Bank Of Baroda Home Loan Interest Rates & Eligibility
8.35%
For women borrowers - 8.30%Bank Of Baroda Home Loan Overview
Overview
Bank of Baroda is a Nationalized bank established in the year 1908. It is headquartered in Vadodara with corporate office in Mumbai. The bank has 5,388 branches in India and 72 offices in 25 countries across the world. The bank was awarded Best Public Sector Bank Award under the category of Global Business at the Dun & Bradstreet Banking Awards 2015.
Advantages
Bank of Baroda is the second largest Nationalised bank in the country. It’s advantage is the size of operations and extensive network in India and abroad. It offers competitive interest rates on its home loan products. The bank launched a credit profile based home loan product in January 2017. This product allows customers with good credit record to avail home loan at lowest interest rate in the market.
Disadvantages
Bank of Baroda home loans are processed centrally at Vadodara. This could affect the time taken to process a loan application.
Current Interest Rate
General Interest Rate (Interest rate applicable to all) - 8.35%
For Self-Employed Borrowers – 8.35%
For Priority Sector – 8.35% + Strategic premium+1.25%
Bank Of Baroda Home Loan Eligibility
Eligibility
- Minimum age limit: 21 years
- Minimum gross income Rs.3,00,000 per year
- Salaried/professional/Self employed/others provided income has been assessed for 3 years.
Bank Of Baroda Home Loan Documentation
KYC (Know
your Customer)
documents
- Personal ID
- Address Proof
- Pan Card
Income proof
- Salary Slip
- Income tax returns or Form 16 for past 3 years
- Last 6 months bank statements of main bank account.
Property
Documents
- Original title deeds of the property offered for mortgage
- Paid receipt of latest maintenance, water tax, municipal tax and any such taxes.
- Non encumbrance letter from co-op society
- Permission to create Equitable Mortgage from society
For Switching your Home Loan, the documents needed will be Current Bank Documents & Bank Statement.
Baroda home loan is Bank of Baroda’s standard term product offering home loan for maximum term of 30 years. The product currently offers loans at floating rate of interest.
BARODA HOME LOAN ADVANTAGE
With this product, you can reduce the cost of interest on your home loan by parking any available funds in the advantage savings account. The savings account itself is a zero interest account.
A. Yes, you can avail a Home Loan from Bank of Baroda, if your age is more than 21 years and you are salaried or self employed, with a regular income.
Q. How much does Bank of Baroda lend?A. Bank of Baroda would follow its own procedure to assess loan eligibility. Loan amount is determined on the basis of your repaying capacity, age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc. The loan value could go up to 85% of the property value.
Q. What is the period I can get loan for?A. Bank of Baroda offers a maximum term of 25 years. However, this is subject to maximum age of 65 years.
Q. What is the collateral for a house loan ?A. The security/collateral for a house loan is mortgage of the property to be financed. You may also be required to furnish a guarantor of sound financial standing.
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