Home Loan Eligibility Calculator
Home Loan EMI Calculator
  • Loan Amount:

    100000
    100000000
    5000000
  • Tenure (months):

    12
    360
    240
  • Interest Rate:

    5%
    15%
    6.90
  • Equated Monthly Installment (EMI) will be

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documentation
  • Most Important Terms and Conditions (MITC)

Baroda Home Loan Advantage Features

  • The Home Loan sanctioned will be linked with Saving Bank Account.
  • The rate of interest applicable on this SB account will be Zero.
  • Under the scheme, the borrower shall have the option to deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
  • Any credit available in the linked SB a/c at the end of the day will be counted for credit in linked Home Loan account. Consequently, the borrower will get the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.

Baroda Home Loan Advantage Eligibility

  • Resident Indians
  • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI)

Purpose
  • Purchase/construction of house/flat
  • Purchase of residential plot*
  • Purchase of residential plot of land and construction of house
  • Take over from other Banks/HFCs/NBFCs/FIs, etc.
  • Extension of the existing house/additional construction
  • Reimbursement of expenses for construction of house/flat from own sources


Baroda Home Loan Advantage Interest rates & charges

Product Conditions Repo Rate + Spread Effective Rate of Interest
Baroda Home Loan Advantage
Conditions
Upto Rs. 75 lakhs
Repo Rate + Spread

BRLLR to BRLLR+1.35% *
(As per CIBIL Score of the applicant/s.)
*For Non-Salaried Customers additional ROI of 0.10%

Effective Rate of Interest
0.00%
Conditions
Above Rs. 75 lakhs
Repo Rate + Spread

BRLLR + 0.25% to BRLLR+1.60% *
(As per CIBIL Score of the applicant/s.)
*For Non-Salaried Customers additional ROI of 0.10%

Effective Rate of Interest
0.00%

Baroda Home Loan Advantage Documentation

    To check out the documents required for Baroda Home Loan Advantage, click here.



Baroda Home Loan Advantage Most Important Terms and Conditions (MITC)

Target Group
  • Resident Indians
  • Non-resident Indians (NRIs) holding an Indian passport or Persons of Indian origin (PIOs) holding a foreign passport or overseas citizens of India (OCI). 
  • Staff members (availing under public scheme)

Eligibility of Borrower(s)
  • Individuals - singly or jointly.
  • HUFs are not eligible.

Resident Indian

Applicant/co-applicant(s), (whose income are considered for eligibility) should be employed/engaged in business/profession for a minimum period of 1 year (for salaried) and/or 2 years (for non-salaried).

Break in service, if any, can be allowed up to a maximum period of 3 months.


NRI/PIO/OCI
  1. Applicant/co-applicant(s), whose income are considered for eligibility, should be having a regular job abroad in a reputed Indian/foreign company, organization or government department holding a valid job contract/work permit for the minimum past 2 years.
    OR
    Should be employed/self-employed or having a business unit and staying abroad at least for 2 years.
  2. Applicant/co-applicant(s), whose income is considered for eligibility, should have minimum gross annual income equivalent to Rs. 5 lakhs per annum. If the applicant/co-applicant(s), whose income is considered for eligibility includes NRI, a minimum Gross Annual Income of Rs. 5 lakhs (income of applicant/co-applicant together) can be considered for this criteria.

Person of Indian Origin (PIO) is specified as under

A citizen of any country other than Bangladesh/Pakistan/Sri Lanka/Afghanistan/China/Iran/Nepal/Bhutan if –

  1. He at any time held Indian passport or
  2. He or either of his parents or any of his grandparents was a citizen of India by virtue of the constitution of India of the Citizenship Act 1955, or
  3. The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) above.

Overseas Citizens of India (OCI) is specified as under
  1. A person registered as Overseas Citizen of India (OCI) under section 7 A of the Citizenship Act, 1955.
  2. As per the guidelines, an Overseas Citizens of India (OCI) has to be necessarily a Person of India Origin (PIO).
  3. A foreign national, who was eligible to become citizen of India on 26/ 01/ 1950 or was a citizen of India on or at any time after 26/ 01/ 1950 or belonged to a territory that became part of India after 15/08/1947, and his/her children and grandchildren, provided his/her country of citizenship allows dual citizenship in some form or other under the local laws, is eligible for registration as Overseas Citizen of India (OCI). Minor children of this person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh, he/she will not be eligible for OCI.

Co-Applicants
  1. The close relatives of the applicant can be added as a co-applicant for higher eligibility.
  2. If the applicant wants to add any person who is not a close relative as a co-applicant, the same can be considered only if he/she is the joint owner of property.

List of Close Relatives

Spouse, father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including stepbrother/sister), brother’s wife, sister (including step sister) of spouse, sister’s husband, brother (including step brother) of spouse.


Maximum Limit:
  • Mumbai: Rs. 10 crores
  • Other metros*: Rs. 5 crores
  • Urban areas: Rs. 3 crores
  • Semi-urban and rural: Rs. 1 crore

*Subject to income criteria and repayment capacity of the applicant/co-applicant (s) and LTV/Margin norms.


Repayment Period
  • Maximum period of loans shall be 30 years initially, including the maximum moratorium period of 36 months.
  • Maximum moratorium period shall be 36 months as under.
  • 18 month moratorium period for under construction houses and building up to 7th floor and thereafter 6 months additional moratorium per floor subject to a maximum moratorium of 36 months.

Repayment Capacity

Total deductions including proposed EMI should not exceed as follows -

Salaried Persons

  • Gross monthly income less than Rs. 20,000: 50%
  • Gross monthly income Rs. 20,000 and above but less than Rs. 50,000: 60%
  • Gross monthly income Rs. 50,000 and above but less than Rs. 2 lakhs: 65%
  • Gross monthly income Rs. 2 lakhs and above but less than Rs. 5 lakhs: 70%
  • Gross monthly income Rs. 5 lakhs and above: 75%

Others

  • Average Gross Annual Income (for last 2 years) up to Rs. 6 lakhs: 70%
  • Average Gross Annual Income (for last 2 years) more than Rs. 6 lakhs: 80%

Margin Norms & Loan to Value (LTV) Ratio
Loan Amount Margin LTV Ratio
Loans up to Rs. 30 lakhs 10% 90%
Loans above Rs. 30 lakhs up to Rs. 75 lakhs 20% 80%
Loans above Rs. 75 lakhs 25% 75%

Age
  • Minimum: Borrower - 21 years, Co-applicant - 18 years
  • Maximum: Maximum age can be considered up to 70 years*

Security
  • Mortgage of the property constructed/purchased or
  • If mortgage is not feasible, the Bank at its discretion can accept security in the form of insurance policies, government promissory notes, shares and debentures, gold ornaments, etc.

Repayment
  • Maximum period of loans shall be 30 years initially, including the maximum moratorium period of 36 months.
  • Maximum moratorium period shall be 36 months as under.
  • 18 month moratorium period for under construction houses and building up to 7th floor and thereafter 6 months additional moratorium per floor subject to a maximum moratorium of 36 months.
  • Loan to be repaid in Equated Monthly Instalments (EMI)
  • In case of farmers/agriculturists, repayment can be allowed in Half Yearly Instalments coinciding with harvesting/marketing of major crops produced.
  • Recovery of interest for the moratorium period Interest charged during the moratorium period is to be recovered as and when debited.

Pre-Closure Charges

Nil


Group Credit Life Insurance Cover

Bank of Baroda has tie-up arrangements with M/s. IndiaFirst 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.

The salient Features of the Group Credit Life Policy offered by M/s. IndiaFirst Life Insurance Co. as under:

  • It is an optional scheme for the benefit of Home Loan borrowers and the borrower will be given an option by the branches to choose the insurance provider between IndiaFirst Life Insurance as per his choice.
  • It is a group insurance scheme, which protects against unforeseen consequences of death of borrower.
  • Family of the borrower is not required to repay the loan to the extent of claim settled amount, in case of death of the borrower.
  • Outstanding cover amount due, will be paid by insurance provider as per cover schedule.
  • Slippage of the account into NPA category due to death of the borrower can be avoided.
  • Life cover is available against payment of one time premium and amount of premium is based on the age of the borrower, amount of loan, interest rate and tenure of the loan.
  • Premium amount for obtaining the cover can be financed as part of loan at the request of borrower and accordingly EMI will be calculated. But in case of Home Loans, guidelines regarding compliance of LTV Ratio must be strictly ensured.
  • Premium amount may be part of the loan as per total eligibility of the borrower may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the loan.
  • In case of foreclosure of loan, certain portion of premium paid shall be refunded by the insurance provider.

Frequently Asked Questions (FAQs)

  • What Is Mod In Home Loan?

    Home Loan is generally secured by the mortgage of the residential unit to be purchased / constructed. MOD (Memorandum of Deposit of Title Deed) confirms that you have given your property’s title documents to the Bank and Bank’s charge is created over the property.

  • What Is Ltv In Home Loan?

    LTV is short form of Loan To Value i.e. the maximum loan that can be given against the value of residential unit.
    LTV for Home Loan is as under-
    Loan upto Rs.30/- lacs: 90%
    Loan above Rs.30/- lacs and upto Rs.75/- lacs: 80%
    Loan above Rs.75/- lacs: 75%

  • What Happens To Home Loan After Death?

    We suggest to secure Home Loan under Group Credit Life Insurance Policy or any other Term Insurance policy so that one do not leave the home loan liability in case of any unforeseen event after one's demise. Otherwise home loan liability will be on remaining Co-Applicants and / or Legal Heirs of the demised.

  • Who Can Be Co Applicant For Home Loan?

    The close relatives (as listed under) of the applicant can be added as a co-applicant for arriving at higher eligibility. If the applicant wants to add any person who is not a close relative as a co-applicant, same can be considered only if he/ she are the joint owner of property. However, in such cases, name of any other close relative, who is not a joint owner of the property, should not be added as co-applicant for considering higher eligibility.
    List of Close Relatives: Spouse, Father, Mother (including Step Mother), Son (including Step Son), Son’s wife, Daughter (Including Step Daughter), Daughter’s husband, Brother/sister (Including step brother/sister), Brother’s wife, sister (including step sister) of spouse, Sister’s husband, Brother (including step brother) of spouse.

  • Which Bank Has Lowest Interest Rate For Home Loan?

    Bank of Baroda offers one of the lowest interest rate on Home Loan. Please visit Interest Rate page to know the prevailing Rate of Interest on home loans.

  • How Much Tax Can Be Saved On Home Loan?

    EMI of housing loan has two components-

    • Interest Payment
    • Principal Payment

    Interest portion paid for the year can be claimed as deduction upto maximum of Rs.2 lacs under section 24, and Principal portion of EMI paid for the year is allowed as deduction under section 80C. The maximum amount that can be claimed is Rs.1.50 lacs.

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