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Bank of Baroda Home Loan Interest Rate

Buying a home is a once in lifetime achievement which requires a lot of investment. So when you decide to buy or build your home you should first estimate the cost and how much you can invest without any hassle. Bank of Baroda is a public sector bank that makes owning a home a reality with their home loan products. Bank of Baroda offers competitive interest rates irrespective of loan amount and tenure.

The Bank of Baroda home loan is linked to your savings account and the EMI is directly deducted from there. The rates of interest are competitive and there is an interest subsidy for the underprivileged with monthly income of less than Rs. 5000.

Bank of Baroda current Home Loan interest rate

Bank of Baroda home loan interest rate is as follows -

Credit ScoreRate of Interest
760 and above1 year MCLR + Risk Premium
725 and above less than 7601 year MCLR + .25% + Risk Premium
675 and above but less than 7251 year MCLR + 1.00% + Risk Premium
Credit score (-1) or (0)1 year MCLR + 0.25% +Risk Premium

Risk Premium is 0.05% which can be waived as an incentive to the borrower

Unified Processing Charges

Up to Rs. 50 lakhs - 0.50% of loan amount + GST

Minimum charges up front – Rs 7,500 + GST

Maximum charges –Rs 12,500 + GST

There is a waiver of processing charges on home loan up to 31.01.2019.

Bank of Baroda Home Loan Overview

Bank of Baroda home loan is packed with excellent features and advantages for people intending to purchase their own homes. It can be used for a wide range of commitments like buying a plot or purchasing a flat or constructing your very own home. All resident and non-resident Indians can avail a home loan from Bank of Baroda.

The Bank of Baroda home loan comes with the following benefits –

  • High loan amounts at low interest rates
  • Free credit card and accident insurance
  • 0.25% discount on car loan when taken together with home loan
  • Option to top-up 5 times during the loan tenure
  • Long tenure low EMI
  • Fast approval of home loan
  • Zero prepayment charges for home loans with a floating rate of interest
  • Attractive and affordable interest rates

Factors that Affect Interest Rate on Your Home Loans

Several factors can directly or indirectly affect the interest rate on your home loan. Some of these include –

  • Amount of loan
  • Duration of loan
  • Value of property
  • Property title
  • Income of the applicant
  • Occupation of applicant
  • Credit score and rating
  • Loan repayment history

Credit Score

For an individual to be eligible for Bank of Baroda home loan, credit score should be good. A credit score gives the track record of timely repayments with past lenders. Higher credit score will help an applicant to get a home loan at low interest rate. Bank of Baroda requires a minimum credit score of 650 for an applicant to get a home loan.

Loan Amount

Bank of Baroda gives a home loan of RS 15 lakhs – 10 crores. The net monthly salary (after all deductions of PF, ESI, gratuity, and EMI for other loans) determines the home loan EMI an individual is capable of paying after living expenses.

Down Payment

A large down payment reduces the amount of loan required which in turn reduces the interest and EMI you need to pay.

Type of Interest

Bank of Baroda offers both fixed and floating rate of interest on home loan. The minimum interest rate is 8.75%.

Bank of Baroda Home Loan Eligibility

Eligibility is calculated depending on the age, salary, value of the property and repayment capacity. Age is the most important factor for a home loan as lower the age the higher will the time available for repayment. If you fall short of the criteria, you can add a co-applicant whose income will be clubbed with that of the primary applicant for purpose of eligibility. Both parties are then liable for loan repayment.

The maximum tenure Bank of Baroda home loan is 30 years. The applicant should be at least 21 years at the time of application and 70 at the time of maturity. The borrower's age should not exceed 30 years at the time of home loan application for salaried or self-employed borrowers. Bank of Baroda uses the purchased property or flat as collateral.

Eligibility criteriaRequirements
Borrower’s eligible age21- 70 years
Minimum eligible incomeRs 20,000/- & above
Business stability for self-employed3 years
Work experience for salaried2 years
Eligible loan amountRs 15 lakhs – 10 crores
Maximum EMI depending on incomeUp to 65%
Maximum loan depending on property valueUp to 90%

How to calculate EMI on Bank of Baroda Home Loan

You can estimate the amount of EMI you will pay on your home loan by visiting the bank website and using the EMI calculator facility. It also helps in the decision making process when deciding upon the property to purchase. The online calculator also helps determine your eligibility for loan.

Bank of Baroda Home Loan Status

After you submit your application to Bank of Baroda for a home loan with all the required details like your contact number and history of employment, a representative from the bank will collect all the necessary documents and make an offer if you are found eligible.

You can check the status of your home loan application by contacting the branch where you have made your application with the reference number of the home loan application or you can contact customer care of Bank of Baroda to know the loan status.

How to apply for Bank of Baroda Home Loan?

You can apply for Bank of Baroda home loan online by going to their website and filling the form or you can visit the nearest branch to fill in the application form for a home loan where the executives will help you. Carry all the required documents when you visit the branch so that your loan is quickly processed.

Bank of Baroda Home Loan Interest Rate: FAQs

1. What should be the minimum and maximum age of Bank of Baroda home loan applicant?

The minimum age should be 21 years and the maximum age should be 70 years.

2. Why should I calculate Bank of Baroda EMI before applying for the loan?

If you calculate the EMI, you will be able to know if you can pay the EMIs and accordingly reduce the loan amount.

3. What is the maximum tenure of Bank of Baroda home loan?

The maximum tenure of Bank of Baroda home loan is 30 years.

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