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Home Loan Interest Rate

Home Loan Interest Rate

A key point of concern for every home loan borrower is, how much interest rate will the bank charge, will it be affordable and will it finance my home requirements. Bank of Baroda offers one of the lowest interest rates on home loans. The bank has a range of options to choose from, for home loan borrowers based on your needs- home loan for buying a ready-to-move-in house, or for construction of a house or renovation or if you need to top up your existing home loan.

So, all in all, you not only enjoy affordable interest rate on a range of home loans, at Bank of Baroda, but you also get to enjoy the tax saving benefits of taking a home loan.

 

Home Loan Interest Rates

With a bank like Bank of Baroda, the home loan rates start from as low as 7.25% based on -BRLLR(BARODA REPO LINKED LENDING RATE). But if the BRLLR changes, it reflects in the actual lending rate on home loans.

Product

Rate of Interest

Baroda Home Loan &
Baroda Home Improvement Loan

 BRLLR TO BRLLR+1% (As per Risk Rating of the applicant/s.)

Baroda Home Loan Advantage

Upto Rs 75.00 Lacs : Normal Home Loan Rate Above Rs 75.00 Lacs: 0.25% over Normal Home Loan Rate

Baroda CRE Home Loan

0.25% over Normal Home Loan Rate

Baroda CRE Home Loan (Advantage)

Upto Rs 75Lacs : 0.25% over Normal Home Loan Rate
Above Rs 75 Lacs : 0.50% over Normal Home Loan Rate

Baroda Top Up Loan (Resident/NRIs/PIOs0)

Applicable ROI on Home Loan + Strategic Premium + 0.50%

Bank of Baroda home loan interest rates are in the range of 7.25% to 8.25%.

Factors That Your Home Loan Interest Rate Depends On

  • Loan value: Loan size determines the rate of interest.
  • Applicant’s income
  • Applicant’s credit history
  • If applicant is an existing borrower with the bank
  • Type of loan

FAQ

What are the tax benefits of taking a home loan?

  • Tax benefit on the principal under Section 80C of Income Tax Act on paid basis
  • You can claim up to Rs.1.5 lakh based on the actual principal amount serviced by you
  • Tax benefit on the interest paid under Section 24 of Income Tax Act on accrual basis
    • You can claim up to Rs. 2 lakh provided it is a ready-to-occupy property.
    • You get a tax exemption of Rs. 30,000 if construction is not completed within five years.
    • For loan sizes up to Rs.35 lakh and cost of homes up to Rs.50 lakh, an additional exemption of up to Rs.50,000 is applicable on the interest paid for first time home buyers.
  • Tax benefit on the principal under Section 80C of Income Tax Act on paid basis
  • Claim up to Rs.1,50,000 eligible for tax deduction under Section 80C, based on the principal amount paid.
  • Tax benefit on the interest paid under Section 24 of Income Tax Act on accrual basis
    • The exemption on interest paid for properties on rent, is limited to Rs.2 lakh or actual interest paid for all the properties owned, whichever is lower of the two.

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