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Bank of Baroda provides home loans with flexible repayment options. Transparent application process and doorstep assistance provided. Salaried and self-employed individuals are eligible for home loans. Check offers and benefits now on CreditMantri!
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Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It has a network of 5538 branches and 10,441 ATMs. Bank of Baroda provides a wide range of banking products and financial services to corporate and retail customers.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
Bank of Baroda Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Bank of Baroda Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Bank of Baroda Bank Home Loans are tailor made, catering to the needs of various customers.
Bank of Baroda Bank home loan aims to help millions of people achieve their dream of owning a house.
Depending on your repayment capacity
Up to 30 years of repayment period is available under Bank of Baroda home loan scheme.
No penalty is levied on prepayment
0.50% of the loan amount or INR 11,800, whichever is minimum.
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Bank of Baroda Bank at ease.
Top Up Home Loan
Bank of Baroda allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.
The interest rate ranges between 8.30% to 9.60%. However, the rate of interest is subject to change at the sole discretion of the bank.
To avail the home loan from Bank of Baroda, you need to have the following eligibility criteria.
Important documents to be submitted while applying for home loan with Bank of Baroda Bank
For guarantor (wherever applicable):
Your Bank of Baroda Bank home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Bank of Baroda Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Baroda Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Bank of Baroda Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Bank of Baroda Bank account at your nearest Bank of Baroda Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Bank of Baroda Bank branch for the application. You can also download the home loan application form from the Bank of Baroda Bank official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
With attractive interest rates and low processing fees, Bank of Baroda Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Bank of Baroda Bank home loan without any penalty. Bank of Baroda Bank home loan is the best option to buy or construct your dream house.
1. What are processing fees on Bank of Baroda Bank Home Loans?
Up to 0.50% of the loan amount is charged as processing fee.
2. Is there penalty for prepaying the Bank of Baroda Bank Home Loan?
No penalty is levied for prepaying the Bank of Baroda Home Loan.
3. Can I top up my existing Home Loan?
Yes, you can get additional funding on your existing home loan.
4. What is the maximum loan repayment period for Bank of Baroda Bank home loans?
The maximum repayment period is 30 years.
5. How Can I apply for Bank of Baroda Bank home loan?
You can either apply online or visit a nearest Bank of Baroda branch and take the help of the bank’s representative.
6. What is the maximum loan amount provided by Bank of Baroda Bank?
No cap on the maximum loan amount and it depends on your repayment capacity which is decided by the bank.
7. Does Bank of Baroda Bank facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to Bank of Baroda.
8. Can I get tax benefits from Bank of Baroda Bank Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.
Bank of Baroda ties up with JM Financial for co-lending3 Jan 2020
State owned Bank of Baroda has entered into a partnership with JM Financial the housing finance arm of JM Financial Group, for offering retail loans to home buyers. The partnership will help both the companies to synergize their expertise to provide ...
State owned Bank of Baroda has entered into a partnership with JM Financial the housing finance arm of JM Financial Group, for offering retail loans to home buyers. The partnership will help both the companies to synergize their expertise to provide the best retail home loan product.
Vikramaditya Singh Khichi, Executive Director at Bank of Baroda said, “There is huge potential in the retail home loan space that can be tapped through co-lending partnerships between large organizations like Bank of Baroda and finance players like JM Financial Home Loans."
In 2019, when real estate business experienced a slowdown, partnerships like this is expected to boost the home buying segment as well ask help Non-Banking Financial Companies (NBFC) to penetrate deeper into the home loan market.
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