Home loans from Bank of Baroda

Bank of Baroda is one the oldest financial institution it was ranked 1145 on Forbes Global 2000 List.
Bank of Baroda offers the most competitive home loans product not only for affordable housing but also for housing above 30 lacs. The offered rate of interest is based on the CIBIL score of the applicant/s.

Bank of Baroda Home Loans

Interest rate 8.30%-9.30% (As per the CIBIL score of the applicant/s.)
Options of interest rate FLOATING
Processing fees 10,000 + GST/NIL for Balance Transfer
Repayment period Max 30 years
Prepayment penalty NIL
Balance transfer facility Available
Top up facility Available
Baroda advantage facility* Upto Rs 75.00 Lacs : Normal Home Loans Rate
Above Rs 75.00 Lacs: 0.25% over Normal Home Loan Rate

*Bank of Baroda home loans advantage is a saving account that offers interest rate equivalent to the home loan interest rate.

MONEYBAZAAR’S ANALYSIS ON BANK OF BARODA HOMELOANS:

Pros:

  •  Lowest rate of interest of 8.30% up to 3.00cr
  •  Baroda advantage account at no extra rate of interest up to 75 lacs.
  •  In case of existing loan transfer loan eligibility can be calculated only on the basis of repayment track with existing lender*
  •  Top up facility available.
  •  free accidental insurance
  •  free credit card (BOB card – complementary for first year)
  •  concession of 0.25% in rate of interest for car loans

Cons:

  •  Rate of interest depends upon the CIBIL score of the borrower. Rate of 8.30% is only applicable for the borrowers with CIBIL score over 760.
  •  Processing charges applicable

 

DOCUMENTS REQUIRED FROM THE LOAN SEEKER:

1.KYC (Know You Customer) Documents

  •  Pan card
  •  Address proof ( any one ):
    •  Adhaar card
    •  Voter id card
    •  Passport
    •  Driving license
    •  Rent agreement supported by permanent address proof

2. Income Proof:

  •  For salaried
    •  Latest salary slips for last 3 months.
    •  Form 16 for last 2 years.
  •  Self employed or professionals
    • ITR for last 3 years with computation, profit & loss and balance sheets

3. Other Documents:

  • 6 months bank statement for salaried.
  •  6 months current and savings account statement for self employed or professionals
  •  Sanction letter of existing loans (if any).

4. Property Documents:

  • Allotment letter and payment receipts for Bank’s approved projects
  •  Complete chain of property starting from allotment letter if the sale or lease deed has been executed
  •  Sanctioned map of property (not required in approved projects)

CHARGES OTHER THAN PROCESSING FEES:

Actual charges for the following will be payable by the customer in addition to the processing fees:

  • Advocate’s fee for property search and the title investigation report.
  •  Valuer’s fee for valuation report.
  •  Stamp duty payable for Loan agreement & mortgage.
  •  Property insurance premium.
  • CERSAI Registration Fee of Rs 50/- + GST up to Rs 5 lacs limit and Rs 100 + GST for limits
    above Rs 5lakhs