 or Income Tax Returns, Bank statements for the last 6 months
- Other Documents: Processing fee cheque in favor of the bank, Completed and signed application form with passport-size photos of the applicant and co-applicants
What is the maximum home loan amount I can get?
Bank of Baroda provides home loans up to Rs. 1 crore for rural and semi-urban areas, up to Rs. 5 crore in metro cities, and up to Rs. 10 crore in Mumbai, depending on your eligibility.
How much does it cost to process a home loan?
Processing fees are usually up to 0.50% of the loan amount plus applicable taxes. Some home loan products may also offer a full waiver of processing charges.
Are there any prepayment charges?
No, Bank of Baroda does not charge any penalty if you partially or fully prepay your home loan before the due date.
How can I lower my home loan interest rate and EMI?
You can transfer your home loan to Bank of Baroda if your current interest rate is higher. Paying less interest means your monthly loan installment will be smaller. Your CIBIL score affects the interest rate, so maintaining good financial discipline and improving your credit score can help you get better rates.
How do I check my CIBIL score?
You can check your CIBIL score through CIBIL or Bank of Baroda’s online platform, bob World.
What does MOD (Memorandum of Deposit of Title Deed) mean?
MOD is a document that confirms you have submitted your property’s title deeds to the bank as security for your home loan. It puts a legal claim on the property.
What serves as security for the loan?
The loan is secured by an equitable mortgage of the property being financed.
Who is eligible to join as a co-applicant on a home loan?
Close family members can be added as co-applicants to increase loan eligibility. Others can only be co-applicants if they are co-owners of the property.