Bank of Baroda Home Loans

Bank of Baroda Home Loan

Processing Fee
0.25

Loan Amount
₹ 10 Crores Max.
Tenure
1 - 30 Years

Description:

Bank of Baroda Home Loan -

 

Loan Amount

Rs. 1 Lac to Rs. 2 Crores

Interest Rate

8.30% - 9.80%

Tenure

Up to 30 Years

Charges

0.50% of Loan Amount or Minimum Rs. 5,000 to Maximum Rs. 12,500.

Pre-closure Charges

Nil

 

Bank of Baroda is a leading bank in India. The bank offers wide range of banking & financial services to individuals, business and corporate customers. Home Loan offered by Bank of Baroda is one of the leading products of the bank enabling the loan borrowers to fulfil the dream of owning their own home.

 

Features -

 

 

 

 

 

 

 


What are your need?

 

Purchase / Construction of Home Home Repair/Furnishing

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Baroda Home Loan -

 

Baroda Home Loan is indeed a hassle-free of owning a house whether you are a salaried individual or a businessman. With this loan, you can easily own a house without making huge upfront investments. Availing Baroda Home Loan lets you enjoy features like longer repayment tenure, competitive interest rates, high loan amounts, and much more.

 

Features & Benefits -

 

 

Purpose -

 

Eligibility -

 

Tenure -

 

Security -

 

Repayment Capacity – Total deductions including proposed EMI should not exceed as follows -

 

Salaried Persons

GMI less than Rs.20, 000/-

50%

GMI Rs.20, 000/- and above but less than Rs.50, 000

60%

GMI Rs.50, 000/- and above but less than Rs.2.00 lacs

65%

GMI Rs.2.00 lacs and above but less than Rs.5.00 lacs

70%

GMI Rs.5lacs and above

75%


 

Others

Average Gross Annual Income (For last -2- years) up to Rs.6 lacs

70%

Average Gross Annual Income (For last -2- years) more than Rs.6 lacs

80%

 

Margin & LTV -

 

Loan Amount

Margin

LTV Ratio

Loans up to Rs.30/- Lacs

10%

90%

Loans above Rs.30/- Lacs up to Rs.75/- Lacs

20%

80%

Loans above Rs.75/- Lacs

25%

75%


 

Unified Processing Charges – The unified processing charges (which includes Processing Charges ,Documentation charges ,Document Verification/ vetting charges ,Pre- Inspection (Contact Point Verification-CPV) charges ,One time post inspection charges ,Advocate charges for legal opinion ,Valuer charges for valuation (One time at the time of sanction) ,Bureau report charges, CERSAI charges, ITR Verification charges ) to be levied as detailed below

 

 

 

 

Interest Rates – Floating Rate: - Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The interest rate is linked to One Year MCLR of the Bank, shall be reset on annual basis. The offered rate of interest will be decided with reference to CIBIL bureau score (ranging from minimum of I Year MCLR to maximum of 1 Year MCLR +1%)

 

8.30% to 9.30% as per Risk Rating of the borrower/s.

 

Late Payment Charges – If a borrower defaults while making the payment of EMIs or if the account becomes irregular, the Bank will charge 2% over regular rate on the irregular amount for the period of irregularity.

 

Insurance Cover –Insurance Cover - Bank of Baroda has a tie up with IndiaFirst Life Insurance Co Ltd and Kotak Life Insurance co Ltd on the basis of which the bank offers Optional Life Insurance, at the cost of the borrower, Cover for all the borrowers.

 

Pre-closure Charges – There are no pre-closure charges for the prepayment of loan.

 

Apply Now

 


 

Baroda Home Loan Advantage -

 

This home loan amalgamates the traditional home loan with a savings account. If you opt for this loan, you will have to open a savings account and your account will be linked to your home loan account. You won’t be earning any interest on the balances in your savings account.

 

Tenure offered on Baroda Home Loan Advantage is up to 30 years, applicable on loans availed at floating rates.

 

Features and Benefits -

 

Purpose -

 

Eligibility -

 

Age Criteria – The maximum age to repay the loan for the borrower is 70 years and it is liable to the availability of apt source of income in order to service the loan repayment.

 

In case of Salaried -

 

Gross Monthly Income

Income Criteria

-GMI less than Rs.50,000

48 times of average of last -3- months Gross monthly income

-GMI Rs.50,000 and above but less than Rs.1 lacs

54 times of average of last -3- months Gross monthly income

-GMI Rs.1 Lac and above

60 times of average of last -3- months Gross monthly income

 

In case of others such as - professionals / self-employed / businesspersons etc.

 

 

Interest Rate – Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The rate of interest is linked to One Year MCLR of the Bank, shall be reset on annual basis.

 

 

Conversion from Fixed Interest Rate to Floating Interest Rate Option to MCLR Interest Rate Option – The borrower has the option of shifting to MCLR linked loan at jointly acceptable agreeable terms without being treated as a foreclosure or existing facility. All the borrowers who are interested in opting for MCLR from base rate, they will have to sign a consent letter for this.

 

Late Payment Charges – If a borrower defaults while making the payment of EMIs or if the account becomes irregular, the Bank will charge 2% over regular rate on the irregular amount for the period of irregularity.

 

Unified Processing Charges – The loan borrower will have to bear unified processing charges (which includes Processing Charges ,Documentation charges ,Document Verification/ vetting charges ,Pre- Inspection (Contact Point Verification-CPV) charges ,One time post inspection charges, Advocate charges for legal opinion ,Valuer charges for valuation (One time at the time of sanction) ,Bureau report charges ,CERSAI charges ,ITR Verification charges ) to be levied as detailed below -

 

 

 

Margin & LTV

Category of Home Loan

LTV (%)

Margin (%)

Upto Rs.30 lakh

90%

10%

Above Rs. 30 lakh and upto Rs. 75 lakh

80%

20%

Above Rs. 75 lakh

75%

25%

 

 

Security –

 

Pre-closure Charges  – No Fees will be charged on part payment / full prepayment of the loan amount.

 

Tenure

 

Repayment Capacity – Total deductions including proposed EMI should not exceed as follows -

In case of Salaried Persons -

GMI less than Rs.20,000/-

50%

GMI Rs.20,000/- and above but less than Rs.50,000/

60%

GMI Rs.50,000/- and above but less than Rs.2.00 lacs

65%

GMI Rs.2.00 lacs and above but less than Rs.5.00 lacs

70%

GMI Rs.5lacs and above

75%

 

In case of Others -

 

 

 

Inspection Charges – Bank of Baroda has the right to inspect the property of borrower anytime. From 2nd post sanction inspection, the borrowers will be charged Rs. 100 along with service tax for each inspection.

 

Valuation Fee – The valuation of the property will be done by one of the enlisted valuers of the bank. And for this, the borrower need to pay a certain, one time, amount at the time of sanction.

 

Insurance Cover - Bank of Baroda has a tie up with IndiaFirst Life Insurance Co Ltd and Kotak Life Insurance co Ltd on the basis of which the bank offers Optional Life Insurance, at the cost of the borrower, Cover for all the borrowers.

 

Validity of sanction – The validity of sanction should be of 4 months.

 

Apply Now

 

 


 

Baroda Pre Approved Home Loan -

 

Baroda Pre-Approved Home Loan offers an in-principle approval before the property, to be purchased by the borrower, has been finalized. It is actually pre-approved loan offer for the home loan borrowers.

 

Link

 

Benefits-

 

 

 

 

 

 

 

 

 

Apply Now

 

 


 

Home Improvement Loan -

 

The borrower can use this loan to repair, renovate, construct, extend your existing house. The loan also enjoys fast approval times and low interest rates.  

 

Link

 

Benefits -

 

 

 

 

 

 

Eligibility -

 

Anybody who is a resident of India or owns a dwelling unit in their name/(s) singly or jointly.

 

Age Criteria –

 

Income Criteria –

 

In case of Salaried -

A Gross Monthly Income

Income Criteria

-GMI less than Rs.50,000

48 times of average of last -3- months Gross monthly income

-GMI Rs.50,000 and above but less than Rs.1 lacs

54 times of average of last -3- months Gross monthly income

-GMI Rs.1 Lac and above

60 times of average of last -3- months Gross monthly income

 

In Case of Others -

 

For self-employed/professionals/businessmen, 3 times net annual income along with depreciation claimed individual capacity (and not the depreciation claimed by the business unit).

 

 

 

Margin – The margin will comprise of 25% of the cost of the project. The project cost will comprise of approximated cost of renovation/extension/repairing, cost of furnishing/furniture/fixtures and this includes stamp duty for criteria of equitable mortgage as well.

 

Security – Mortgage of the property to be repaired / renovated.

 

Repayment Tenure - If the borrower is paying through EMIs, then it is a maximum of 15 years.

 

Moratorium period – This time period will be a maximum of 6 months or one month following the completion of renovation/repair work, whichever is earlier.

 

Pre-closure Charges – There are no charges for making prepayment.

 

Interest Rate – Entirely depending on the risk rating of the borrower, the interest rate charged will be 8.30% to 9.30%.

 

Unified Processing Charges – The unified processing charges comprising of Processing Charges ,Documentation charges ,Document Verification/ vetting charges ,Pre- Inspection (Contact Point Verification-CPV) charges ,One time post inspection charges ,Advocate charges for legal opinion ,Valuer charges for valuation (One time at the time of sanction) ,Bureau report charges ,CERSAI charges ,ITR Verification charges ) to be levied as detailed below

 

 

Apply Now

 

 


 

Interest Subsidy Scheme For Housing The Urban Poor (ISHUP) -

 

Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) is a key policy of Ministry of Housing and Urban Poverty Allevation (MHUPA). This scheme addresses the housing needs of LIG (Lower Income Group) and EWS (Economically Weaker Sections) segments. This scheme envisages the provision of interest subsidy to both these segments to enable them buy or construct houses.

 

Link

 

Benefits -

 

 

 

 

Eligibility -

 

 

Maximum Subsidy Offered -

 

For Economically Weaker Sections with a house of at least 25 sq.mts, maximum subsidy offered is of Rs. 1 Lac for 20 years.

 

For the borrowers belonging to Lower Income Group with a house of at least 40 sq.mts, maximum subsidy offered is of Rs. 1,60,000. However, the eligibility for subsidy will be Rs. 1 Lac.

 

Margin – The minimum margin is of 20%.

 

Tenure – The Maximum repayment term is 20 years and it includes moratorium period as well.

 

Subsidy Reimbursement – Under this scheme, the loan borrower is offered 5% interest subsidy (Net Present Value) for a maximum of principal amount of Rs. 1.00 lac

 

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Baroda Additional Assured Advance (AAA) -

 

This is a top-up loan offered by Bank of Baroda. The borrower can avail the loan 5 times during the term of the loan.

 

Link

 

Purpose – Any purpose apart from any speculation (No Change)

 

Eligibility – The loan can be availed by all existing home loan borrowers such as - PIOs/NRIs, staff and ex-staff members (who have availed a home loan under public scheme and staff housing loans) whose asset classification is standard.

 

Age Criteria -

 

 

 

 

 

Unified Processing Charges - Upto Rs. 30 Lacs, it is 0.25%. Minimum amount is Rs. 5,000 which the borrower has to pay upfront to a maximum amount of Rs. 12,500.

 

Interest Rate – Under the scheme, Bank of Baroda charges 9.80% + Strategic Premium from the borrower.

 

Margin – The margin under this home loan scheme will be 25% of the residual value of the house property following the deduction 150% of the pending loan amount of the existing home loan.

 

Loan Amount – Under this scheme, the borrower is allowed to borrow a minimum loan amount of Rs. 1 Lakh and the maximum amount of the loan is Rs. 200 Lac or 75% of the residual value of house property following the deduction 150% of the pending loan amount of the existing home loan, whichever is lower.

 

Tenure – The tenure of the loan is according to the request made by the borrower, however it is subjected to the borrower’s repayment  capacity. However, the maximum period should not be more than the outstanding term of the home loan.

 

Security – Extension of Equitable Mortgage.

 

Insurance Cover – The borrower, as per a tie-up with NICL and Group Credit Life Insurance Cover, is offered both property insurance cover along with personal accidental death insurance cover.

 

Repayment Capacity –

 

Total deductions comprising of the projected EMI should not go beyond as follows -

 

In case of Salaried Persons -

GMI less than Rs.20,000/-

50%

GMI Rs.20,000/- and above but less than Rs.50,000/

60%

GMI Rs.50,000/- and above but less than Rs.2.00 lacs

65%

GMI Rs.2.00 lacs and above but less than Rs.5.00 lacs

70%

GMI Rs.5lacs and above

75%

 

In case of Others -

 

 

 

Valuation Norms for the property to be mortgaged – Valuation norms are as under -

 

If the borrower has bought the property within last five years, then in that case, the registered value will be considered as the value of the security. After a period of 5 years of execution of the sale deed, fresh valuation from a recognized valuer will be accepted to the satisfaction of the sanctioning authority.

 

In other cases, the current market value acknowledged as value of security is subjected to the condition that current valuation to be accomplished is only after three years of the previous valuation.

 

Apply Now

 


 

Pradhan Mantri Awas Yojana (PMAY) -

 

Bank of Baroda Pradhan Mantri Awas Yojna (PMAY) is a Credit Linked Subsidy Scheme (CLSS) for the middle income group and this scheme has been launched to make housing more affordable. The scheme mainly provides subsidized housing loans for the peopling belonging to the low income group (LIG) and EWS (Economically Weaker Section).

 

Link

 

Benefits -

 


 

 

 

 

 

Terms -

 

 

 

 


 

 

Eligibility -

 

 

 

Loan Amount - The loan amount offered will be decided by Bank of Baroda and the decision will be made on the basis of borrower’s income criteria, repaying capacity, and cost of the project.

 

Apply Now

 

 


 

Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS) -

 

Credit Risk Guarantee Fund Trust has been initiated by The Ministry of Housing and Urban Poverty Alleviation. This scheme offer assurance with reference to the low income home loans.

 

As per this scheme, credit risk assurance will be offered from the Trust to the lending institutions against their housing loans of up to Rs. 5 Lac to all the borrowers belonging to EWS/LIG sections especially in the urban areas and there is no requirement for any collateral security or any third party guarantee.

 

Link

 

The borrower, under this scheme, can have a guarantee cover of 90% of the amount in respect of a loan amount of up to Rs. 2 Lac and 85% of the amount for the home loan of more than Rs. 2 Lac and up to Rs. 5 Lac.

 

Eligibility -

 

 


 

Eligible Activity -

 

All those activities that are eligible for guarantee cover include - home construction, improvement, acquisition and purchase of new or second-hand dwelling involving a home loan amount of not more than Rs. 5 lac per person. For the guarantee cover as per this scheme, all loans offered fully/partly for repairing/renovating will not be considered eligible.

 

Housing Loans not eligible under the scheme -

 

The following Housing Loans shall not be eligible for being guaranteed under the scheme -

 

 

 

 

 

EWS (Economically Weaker Section) - This term is used to define all those citizens or households having an household income of up to Rs. 1,00,000 per annum or according to the revised Ministry of Housing & Urban Poverty Alleviation, Government of India.  

 

Low Income Group (LIG) - This can be defined as the people having an household income between Rs. 1,00,001 to Rs. 2,00,000 per annum or as decided by Ministry of Housing & Urban Poverty Alleviation, Government of India.  

 

Low Income Housing - This is a housing unit, especially for the low-income and economically weaker people, with a size up to 40 sq.m. (430 sq ft) carpet area.  

 

Tenure - Guarantee cover will start from the guarantee start date and will run through the agreed term of the home loan and for a maximum period of 25 years or till the date of loan termination, whichever is earlier.



 

Apply Now

 

 


 

MCLR

 

MCLR rate w.e.f from 07.11.2017

MCLR Benchmark

MCLR in (%) w.e.f. 07.11.2017

Overnight MCLR

8.05

1 Month MCLR

8.10

3 Month MCLR

8.15

6 Month MCLR

8.25

1 year MCLR

8.30

3 year MCLR

8.45

5 year MCLR

8.60

 

FAQ –

 

How much can the customer borrow?

Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc. Currently, Bank of Baroda provide finance of maximum up to 10 Crores in some cases.

 

Where am I allowed to use the availed loan?

You can use the availed loan amount for the purchase of new or old dwelling unit, Construction of the house, purchase of plot of land for construction of a house, repaying a loan already taken from other Housing Finance Company / Bank or extension of the existing House.

 

Do I need to provide any security or collateral to obtain a Home loan from HDFC Bank?

As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.

 

How will I receive the disbursed amount?

The amount will be directly paid into your bank account.

 

What is the minimum requirements to avail a Home Loan from Bank of Baroda?

The minimum requirements to avail Bank of Baroda Home Loan are –

 

How I can repay my Home Loan?

You can repay your Home Loan in EMIs (Equated Monthly Instalment). EMI is a uniform lump sum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily products basis. Or, Fixing the monthly / quarterly instalments on graduated basis is permitted of EMI as requested by customers.

 

What is the moratorium period for Bank of Baroda Home Loan?

You can avail a moratorium period of maximum up to 36 months as 18 months period for under construction Houses and Building upto 7th Floor and thereafter 6 months additional moratorium per floor.

 

Do I have to pay any margin money - my own funding in order to avail Home loan?

Yes, you need to pay a margin money of 10% for loans up to Rs. 30 Lacs. 20% for loans above Rs. 30 Lacs and upto Rs. 75 Lacs, and 25% for loans above Rs. 75 Lacs.

 

Is there any special benefit or concession in interest paid on Home loan?

A concession of 0.25% in rate of interest for Car Loans will be offered, valid for the borrower of BOB Home Loan.

 

Do I need a guarantor for Home Loans or do I need a co-applicant for a Home Loan?

The proposed owners of the residential accommodation as per the Agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually, joint applications are husband-wife, father-son or mother-son etc.

The maximum loan would be Rs. 10 Crores per unit to any individual applicant based on the area where property is proposed to be constructed/purchased. We will extend loan upto 90% (for fresh houses / flat) of the cost of property under our Housing Loan Scheme.

 

What is the security for the loan?

The security for the loan is equitable mortgage of the property to be financed.

 

Do you insist on LIC policy as additional collateral security?

No, it is not mandatory to have a LIC policy as additional collateral.

 

What are the additional documents required while applying for the loan?

In case of purchase from builder - Copy of Agreement for sale, Copy of registration receipt, Copy of sanctioned plan & sanction letter of the competent authorities, Copy of NA permission/ULC order, Copy of receipts of payments already made and NOC from builders in our format.

In case of direct allotment in a Co-operative Housing Society - Allotment letter, Share certificate. Society registration certificate, Copy of sale/lease deed in favour of the society, NOC from society in our format, and Possession letter in original.

In case of resale - Copy of all previous vendors agreements duly stamped and registered and the registration receipts (original to be given before disbursement), NOC from Society/Builder in our format, and Original Share Certificate.