Home Loan Rates 2018 1691 views
Table of Contents
- 1 About Bank of Baroda Home Loan
- 2 BoB Home Loan Interest Rate
- 3 How to apply for BoB Home Loan at Wishfin?
- 4 BoB Home Loan Interest Rate EMI Calculator
- 5 Bank of Baroda Home Loan Eligibility Calculator
About Bank of Baroda Home Loan
Bank of Baroda presently offering the lowest ever interest rate on a home loan. The bank has recently reduced its MCLR which has resulted in surprising lower rate. The bank offers funds for the purchase of a new or old house, construction of a flat or house, the plot purchase, improvement & extension of the home. There is also an additional for the customers who take the loan under Bank of Baroda home loan advantage scheme. To know more about the product, read further.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
BoB Home Loan Interest Rate
|Interest Rate||8.30% - 9.30%|
|Tenure||Up to 30 years|
|Processing Fee||0.25%-0.50% of the loan amount|
Details on Margin & Loan to Value (LTV)
|Home Loan Category||LTV||Margin|
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.
Max. Amount of Home Loan for Salaried Professionals
|Monthly Income||Extent of Loan Disbursement|
|Upto ₹20,000||36 times of monthly salary|
|Above ₹20,000-1,00,000||48 times of monthly salary|
|Over ₹1,00,000||54 times of monthly salary|
How to apply for BoB Home Loan at Wishfin?
Wishfin is an online platform that has an expertise in providing affordable housing loans. The company has tie-ups with top banks offering home loans at a rate that suits your budget and hence giving you the option to pay a low EMI. The experts make sure that you get the lowest rate and instant approval. So, apply for a home loan at Wishfin and enjoy a stay at your own house soon!
BoB Home Loan Interest Rate 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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Bank of Baroda Home Loan Documents List
|Age Proof||Passport/PAN Card or Any Other Certificate from Statutory Authority||Passport, PAN Card or Any Other Certificate from Statutory Authority|
|Identity Proof||PAN Card/Passport/Voter ID/Driving License||PAN Card/Passport/Voter ID/Driving License|
|Residence Proof||Passport/Driving License/Voter ID/Ration Card/Telephone Bill||Passport/Driving License/Voter ID/Ration Card/Telephone Bill|
|Income Proof||Salary 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 Cheque||Applicable||Applicable|
|Property Documents||Photocopy of Property Title Document||Photocopy of Property Title Document|
BoB Housing Loan Eligibility
|Age||21-60 Years||21-70 Years|
|Income||Must be earning reasonably sufficent to pay off the loan||Must be earning reasonably sufficent to pay off the loan|
|Job/Professional Status||Must have worked for atleast 2-3 years||Required to be in the same line of business for 2-3 years|
Types of Home Loan
Bank of Baroda provides home loan under three categories, namely-
- Baroda Home Loan Advantage
- Baroda Pre-Approved Home Loan
- Baroda Home Loan Suraksha Personal Loan
Bank of Baroda Home Loan Eligibility Calculator
Getting curious about the loan amount that can be financed to you by Bank of Baroda? Start using Home Loan Eligibility Calculator to figure out the amount. Well, 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. To understand the function of the calculator in a simple manner, take the help of an example stated below.
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.
Loan Tenure–30 Years
Rate of Interest–8.35-9.35% 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. For a home loan, it is very important that all the documents are proper as it helps for the executives to get a faster approval from the bank and hence saves your time.
Bank of Baroda Home Loan Statement
Want to access the home loan statement at Bank of Baroda? Visit the branch and ask for the same. The concerned bank official will process your request and give you the home loan statement showing the details of EMI, interest and total payment on a specific date, along with the outstanding balance. 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
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. Any queries, be it EMI, interest or payment schedule can be answered by the customer care executives of the bank. So, feel free to raise queries & complaints and embark on a happy home loan journey with Bank of Baroda.