- 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.
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.
- 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
Rate of Interest
||Rate of Interest
|760 and above
||One Year MCLR+ Risk Premium
|725 and above but less than 760
||One Year MCLR + 0.25%+ Risk Premium
|675 and above but less than 725
||One Year MCLR + 1.00% + Risk Premium
|CIBIL : (-1) or (0)
||One Year MCLR + 0.25% + Risk Premium
Risk Premium : 0.05%
Note: Risk Premium can be waived as an incentive to the borrower, who provide credit insurance cover for the loan for entire tenure of the loan
Unified Processing Charges
- Upto Rs.50 Lacs : 0.50% of Loan amount + GST
- Minimum : Rs.7,500/- (Upfront) + GST
- Maximum : Rs.12,500/- + GST
Group Credit Life Insurance Cover
- Bank of Baroda is having tie-up arrangements with M/s. India First Life Insurance Co. for providing Life Insurance Cover to our Home Loan borrowers.
- This is an optional Scheme of Life Insurance and is at the cost of borrower which may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the Loan
Special Home Loan Takeover Scheme
- Waiver of obtaining latest income documents for assessment of repayment capacity i.e. calculation of income criteria / FOIR
- Minimum cut off CIBIL Score must be 725 (Avg. Score in line with our Home Loan Program)
- Moratorium period must have been completed with the existing lender.
- Minimum 12 EMIs must have been paid (For Loan to be takenover (Home/ Top-up Loan))
- Equitable Mortgage of the primary security has been created with the existing lender & possession of underlying security should have been obtained by the borrower.
- Satisfactory repayment behavior of the Borrower (no EMI in list 12 months exceeded 30 Days past Due)
- Primary security of Home Loan (to be taken over) is not extended to secure any other credit facility other than the existing home loan.
- Proposed EMI of Home Loan & Top up Loan (if requested) both should remain upto the extent of EMI on existing Home/ Top-up Loan with existing lender
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
Total deductions including proposed EMI should not exceed as follows:
|GMI less than Rs.20, 000/-
|GMI Rs.20, 000/- and above but less than Rs.50, 000
|GMI Rs.50, 000/- and above but less than Rs.2.00 lacs
|GMI Rs.2.00 lacs and above but less than Rs.5.00 lacs
|GMI Rs.5lacs and above
|Average Gross Annual Income (For last -2- years) up to Rs.6 lacs
|Average Gross Annual Income (For last -2- years) more than Rs.6 lacs
Margin Norms & Loan to Value (LTV) Ratio
|Loans up to Rs.30/- Lacs
|Loans above Rs.30/- Lacs up to Rs.75/- Lacs
|Loans above Rs.75/- Lacs
- Mortgage of the Property constructed/ purchased
- Maximum period of loans shall be -30- years initially, including the maximum moratorium period of -36-months