Bank of Baroda Home Loan Interest Rates

Introduction

Bank of Baroda is offering different types of home loans to its customers at an attractive interest rate. It offers home loans for salaried and self-employed persons where the interest rates start from 6.75% per annum.

Bank Of Baroda Home Loan Interest Rate Table

Bank Of Baroda Home Loan Interest Rates on the home loans are given below:

The current Bank of Baroda home loan interest rates are ranging from 6.75% to 8.25% per annum. The Bank of Baroda offers home loans with a specified interest rate for salaried persons and self-employed persons.

BOB home loan interest rates for the salaried persons:

BOB home loan interest rates for self-employed persons:

Types of Banks of Baroda Home Loan schemes and their interest rates:

* Disclaimer: The home loan interest rates are subjected to change according to the changes in BRLLR. These changes will reflect in the actual lensing rate on the home loans

Bank Of Baroda Home Loan Interest Rates Features:

Some of the features of the Bank of Baroda home loan interest rates are given below:

• • Bank Of Baroda provides various home loan schemes to customers at a low rate of interest.
  • The interest rate on BOB home loans starts from 6.75% (per annum) for the maximum loan tenure of 30 years, and the minimum repayment tenure is one year.
  • The Bank of Baroda provides home loans to salaried persons and self-employed persons, and the interest rates on that home loan range from 6.25% to 8.25% per annum.
  • The interest rate specified at the time of sanctioning the home loan will be the same for the entire loan tenure.
  • The interest rates on the BOB home loans are floating interest rates that are linked to the BRLLR.
  • The home loan amount will be up to 90% of the value of the property.
  • The interest rates on the BOB home loans will depend on the repayment capacity of the borrower.

Bank of Baroda Home Loan Interest Rates for Multiple Housing Schemes

The home loans on Bank of Baroda are based on the Baroda Repo Linked Lending Rate (BRLLR) (the current Reserve Bank of India (RBI) Repo rate is 4.00% per annum + mark-up is 2.75%, and SPO is 25%), which starts from 6.75% per annum (lowest). 

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Bank Of Baroda Top-Up Loan (for Indian Residents/ NRIs/ PIOs) interest rates:

Bank Of Baroda Home Loans Housing Finance

Bank of Baroda provides various types of home loans to customers at different rates of interest. It is offering these home loans to Indian residents as well as the Non-Indian Residents (NRI’s) and Persons of Indian Origin (PIO’s) with varying interest rates. The home loans are offering to the customers by BOB to purchase the home/ flat, construction of home/ flat, purchase of residential plots, purchase of the residential plot of the land, an extension of the existing home/ the additional construction of the home, reimbursement of the cost of the plot of the land (purchased within 24 months) and improvement/ renovation of the home, etc. This opportunity to avail of the home loans at low-interest rates provided by the BOB can be available to salaried and self-employed persons.

Factors on which Bank of Baroda Home Loan Interest Rates depend

• Loan value: Based on the loan value/ loan amount, the rate of interest will change. The interest rate will be less for the lower loan value, and for the high loan value, the interest rate will be high.
• Home loan applicants’ income: The interest rate will depend on the home loan applicant’s income source. If the applicant has a definite income source, then the rate of interest on the availed home loan will be less when compared to the non-salaried individuals.
• Home loan applicant’s credit history: The credit history of the customer/ home loan applicant is one such factor that also decides the interest rate on the availed home loan. For the customer who is bagged with a high credit score, the interest rate will be less when compared to the customer who is having a low credit score.
• Type of home loan: The interest rates will vary according to the type of home loan.
• If the home loan applicants are existing borrowers with the bank, then there may be chances of getting the low-interest rates on the home loan.

FAQs

Will the home loan borrower in Bank of Baroda can avail of the tax benefits?

Yes, the home loan borrower in the Bank of Baroda can avail of the tax benefits on all the home loan types under Section 80C of the Income Tax Act. 

Can a customer prepay the home loan amount at the specified interest rate in the Bank of Baroda?

Yes, a customer can prepay the home loan amount at the specified interest rate in the Bank of Baroda. The bank will levy no charges on the customer for prepayment.

How can a customer of Bank of Baroda avail of the home loan?

Customers of Bank of Baroda can avail of the home loan either manually or digitally. To avail of the home loan manually, a customer has to visit the Bank of Baroda bank and complete the home loan sanction process. To avail of the home loan digitally, a customer has to visit the bank’s official webpage and complete the home loan process.

What type of interest rates will the BOB home loans be offering?

Bank of Baroda is offering floating interest rates on home loans. These floating interest rates will change according to the change in repo rate (the floating rates are linked to the BRLLR, i.e., Baroda Repo Linked Lending Rate).

What are the processing fees on the BOB home loans?

The processing fees on the BOB home loans are 0.25% to 0.50% of the opted home loan amount, along with the applicable taxes.

What is the reset period of the BOB home loan interest rates?

The reset period of the BOB home loan interest rates will be reset every month.

What is the repayment tenure at which a customer can avail of the Bank of Baroda home loans?

The repayment tenure for the home loan amount should not exceed the age of retirement or the completion of the 65 years of a customer’s age (whichever is earlier). The maximum repayment tenure of the home loan is 30 years. 

What is the current BRLLR on the BOB home loan?

The current BRLLR on the BOB home loans starts at 6.75% per annum.

Are the BOB Home Loan interest rates being the same for the Indian residents who are NRIs?

No, the BOB Home Loan interest rates are not the same for Indian residents and NRI’s. For the Indian residents, the BOB Home Loan interest rates range from 6.75% to 8.25% per annum. Whereas, for the NRI’s/ POIs, the BOB Home Loan interest rates are an applicable rate of interest on a home loan (i.e., 6.75% p.a) + 0.50% + strategic premium. 

How much will the BOB levy the home loan prepayment fees on the customers?

BOB will not levy any prepayment charges on the home loans on the customers.