BANK OF BARODA HOME LOAN

Experience happiness like never before with home loans starting at just 8.40%!

Are you dreaming of owning your dream home? Choose a Bank of Baroda Home Loan and turn your aspirations into reality. Our home loans are designed with exclusive features and benefits to meet the diverse needs of aspiring homeowners. Whether you want to buy a plot, purchase a flat, construct your own house, or extend your existing residence, our housing loan has you covered. Use the Bank of Baroda Home Loan Calculator to explore interest rates and more!

Apply Now

OFFERS

  • BOI starting at 8.40% p.a.
  • Max savings under Baroda Max Savings Home Loan.
  • 0.05% concession for women borrowers.
  • 0.10% concession for Gen Z and Millennials (under 40 years).
  • Interest is calculated on a daily reducing balance.
  • Nil processing fee.
  • Easy loan takeover without income documents.

BARODA HOME LOAN : BENEFITS

  • Competitive interest rates
  • Minimal processing fees
  • Higher loan eligibility
  • Complimentary credit card
  • Extended repayment tenures
  • Convenient top-up loan options
Apply Now

BARODA HOME LOAN : FEATURES

  • Home loan products tailored to customer needs
  • Loan amount based on location and income
  • Competitive interest rates
  • Low Processing Fee
  • Transparent terms with no hidden charges
  • No penalty for prepayment
  • BRLLR-linked interest rates with monthly resets
  • Daily reducing balance for interest calculation
  • Repayment tenure up to 30 years
  • The moratorium period is up to 36 months
  • Generally, constructed or purchased properties are accepted as collateral for home loans. In certain cases, other forms of collateral, such as insurance policies, government promissory notes, shares, debentures, gold ornaments, or additional properties, may also be considered.

BARODA HOME LOAN : ELIGIBILITY

  • Resident Indians
  • Non-Resident Indians (NRIs) with an Indian passport
  • Persons of Indian Origin (PIOs) with a foreign passport
  • Overseas Citizens of India (OCI)

AGE REQUIREMENTS:

  • Applicant:- 21 Years
  • Co-applicant:- 18 Years
  • Maximum Age: 70 years
  • Loan Tenure: up to 30 years.

LOAN DETAILS

  • Loan Tenure: Up to 30 years
  • Mumbai : Rs. 20 Crores
  • Hyderabad, New Delhi (including National Capital Region) and Bengaluru: Rs.7.50 Crore
  • Other Metros : Rs. 5.00 Crores
  • Urban Areas : Rs. 3.00 Crores
  • Semi-urban and Rural : Rs. 1.00 Crores
  • Chandigarh, Panchkula & Mohali:- Rs. 5 Crores

Baroda Home Loan : Interest rates & charges

Floating Rate:

Product Conditions Repo Rate + Spread Effective Rate of Interest
Baroda Home Loan to Non-Staff members
For Salaried*
BRLLR – 0.75% to BRLLR + 1.45%
From 8.40% to 10.60%
For Non-Salaried*
BRLLR – 0.75% to BRLLR + 1.45%
From 8.40% to 10.60%

Note:

  • The rate of interest is determined based on the loan amount and the applicant(s)' CIBIL score.
  • A risk premium of 0.05% will be applied to customers who do not opt for credit insurance coverage.

Fixed Rate:

Product Conditions Repo Rate + Spread Effective Rate of Interest
Baroda Home Loan to Non-Staff members
For Salaried*
BRLLR+1.00% to BRLLR + 2.35%
From 10.15% to 11.50%
For Non-Salaried*
BRLLR+1.10% to BRLLR+2.45%
From 10.25% to 11.60%

PROCESSING CHARGES

  • Rate of Interest is dependent upon Loan limit and CIBIL Score of the applicant/s.
  • For Home Loan in approved projects (Digital or Non-digital): 100% waiver in Processing charges, subject to recovery of out-of-pocket expenses of ₹3,500.00 + GST (Per Property).
  • Under Home Loan Scheme for Central/State Govt/PSUs employees – for non-DSA (including leads generated by DST) – NIL, subject to Login Fee of Rs.1,500/- which is to be refunded on first disbursement.
  • For Other Home Loan lead sourced through Non-Digital Channel: 100% waiver in Processing charges, subject to recovery of out-of-pocket expenses of ₹10,000.00 + GST (Per Property)
  • For Home Loan leads sourced through Digital Channel: 100% waiver in Processing charges, subject to recovery of out-of-pocket expenses of ₹5,000.00 + GST (Per Property) to ₹8,500.00 + GST (conditions apply)

Baroda Home Loan : Most Important Terms and Conditions (MITC)

Target Group

  • Resident Indians
  • Non-resident Indians (NRIs) holding an Indian passport or Persons of Indian origin (PIOs) holding a foreign passport or overseas citizens of India (OCI).
  • Staff members (availing under public scheme)
  • Staff members (availing under public scheme)

Eligibility of Borrower(s)

  • Individuals - singly or jointly.
  • HUFs are not eligible.
Apply Now
Resident Indian
Applicant/co-applicant(s), whose income is considered for eligibility, should be employed/engaged in business/profession for a minimum period of 1 year (for salaried) and/or 2 years (for non-salaried).
Break in service, if any, can be allowed up to a maximum period of 3 months

NRI/PIO/OCI

  • Applicant/co-applicant(s), whose income is considered for eligibility, should be having a regular job abroad in a reputed Indian/foreign company, organisation or government department holding a valid job contract/work permit for the minimum past 2 years.
    OR
    Should be employed/self-employed or having a business unit and staying abroad at least for 2 years.
  • Applicant/co-applicant(s), whose income is considered for eligibility, should have minimum gross annual income equivalent to Rs. 5 lakhs per annum. If the applicant/co-applicant(s), whose income is considered for eligibility includes NRI, a minimum Gross Annual Income of Rs. 5 lakhs (income of applicant/co-applicant together) can be considered for this criteria.
A citizen of any country other than Bangladesh/Pakistan/Sri Lanka/Afghanistan/China/Iran/Nepal/Bhutan if –
  • He at any time held Indian passport or
  • He or either of his parents or any of his grandparents was a citizen of India by virtue of the constitution of India of the Citizenship Act 1955,
    or
    The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) above.
  • A person registered as Overseas Citizen of India (OCI) under section 7 A of the Citizenship Act, 1955.
  • As per the guidelines, an Overseas Citizens of India (OCI) has to be necessarily a Person of India Origin (PIO).
  • A foreign national, who was eligible to become citizen of India on 26/ 01/ 1950 or was a citizen of India on or at any time after 26/ 01/ 1950 or belonged to a territory that became part of India after 15/08/1947, and his/her children and grandchildren, provided his/her country of citizenship allows dual citizenship in some form or other under the local laws, is eligible for registration as Overseas Citizen of India (OCI). Minor children of this person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh, he/she will not be eligible for OCI.

Co-Applicants

  • The close relatives of the applicant can be added as a co-applicant for higher eligibility.
  • If the applicant wants to add any person who is not a close relative as a co-applicant, the same can be considered only if he/she is the joint owner of property.
List of Close Relatives
Spouse, father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including step brother/sister), brother’s wife, sister (including step sister) of spouse, sister’s husband, brother (including step brother) of spouse.

Maximum Loan amount

  • Mumbai : Rs. 20 Crores
  • Hyderabad, New Delhi and Bengaluru : Rs. 7.50 Crores
  • Other Metros : Rs. 5.00 Crores
  • Urban Areas : Rs. 3.00 Crores
  • Semi-urban and Rural : Rs. 1.00 Crores
  • Chandigarh, Panchkula & Mohali:- Rs. 5 Crores
Repayment Period
  • Maximum period of loans shall be 30 years initially, including the maximum moratorium period of 36 months.
  • Maximum moratorium period shall be 36 months as under.
  • 18 month moratorium period for under construction houses and buildings up to 7th floor and thereafter 6 months additional moratorium per floor subject to a maximum moratorium of 36 months.

Repayment Capacity

Total deductions including proposed EMI should not exceed as follows –

Salaried Persons

  • Net Monthly income less than Rs.25,000: 40%
  • Net monthly income Rs.25,000 and above but less than Rs.50,000: 60%
  • Net monthly income Rs.50,000 and above but less than Rs.1.00 lakhs: 65%
  • Net monthly income Rs.1.00 lakhs and above but less than Rs.2.00 lakhs: 70%
  • Net monthly income Rs.2.00 lakhs and above: 75%

Others

  • Average Net Annual Income (for last 2 years) up to Rs.6 lakhs: 70%
  • Average Net Annual Income (for last 2 years) more than Rs.6 lakhs: 80%

Margin Norms & Loan to Value (LTV) Ratio

Loan Amount Margin Margin
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%
Apply Now
Age
  • Minimum: Borrower - 21 years, Co-applicant - 18 years
  • Maximum: Maximum age can be considered up to 70 years*

Security aximum Loan amount

  • Mortgage of the property constructed/purchased or
  • If mortgage is not feasible, the Bank at its discretion can accept security in the form of insurance policies, government promissory notes, shares and debentures, gold ornaments, etc.

Repayment

  • Maximum period of loans shall be 30 years initially, including the maximum moratorium period of 36 months.
  • Maximum moratorium period shall be 36 months as under
  • 18 month moratorium period for under construction houses and buildings up to 7th floor and thereafter 6 months additional moratorium per floor subject to a maximum moratorium of 36 months.
  • Loan to be repaid in Equated Monthly Instalments (EMI)
  • In case of farmers/agriculturists, repayment can be allowed in Half Yearly Instalments coinciding with harvesting/marketing of major crops produced.
  • Recovery of interest for the moratorium period Interest charged during the moratorium period is to be recovered as and when debited.

Pre-Closure Charges

  • Nil

Group Credit Life Insurance Cover

Bank of Baroda has tie-up arrangements with M/s. IndiaFirst Life Insurance Co. for providing Life Insurance Cover to our Home Loan borrowers. This is an optional scheme of Life Insurance and is at the cost of borrower which may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the Loan.
The salient Features of the Group Credit Life Policy offered by M/s. IndiaFirst Life Insurance Co. as under:
  • It is an optional scheme for the benefit of Home Loan borrowers and the borrower will be given an option by the branches to choose the insurance provider between IndiaFirst Life Insurance as per his choice.
  • It is a group insurance scheme, which protects against unforeseen consequences of the death of a borrower.
  • Family of the borrower is not required to repay the loan to the extent of the claimed settled amount, in case of death of the borrower.
  • Outstanding cover amount due, will be paid by the insurance provider as per cover schedule.
  • Slippage of the account into the NPA category due to death of the borrower can be avoided.
  • Life cover is available against payment of one time premium and the amount of premium is based on the age of the borrower, amount of loan, interest rate and tenure of the loan.
  • Premium amount for obtaining the cover can be financed as part of loan at the request of the borrower and accordingly EMI will be calculated. But in case of Home Loans, guidelines regarding compliance of LTV Ratio must be strictly ensured.
  • Premium amount may be part of the loan as per total eligibility of the borrower may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the loan.
  • In case of foreclosure of loan, a certain portion of premium paid shall be refunded by the insurance provider.

BARODA MAX SAVINGS HOME LOAN

Bank of Baroda offers the Baroda Max Savings Home Loan, linking the sanctioned loan with a savings account for added benefits. Daily credit in the linked savings account reduces the interest on the home loan. Borrowers can deposit savings into the account to maximize interest savings and repay EMIs through the same account.

Benefits

  • Automatic EMI recovery.
  • Interest savings.
  • Utilization of idle funds.
  • Linked savings account with zero RoI.
  • Lower effective interest.
  • Optional life insurance.

Features

  • A Home Loan is linked to a Savings Bank Account with zero interest.
  • Daily credit balance in the savings account offsets the loan principal, reducing interest.
  • Savings deposited in the account provide maximum interest benefits on the loan.

Eligibility

  • Resident Indians, NRIs (Indian passport), PIOs (foreign passport), and OCIs.

Purpose

  • Purchase/construction of a house or flat.
  • Purchase of residential plots and construction of a house.
  • Takeover of loans from other financial institutions.
  • Extension or additional construction of an existing house.
  • Reimbursement for house/flat construction expenses from own funds.

Interest rates & charges

Floating Rate:

Product

Conditions

Repo Rate + Spread

Effective Rate of Interest

Baroda Max Savings Home Loan – Up to ₹75 Lakhs

Salaried

BRLLR – 0.75% to BRLLR + 1.45%

From 8.40% to 10.60%

Non-Salaried

BRLLR – 0.75% to BRLLR + 1.45%

From 8.40% to 10.60%

Baroda Max Savings Home Loan – Up to ₹75 Lakhs

Salaried

BRLLR – 0.50% to BRLLR + 1.70%

From 8.65% to 10.85%

Non-Salaried

BRLLR – 0.50% to BRLLR + 1.70%

From 8.65% to 10.85%

Note:

  • Interest Rate: The rate of interest varies based on the loan amount and the applicant’s CIBIL score.
  • Risk Premium: A risk premium of 0.05% will be applied for customers who opt not to obtain credit insurance cover.

Fixed Rate:

Product

Conditions

Repo Rate + Spread

Effective Rate of Interest

Baroda Max Savings Home Loan – Upto Rs.75 lakhs

Salaried

BRLLR+1.00% to BRLLR + 2.35%

From 10.15% to 11.50%

Non-Salaried

BRLLR+1.10% to BRLLR+2.45%

From 10.25% to 11.60%

Baroda Max Savings Home Loan – Above Rs.75 lakhs

For Salaried

BRLLR+1.25% to BRLLR + 2.60%

From 10.40% to 11.75%

Non-Salaried

BRLLR+1.35% to BRLLR+2.70%

From 10.50% to 11.85%

 

Processing Charges

  • Takeover Leads (Non-DSA): No processing fee; ₹1,500 login fee refunded on first disbursement.
  • Home Loan in Approved Projects: Full waiver of processing charges; out-of-pocket expenses of ₹3,500 + GST per property apply.
  • Govt/PSU Employees (Non-DSA): No processing fee; ₹1,500 login fee refunded on first disbursement.
  • Other Non-Digital Leads: Full waiver of processing charges; out-of-pocket expenses of ₹10,000 + GST per property.
  • Digital Leads: Full waiver of processing charges; out-of-pocket expenses of ₹5,000 to ₹8,500 + GST per property (conditions apply).

 

Baroda Max Savings Home Loan : Most Important Terms and Conditions (MITC)

Target Audience

  • Resident Indians
  • Non-resident Indians (NRIs) with an Indian passport, Persons of Indian Origin (PIOs) with a foreign passport, or Overseas Citizens of India (OCI).
  • Staff members (eligible under the public scheme)

Eligibility of Borrower(s)

  • Eligible as individuals, either singly or jointly.
  • Hindu Undivided Families (HUFs) are not eligible.

For Resident Indians:

  • Applicants or co-applicants, whose income is considered for loan eligibility, should be employed or engaged in business or profession. A minimum employment period of 1 year is required for salaried individuals and 2 years for those who are non-salaried.
  • A service break of up to 3 months is permissible.

For NRIs/PIOs/OCIs:

  • Applicants or co-applicants, considered for loan eligibility, must be employed in a reputable Indian or foreign company, organization, or government department abroad with a valid job contract or work permit for a minimum of 2 years.
  • Alternatively, they should have been self-employed or running a business while residing abroad for at least 2 years.
  • The minimum gross annual income considered for loan eligibility should be equivalent to Rs. 5 lakhs. If NRIs are involved, the combined income of the applicant and co-applicant(s) should meet the minimum of Rs. 5 lakhs annually to qualify.

Person of Indian Origin (PIO) Definition

  • A PIO is defined as an individual who is a citizen of any country except Bangladesh, Pakistan, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan and meets one of the following criteria:
    • Has held an Indian passport at any time.
    • Is the child or grandchild of a person who was a citizen of India by virtue of the Constitution of India or the Citizenship Act of 1955.
    • Is the spouse of an Indian citizen or of a person meeting the criteria above.

Overseas Citizens of India (OCI) Definition

  • An OCI is a person registered under section 7A of the Citizenship Act, 1955.
  • It is mandatory for an OCI to be a PIO.
  • A foreign national who was eligible for Indian citizenship on January 26, 1950, or was an Indian citizen on or after this date, or belonged to a territory that became part of India post-August 15, 1947, along with their descendants, is eligible for OCI registration, provided their country of citizenship permits dual citizenship in some form under local laws. Minor children of such persons are also eligible for OCI. However, former citizens of Pakistan or Bangladesh are excluded from OCI eligibility.

Co-Applicants

  • Close relatives of the applicant may be included as co-applicants to enhance eligibility.
  • Non-relatives can only be included as co-applicants if they are joint property owners with the applicant.

List of Close Relatives

  • Includes spouses, parents (including step-parents), children (including step-children), children’s spouses, siblings (including step-siblings), and their spouses. This also extends to the siblings (including step-siblings) and their spouses.

Maximum Loan Limits

  • Mumbai: Up to Rs. 20 Crores
  • Other Metros: Up to Rs. 5.00 Crores
  • Hyderabad, New Delhi, and Bengaluru: Up to Rs. 7.50 Crores
  • Urban Areas: Up to Rs. 3.00 Crores
  • Semi-urban and Rural Areas: Up to Rs. 1.00 Crores
  • Tri-City Area in Chandigarh Region (Chandigarh, Panchkula, & Mohali): Up to Rs. 5.00 Crores
    • Note: Limits are subject to the income and repayment capacity of the applicant/co-applicant(s) and adherence to LTV/Margin norms.

Repayment Period

  • The maximum loan duration is 30 years, inclusive of a maximum moratorium period of 36 months.
  • Moratorium details:
    • 18-month moratorium for buildings under construction up to the 7th floor.
    • An additional 6-month moratorium per floor beyond the 7th floor, capped at a total of 36 months.

Repayment Capacity:

  • Salaried Persons:
    • Net Monthly Income < Rs. 25,000: Maximum of 40% of income for EMI
    • Net Monthly Income between Rs. 25,000 and Rs. 50,000: Maximum of 60%
    • Net Monthly Income between Rs. 50,000 and Rs. 1.00 lakh: Maximum of 65%
    • Net Monthly Income between Rs. 1.00 lakh and Rs. 2.00 lakhs: Maximum of 70%
    • Net Monthly Income > Rs. 2.00 lakhs: Maximum of 75%
  • Others:
    • Average Net Annual Income up to Rs. 6 lakhs (over last 2 years): Maximum of 70%
    • Average Net Annual Income > Rs. 6 lakhs: Maximum of 80%

Age Requirements

  • Minimum Age: Borrower – 21 years, Co-applicant – 18 years
  • Maximum Age: Consideration up to 70 years*

Security for Loan

  • Primary security through mortgage of the property being purchased or constructed.
  • If mortgage is not feasible, the Bank may, at its discretion, accept alternative forms of security such as insurance policies, government promissory notes, shares and debentures, or gold ornaments.

Repayment Terms

  • Loan Duration: Up to 30 years, inclusive of a maximum moratorium period of 36 months.
  • Moratorium Details:
    • 18-month moratorium for properties under construction up to the 7th floor.
    • Additional 6-month moratorium per floor beyond the 7th floor, capped at 36 months.
  • Repayment Method: Equated Monthly Installments (EMI).
  • For farmers/agriculturists, repayment may be aligned with the harvest/marketing periods of major crops, allowing for Half Yearly Installments.
  • Interest Recovery During Moratorium: Interest accrued during the moratorium period will be recovered as it is debited.

Pre-Closure Charges

  • None

Group Credit Life Insurance Coverage

Bank of Baroda collaborates with IndiaFirst Life Insurance Co. to offer optional Life Insurance coverage to our Home Loan borrowers. This insurance, though optional, involves costs that the borrower bears, which the Bank may finance at the time of loan sanction. The cost is then recoverable through the loan’s EMIs.

Key Features of the Group Credit Life Policy by IndiaFirst Life Insurance Co.

  • Choice of Insurance Provider: Home Loan borrowers are given the option to select their insurance provider, with IndiaFirst Life Insurance available as a choice.
  • Protection: This group insurance scheme protects against the financial impact of the borrower’s unforeseen death. In such cases, the borrower’s family is relieved from repaying the loan amount up to the settled claim.
  • Claim Settlement: Should the borrower pass away, the outstanding loan amount covered will be settled by the insurance provider according to the coverage schedule.
  • Prevention of Loan Default: The insurance helps prevent the loan account from slipping into the Non-Performing Asset (NPA) category upon the death of the borrower.
  • One-Time Premium: The life cover requires a one-time premium payment, which is determined based on the borrower’s age, loan amount, interest rate, and loan tenure.
  • Financing the Premium: The premium can be financed as part of the loan upon the borrower’s request, with subsequent EMI adjustments. Compliance with Loan-to-Value (LTV) Ratio guidelines is mandatory for home loans.
  • Premium Refund: In case the loan is foreclosed, a portion of the paid premium may be refunded by the insurance provider.

Note: The Bank may engage agents for the sales and marketing of this insurance product.

Apply Now

BARODA HOME LOAN TAKEOVER SCHEME

Interest rates & charges

Floating Rate:

Product

Conditions

Repo Rate + Spread

Effective Rate of Interest

Baroda Home Loan to Non-Staff members

Salaried

BRLLR – 0.75% to BRLLR + 1.45%

From 8.40% to 10.60%

For Non-Salaried*

BRLLR – 0.75% to BRLLR + 1.45%

From 8.40% to 10.60%

Note:

  • The rate of interest is determined based on the loan amount and the applicant(s)’ CIBIL score.
  • A risk premium of 0.05% will be applied to customers who do not opt for credit insurance coverage.

 

Fixed Rate:

Product

Conditions

Repo Rate + Spread

Effective Rate of Interest

Baroda Home Loan to Non-Staff members

Salaried

BRLLR+1.00% to BRLLR + 2.35%

From 10.15% to 11.50%

Non-Salaried

BRLLR+1.10% to BRLLR+2.45%

From 10.25% to 11.60%

 

Processing Charges

  • For Takeover Leads (Non-DSA, Digital or Non-Digital):  NIL, with a login fee of ₹1,500, refundable upon first disbursement.
  • For Home Loans in Approved Projects (Digital or Non-Digital): 100% waiver, subject to recovery of out-of-pocket expenses of ₹3,500 + GST per property.
  • For Home Loan Scheme for Central/State Govt/PSU Employees (Non-DSA, including DST-generated leads): NIL, with a login fee of ₹1,500, refundable upon first disbursement.
  • For Other Home Loan Leads Sourced Through Non-Digital Channels: 100% waiver, subject to recovery of out-of-pocket expenses of ₹10,000 + GST per property.
  • For Home Loan Leads Sourced Through Digital Channels: 100% waiver, subject to recovery of out-of-pocket expenses ranging from ₹5,000 + GST to ₹8,500 + GST (conditions apply).

HOME IMPROVEMENT LOAN

Upgrade your home with Bank of Baroda’s Home Improvement Loan, designed to make renovations and repairs affordable and hassle-free. Use the funds to renovate, repair, or upgrade your home, including purchasing new furniture, fittings, and electronics.

Benefits

  • Flexibility to use funds.
  • Competitive interest rates.
  • Insurance cover for your home.
  • Easy application process.
  • Minimal documentation.

Features

  • Who Can Apply: Resident and non-resident individuals, salaried or self-employed, are eligible for the loan. HUFs are not eligible.
  • Loan Amount: Borrow up to ₹50 lakhs, subject to eligibility criteria.
  • Moratorium Period: Enjoy a 6-month EMI holiday, during which no payments are required. The loan tenure, including the moratorium, is up to 15 years.
  • Floating Interest Rates: The loan comes with a floating interest rate linked to the Baroda Repo Linked Lending Rate (BRLLR), reset monthly.
  • House Insurance: The property mortgaged with the bank must be insured, following the same guidelines as the Home Loan scheme.

Eligibility

  • Resident Indians.
  • NRIs (Indian passports), PIOs (foreign passports), and OCIs.

Purpose

  • Repairs, renovations, or improvements to an existing house/flat.
  • Purchase of furniture, fixtures, or gadgets like fans, geysers, air conditioners, water filters, and more.

Interest rates & charges

Product

Conditions

Repo Rate + Spread

Effective Rate of Interest

Baroda Home Improvement Loan to Non-Staff members

Salaried

BRLLR – 0.75% to BRLLR + 1.45%

From 8.40% to 10.60%

Non-Salaried

BRLLR – 0.75% to BRLLR + 1.45%

From 8.40% to 10.60%

 

Note:

  • The interest rate depends on the loan amount and the applicant’s CIBIL score.
  • A risk Premium of 0.05% will be levied for customers not obtaining credit insurance cover

Home Improvement Loan: Most Important Terms and Conditions (MITC)

Target Group:

  • Resident Indians.
  • NRIs (Indian passports), PIOs (foreign passports), and OCIs.
  • Staff members under the public scheme.

Eligibility:

  • Individuals can apply singly or jointly (HUFs are not eligible).
  • Resident Indians: Minimum 1 year of employment (salaried) or 2 years in business/profession (non-salaried). Breaks in service for up to 3 months are allowed.

NRI/PIO/OCI:

  • Must have been employed/self-employed abroad for at least 2 years.
  • Minimum gross annual income of ₹5 lakhs (combined for applicant/co-applicant, if applicable).

PIO Definition:
A foreign citizen (excluding Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, and Bhutan) who:

  • Held an Indian passport, or
  • Has parents/grandparents who were Indian citizens, or
  • Is a spouse of an Indian citizen or PIO.

OCI Definition:

  • Registered as OCI under Section 7A of the Citizenship Act, 1955.
  • Must qualify as a PIO.
  • Includes descendants of eligible foreign nationals from specific timelines, except former citizens of Pakistan or Bangladesh.

Co-Applicants:

  • Close relatives can be added to increase eligibility. Non-relatives can only be added if they are joint property owners.

Close Relatives: Spouse, parents (including step-parents), children (including stepchildren), siblings (including step-siblings), in-laws, and spouses of siblings or children.

Loan Amount:

  • Up to ₹50 lakhs, subject to eligibility, income, repayment capacity, and LTV/margin norms.

Repayment Period:

  • Maximum tenure: 15 years, including a 6-month moratorium period.

Repayment Capacity:

  • Salaried:
    • Income < ₹25,000: 40% deductions.
    • ₹25,000–₹49,999: 60%.
    • ₹50,000–₹99,999: 65%.
    • ₹1 lakh–₹1.99 lakh: 70%.
    • ₹2 lakh and above: 75%.
  • Others:
    • Annual income ≤ ₹6 lakhs: 70% deductions.
    • Annual income > ₹6 lakhs: 80%.
Margin Norms & Loan to Value (LTV) Ratio

25 % of Project Cost which includes:-

  •     estimated cost of repairing / renovation
  •     cost of furniture / fixture / furnishing / other gadgets
Age
  •     Minimum: Borrower – 21 years, Co-applicant – 18 years
  •     Maximum: Maximum age can be considered up to 70 years*
Security
  •     Mortgage of the property constructed/purchased or
  •     If mortgage is not feasible, the Bank at its discretion can accept security in the form of insurance policies, government promissory notes, shares and debentures, gold ornaments, etc.
Repayment
  •     Maximum period of loans shall be 15 years initially, including the maximum moratorium period of 6 months.
  •     Loan to be repaid in Equated Monthly Instalments (EMI)
  •     Recovery of interest for the moratorium period Interest charged during the moratorium period is to be recovered as and when debited.
Pre-Closure Charges

Nil

Group Credit Life Insurance Cover

Bank of Baroda offers an optional Life Insurance Cover in partnership with IndiaFirst Life Insurance Co. for our Home Loan borrowers. The cost of this insurance can be financed by the bank at the time of loan sanction and is recoverable through the loan’s EMIs.

Key Features of the Group Credit Life Policy offered by IndiaFirst Life Insurance Co.:

  • Optional Coverage: Home Loan borrowers have the flexibility to choose IndiaFirst Life Insurance as their provider if they opt for insurance coverage.
  • Group Insurance Scheme: This scheme provides financial protection against the unexpected death of the borrower.
  • Financial Relief for Families: In the event of the borrower’s death, their family is not required to repay the loan up to the amount covered by the insurance claim.
  • Coverage Payment: The insurance provider will pay the outstanding coverage amount as per the scheduled terms.
  • Preventing Loan Default: The insurance helps prevent the loan from falling into the Non-Performing Asset (NPA) category following the borrower’s death.
  • One-Time Premium: Coverage is available against a one-time premium payment, calculated based on the borrower’s age, loan amount, interest rate, and loan tenure.
  • Financing the Premium: Borrowers can choose to finance the premium as part of the loan amount, with EMIs adjusted accordingly. Compliance with Loan-to-Value (LTV) Ratio guidelines is essential.
  • Premium Recovery: If the loan is foreclosed, a portion of the premium paid may be refunded by the insurance provider.

 

These features ensure that borrowers can secure their family’s financial future while managing their home loan commitments effectively.

Apply Now

BARODA PRE-APPROVED HOME LOAN

The Baroda Pre-Approved Home Loan offers an in-principle approval for a home loan even before the applicant has identified a specific house, flat, or plot.

Benefits

  • Assured Loan Amount: Know the eligible loan amount upfront.
  • Enhanced Negotiating Power: Bargain better with property sellers knowing your financial backing.
  • Increased Flexibility: Enjoy the freedom to choose a property without the immediate financial constraint.
  • Loan Validity: The pre-approval is valid for 4 months.

Features

  • Pre-Approval Letter: This letter indicates the loan amount you qualify for, based on current interest rates and home loan guidelines.
  • Loan Eligibility: Assessed based on the income details of the customer according to the existing home loan guidelines applicable to resident individuals, NRI/PIO/OIC, or the Baroda Home Loan Advantage Scheme.
  • Documentation: Applicants must submit documents related to income and repayment capacity (property documents are not required for the pre-approval).
  • Processing Charges: A fee of Rs. 8,500 plus service tax is required upfront and is non-refundable. Any additional processing charges applicable to the home loan will be collected after the loan sanction.
  • Property Document Submission: Required within the 4-month validity period from the date of the pre-approved loan issue. If documents are submitted within this timeframe, any remaining processing charges will only be levied upon the actual sanction of the home loan.

Eligibility

  • Resident Indians
  • Non-Resident Indians (NRIs) holding an Indian passport
  • Persons of Indian Origin (PIOs) holding a foreign passport
  • Overseas Citizens of India (OCI)

Baroda Pre-Approved Home Loan: Most Important Terms and Conditions (MITC)

  • The Baroda Pre-Approved Home Loan offers an in-principle approval for a home loan before the borrower selects a specific house, flat, or plot.
  • Loan Eligibility: Determined based on the income details and CIBIL scores of the customer, according to the current home loan guidelines applicable to Resident Individuals, NRI, PIO, OCI, or the Baroda Home Loan Advantage Scheme.
  • Validity of In-Principle Approval: 4 months from the date of issue.
  • Submission of Property Papers: Applicants must submit the required property documents within the 4-month validity period of the pre-approved loan.
  • Loan Sanction and Disbursal: The bank is not obligated to sanction or disburse the loan; final approval and disbursal depend on the valuation and acceptability of the proposed security.

BARODA HOME SUVIDHA PERSONAL LOAN

The Baroda Home Suvidha Personal Loan is designed to finance the various additional costs associated with buying a home. These costs can include insurance premiums, registration fees, stamp duty, Goods and Service Tax (GST), and club membership fees.

Benefit

  • Tailored for Home Loan borrowers to cover miscellaneous expenses related to home purchases such as insurances, GST, club membership fees, etc.

Features 

Purpose:

  • Category A:

    • Premiums for Group Credit Life Insurance (offered by M/s India First Life Insurance Company Limited or other affiliated insurers).
    • Premiums for Group Credit Health Insurance (offered by Max Bupa Health Insurance Co. Ltd./Tata AIG General Insurance Co. or other affiliated insurers).
    • Property insurance premiums (from Tata AIG General Insurance Co. Ltd., Cholamandalam MS General Insurance Company, National Insurance Company Limited, or other affiliated insurers).
  • Category B:

    • Costs related to stamp duty and registration charges at the time of purchasing residential property.
    • Applicable Goods and Service Tax (GST).
    • Club membership fees at the time of house purchase.

Reimbursement

  • Reimbursement is permissible only within 12 months from the date of payment for the costs listed above, with the end use of funds being verified for all expenses.

Margin

  • Category A:
    • No margin required; applicants can avail 100% financing for Category A expenses.
  • Category B:
    • A 25% margin is required on eligible costs, meaning applicants can finance up to 75% of Category B expenses.

Repayment Period

  • For New or Takeover of Linked Home Loans: The maximum repayment period should align with the terms applicable to the home loan sanctioned or proposed to the borrower.
  • For Existing Linked Home Loans: The maximum repayment period permitted will be the remaining duration of the existing home loan that the borrower has.

Eligibility

  • Prospective borrowers applying for Baroda Home Loans, including those involved in a takeover.
  • Current borrowers who are already part of the Baroda Home Loan Scheme.

Interest rates & charges

Product

Repo Rate + Spread

Effective Rate of Interest

Baroda Home Suvidha Personal Loan

Applicable ROI on Home Loan including Risk premium (if applicable) (based on current BRLLR) + Strategic Premium + 0.50%

–

 

Baroda Home Suvidha Personal Loan: Most Important Terms and Conditions (MITC)

  • Repayment of this loan will commence with EMI from the month following disbursement; no moratorium period is permitted.
  • The loan is co-terminus; meaning, if the associated Home Loan is closed, the Baroda Home Suvidha Personal Loan must also be settled simultaneously.

Note: The bank may engage agents for the sales and marketing of this product.

Apply Now

CREDIT RISK GUARANTEE FUND SCHEME FOR LOW INCOME HOUSING

Under this scheme, the Credit Risk Guarantee Fund Trust provides a credit risk guarantee to lending institutions. This guarantee supports housing loans up to Rs. 5 lakhs extended to borrowers in the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories in urban areas. These loans are issued without the need for collateral security or third-party guarantees.

Benefits: Launched by the Ministry of Housing and Urban Poverty Alleviation, Government of India, on October 31, 2012, the Credit Risk Guarantee Fund Scheme for Low-Income Housing (CRGFS) aims to facilitate housing loans for low-income sectors. The scheme is managed by the National Housing Bank and enhances access to housing finance for low-income earners by providing guarantees on their loans.

Features

  • Loan Coverage: The trust covers housing loans up to Rs. 8 lakhs, sanctioned to eligible new borrowers in the low-income housing sector in urban areas, without requiring collateral security or third-party guarantees.
  • Housing Unit Eligibility: Loans are applicable for housing units up to 430 sq ft (40 sq m) carpet area.
  • Borrower Eligibility: Loans are targeted at individuals or groups forming a housing society with at least 20 members. Eligible borrowers include those in the EWS, with household incomes up to Rs. 1,00,000 per annum, and those in the LIG, with incomes between Rs. 1,00,001 and Rs. 2,00,000 per annum, subject to revisions by the Ministry of Housing & Urban Poverty Alleviation.
  • Eligible Activities: The scheme covers activities such as home improvement, construction, acquisition, and purchase of new or second-hand dwelling units, with the loan amount not exceeding Rs. 8 lakh per individual.
  • Duration of Guarantee: The guarantee cover starts from the date of the guarantee and lasts throughout the agreed tenure of the housing loan, for up to 25 years or until the loan termination date, whichever comes first.

Eligibility

  • Borrower Criteria: This scheme is open to new individual borrowers within the Economically Weaker Section (EWS) or Lower Income Group (LIG) categories. Eligible individuals are those seeking housing loans not exceeding Rs. 8 lakhs (or an amount that may be updated by the Trust) for housing units up to 430 sq. ft. (40 sq. m) carpet area. These loans must be provided without any collateral security or third-party guarantee.
  • Group Eligibility: Borrowers who form a group or housing society with at least 20 members also qualify under this scheme.
  • Undertaking Requirement: Eligible borrowers must provide an undertaking to the lending institution confirming that they have not received another housing loan covered under this scheme, nor have they obtained any additional risk cover from the government, general insurers, or any other entity engaged in the business of insurance, guarantee, or indemnity for the housing loan they have availed.

Eligible Activities

  • Activities covered for guarantee include home improvement, construction, acquisition, and the purchase of new or second-hand dwelling units, with the loan amount per individual not exceeding Rs. 8 lakhs. Loans that are wholly or partially for renovation or repairs are not covered under this scheme.

Credit Risk Guarantee Fund Scheme for Low Income Housing : Most Important Terms and Conditions (MITC)

Housing Loans Ineligible for the Scheme Certain housing loans do not qualify for the guarantee under the scheme for the following reasons:

  • Additional Coverage: Loans that are already covered by the government, a general insurer, or any other entity that provides insurance, guarantees, or indemnities.
  • Previous Defaults: Loans granted to borrowers who have previously availed themselves of another guaranteed loan under this or similar schemes and have defaulted, failing to repay any portion of the amount due where the guarantee has been invoked.
  • Secured Loans: Loans that have been secured with collateral or third-party guarantees.
  • Interest Rate Conditions: Loans that carry an interest rate exceeding the normal rate applicable to the eligible loan category or are 2% above the base rate of the lending institution, whichever is lower.

Definitions and Categories

  • Economically Weaker Section (EWS): Households with an annual income up to Rs. 1 lakh, subject to revisions by the Ministry of Housing & Urban Poverty Alleviation, Government of India.
  • Lower Income Group (LIG): Households with an annual income between Rs. 1 lakh and Rs. 2 lakhs, as determined by the Ministry of Housing & Urban Poverty Alleviation, Government of India.

Low Income Housing:

  • A housing unit designated for economically weaker and low-income individuals, with a maximum size of 430 sq.ft. (40 sq.m) carpet area.

Tenure of Guarantee Cover:

  • The guarantee cover starts from the date of guarantee issuance and continues through the agreed loan tenure, up to a maximum of 25 years or until the loan termination date, whichever comes first.

BARODA HOME LOAN TO CORPORATES / NON INDIVIDUALS

Bank of Baroda is offering home loans with competitive interest rates to corporates and non-individual entities. Public Limited Companies, Private Limited Companies, Partnership Firms, and LLPs can secure home loans for purchasing or constructing residential units for their employees, directors, promoters, or partners.

Benefits

  • Competitive low interest rates
  • Reduced processing charges
  • Ability to borrow higher loan amounts
  • Facility to takeover existing loans
  • Option for additional top-up loans

Features

  • Eligibility: Loans are available for the purchase of ready-built houses/flats or for the construction of houses/flats by Public Limited Companies, Private Limited Companies, Partnership Firms, and LLPs for their associated persons.
  • Takeover Facility: Includes the option to take over existing loans from other banks or financial institutions.
  • Location Specific: The product is only available for acquiring residential properties within municipal areas of Metro and Urban Centers.
  • Property Ownership: The property to be acquired will be registered in the name of the company or firm.
  • Exclusions: Companies, firms, or LLPs engaged in real estate business or operating as Non-Banking Financial Companies (NBFCs) are not eligible for this loan product.

Eligibility

Type of Applicant:

  • Public Limited Companies
  • Private Limited Companies
  • Partnership Firms
  • LLPs (Limited Liability Partnerships)

Company Profile Requirements:

  • The company or firm must be incorporated and registered in India for at least 5 years.
  • It should have been actively engaged in business activities for the last 2 years.
  • The company or firm should either be an existing borrower of our bank for a minimum of 6 months or a debit fee company/firm.
  • The CIBIL score of the company or firm must be satisfactory.

Interest Rates & Charges

Unified Processing Charges:

  • 1% of the loan amount sanctioned.
  • The minimum charge is Rs. 8,500.
  • The maximum charge is Rs. 1.50 Lacs.

Prepayment Charges:

  • A 2% penalty on the amount prepaid if the loan is prepaid (partially or fully) within 3 years.
  • No prepayment charges if the loan is prepaid or foreclosed after 3 years.

Interest Rates Based on Rating:

  • Rates range from BRLLR + SP + 0.50% (i.e., 9.90%) to BRLLR + SP + 2.00% (i.e., 11.40%).

Baroda Home Loan to Corporates/Non-Individuals: Most Important Terms and Conditions (MITC)

Target Group

  • Public Limited Companies
  • Private Limited Companies
  • Partnership Firms
  • LLPs (Limited Liability Partnerships)

Loan Limit

  • Minimum: Rs. 100 Lacs

Type of Facility

  • Options include Term Loan and Demand Loan.

Credit Rating Requirements

  • If Externally Rated: Minimum rating of ‘BBB’.
  • If CMR Rating is available: CMR 5 or better.
  • If neither external rating nor CMR is available: CIBIL score of the promoter/directors should be 771 or above.

Margin

  • The Maximum Loan-to-Value (LTV) Ratio should be 75%.

Repayment Period

  • For Loan Takeovers: The maximum repayment period will align with that of the existing lender.
  • For Fresh Loans: Up to 15 years, including any moratorium period.

Security

  • The residential property for which the loan is sought.

Guarantee

  • Personal guarantees are required from all partners of the firm/LLP, promoters, or directors of private or unlisted public limited companies.

Contact Information

  • Toll-Free Numbers (Domestic): 1800 5700, 1800 5000
Apply Now

Frequently Asked Questions

What are the eligibility criteria for a home loan from Bank of Baroda?

Our home loans are available to salaried individuals, self-employed professionals, and businessmen. Eligibility is determined based on age, income, employment status, and credit history. Please refer to our detailed eligibility criteria on the home loan product page or contact our customer service for personalized assistance.

What documents are required to apply for a home loan?

The documents required typically include proof of identity (like PAN card, Aadhaar card), proof of address (such as utility bills, rent agreement), recent salary slips or business income documents, bank statements, and property documents. For a complete list, please visit our documentation section or consult with our home loan advisor.

What is the maximum loan amount I can avail of, and what are the repayment terms?

The maximum loan amount depends on the value of the property and your repayment capacity. Bank of Baroda offers home loans that can cover up to 90% of the property’s cost for qualifying customers. Repayment terms can extend up to 30 years, providing flexibility in managing your financial planning.

How do I calculate the EMI for my home loan?

You can use the EMI calculator available on our website to estimate your monthly payments. Simply enter the loan amount, the interest rate, and the term of the loan to receive an immediate calculation of your approximate EMI.

Are there any special home loan schemes available for women or government employees?

Yes, Bank of Baroda offers special concessions on home loan interest rates for women applicants and government employees. These details are periodically updated on our website under the home loan schemes section, or you can contact our nearest branch for the latest offers.

Home Loan

Home Loan Balance Transfer

Loan Against Property

Personal loan

Office Address

AltF Empire Square – Unit 1, 3rd Floor, JMD Empire Square, Near Sikanderpur Metro, MG Rd, Gurugram, Haryana – 122002.

Additional Information

Customer Care Working Hours:

Monday through Saturday,
10:00 A.M. to 6:30 P.M.

About us: At My Finance care we understand that financial needs vary from person to person, and that’s why we are committed to providing tailored financial solutions for home and personal loans. 

Go to Up

Disclaimer: My Finance care does not sell any loans on our own and do not charge any fee from any customers/viewers. We advise customers/viewers to choose from best offers from Banks and its advertisers. We do not guarantee any loans as loan sanction is as per Banks and Nbfcs. We suggest all users to never pay any upfront amount for any loan disbursal and if any person who call you as representative of MMPL and ask for any amount report the incident immediately via putting us a mail at homeloan@myfinancecare.in

Copyright © 2024. All Rights Reserved. Myfinancecare.in is a Registered Trademark