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Bank of Baroda Home Loan

Bank of Baroda Home Loan

 

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Member's Recomendation

9   6

14 review(s)
Expert Review | Write a Review

  • Interest Rate
  • 12.25%
  • Pre payment charges
  • 2%
  • Balance Transfer Charges
    (incase of refinance)
  • 2%
     
  • Part-payment Charges
  • Nil
  • Switching Charges
    (Fixed to Floating or vice-a-versa)
  • 1.75%
     
  • Loan to Value ratio
  • 90%
  • Speed of Sanction
  • 7 working days
  • Ease of documentation
  • Pre- Approved projects only. Less Documentation
  • Customer Service
  • Good
  • Franking Charges
  • 0.2%

Features and Benefits of Bank of Baroda Home Loan

Features

  • Loan is available for purchasing new/old dwelling unit, construction of house, purchase of plot
  • Repayment period up to 25 years
  • Maximum loan amount given is Rs 100 lakh & maximum of 75% to 85% of the project cost can be covered
  • Bank offers few benefits like Free Property & Personal Accident insurance which is available for a stipulated tenure of loan
  • Bank offers free credit card “Paras Card” complimentary for 1st year to all new home loan borrowers with a loan limit of Rs 2 lakh & above

 

 

Eligibility

  • Minimum income to apply for home loan is up to Rs 20,000 per month, Any individual earning up to Rs 20000 per month is eligible for upto 36 times of monthly income.
  • Any individual earning more than 20000 & upto Rs 1 lakh per month is eligible for loan amount upto  48 times of their monthly income & individual earning more than 1 lakh per month is eligible for 54 times the monthly income.
  • Loan must be repaid in 25 years or up to the age of retirement in case of salaried individual & 65 years in case of others 

 

 

Charges:

  • Loan processing charges: Loan Up to Rs 30 lakh: 0.50% of the loan amount (Minimum Rs 5000) & above Rs 30 lakh: 0.40% of the loan amount (minimum Rs 15000 & maximum Rs 50000).
  • Prepayment or Part payment: Nil when full or part payment is done by own sources of fund, If prepayment is done by anyother Banks/FIs it charges 3% on principal outstanding. 
  • Foreclosure  Charges: Fees will be charged at 0.5% for each year of the residual period subject to maximum of 2%
  • Switching Charges: Fixed rate loans can be converted to floating rate loan which costs 0.5% to maximum of 2% of outstanding balance

 

 

Interest Rate

  • Bank is offering home loan on floating rate in accordance with Base Rate, Currently base rate is 10.25% with effect from 12.07.2011
  • BPLR for existing home loan is 14.50% with effect from 12.07.2011
  • Floating rate loan

 

Repayment period

Upto 30 lakh

Above 30 to below 75 lakh

75 lakh & above

Upto 5 yrs

10.75

11.5

11.75

Above 5 to 15 yrs

11

11.75

12

Above 15 to 25 yrs

11.25

12

12.25

 

Documentation:

  •   Photo id proof
  •   Residence/Address Proof
  •   Age Proof
  •   Passport size photographs
  •   Signature verification from existing banker along with copy of bank statement for last 6 months
  •   Copy of pancard
  •   Copy of document to title of the property
  •   For salaried class last 4 to 6 months’ salary slip along with Form 16 for last 3 financial years
  •   Self- employed & Business persons require ITR for last 3 years & copy of audited balance sheet & profit and loss A/C for last 3 years              

Documents Required for Bank of Baroda Home Loan

Salaried Individual
  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt Signature verification proof
  • Repayment track record of existing loans/Loan closure letter
 Self Employed
  • Application form with recent photograph
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • P&L and balance Sheet for last 2 years certified/audited by CA
  • Qualification proof of the highest professional degree
  • Proof of existence
  • Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last 2 years certified by CA
  • Repayment track record of existing loans/Loan closure letter
  • Proof of office address
  • Board Resolution in case of company

Expert Review of Bank of Baroda Home Loan

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User Reviews

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Lazy people at bank of baroda

By: Anurag, Ghaziabad | 29 October 2009

as soon as u enter bank of baroda branch u feel u have entered a den of lazy people least interested in serving their customers. Not only the employees r rude with customers they are least interested ...[Read]

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very good home loans from Bank of Baroda

By: Ishant, Mumbai | 28 October 2009

very good home loans from Bank of Baroda, The fast approval loans from bank of baroda takes just 15-20 days for approval. also their processing fees is very less. I wanted a home loan and i thought it...[Read]

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after your long wait bank of baroda will inform you that your home loan is not approved.

By: sheela, Mumbai | 24 January 2010

dont go for bank of baroda home loan it is hopeless. i wanted a home loan instantly and so i approached bank of baroda. their employees r hopeless people who dont care for their customers. you will ke...[Read]

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loans r quickly approved and also interest rates are very attractive.

By: Unknown, Mumbai | 22 January 2010

good loans from bank of baroda.They r quickly approved and also interest rates are very attractive. i was going for a different bank but when i got to know about Bank of baroda interest rates I opted ...[Read]

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i feel if i want to go for home loan ever then it will be from bank of baroda

By: suresh, Mumbai | 21 January 2010

Very good bank. I was planning to take a home loan and i had heard good things about bank of baroda. i went in one of their branches which was very old fashioned but overall the bank and the bank peop...[Read]

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punished for subscribing for home loan from Bank of Baroda

By: Vinit P Dave, Mumbai | 20 January 2010

Hi, I am Vinit Dave who is punished for subscribing for home loan from Bank of Baroda Kali Branch.My Home Loan Account no is 03460600012436. I had applied for home loan from BOB and they had sanctione...[Read]

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the response I get is that it will be done at the earliest.

By: Nikhil Bhave, Ahmedabad | 18 January 2010

I have taken home loan from ICICI and wanted to transfer the remaining amount to Bank of Baroda as they were offering better deal in terms of interest rates. The BoB representative from the loans depa...[Read]

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BOB fast home loans, which was nothing but a gimmick to attract customers.

By: sheetal patil, Mumbai | 17 January 2010

I have had a very bitter experience with BOB Home Loans. They had advertised fast home loans, which was nothing but a gimmick to attract customers. I wanted loan asap, and contacted them. There employ...[Read]

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Although the home loans were disbursed more than a year back, I have not received the said Insurance

By: divesh rai auplish, Mumbai | 11 January 2010

I was sanctioned two Home Loans by Bank of Baroda as per following details:-1) A/C no. 1705 0600 000385 for Rs 34,92000/- : sanctioned vide letter No. BOB/ADV/15428 dated 09/08/2008. A final disbursem...[Read]

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there is difference in existing homeloan and new home loans which may be rectified

By: jagdish bhambhani, Ahmedabad | 10 January 2010

Enclose please find herewith the total principal and interest paid yearwise, It is not understood whatever reduction of principal paid is not considered then where does the paid principal goes, while ...[Read]

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BOB is behaving as they do not need any business and its customer who only in a need.

By: vipin, Pune | 08 January 2010

I am willing to transfer my Home loan from HDFC bank to Bank of Baroda.There has been a very poor response and srivice from Bank of Baroda (Ghole Road) Pune Branch. First they ask me to get a letter f...[Read]

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BOB high level personnel had no manner whatsoever to talk with customer

By: komal shah, Mumbai | 06 January 2010

We had approached the Bank for transfer of our home loan from ICICI to BOB in September 2008 and till date we have not recd the disbursement. Last week we were given a list of reqruiments and told tha...[Read]

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I am running from pillar to post to get my documents.

By: ashu, Bhopal | 04 January 2010

This bank The staff is still in the govennment mode of operation. I have been asking about the home loan documents (breakup of principal and interest), i need to submit to Income tax for the current f...[Read]

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EMI

By: Sapan Mankad, India | 15 September 2011

I have taken home load from bank of baroda since last 4 years.I have never been in a condition not to pay EMI by the given deadline.Still I have received two letters stating that you have some amount ...[Read]

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