Bank of Baroda Home Loan - Interest Rate

Bank of Baroda is one of the lenders in India that provides home loans at very affordable interest rates. Its home loan interest rates start from 8.40% p.a. onwards for loan amounts of up to Rs 20 crore with tenures of up to 30 years. The home loan interest rates by the Bank of Baroda are linked to BRLLR (Baroda Repo Linked Lending Rate), which is currently at 9.15% p.a.

The Bank has many more to offer aspiring homeowners. So, stay with me throughout this article, and you’ll get all the important insights on the Bank of Baroda’s Home Loan Interest Rate.

Bank of Baroda Home Loan Interest Rate —- Affordable and Transparent

 

The Bank’s home loan interest rates start from 8.40% p.a. onwards and you can take loan amounts of up to 20 crore with long repayment tenure of up to 30 years. The reason behind considering it one of the most affordable Banks for home loans is its festive offerings and lower processing fees (0.25%) on loan amounts.

You can use the home loan availed by the Bank of Baroda for various purposes like extending your existing residence, building your own home, purchasing a flat, or buying a plot. The Bank’s Home Loans have an option for a top-up loan in which you get up to five times top-up loans during the loan period.

On top of its easy repayment options, the Bank of Baroda has a balance transfer facility for existing home loan borrowers of other housing finance companies and banks at lower interest rates. Additionally, it provides four-month-long pre-approved home loans that have been granted in principle before the home property is identified.

Key Features of Bank of Baroda Home Loans

 

By providing multiple customer-centric benefits, Bank of Baroda has the features to fulfill your dream of owning a residence which are mentioned below: 

• For repaying the higher loan amount of Rs 20 crore, the Bank provides a longer repayment tenure of up to 30 years.

• For improved terms and interest rates, it provides a home loan balance transfer facility. 

• It has a clause allowing for top-up loans for unforeseen expenses. 

• In addition to lower processing fees, the bank charges no prepayment penalty.

• On top of lower interest rates, the Bank of Baroda offers attractive interest rates for women applicants. 

• To maintain a smooth home loan procedure, the Bank features quick processing and simplified documentation.

• With BoB Home Loan, you benefit from financial support for home renovations and improvement with committed customer service and support during the lending process. 

• To cater to the wider audience's different needs, it offers multiple home loan schemes such as the Baroda Housing Loan, the Baroda Home Loan Takeover Loan, the Baroda Home Loan Advantage Scheme, The Bank of Baroda Pre-Approved Home Loan, the Home Improvement Loan Scheme, The Pradhan Mantri Awas Yojna, The Credit Risk Guarantee Fund Scheme for the Low Income Housing.  The Bank of Baroda Top-Up Loan Scheme, and Interest Subsidy Scheme for the Urban Poor.

 

Bank of Baroda Interest Rates

 The interest rate offered to you depends on your employment profile, CIBIL score, loan amount, and the type of loan schemes you choose or offer to you. Offering home loans at both floating and fixed interest rates, the Bank of Baroda's rate of interest for home loans starts from 8.40% p.a. 

The bank's festive offer includes interest concessions of 0.05% and 0.10% for women and Gen Z & Millennials under 40, respectively. Non-salaried applicants are subject to an additional interest rate of 0.10% per annum.

 

BOB Home Loan Floating Interest Rates

 

Bank of Baroda Home Loan Fixed Interest Rates

NOTE: Customers who do not purchase credit insurance coverage will still be subject to the risk premium of 0.05%.

Eligibility Criteria for Bank of Baroda Home Loans

You need to check your eligibility before getting into home loans offered by the Bank of Baroda. For added convenience, the bank provides a home loan eligibility calculator to help you determine your eligibility. You need to fill in the gross monthly salary, Date of Birth, CIBIL score, loan tenure, other EMIs, and monthly tax deductions in the home loan eligibility calculator to know the loan amount you are eligible for.

There are certain criteria set by the Bank that you must adhere to avail of the home loan from the BoB. The general eligibility criteria include age, income, credit score, loan amount, etc.

 

Let’s understand the eligibility criteria with a table:

EMI Breakdown for Bank of Baroda Loans

Your desired loan amount (up to 20 crores), chosen repayment tenure (up to 30 years), and preferred interest rate (starting from 8.40% p.a.) will take you to the EMI breakdown of your home loan. The Bank of Baroda Home Loan EMI Calculator helps you effortlessly determine the exact EMI, total interest, and total repayment amounts. Also, you can download your calculation breakup.

 Simply input three details—loan tenure, loan amount, and interest rate—into the calculator, and it will provide key figures such as your EMI payable, total repayment amount, and total interest amount for the home loan. The EMI calculator allows you to compare the total interest cost and EMIs of various loan amounts, loan tenure, and interest rate combinations.

Let's break down the EMI and other related figures with the following table:

 

 Conclusion

The Bank of Baroda provides competitive interest rates on home loans, making it an attractive option for aspiring homeowners. With its multiple home loan schemes, you can choose what best suits your specific needs. Always check the current interest rates and eligibility for home loans to make your loan approval process a breeze. Additionally, the lower processing fee and accessible EMI breakdown for the home loan make it the most preferred option among other lenders in the market.