Latest Bank of Baroda home loan interest rate starts from 10.25% p.a. Get Details on Documents, Eligibility, Rates & other fees & charges on BOB home loans.
Bank of Baroda Home Loan Overview:
Bank of Baroda invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget.
Bank of Baroda Home Loan is available for:
- Purchase of new / old dwelling unit. | Construction of house | Purchase of plot of land for construction of a house.
- Repaying a loan already taken from other Housing Finance Company / Bank.
- Repayment period up to 30 years (floating rate option).
Current Interest Rates of Bank of Baroda Home Loan: 2014
|Baroda Home Loan to Individuals / NRIs / PIOs (W.E.F 01.06.2013)|
|Floating Rate option (for fresh sanctions and for existing accounts w.e.f. 01.06.2013)|
|Repayment Period||Up to Rs. 30 Lacs||Above Rs. 30 Lacs and below Rs. 75 Lacs||75 Lacs and above|
|Upto 5 years||10.25%||10.25%||10.25%|
|Over 5 years & up to 15 years||10.25%||10.25%||10.25%|
|Over 15 years & up to 30 yrs||10.25%||10.25%||10.25%|
- 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
In case of others viz. professionals / self-employed / businesspersons etc., 5- times of average annual income (last three years).
Bank offers following benefits with home loan availed by you:
- Free Personal Accident Insurance is available for stipulated tenure.
- Free Credit Card (BOBCARD – complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.
- Concession of 0.25% in rate of interest for Car Loans.
- Concession of 0.50% in rate of interest for Loan for consumer durables.
- Top up Loan (Baroda Additional Assured Advance – AAA) can be availed 5 times during loan period.
(Minimum Rs.1/- Lac, Maximum Rs.200/- Lacs or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).
- As per current IT provisions – Interest on loan upto Rs.1.50 lacs per annum is exempt from income tax (Under section 23/24 (1) of the Income Tax Act). An additional deduction of interest upto Rs.1 lac is available to persons taking a loan for their first home upto Rs.25 lacs during March 2013 to Feb 2014.
Processing Fees & Charges
|Sr. No.||Particulars||Unified Processing Charges
(Exclusive of Service Charges)
(Baroda Home Loan to Resident Indians / NRIs / PIOs)
|Loan upto Rs.30 Lacs – 0.50% (Minimum Rs..5,000/-)
Above 30 Lacs — 0.40% (Min. Rs.15,000/- & Max. Rs.50,000/-)
|Home Loan to Staff (under public scheme)||Existing charges – Processing & Doc.|
|Takeover of Home Loan (Resident /NRI/PIOs)||0.10% (Without any Maximum limit)|
|Home Improvement Loan||0.50%|
|Baroda Additional Assured Advance||Upto Rs.30 lacs — 0.50% (Minimum Rs.5,000/-)
Above Rs.30 lacs — 0.40% (Min. Rs.15,000/- & Max. Rs.50,000/-)
Source: Bank of baroda Website
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