Bank of Baroda Home Loan Interest Rates
Bank of Baroda home loan interest rates are highly affordable, starting at just 8.40% p.a. if you opt for floating interest rates and 10.15% p.a. for fixed interest rates option. You can choose from different home loan schemes and interest rate options based on your eligibility and requirements. With minimal documentation, low processing charges and quick approvals, Bank of Baroda Home Loans confer a bundle of benefits.
Bank of Baroda Home Loan Key Highlights
| Loan amount | Up to Rs. 20 Crores |
| Rate of interest | 8.40% - 11.60% p.a. |
| Tenure | Up to 30 years |
| Lowest EMI possible | Rs. 762 Per Lakh |
| Salary/Income | Rs. 25,000 & above |
| Credit Score | Above 650 |
| Age | 21- 70 years |
Bank of Baroda Home Loan Features
- Bank of Baroda home loan can be used to purchase or construct a house/flat or purchase a plot for residential house construction.
- If your existing home loan interest rate is high, you can opt for the Bank of Baroda home loan balance transfer facility.
- The interest rates for Bank of Baroda home loans range from 8.40% to 10.60% p.a. if you opt for a variable interest rate regime.
- The bank also offers a fixed interest rate option, under which the interest rates vary between 10.15% to 11.60% p.a.
- Bank of Baroda home loan interest rates vary based on the type of loan, type of interest rate, type of borrower, loan amount and CIBIL score of the applicant.
- The bank is currently offering a 100% waiver in processing fees, subject to recovery of out-of-pocket expenses of up to Rs. 10,000 + GST (per property).
Now you can check Best Home Loan Interest Rates from All Banks @8.50%
Bank of Baroda Home Loan Fees and Charges
| Processing fees for home loans in approved projects (digital or non-digital) | 100% waiver (subject to recovery of out-of-pocket expenses of Rs. 3,500 + GST (per property) |
| Processing fees for home loan scheme for Central/State Govt/PSUs employees - Non-DSA (including leads generated by DST) | Nil (subject to a login fee of Rs. 1,500, which is to be refunded on first disbursement) |
| Processing fees for takeover leads received through Non-DSA (digital or non-digital) | Nil (subject to a login fee of Rs. 1,500, which is to be refunded on first disbursement) |
| Processing fees for home loan leads sourced through digital channel | 100% waiver (subject to recovery of out-of-pocket expenses of Rs. 5,000 + GST to Rs. 8,500 + GST (per property) |
| Processing fees for other home loan lead sourced through Non-Digital channel | 100% waiver (subject to recovery of out-of-pocket expenses of Rs. 10,000 + GST (per property) |
| Prepayment penalty | Nil |
Bank of Baroda Home Loan Interest Rate
| Interest Rate Type | Home Loan Product | Applicant Type | Interest Rate |
| Floating Interest Rate | Baroda Home Loan to Non-Staff members | Salaried | 8.40% - 10.60% p.a. |
| Non-Salaried | 8.40% - 10.60% p.a. | ||
| Fixed Interest Rate | Baroda Home Loan to Non-Staff members | Salaried | 10.15% - 11.50% p.a. |
| Non-Salaried | 10.25% - 11.60% p.a. |
Compare Bank of Baroda Home Loan Interest Rates with Other Banks
Below is the comparison between floating home loan interest rates offered by different banks and NBFCs in India:
| Bank Name | Interest rate (p.a.) | Processing fee |
| Bank of Baroda Home Loan | 8.40% - 10.60% | Nil; Subject to recovery of out-of-pocket expenses of up to Rs. 10,000 + GST (Per Property) |
| HDFC Bank Home Loan | 8.75% | Up to 1.50% + applicable taxes/ statutory levies |
| Kotak Mahindra Bank Home Loan | 8.75% | Up to 0.50% + taxes & any other applicable statutory dues |
| IDFC Bank Home Loan | 8.85% | Up to 3% + GST |
| SBI Bank Home Loan | 8.50% - 10.05% | 0.35% + GST |
| ICICI Bank Home Loan | 8.75% | 0.50% + applicable taxes |
| L&T Housing Finance | 8.65% | Up to 3% + applicable taxes |
| Bajaj Finserv | 8.50% - 15.00% | Up to 4% + GST |
| Punjab National Bank | 8.40% - 10.25% | Waived from 05.06.2024 to 31.03.2025 |
| Union Bank of India Home Loan | 8.35% | 0.50% of the loan amount (up to Rs. 15,000) + GST |
| Bank of Maharashtra | 8.35% - 8.90% | 0.25% |
| Central Bank of India | 8.50% - 9.50% | Waived up to 31.12.2024 |
| Federal Bank Home Loan | 8.80% | 0.50% |
| Bank of India Home Loan | 8.40% | Up to 0.50% |
How to Reduce Bank of Baroda Home Loan Interest Rates
You can reduce Bank of Baroda Home Loan Interest by:
- Opting for a shorter tenure: The overall interest component is affected by the duration (tenure) of the Home Loan. The shorter is the tenure of the loan, the lower is the total interest paid. But the EMIs will be higher.
- Increase EMIs: By increasing the amount of EMI or using regular prepayments, you can reduce the total interest component and prepay the loan faster.
- Improving credit score: An excellent credit score can increase your chances of getting a low home loan interest rate.
You can also check Bank of Baroda Balance Check Number Online
Factors Affecting Bank of Baroda Home Loan Interest Rates
- Income: The income or monthly salary of an individual helps in identifying the interest rate.
- Loan amount: Generally, as the loan amount increases, the rate of interest increases too as banks offer concessional rates to small home loans.
- Relationship with the bank: The Bank of Baroda offers reduced home loan interest rates to its existing customers. Thus if you already have a Saving Account or an active loan account and have a good credit history, you can certainly get a great interest rate offer from BOB.
- Type of loan: The interest rate may vary based on the type of home loan you have chosen.
- Type of applicant: The bank offers different interest rates for salaried and non-salaried individuals.
- Type of interest rate: Floating Bank of Baroda home loan interest rates are usually lower than fixed interest rates.
How to Calculate Bank of Baroda Home Loan Rate?
Bank of Baroda Home Loan Interest can be calculated with the help of the Home Loan EMI Calculator. You can also choose to use the formula:
Interest Amount = Principal Loan Amount x Interest Rate x Time
To use the calculator, share loan details like loan amount, interest rate and tenure and press submit button. Instantly you will get loan EMI, total repayment and total interest amount.
Using MyMoneyMantra Home Loan EMI calculator you will also get amortization schedule of the loan alongside graphical representation of the loan principal and interest.
Looking for 1 Crore Home Loan? Check Interest rates, Eligibility and EMI Online
Bank of Baroda Home Loan Interest Rates FAQs
Following are the maximum home loan amounts offered by the bank depending on the city:
- Mumbai: Rs. 20 Crores
- Hyderabad, New Delhi (including National Capital Region) & Bengaluru: Rs. 7.50 Crores
- Other Metros: Rs. 5 Crores
- Urban Areas: Rs. 3 Crores
- Semi-urban & Rural Areas: Rs. 1 Crore
- Chandigarh, Panchkula & Mohali: Rs. 5 Crores
Close relatives (like spouse, parents, etc.) may be included as co-applicants even without being a joint owner. You can also add an individual who is not a close relative as long as he or she jointly owns the property.
The list of close relatives is as follows:
- Spouse
- Mother (or stepmother)
- Father
- Son (including stepson)
- Son's wife
- Daughter (including stepdaughter)
- Daughter's husband
- Brother or sister (including stepbrother or sister)
- Brother's wife
- Sister or stepsister of spouse
- Sister's husband
- Brother or stepbrother of the spouse
There are no prepayment charges on Bank of Baroda Home Loans
The bank is currently offering a 100% waiver in processing fees, subject to recovery of out-of-pocket expenses of up to Rs. 10,000 + GST (per property).
The minimum age for the applicant is 21 years and for the co-applicant it's 18 years
The maximum repayment tenure can extend up to 30 years with Bank of Baroda Home Loans
The property purchased or constructed is considered as a mortgage against the loan. If this is not feasible, Insurance Policies, Shares and Debentures, Government Promissory Notes, etc. are accepted as security.
You can get a holiday period of up to 36 months with Bank of Baroda Home Loans
Bank of Baroda Home Loan is available to NRIs, PIOs, and OCIs as well who have adequate proof of income. The loan is available to salaried and self-employed individuals as well.