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.
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.
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
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
Income tax returns or Form 16 for past 3 years
Last 6 months bank statements of main bank account.
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
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.
Q. Can anyone avail home loan from Bank of Baroda?
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.