Bank of Baroda Home Loan: BOB welcomes you to become a proud homeowner with our simple Home Loan solutions, designed to accommodate your budget with ease. bob home loan calculator, bob home loan eligibility, bob home loan apply Bank of Baroda has grown significantly since its humble beginnings in 1908, evolving from a small building in Baroda to the modern and technologically advanced Baroda Corporate Centre in Mumbai. This journey reflects our vision, entrepreneurship, financial acumen, and commitment to corporate governance.
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Bank of Baroda Home Loan: BOB Home Loan Options
Bank of Baroda offers various bob home loan calculator options, including the “Bank of Baroda Home Loan.” Here are the key features:
- Designed for purchasing a plot for house construction, buying/constructing a house/flat, and renovating/repairing/altering/adding to a house/flat. Maximum loan amount is Rs. 500 lakhs with repayment periods up to 30 years. Reasonable margin and nominal processing charges are applicable, with no commitment or administrative charges.
- Competitive interest rates in the industry.
- Option for different EMI amounts during the loan tenure to match the customer’s repayment capacity.
- Prepayment allowed with no charges under the floating rate option.
- Interest calculation based on the daily balance, resulting in lower interest amounts.
- Available to NRIs and Persons of Indian Origin.
- Simplified application procedures for customer convenience and quick approvals.
- Free Personal Accident Insurance cover (Renewed at the bank’s discretion).
- Optional Life Insurance Cover for loan protection. For more details, visit our nearest branch to fulfill your dream of owning a home.
Reasons for Choosing BOB Home Loan
Before heading to the Bank of Baroda Branch, it’s helpful to determine the purpose for your loan. BOB offers home loans for the following purposes and provides these benefits:
- Purchase of a new or old dwelling unit.
- Construction of a house.
- Purchase of a plot of land for constructing a house.
- Repaying a loan already taken from another Housing Finance Company or Bank.
- Repayment period up to 30 years (floating rate option).
Interest Rates for Bank of Baroda Home Loan
EMI Calculator for Bank of Baroda Home Loan at Various Durations
EMI calculations for different Home Loan amounts and durations at an interest rate of 8.60%.
| Loan Amount (Rs.) | 15 years | 20 years | 30 years |
|---|---|---|---|
| 2,500,000 | 24,839 | 21,934 | 19,489 |
| 5,000,000 | 49,678 | 43,867 | 38,978 |
| 7,500,000 | 74,516 | 65,801 | 58,468 |
| 10,000,000 | 99,355 | 87,734 | 77,957 |
As illustrated in the table above, the EMI amount varies based on the loan tenure—whether it’s 15, 20, or 30 years—despite having the same loan amount at the lowest interest rate. Opting for a shorter tenure, such as 15 years, results in a higher EMI, while a longer tenure, like 30 years, leads to a comparatively lower EMI.
Your EMI comprises both interest payment and principal repayment. Although the EMI remains constant, the proportion of interest and principal within each EMI changes every month. As you progress with the EMIs, the share of principal repayment within each installment increases, while the interest component decreases gradually.
This data showcases the bob home loan calculator EMI for a loan amount of Rs. 1 Lakh at an 8.65% interest rate offered by Bank of Baroda for different tenures.
| Loan Tenure | Bank of Baroda EMI for a Rs. 1 lakh loan at 8.65% | Total Amount Paid (Principal + Interest) | Total Interest Paid |
|---|---|---|---|
| 5 years | ₹2,059 | ₹1.24 Lakh | ₹23,540 |
| 10 years | ₹1,248 | ₹1.50 Lakh | ₹49,760 |
| 15 years | ₹994 | ₹1.79 Lakh | ₹78,920 |
| 30 years | ₹780 | ₹2.81 Lakh | ₹1.81 Lakh |
When opting for a loan, it’s essential to evaluate the trade-off between EMI affordability and interest outgo. Shorter tenures may lead to higher EMIs but significantly reduce the total interest paid over the loan period. On the contrary, longer tenures offer lower EMIs but at the cost of substantially higher interest payments. bob home loan apply
Ultimately, choosing the right tenure largely depends on your financial capacity and long-term financial goals. It’s advisable to strike a balance between manageable EMIs and minimizing interest expenses while ensuring it aligns with your overall financial planning. bob home loan apply
Bank of Baroda Home Loan Benefits
- Loan Amount up to Rs. 75 Lacs: Interest rate as per regular bob home loan calculator [currently at 9.60% Base Rate]
- Above Rs. 75 Lacs: 0.25% more than the interest rate as per regular bob home loan calculator [i.e., Base Rate + 0.25% (currently at 9.85%)]
PROCESSING CHARGES: (CLICK HERE FOR DETAILS)
BOB Eligibility for Loan Amount
In case of Salaried:
| Monthly Income | Modified Criteria |
|---|---|
| Up to Rs. 20,000/- | 36 times of monthly income |
| More than Rs.20,000/- & up to Rs. 1 lac | 48 times of monthly income |
| More than Rs. 1 lac | 54 times of monthly income |
For other categories like professionals, self-employed individuals, or businesspersons, the loan amount is calculated as 5 times the average annual income over the last three years. bob home loan apply
| Category of Home Loan | LTV (%) | Margin (%) |
|---|---|---|
| Upto Rs.30 lakh | 90% | 10% |
| Above Rs. 30 lakh and upto Rs. 75 lakh | 80% | 20% |
| Above Rs. 75 lakh | 75% | 25% |
- The bank will secure the loan amount against an equitable mortgage of the property and/or other appropriate securities.
- No fees will be levied on either partial prepayment or full prepayment of the loan amount.
- The loan can be repaid over a maximum period of 30 years under the floating rate option, considering the duration until the age of retirement for salaried individuals and up to 70 years for others.
Unique Aspects of Bank of Baroda Home Loan
- Free Personal Accident Insurance is offered for a specific tenure.
- Home Loan borrowers (first borrower) with a loan limit of Rs. 2/- Lacs and above are eligible for a complimentary BOBCARD Credit Card for the first year.
- A concession of 0.25% in the interest rate is available for Car Loans.
- A concession of 0.50% in the interest rate is applicable for Loans for consumer durables.
- Top up Loan (Baroda Additional Assured Advance AAA) can be availed up to 5 times during the loan period, with specific criteria determining the maximum amount.
- As per current IT provisions, interest on loans up to Rs. 1.50 lakhs per annum is exempt from income tax (Under section 23/24(1) of the Income Tax Act). Additionally, individuals taking loans for their first home up to Rs. 25 lakhs during March 2013 to February 2014 are eligible for an additional deduction of interest up to Rs. 1 lakh.
Benefits of Bank of Baroda Home Loans
- The sanctioned bob home loan eligibility will be connected to a Savings Bank Account.
- Zero interest rate will apply to this linked SB account.
- Borrowers have the choice to deposit their savings into the connected SB account to maximize the interest benefits in the bob home loan eligibility account.
- Any credit remaining by the end of the day will be considered a credit in the linked bob home loan eligibility account, providing interest benefits based on the daily outstanding balance in the Savings Bank account.
- Equated Monthly Installments (EMIs) will be remitted into the linked SB account by the borrower.
- EMI recovery will occur through automatic deductions from the linked SB account.
Eligibility for the Baroda Home Loan Advantage will be assessed based on the current criteria set for both Baroda Home Loan for Individuals and Baroda Home Loan for NRI/PIO.
Bank of Baroda Home Loan FAQ
Bank of Baroda’s Home Loan caters to various needs such as buying a new or existing dwelling unit, constructing a house, purchasing a plot for house construction, and clearing existing loans from other Housing Finance Companies or Banks. The repayment period can extend up to 30 years under the floating rate option.
Loan amount up to Rs. 500 lakh
Repayment tenure up to 30 years
Competitive interest rates
Different EMI options to suit repayment capacity
No prepayment charges for the floating rate option
Interest calculated on a daily balance basis, reducing the interest amount
Available for NRIs and Persons of Indian Origin
Simplified application process for faster approvals
Optional Personal Accident and Life Insurance covers
Visit your nearest Bank of Baroda branch for comprehensive information and apply to realize your dream of owning a home.
