Bank of Baroda Home Loan

Highlights

  • Bank of Baroda home loan at interest rate ranging from 8.55% - 9.55%.
  • Calculate monthly installment with Bank of Baroda interest rates October 2018, loan amount and tenure.

About Bank of Baroda Home Loan

A home loan is the longest commitment you make in terms of finances. However, it is still a better option that the burdened rented house. Bank of Baroda is presently offering one of the lowest interest rates on new home loans. The variaerty of schemes offered by the bank with flexible repayment option and low-interest rates make the loan even more demanding. Read this article to know details of Bank of Baroda home loan to analyze whether how can you take a housing loan.

  • Home loan interest rate
  • Processing fee on the loan
  • Home loan schemes
  • Eligibility criteria required for the loan
  • Documents checklist
  • Customer care number
  • Application form details

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    BoB Home Loan Interest Rate October 2018

    ParticularsDetails
    Interest Rate8.55% - 9.55%
    TenureUp to 30 years
    Processing Fee0.25%-0.50% of the loan amount
    Minimum- ₹7,500
    Maximum- ₹20,000
    Foreclosure ChargesNIL

    Details on Margin Loan to Value (LTV) for Home Loans

    Home Loan CategoryLTVMargin
    Upto ₹30,00,00090%10%
    Over ₹30,00,000-75,00,00080%20%
    Over ₹75,00,00075%25%

    LTV indicates the portion of property value that can be financed by a lender to a borrower. Margin, on the other hand, is a percentage of the property value to be paid by a borrower to avail a loan from the lender.

    Maximum Home Loan Amount for Salaried Professionals

    Monthly IncomeExtent of Loan Disbursement
    Upto ₹20,00036 times of monthly salary
    Above ₹20,000-1,00,00048 times of monthly salary
    Over ₹1,00,00054 times of monthly salary

    How to apply for a home loan at Wishfin?

    Wishfin is an online platform that has an expertise in providing affordable housing loans. By applying at Wishfin, you get:

    • Get the lowest rate and instant approval
    • Instant approval
    • Genuine and expert advise from experts

    Bank of Baroda Home Loan Documents List

    ProofsSalariedSelf-employed/Professionals
    Age ProofPassport/PAN Card or Any Other Certificate from Statutory AuthorityPassport, PAN Card or Any Other Certificate from Statutory Authority
    Identity ProofPAN Card/Passport/Voter ID/Driving LicensePAN Card/Passport/Voter ID/Driving License
    Residence ProofPassport/Driving License/Voter ID/Ration Card/Telephone BillPassport/Driving License/Voter ID/Ration Card/Telephone Bill
    Income ProofSalary Slips for Past 3 Months

    Form 16 for Past 2 Years

    Last 6-month Bank Statement
    ITR for Last 2 Years

    CA-certified Profit & Loss Account and Balance Sheet of Last 3 Years

    Advance Tax Challans for Last 3 Years

    1-year Bank Statement (Both Self & Business)
    Processing Fee ChequeApplicableApplicable
    Property DocumentsPhotocopy of Property Title DocumentPhotocopy of Property Title Document

    BoB Housing Loan Eligibility

    ParametersSalaried ProfessionalsSelf-employed
    Age21-60 Years21-70 Years
    IncomeMust be earning reasonably sufficent to pay off the loanMust be earning reasonably sufficent to pay off the loan
    Job/Professional StatusMust have worked for atleast 2-3 yearsRequired to be in the same line of business for 2-3 years

    BoB Home Loan EMI Calculator

    Like the loan amount eligibility, you can also calculate the EMI using an EMI calculator. The calculator takes into account the loan amount availed, the rate of interest and loan tenure to arrive at the sum. Here is an example for your reference.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 35,00,0008.60%1₹ 3,05,431₹ 1,65,176₹ 36,65,176
    ₹ 35,00,0008.60%2₹ 1,59,255₹ 3,22,120₹ 38,22,120
    ₹ 35,00,0008.60%3₹ 1,10,649₹ 4,83,351₹ 39,83,351
    ₹ 35,00,0008.60%4₹ 86,434₹ 6,48,851₹ 41,48,851
    ₹ 35,00,0008.60%5₹ 71,977₹ 8,18,600₹ 43,18,600
    ₹ 35,00,0008.60%6₹ 62,397₹ 9,92,569₹ 44,92,569
    ₹ 35,00,0008.60%7₹ 55,604₹ 11,70,725₹ 46,70,725
    ₹ 35,00,0008.60%8₹ 50,552₹ 13,53,027₹ 48,53,027
    ₹ 35,00,0008.60%9₹ 46,661₹ 15,39,432₹ 50,39,432
    ₹ 35,00,0008.60%10₹ 43,582₹ 17,29,889₹ 52,29,889
    ₹ 35,00,0008.60%11₹ 41,093₹ 19,24,341₹ 54,24,341
    ₹ 35,00,0008.60%12₹ 39,047₹ 21,22,730₹ 56,22,730
    ₹ 35,00,0008.60%13₹ 37,340₹ 23,24,990₹ 58,24,990
    ₹ 35,00,0008.60%14₹ 35,899₹ 25,31,052₹ 60,31,052
    ₹ 35,00,0008.60%15₹ 34,671₹ 27,40,843₹ 62,40,843
    ₹ 35,00,0008.60%16₹ 33,616₹ 29,54,288₹ 64,54,288
    ₹ 35,00,0008.60%17₹ 32,702₹ 31,71,307₹ 66,71,307
    ₹ 35,00,0008.60%18₹ 31,907₹ 33,91,817₹ 68,91,817
    ₹ 35,00,0008.60%19₹ 31,209₹ 36,15,732₹ 71,15,732
    ₹ 35,00,0008.60%20₹ 30,596₹ 38,42,967₹ 73,42,967
    ₹ 35,00,0008.60%21₹ 30,053₹ 40,73,432₹ 75,73,432
    ₹ 35,00,0008.60%22₹ 29,572₹ 43,07,036₹ 78,07,036
    ₹ 35,00,0008.60%23₹ 29,144₹ 45,43,687₹ 80,43,687
    ₹ 35,00,0008.60%24₹ 28,761₹ 47,83,293₹ 82,83,293
    ₹ 35,00,0008.60%25₹ 28,419₹ 50,25,760₹ 85,25,760

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 41,646₹ 2,99,384₹ 34,58,353
    2₹ 45,372₹ 2,95,658₹ 34,12,980
    3₹ 49,432₹ 2,91,598₹ 33,63,548
    4₹ 53,855₹ 2,87,175₹ 33,09,693
    5₹ 58,673₹ 2,82,357₹ 32,51,019
    6₹ 63,923₹ 2,77,107₹ 31,87,095
    7₹ 69,642₹ 2,71,388₹ 31,17,453
    8₹ 75,873₹ 2,65,157₹ 30,41,579
    9₹ 82,662₹ 2,58,368₹ 29,58,916
    10₹ 90,058₹ 2,50,972₹ 28,68,858
    11₹ 98,116₹ 2,42,914₹ 27,70,742
    12₹ 1,06,894₹ 2,34,136₹ 26,63,847
    13₹ 1,16,458₹ 2,24,571₹ 25,47,388
    14₹ 1,26,878₹ 2,14,152₹ 24,20,509
    15₹ 1,38,230₹ 2,02,800₹ 22,82,278
    16₹ 1,50,598₹ 1,90,432₹ 21,31,680
    17₹ 1,64,073₹ 1,76,957₹ 19,67,607
    18₹ 1,78,753₹ 1,62,277₹ 17,88,854
    19₹ 1,94,746₹ 1,46,284₹ 15,94,107
    20₹ 2,12,170₹ 1,28,860₹ 13,81,936
    21₹ 2,31,154₹ 1,09,876₹ 11,50,782
    22₹ 2,51,836₹ 89,194₹ 8,98,946
    23₹ 2,74,368₹ 66,662₹ 6,24,578
    24₹ 2,98,916₹ 42,114₹ 3,25,661
    25₹ 3,25,863₹ 15,369₹ 0

    What is the processing fee for Bank of Baroda Home Loan?

    The processing fee applicable on housing loan offered by the bank is one of the lowest. The fee you have to pay goes maximum up to 0.50% of the loan amount or a maximum of ₹7,500 + 18% GST.

    Types of Home Loan

    Bank of Baroda provides home loan under three categories, namely-

    • Baroda Home Loan & Home Improvement Loan
    • Baroda Home Loan Advantage
    • Baroda Top-Up Loan

    Baroda Home Loan Advantage

    This scheme is for the borrowers who have the requirement of loan amount upto ₹ 75 lakhs where normal home loan rate is applicable. For loan amount above ₹75, the rate is 0.25% more than normal home loan rate.

    Bank of Baroda Home Loan Eligibility Calculator

    The calculator works in an easy and hassle-free manner while computing the indicative loan amount. The calculator works on the principle of income and savings to arrive at the desired figure. Here is an example.

    Instance– Harish earns a salary of ₹50,000 and saves around ₹20,000 every month. If he wishes to apply for a home loan at Bank of Baroda, then what will be his loan amount eligibility? Firstly, the calculator will determine per Lac EMI before arriving at the loan amount.

    Amount– ₹1,00,000

    Loan Tenure30 Years

    Rate of Interest8.35-9.35% p.a.

    Per Lac EMI- ₹758-₹830

    Loan Amount Eligibility-₹1,00,000 x Savings/Per Lac EMI

    -₹1,00,000 x ₹20,000/758 = ₹26.38 Lacs

    -₹1,00,000 x ₹20,000/830 = ₹24.09 Lacs

    So, Harish is expected to get a loan amount ranging within ₹24 lakhs to ₹26 lakhs from Bank of Baroda to buy a dream home.

    Bank of Baroda Home Loan Application Form

    You can download the application form from the official website of Bank of Baroda. Or, when you will apply at Wishfin, you will get the application form which you can fill and submit along with the listed documents. You have to mention the following details on the form:

    • Personal details
    • Professional details
    • Residence and correspondence address
    • Contact details such as email ID, mobile number
    • Aadhaar Number
    • PAN
    • Required loan amount
    • Co-borrower or co-applicant’s details

    Bank of Baroda Home Loan Application Status

    You can check the status of your home loan application by contact the Wishfin executive who helped you in the application procedure.

    Bank of Baroda Home Loan Statement

    You can request the bank at the time of loan approval to provide you the statement on your email ID. Do check the statement regularly so that you can budget well to pay off the loan in a hassle-free manner.

    Bank of Baroda Home Loan Contact Numbers

    You can dial the toll-free number- 1800 22 33 44, 1800 102 44 55 to get all your queries and complaints regarding the home loan resolved. So, feel free to raise queries & complaints and embark on a happy home loan journey with Bank of Baroda.

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    EMI Calculator