Benefits

• Takeover of Home Loans from other Banks/ HFCs/NBFCs/ FIs etc.
• Switch your existing home loans to Bank of Baroda. Our home loans are packed with several exclusive features and benefits.
• Both resident and non-resident Indians are eligible for takeover home loans.
• No need to submit latest income documents for assessment of repayment capacity i.e. calculation of income criteria /FOIR

Our housing loan comes with a range of benefits such as:

Take over of existing Home Loan + Top up Loan from other reputed lenders

• Low interest rates and processing charges: We offer among the best home loan interest rates, making it easier for you to own the home of your dreams. In addition, the processing charges on our home loans are minimal, and there are no pre-closure charges.
• Processing Charges
• Rate of Interest
• Free credit card and insurance: With our home loan, you can enjoy a free credit card and concession of 0.25% in ROI for car loans. Additionally, we offer free accident insurance cover with every home loan.
• You can also opt for group credit life insurance cover when you apply for a home loan. This cover protects the family against the death of the borrower, and the family is not required to repay the home loan to the extent of the claim amount. We finance the Premium amount along with Home loan amount, you can pay the premium for the cover along with the EMIs of your home loan.
• Longer tenures: With a tenure of up to 30 years on home loans, you don’t need to worry about high equated monthly instalments (or EMIs). Instead, easily repay your home loan in EMI amounts best suited to your financial needs.
• Top up loans: One of the key benefits of our home loans is that you can apply for a top-up loan during your loan tenure, up to a maximum of five times

Target Group

• Resident Indians
• Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI)
• Staff members (availing under Public scheme)

Eligibility of Borrower/s

• Individuals singly or jointly
• Non Individual entities can stand as an applicant/ co-applicant/guarantor alongwith the individual applicant(s)

Eligibility for Individual applicant

• Minimum cut off CIBIL score must be 701.
• Moratliorium period must have been completed with the existing lender.
• Minimum 12 EMIs must have been paid.
• Satisfactory repayment behavior of the Borrower.

Eligibility for Non Individual entities can stand as an applicant/ co-applicant/guarantor alongwith the individual applicant(s).

• There must be an Individual applicant/ co-applicant in the proposed facilities
• Minimum 18 EMI’s have been paid.
• The firm/ company should be incorporated for atleast 5 years.
• The firm/ company should be actively engaged in business activities for at least 2 years.
• The firm/ company should be earning the cash profits for last 2 years.
• Net Worth of the firm/ company should be positive.
• The firm/ company should not have slipped into SMA- 2 category during last 12 months.
• The CIBIL of the firm/ company should be satisfactory
• The name of the firm/ company should not be adversely in RBI defaulter’s list, ECGC Caution list/ SAL, Suit filed/ Non Suit filed CIBIL list CRILIC etc.

Age

• Minimum: Borrower – 21 years, Co-applicant- 18 years
• Maximum: Maximum age can be considered upto 70 Years*

Rate of Interest

• Interest Rates Click here
• Processing Charges click here

Maximum Loan Amount (Ticket Size)

• Mumbai: Rs. 10 Crores
• Other Metros *: Rs. 5 Crores
• Urban Areas: Rs. 3 Crores
• Semi-urban and Rural: Rs. 1 Crore

Repayment Capacity

Total deductions including proposed EMI should not exceed as follows:
Salaried Persons

Others:

Margin Norms & Loan to Value (LTV) Ratio

Security

• Mortgage of the Property constructed/ purchased

Repayment

• Maximum period of loans shall be -30- years initially, including the maximum moratorium period of -36-months

Can I avail of Home Loan from Bank of Baroda?

• Yes, you can avail a Home Loan from Bank of Baroda, if you plan to construct or purchase a house/flat or extend your existing house/flat and,you are
• A minimum of 21 years
• Employed or Self Employed with regular income.

Who can be co-applicant?

• The proposed owners of the residential accommodation as per the Agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife, father-son or mother-son etc.

How much does Bank of Baroda lend?

• Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc.
• The maximum loan would be Rs.10.00 Crore per unit to any individual applicant based on the area where property is proposed to be constructed/purchased. We will extend loan upto 90% (for fresh houses / flat) of the cost of property under our Housing Loan Scheme.

For how long a period can I get the loan?

• We grant term upto a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

But can I prepay the loan ahead of schedule?

• Yes, you have the option to prepay the loan ahead of schedule either in part or in full from your own sources.

What is the mode of repayment?

• Equated Monthly Instalment (EMI) : It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily products basis. Or
• Fixing the monthly / quarterly instalments on graduated basis is permitted of EMI as requested by customers.

What is the security for the loan?

• The security for the loan is equitable mortgage of the property to be financed. The security for the loan is equitable mortgage of the property to be financed.

Do you insist on LIC policy as additional collateral security?

• No, it is not mandatory.

What are the supporting documents required while applying for the loan?

Common requirements for all applicants.

• Application form duly filled in (with photograph of all the applicant).
• Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers licence and Ration card etc.
• Copy of approved plan and sanction letter from local civic authority.
• Copy of NA permission.
• One/two guarantor/s form/s and salary certificates. - If guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
• Bank Pass-book of statements for the last two years.
• Latest salary slip/statement showing all deductions in case of employed applicants.
• Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (for both company/firm and personal account) for the last three years in case of self employed applicants.
• Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self employed applicants.
• Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers license and Ration card etc.

Additional requirement.

In case of purchase from builder

• Copy of Agreement for sale.
• Copy of registration receipt.
• Copy of sanctioned plan & sanction letter of the competent authorities.
• Copy of NA permission/ULC order.
• Copies of receipts of payments already made.
• NOC from builders in our format.

In case of direct allotment in a Co-operative Housing Society

• Allotment letter.
• Share certificate.Society registration certificate.
• Copy of sale/lease deed in favour of the society.
• NOC from society in our format.
• Possession letter in original.

In case of resale

• Copy of all previous vendors agreements duly stamped and registered and the registration receipts. (original to be given before disbursement).
• NOC from Society/Builder in our format.
• Original Share Certificate.

Whether you have any Housing loan product for NRIs?

• Yes. We have Housing Loan product for NRIs / PIOs . For details, please visit our website at Housing Loans to NRIs / PIOs