Why Choose Bank of Baroda Housing Loan?

09 Feb 2022

Back to all Articles


There is no feeling like home. Buying a house brings unmatched joy and happiness in our lives. An owned home gives us a sense of security and a feeling of achievement. Long back, people had to spend numerous years saving up a corpus to finance their dream of buying a house. But today, you do not need to do so. You can simply take a home loan.

Opting for a home loan is an excellent way to finance the purchase of your dream house. This loan allows you to pay the property amount in a systematic and periodic manner. Bank of Baroda offers home loans at attractive interest rates on easy repayment terms. The maximum tenure of repayment is 30 years, and you can apply for a top-up for five times during this entire tenure.

Benefits of taking a home loan from Bank of Baroda

At Bank of Baroda, we truly believe in simplifying the process of getting finance for your home. As such, we offer a range of loans designed to meet your various requirements. From our pre-approved home loans to home improvement loans and home loan takeover scheme, there is something for everyone. Here are a few more benefits of getting your home loan from Bank of Baroda:

  • Low interest rates and processing charges
  • Higher loan amounts
  • Free credit card

Let’s take a closer look at why you should consider opting for a Bank of Baroda home loan to buy your next or first flat or house. We will show you how to apply for home loan by discussing home loan eligibility, fees and charges, and documentation required in detail.

Bank of Baroda housing loan eligibility criteria

To help more people finance their dream home, we have put together an easy to meet eligibility criteria.

Here are specifications of the eligibility norms you should make a note of:

Eligibility Criteria
  • Resident Type – Indian Residents, Non – Residents of India (NRI) or a Person of Indian Origin (POI) are eligible to apply for a home loan with Bank of Baroda.
  • Age criteria – The loan applicant should be at least 21 years of age to be eligible. In the case of a co-applicant, the minimum age requirement is 18 years.
    At the same time, the maximum age limit is As under-
    • Salaried Person: Age + Repayment Period should not be beyond retirement age. Can be considered beyond that on case to case basis on certain conditions.
    • Non-Salaried Person: Age + Repayment Period should not exceed 65 years. Can be considered beyond that on case to case basis on certain conditions.
  • Employment status - The applicant must be a salaried or a self-employed individual with a regular income source.
  • Work Experience - Salaried individuals must have at least one year of work experience. Self-employed must have a minimum of two years of work experience to be eligible for loan approval.

Bank of Baroda housing loan interest rate and processing fees

To make sure that you are not burdened with heavy debt when buying a house, Bank of Baroda has curated a number of affordable home loan plans . We offer our loans at competitive interest rates and low processing fees.

The Bank of Baroda housing loan interest rate 2022 provides best interest rates in the market. To know current rates & charges kindly visit bank’s website. This way, you are not burdened with these charges while buying a home for yourself and your loved ones.

Switching your home loan to Bank of Baroda

If you already have an ongoing home loan with another lender and wish to switch over to Bank of Baroda, you can do so easily. You can opt for a transfer for your home loan from any bank/ HFC/ any other financial institute to Bank of Baroda seamlessly. This home loan balance transfer facility is available for all types of borrowers.

Documents required for home loan application

Bank of Baroda has a simple documentation procedure for home loans. These documents will help us at the bank to verify your personal details, determine your financial standing, and inspect your creditworthiness as a borrower before we move forward with your loan request. Collect and put all your documents in order well in advance, so that you have them ready when you need to present them.

List of common documents:

  • Home loan application form
  • Two recent passport size photographs
  • Identify Proof – Aadhaar Card/Passport/PAN card
  • Address Proof – Aadhaar Card/ Voter ID/ or a copy of the electricity or telephone bill with your permanent address

Documents for salaried individuals:

  • A copy of the latest Form 16
  • Salary slips of the last 3 months.
  • Income tax return filing of the last two years
  • Documents investments made, if any
  • Bank statements of the previous six months

Documents for self-employed individuals:

  • Proof of business address
  • Income tax return filing of the last three years
  • The company's / firm’s balance sheet and profit and loss statement duly certified by a chartered accountant
  • Business certificate or professional practice licenses
  • Registration certificate of establishment – office, shop, factory or clinic
  • Bank statements of business account of the previous six months
  • A note giving information on the nature of business /profession, form of organization, clients, suppliers etc.

List of property documents:

  • No objection certificate issued by the society or the builder
  • Original sale deed of the property, letter of allotment and stamped agreement of the property sale
  • Occupancy certificate in case of a ready to move in property
  • Original receipts of any advance payments made towards the purchase of the property
  • Bank account statements reflecting the advance payments made for property purchase
  • Original land tax receipts paid to the concerned authorities for the property in purchase
  • Plan of the property provided by the builder

Conclusion:

Signing up for a home loan is a long-term commitment. And we, at Bank of Baroda, promise to be there for you every step of the way. From helping you sail through the documentation process with ease to offering expert advice on planning your loan repayment, we have it all covered for you.

In fact, you can now apply for a housing loan with Bank of Baroda online with a matter of a few clicks. We hope this was a great read for you today.

Popular Articles

Tag Clouds

Related Articles

Leave a Comment

Thanks for submitting your details.

Smart Ways to Calculate EMI on Personal Loan

A personal loan does not require the borrower to provide collateral and so it is an unsecured loan. Since these are unsecured loans, the rate of interest on these loans are believed to be quite higher than all other types of loans. The purpose or intention of a personal loan is to fund immediate financial contingencies. It could either be for business capital, marriage, education or even foreign trips, though the end use of the loan really depends on the borrower, as long as it is for a legitimate financial need.
Before you apply for a Personal Loan, you may want to get down to the basics, to shop for the best offers on personal loans in the market. Among the most popular ones is the Bank of Baroda’s Personal loan product which apart from having the pedigree of belonging to one of the oldest and largest Indian banks, comes replete with some amazing features like flexible repayment options, affordable EMIs (Equated Monthly Instalments) that sit easy on your pocket and sizable loan amount among others in the category of personal loans.
Calculating the EMI on personal loans
The EMI calculations mainly rely on three variables- the loan term or the tenure of the loan, the loan value and the rate of interest. The rate of interest is one of the aspects that comes determined by the bank.
Calculating using the PMT formula
This is a longer, tedious and round about approach to calculating the EMI on your personal loan. Here, you can run the PMT formula on Microsoft Excel to calculate the EMI, where

PMT is your EMI,
NPER or number of periods is the total number of payments for the loan
PV is the loan value or the principal
Rate is the rate of interest/12
The formula is
PMT (Rate, NPER, pv).

You can keep trying the formula for various combinations and then choose the one with the lowest EMI, though this is a roundabout approach that could be prone to human error.
Online EMI Calculator
Or a far easier option to calculate the affordable EMI, is using, for example, Bank of Baroda’s online personal loan EMI calculator.
Here, you will find a slider on the range of each of the three basic variables on your screen- the loan amount you are likely to need, the tenure or the repayment period of the loan that suits your finances and the rate of interest.
Now, the rate of interest is what you get from the bank, while the other two aspects, i.e., the loan amount and the tenure of the loan are the ones you can play around with here.
When you place the cursor on a particular value of the loan term, rate of interest and loan amount, the calculator throws up a monthly payment value, which is your EMI. You can move the cursor horizontally along the range provided to pick the various values.
Here’s why using a Bank of Baroda personal loan EMI calculator works.
If EMI is too high

You can pick a longer loan term or
You can make the loan amount smaller.

If you find the EMI is affordable or even lower than ideal then you can plan to repay faster by either

Taking a larger loan value or
A shorter loan term.

Difference Between Secured and Unsecured Loans

A loan is one of the best ways to finance your dreams or meet sudden expenses. There are several types of loans available in the market today that serve various purposes. For example, a car loan is designed to finance the purchase of your dream vehicle

Add this website to home screen

Are you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.


The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.


Proceed to the website


Thank you for visiting www.bankofbaroda.in

X
We use cookies (and similar tools) to enhance your experience on our website. To learn more on our cookie policy, Privacy Policy and Terms & Conditions please click here. By continuing to browse this website, you consent to our use of cookies and agree to the Privacy Policy and Terms & Conditions.