Bank of Baroda Home Loank

Bank of Baroda is India's 2nd largest public sector bank after State Bank of India. BOB, or Bank of Baroda, has helped thousands of people fulfill their dream of owning a home through its feature-packed home loan schemes. Bank of Baroda home loan starts at an interest rate of 8.60% per annum at a processing fee starting at 0.50%, subject to a minimum of Rs. 8,500 and a maximum of Rs. 25,000. Anyone who meets the eligibility criteria laid by the bank can avail a Bank of Baroda loan, be it an Indian Resident, NRI, OCI, or a PIO. Baroda Home Loan Advantage, Baroda CRE Loan, and Baroda Pre-Approved Home Loans are some of the popular Bank of Baroda housing loan schemes chosen by borrowers, including salaried and non-salaried individuals.

Bank of Baroda Home Loan Interest Rates in 2024

Bank of Baroda home loan interest rate may vary depending on the applicant’s CIBIL Score, employment, loan repayment capability, and other similar factors. Besides, a risk premium of 0.05% is charged by applicants who fail to obtain the required credit insurance cover for the home loan. The table below enlists the current Bank of Baroda home loan interest rate in 2024:

Loan Slab Interest Rate for Home Loan
Repo Rate + Spread (For Salaried) BRLLR: 0.55% - BRLLR + 1.35%
Repo Rate + Spread (For Self-Employed) BRLLR: 0.45% - BRLLR + 1.45%
Rate of Interest (For Salaried) 8.60% - 10.50%
Rate of Interest (For Self-Employed) 8.70% - 10.60%

Bank of Baroda Home Loan Eligibility Criteria

BOB offers home loans to salaried as well as self-employed or non-salaried applicants living in India, NRIs, OCIs, and PIOs. However, every applicant needs to fulfill the pre-defined Bank of Baroda home loan eligibility criteria to get a home loan approved by the bank. The table below enlists the complete BOB home loan eligibility criteria for your reference:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 21 - Retirement 21 - 65 Years
Nationality Indian Resident/ NRIs/ PIOs/OCIs Indian Resident/ NRIs/ PIOs/OCIs
Minimum Income Earned Nothing Specific Nothing Specific

Bank of Baroda Home Loan Processing Fee and Charges

Bank of Baroda home loan processing fee is unified, including charges for processing the documents, document verification, CERSAI, one-time post-inspection charges, etc. Also, note that there are no BOB home loan processing fees for loans below Rs. 5 lakhs.

Charges of Cheque Bounce Rs. 350 per instance
ECS Dishonour Charges 0.50% per annum for the residual period of the loan (Maximum 2%) + Service Tax on the amount outstanding on the date of conversion.
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