Bank of Baroda Loan Against Property – Eligibility, EMI Calculator & Interest Rate 2017

Loan Against Property

In a monetary crisis, credit cards are sometimes not sufficient and the interests charged on them are also not ignorable. Hence, to fulfill needs where you require huge money, your property is one of the assets that can never let you down. The loan against property is one such provision where you can keep your residential or commercial property with the banks and get an instant loan. Bank of Baroda loan against property is one of a kind that a loan applicant would want. From low-interest rates to higher loan amount, the bank has all the features that you need.

One of those banks is Bank of Baroda that has come up with the combination of a loan and overdraft facility. Any individual/s can avail this beneficiary loan facility and get his/her life on track. The interest rate charged on LAP ranges from 11.25% to 13% per annum and the flexible repayment options for the tenure of up to 7 years and the low processing fee of 1%.   

In this article, you will get all the information about the Bank of Baroda loan against property scheme.

Bank of Baroda Loan Against Property Details

ParticularsDetails
Interest Rate11.25%-13% p.a
Loan AmountMinimum: Rs. 1 lakh
Maximum
Rural areas: Rs. 10 Lakhs
Other areas: Rs. 3 Crores
TenureUp to 7 years
Processing FeeFor Loan: 1% of the loan amount with a minimum of Rs. 7,500/-
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How to Apply

If you want to take a loan against your residential or commercial property from Bank of Baroda, you need to follow these 3 steps to save your time and smoother loan:

1. Fill up the loan application form and paste photos

2. Attach all the KYC documents & property documents as mentioned by the bank

3. Submit the above documents to the nearest bank branch

Loan Against Property EMI Calculator

What comes to your mind when you hear the word loan? Of course, the rate of the interest rate is the first thing, but other than this, monthly EMI is the information we want for sure. For the convenience of the applicants, online EMI calculator has been made through which you can check the EMIs for each and every month in just 3 steps:

1. Loan Amount

2. Tenure

3. Interest Rate

By mentioning the above details in the calculator, you will know the monthly installments for the chosen information.

Here is an example for the loan of Rs. 15,00,000 at 11.25%-13% p.a rate of interest for the tenure of 7 years.

Table for EMI per month, Total Interest Outgo, and Total Amount

Amount (in Rs.)Interest Rate (p.a)Loan Tenure (in years)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount (Principal + Interest) (in Rs.)
15,00,00011.25%-13%11,32,747-1,33,97692,970-1,07,71115,92,970-16,07,711
15,00,00011.25%-13%270,086-71,3131,82,064-2,11,50616,82,064-17,11,506
15,00,00011.25%-13%349,286-50,5412,74,291-3,19,47317,74,291-18,19,473
15,00,00011.25%-13%438,951-40,2413,69,631-4,31,58018,69,631-19,31,580
15,00,00011.25%-13%532,801-34,1304,68,058-5,47,77719,68,058-20,47,777
15,00,00011.25%-13%628,744-30,1115,69,536-6,68,00320,69,536-21,68,003
15,00,00011.25%-13%725,881-27,2886,74,025-7,92,18721,74,025-22,92,187

Amortization table is the one that tells you the details of the principal, total interest outgo, and balance amount during the last year of the tenure.

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Amortization Table

YearPrincipal (in Rs.)Interest Outgo (in Rs.)Balance Amount (in Rs.)
11,49,367-1,40,6411,61,205-1,86,81513,50,633-13,59,359
21,67,067-1,60,0541,43,505-1,67,40211,83,566-11,99,305
31,86,860-1,82,1441,23,712-1,45,3129,96,706-10,17,161
42,09,001-2,07,2861,01,571-1,20,1707,87,705-8,09,875
52,33,766-2,35,90176,806-91,5555,53,939-5,73,974
62,61,463-2,68,46249,109-58,9942,92,476-3,05,512
72,92,717-3,05,80418,131-21,937

Bank of Baroda Loan Application Form

While applying for the mortgage loan from Bank of Baroda, some of the mandatory details that you need to fill are as follows:

  • Name of the applicant
  • Date of Birth 
  • Maximum Loan Amount
  • Income Proof
  • Permanent Residence Address
  • Office Address (for self-employed)
  • Purpose of the loan
  • Property Details

Eligibility Criteria for LAP

For all kinds of loan, an individual or individuals must fulfill the loan eligibility criteria for the selected kind of loan:

  • Salaried employees/Professionals
  • Self-employed & Income Tax assesses for last 3 years a minimum gross annual income of Rs. 60,000/-
  • Minimum age of the applicant is 21 years
  • For Salaried Class: 36 months of gross monthly income
  • For Others: 5 times of average (last 3 years) annual income

Documents Required For Bank of Baroda

The list of documents that you must have at the time of loan application are as follows:

For Salaried Class

  • Loan Application Form
  • Identity Proof such as Voter ID Card, PAN Card, Aadhaar Card, Office ID, etc.
  • Address Proof such as Voter ID Card, Aadhaar Card, Electricity Bill, Telephone Bill, etc.
  • Income Proof (Form 16 along with salary certificate from the employer)

For Professionals/Self-employed

  • Loan Application Form
  • Identity Proof such as Voter ID Card, PAN Card, Aadhaar Card, Office ID, etc.
  • Address Proof such as Voter ID Card, Aadhaar Card, Electricity Bill, Telephone Bill, etc.
  • I.T. returns for past 3 years
  • Latest income tax assessment order (for overdraft amount of over Rs. 5 Lacs)
  • Income certificate from appropriate revenue authority like Tehsildar/BDO/SDO (for agriculturist)
  • 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
  • Last 6 months bank statements of main bank account
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Bank of Baroda Loan Interest Rates

The rate of interest applicable on Bank of Baroda LAP range from 11.25% (1 Year MCLR + Strategy Premium + 1.75%) to 13.00% (1 Year MCLR + Strategic Premium + 3.50%) per annum.

LAP Processing Fees

The processing fee that the bank charges on the loan against residential or commercial property is 1% of the loan amount with a maximum of Rs. 1,50,000/- and a minimum of Rs. 7,500/-.

For Overdraft loan, the bank charges the processing fee of 0.35% of limit with a maximum of Rs. 75,000/- (Up to Rs. 3 Crores) and 0.25% of the limit with a minimum of Rs. 7,500/- without any maximum (Above Rs. 3 Crores).

LAP Interest Rates in All Banks

You can also know the mortgage loan interest rates in all banks like SBI, ICICI Bank, Axis Bank.

SBI – 10.35%-11.90% p.a.a

ICICI Bank – 11% p.a to 14% p.a.

Axis Bank – 9.50% p.a. onwards

 

Features & Benefits

Here are some of the main features of the Bank of Baroda loan against property scheme:

  • Combination of a loan and overdraft facility
  • Flexible repayment options
  • Tenure up to 7 years
  • Deposit surplus money/regular income/salary and save interest rates
  • Flexibility to withdraw money deposited earlier
  • Can be availed either as overdraft or demand loan as per your need
  • Loan amount up to Rs. 3 Crores
  • Maximum tenure of 84 EMIs
  • Easy documentation
  • Quick Loan Approval