Bank of Baroda simplifies home ownership with a streamlined Home Loan online process, offering financial security without multiple bank visits.
BoB provides home loans starting at 8.40% p.a. for up to 30 years, with a loan amount of up to Rs 20 crores. The bank offers a balance transfer facility for existing home loan borrowers from other institutions at lower interest rates.
BoB enhances accessibility with pre-approved home loans, featuring in-principle approval valid for four months.
Type of Home Loans Offered by Bank of Baroda
- Standard Home Loan: Purchase a new, existing pre-owned, or under-construction property.
- Home Construction Loan: Construct a house on your land.
- Plot Loan: Buy a plot for future property construction (within 36 months).
- Home Extension Loan: Enlarge the size of your existing house, add extra floors, etc.
- Home Improvement Loan: Finance the costs of renovating your existing house.
- Top-up Home Loan: Obtain additional financing on your existing Home Loan.
- Balance Transfer Home Loan: Transfer your loan from another lender to the Bank of Baroda for a reduced interest rate.
- PMAY Home Loan: Avail subsidized interest rates under Pradhan Mantri Awas Yojana (PMAY) based on economic criteria.
- Pre-approved Home Loan: Get approval for a loan first, then finalize the property based on eligibility.
Bank of Baroda Home Loan Application Process
- Apply online at BOBiBanking using www.bankofbaroda.in.
- Log in with your mobile number and email ID.
- Choose the product, pre-calculate EMI, and check eligibility.
- Prepare necessary documents.
Processing & Verification
- Crucial for approval.
- Background check and document authentication.
- Legal and technical verification pre-loan sanction.
Loan Sanction
- Approval is based on borrower and property assessment.
- Individual document verification.
- Sanction letter sent upon satisfaction.
Secure Fee Payment
- The lender charges a processing fee.
- Upfront payment by the borrower.
Legal & Technical Verification
- The bank approves after property verification.
- Includes creditworthiness, property evaluation, and document examination.
Loan Disbursement
- Final stage.
- Request after technical appraisal, document verification, and fee payment.
- Disbursement timing depends on the property’s completion stage.
Also read>> How to Apply BOB Insurance Online with IndiaFirst
Things to Consider to Apply for Online Home Loan
- Lending Rate & Maximum Amount: Consider the bank’s lending rate and determine the maximum loan amount based on your income.
- Credit Scores: Ensure credit scores are above 701 for an affordable Home Loan interest rate and preferred repayment tenure.
- Debt Repayment: Repay existing loans and credit card bills to improve credit score and overall eligibility.
- Loan Tenure: Opt for a longer tenure to significantly reduce monthly installment amounts.
Documents Required for Home Loan Procurement Process
All the below-mentioned Documents at in each point is mandatory to process Home Loan Application
- Age Proof: (PAN Card, Aadhaar Card, Passport, Driving License, etc.).
- Identity Proof: (PAN Card, Aadhaar Card, Passport, Driving License, Voter ID Card, etc.).
- Address Proof: (Aadhaar Card, Passport, Driving License, Voter ID Card, Ration Card, Utility bills, etc.).
- Income & Employment Proof
- For employed individuals: offer letter, designation proof, salary slips, increment letters, etc.
- For self-employed/business owners: bank statements, profit and loss statements, business proof, and income tax returns for the last three years.
- Property-Specific Documents: No Objection Certificate, original sale deed, letter of allotment, bank statements, receipts of advance payments, etc.
- For Home Construction Loan: Documents estimating construction costs, approved map, etc.
What types of home loans does the Bank of Baroda offer, and how can I apply for one?
BOB offers various home loan products, including standard home loans, home construction loans, and home improvement loans. You can apply for a BOB home loan online through the official website or visit a nearby BOB branch for assistance.
What are the eligibility criteria for a BOB home loan, and how is the interest rate calculated?
Eligibility criteria may vary, but factors such as age, income, credit score, and property value are generally considered. Interest rates are typically based on factors like the loan amount, tenure, and the type of interest rate (fixed or floating).
Can I get a home loan to purchase a plot of land, and what documents are required for the application?
Yes, BOB provides home loans for purchasing a plot of land, and the required documents may include proof of identity, address, income, employment, and property-related documents.
Is there an option for a joint home loan application, and how long does the processing take?
Yes, BOB allows joint home loan applications with co-applicants like family members or spouses. The processing time varies but typically takes a few weeks, depending on factors like document verification and property evaluation.
Can I prepay my home loan before the end of the tenure, and what is the maximum loan amount I can get?
Yes, BOB usually allows prepayment of home loans, but there might be certain conditions and charges associated with prepayment. The maximum loan amount depends on factors like your income, repayment capacity, and the value of the property being financed.