Bank Of Baroda Home Loan Interest Rate at 8.40% to 10.90%

Calculate Bank Of Baroda Home Loan EMI Calculate EMI Now

About Bank of Baroda Home Loan

Bank of Baroda (BOB) is the second largest public sector bank in India after State Bank of India. It has a brand image with rich 108 years of performance having more than 132 million customers. It has 8,214 Branches and 10,033 ATMs across India. It offers a wide range of Home Loan Schemes to different classes of customers to fulfil their dream of owning a home.

BOB provides home loan for different needs and purposes such as for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, etc. BOB offers customised Home Loan solutions, best-in-class services and simplified loan process.

Why Bank of Baroda Home Loan?

1. BOB provides a range of Home Loan Schemes designed for different needs of customers
2. Free Credit Card (BOBCARD - complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2 Lakhs and above
3. Concession of 0.25% in for Car Loans
4. Free accidental insurance with every Home Loan
5. It has PAN India branch network provides easy access to the customers
6. Pre Approved loan offers and preferential home loan interest rate for existing home loan borrowers
7. It provides Flexible Repayment Options to the borrowers
8. Quick & Hassle-free processing
9. Easy and fast approval & disbursal of home loans
10. It provides rebate in Income Tax
11. Has dedicated team of well-experienced employees
12. Transparent process with no hidden charges
13. Offers loan upto 90% of property value
14. 24/7 helpline of BOB offers timely assistance to the customers
15. Moreover, BOB is one of the biggest PSU banks in India hence strong trust factor of people is involved

Purpose of Bank of Baroda Home Loan

• Purchase/ Construction of House/ Flat
• Purchase of residential plot
• Purchase of residential plot of land and construction of house
• Take over from other Banks/ HFCs/ NBFCs/ FIs, etc.
• Extension of the existing house/ additional construction
• Reimbursement of expenses for construction of House/flat from own sources

Margin or Loan to Value Ratio (LTV) Ratio: For New Home Loan

Eligibility Criteria of Bank of Baroda Home Loan

Documents Required for Bank of Baroda Home Loan

Documents Required for Guarantor

• 2 passport size colour photographs
• Identity Proof (Voter ID Card/ Passport/ Driving License/ PAN Card)
• Address Proof (Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voter ID Card)
• Signature Identification from present banker
• Assets and liabilities Statement

Fees & Charges on Bank of Baroda Home Loan

Bank of Baroda MCLR with effect from 12.02.2024

Loan Amount of Bank of Baroda Home Loan

Loan offered to the borrower is completely customised as per the requirement and the eligibility criteria of the customer. The value of loan depends upon applicant's income, repaying capacity, age, assets and liabilities, credit score, tenure of the loan, cost of the proposed property, previous credit history.

Margin of Bank of Baroda Home Loan

Margin for Bank of Baroda Home loan ranges from 10% to 25% of the loan amount. It depends upon the scheme and loan amount availed by the borrower.

Repayment of Bank of Baroda Home Loan

The repayment of Bank of Baroda Home Loan can be done in Maximum 30 years or upto 70 years of the age of borrower, whichever is earlier.

Security of Bank of Baroda Home Loan

Being it a secured loan, the borrower is required to do Equitable | Registered Mortgage of the Property in question in favour of the bank. However, the bank may ask for other security also based on the case.

Bank of Baroda Home Loan Schemes

(1) Baroda Home Loan: This scheme offers Housing Loan at attractive rates and ensure a house for all.

Important Features:

1. Purpose: To extend home loan for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, repayment of existing housing loan, etc.
2. Eligibility: Resident Indians, Non-Resident Indians (NRIs), Persons of Indian origin (PIOs), Overseas Citizens of India (OCI) - Individuals or Joint owners.
3. Maximum Loan Amount: Customised depending upon income criteria, repayment capacity, age of the applicant / co-applicant (s) and LTV/Margin norms.
4. Margin:10% to 25%
5. Maximum Tenure: Max. 30 years
6. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
7. Interest Rate(Repo Linked Lending Rate based): 8.60% to 10.60% (As per Risk Rating of the applicant/s)

(2) Baroda Home Loan Advantage: In this scheme, Home Loan sanctioned will be linked with Saving Bank Account

Important Features:

1. Under the scheme, the borrower shall have the option to deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account. Any credit available in the linked SB a/c at the end of the day will be counted for credit in linked Home Loan account. Consequently, the borrower will get the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.
2. Purpose: To extend home loan for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, repayment of existing housing loan, etc.
3. Eligibility: Resident Indians, Non-Resident Indians (NRIs), Persons of Indian origin (PIOs), Overseas Citizens of India (OCI) - Individuals or Joint owners.
4. Maximum Loan Amount: Customised depending upon income criteria, repayment capacity, age of the applicant / co-applicant (s) and LTV/Margin norms.
5. Margin:10% to 25%
6. Maximum Tenure: Max. 30 years
7. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
8. Interest Rate (Repo Linked Lending Rate based)

   Loan Amount	Interest Rate (p.a.)
   Upto Rs 75.00 Lakhs	8.60% to 10.60% (As per Risk Rating of the applicant/s)
   Above Rs 75.00 Lakhs	8.85% to 10.85% (As per Risk Rating of the applicant/s)

(3) Baroda Pre Approved Home Loan: It provides in-principle approval for a Home Loan prior to identification of a specific house/flat/plot by a prospective applicant of Home Loan. It gives the customer greater flexibility in negotiations with builders/sellers.

Important Features:

1. Purpose: To extend home loan for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, repayment of existing housing loan, etc.
2. Eligibility: Resident Indians, Non-Resident Indians (NRIs), Persons of Indian origin (PIOs), Overseas Citizens of India (OCI) - Individuals or Joint owners.
3. Maximum Loan Amount: Customised depending upon income criteria, repayment capacity, age of the applicant / co-applicant (s) and LTV/Margin norms.
4. Processing Charges: NIL
5. Margin:10% to 25%
6. Maximum Tenure: Max. 30 years
7. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
8. Interest Rate(Repo Linked Lending Rate based): 8.60% to 10.60% (As per Risk Rating of the applicant/s)

(4) Baroda Home Improvement Loan: It provides a loan for Repairs / Renovations / Improvement / Extension of Home and for Furniture, Fittings & Fixtures.

Important Features:

1. Free Credit Card (complementary for first year) will be issued to borrowers with loan limit above Rs.2 lakhs.
2. Purpose: To extend a Loan for repairs / renovation / improvement / extension of the existing house
3. Eligibility: Resident Indians, Non-Resident Indians (NRIs), Persons of Indian origin (PIOs), Overseas Citizens of India (OCI) - existing home loan borrower or new home loan borrower. The house should not be older than 35 years. Residual life of the house may be minimum repayment period plus 5 years to be certified by approved architect / valuer vis-a-vis total repayment period of the loan.
4. Maximum Loan Amount: Rs. 50 lakhs
5. Margin:10% to 25%
6. Maximum Tenure: Max. 15 years
7. Security: Equitable| registered mortgage of the property.
8. Interest Rate(Repo Linked Lending Rate based): 8.60% to 10.60% (As per Risk Rating of the applicant/s)

(5) Baroda Home Loan Suraksha Personal Loan: This scheme offers a personal loan for Home Loan borrowers for funding life insurance premium for Group Credit Life Insurance.

Important Features:

1. Purpose: To extend home loan for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, repayment of existing housing loan, etc. If the borrower opts to close the Home Loan account, this personal Loan is also required to be closed simultaneously.
2. Eligibility: Resident Indians, Non-Resident Indians (NRIs), Persons of Indian origin (PIOs), Overseas Citizens of India (OCI) - Individuals or Joint owners.
3. Maximum Loan Amount: Upto the applicable premium amount for Group Credit life insurance cover for the Home Loan borrower/s and or co-borrower/s provided by M/s. IndiaFirst Life Insurance Co. or M/s. Kotak Life Insurance..
4. Maximum Tenure:
   • New borrowers: Maximum Period up to 1/2 of the repayment period under Home Loan sanctioned.
   • Existing home loan borrowers: Residual period of Home Loan sanctioned or 1/2 of the original repayment period under Home Loan sanctioned, whichever is lower.

(6) Baroda Additional Assured Advantage: This scheme offers a personal loan for Home Loan borrowers for funding life insurance premium for Group Credit Life Insurance.

Important Features:

1. Purpose: To extend home loan for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, repayment of existing housing loan, etc. If the borrower opts to close the Home Loan account, this personal Loan is also required to be closed simultaneously.
2. Eligibility: All Existing Home Loan Borrowers including NRIs /PIOs, Staff and Ex-staff Members( availed home loan under public scheme as well as Staff Housing Loans) whose Asset classification is Standard.
3. Margin: 25% of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing home Loan.
4. Maximum Loan Amount: Minimum Rs.1 lakh, Maximum Rs.200 lakhs Or 75% of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing home Loan whichever is lower.
5. Maximum Tenure: Maximum period should not be more than the remaining period of Home Loan.
6. Security: Extension of Equitable Mortgage

(7) BOB Pradhan Mantri Awas Yojana (PMAY): The scheme is available to only urban poors in EWS/ LIG category. It offers Housing Loan to Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category at attractive rates. Borrowers will get Credit Linked Subsidy at the rate of 6.50% upto Rs. 6 lakhs for max. 20 years. Maximum subsidy amount will be Rs 2,67,280 only.

Important Features:

1. Purpose: To extend home loan for purchase, new construction and addition of home, to existing dwelling units as incremental housing, for construction of house/ flat
2. Eligibility: Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category. Joint owners from the same family are also eligible. Beneficiary family should not own an all weather dwelling unit either in his/ her name or in the name of any member of his/ her family in any part of India.
   • EWS households - households having an annual income up to Rs.3,00,000 and house size with carpet area upto 30 square meter.
   • LIG households - households having an annual income above Rs.3,00,000 and up to Rs.6,00,000 and house size with carpet area upto 60 square meter.
3. Maximum Loan Amount: Customised depending upon income criteria, repayment capacity, age of the applicant / co-applicant (s) and LTV/Margin norms.
4. Margin: 10% to 25%
5. Maximum Tenure: Max. 30 years
6. Security: Equitable| registered mortgage of the property. If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
7. Table for detailed subsidy scheme

   Particulars	EWS	LIG
   Interest Subsidy (% p.a.)	6.50%	6.50%
   Maximum loan tenure (in years)	20	20
   Eligible Housing Loan Amount for Interest Subsidy (Rs.)	6 lakhs	6 lakhs
   Max. Dwelling Unit Carpet Area	30 Sq. m.	60 Sq. m.
   Maximum Subsidy Amount (Rs.)	2,67,280	2,67,280

How to apply home loan from BOB under Pradhan Mantri Awas Yojana (PMAY)?

First of all, you apply for home loan from Bank of Baroda and along with your loan application, you need to fill the Pradhan Mantri Awas Yojana (PMAY) Form and submit it with your loan application form with the bank. Bank will take care of its processing. Bank will check your eligibility and if you are eligible in the category you have applied for like EWS/ LIG, then accordingly the interest subsidy would be credited in your bank account.

(8) Baroda Ashray (Reverse Mortgage Loan): It offers loan against mortgage of residential property for supplementing the cash flow stream for senior citizens in order to address their financial needs.

Important Features:

1. Purpose: To extend loan for financial needs.
2. Eligibility: Should be Senior Citizen of India, above 60 years of age or Married couples will be eligible as joint borrowers provided one of them is above 60 years of age and age of spouse is not below 55 years at the time of application and Should be the owner of a residential property (house or flat) located in India in his/her own name.
3. Margin: 25% of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing home Loan.
4. Maximum Loan Amount:Maximum Rs. 1 crore subject to value of the property.
5. Maximum Tenure: 15 years. The tenure may further be extended till survival of the borrower/s subject to advance value of the property.
6. Security: Equitable| registered mortgage of the property.
7. Interest Rate: 9.60% + Strategic Premium

Tax Benefits of availing Home Loan

There are two types of tax benefits associated with home loan for Resident Indians:

Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).

Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.

What is the Impact of MCLR on EMI of Bank of Baroda Home Loan Borrowers?

After April 1, 2016, all bank loans (including home loans) are linked to the bank's MCLR with or without a mark-up or spread (bank margin). Earlier, they were linked to the bank's base rate. All banks are required to disclose their MCLR each month.

Banks generally hike MCLR, whenever there is a hike in Repo Rate by the RBI. Banks may increase MCLR due to surging bond yields and higher provisioning requirements, even when the RBI has not hiked Repo Rate.

Home Loan Interest Rate can be equal to the MCLR or have a 'margin' or 'mark-up' or 'spread' but can never be lower than MCLR.

Home Loan Interest Rate is linked to the bank's MCLR. If MCLR goes up, the home loan rates will also go up. Home Loan Interest Rate will not be impacted by hike in MCLR only if banks reduce the mark-up (margin) in the home loan. If MCLR goes down, the home loan rates will also go down.

For MCLR-linked home loans, the rate is reset after 6 or 12 months according to the agreement between the borrower and the bank. The interest rate applicable on the reset date will become the new rate on which the future EMI's will be calculated.

What should Base Rate Home Loan Borrowers do?

Home Loan Interest Rate of old home loan borrowers (who had taken home loans before April 1, 2016) are linked to the base rates of the banks. Hence the EMI which they are paying is also linked to base rate. Banks have always remained very sluggish for passing on the benefits of RBI rate cuts to the borrowers.

Now after April 1, 2016, Home Loan Interest Rate is linked to MCLR (Marginal Cost of funds based Lending Rate) for home loan borrowers in order to resolve the problems of the Base Rate regime.

It will be beneficial for them to switch to MCLR linked rate if the difference between what they are paying (under base rate) and what the bank is offering (under MCLR) is significant. So they must switch to MCLR linked rates, if outstanding loan is high and the remaining tenure is also long.

In that situation, Base Rate Borrowers have following two options:

(1) Switch to MCLR linked home loan with the same bank: It is beneficial, in case the bank is charging a nominal switching fee such as 0.50% or less on outstanding amount.

(2) Transfer the loan to another bank on MCLR: It is feasible, if new bank has waived off processing fee (which they generally do in order to attract the customer and increase their business) or is charging very less processing fee and legal and transfer costs.

The borrower must compare both the above-mentioned options and opt for the one which is more beneficial to them in terms of money saved. It will result not only in reduction of future EMIs but also a huge amount of interest will be saved during remaining tenure.

One may as well continue the loan on base-rate especially if the maturity is near and need not go through the process of conversion.

Further, the Reserve Bank (RBI) is going to link the base rate for loans given by banks to the MCLR from April 1, 2018. Once it happens, the base rate will automatically increase or decrease along with the MCLR without any specific action required for adjustment. This will be very beneficial for the home loan borrowers whose rates (EMIs) are still linked to the base rate.

EMI Payment Methods of Bank of Baroda Home Loan

You can repay Bank of Baroda home loan in any of the following methods:

(1) Electronic Clearing Service (ECS): Electronic Clearing System is preferred for faster payments and collections. If you have an account with other bank than Bank of Baroda then you can use ECS for loan repayment. You will have to fill up a form and submit the same with your bank for debiting EMI every month from your account. In this case, your EMI will be automatically debited every month from your bank account and credited to Bank of Baroda towards loan repayment instalment.

(2) Standing Instruction (SI): If you maintain your account with Bank of Baroda, then you can use this method. Under this method, you will have to issue a Standing Instruction to Bank of Baroda to debit your EMI amount on a due date every month from your Bank of Baroda account and credit to Bank of Baroda loan account towards loan repayment instalment. You save a lot of time and energy by giving standing instructions to the bank to carry out the transaction on your behalf each time.

(3) Post-Dated Cheques (PDCs): In this method, you need to submit post-dated EMI cheques to Bank of Baroda for a certain period of time, which are deposited by the Bank of Baroda on the due date. This alternative is cumbersome and time-consuming and involve a manual procedure of visiting the Bank of Baroda in a timely manner.

Points to Note Regarding EMI Payment Methods

1. A fresh set of PDCs need to be submitted in a timely manner.
2. Post Dated Cheques are accepted only for non-ECS locations.
3. It is good to pay your EMIs either through the Standing Instruction or ECS for faster and timely remittance of your loan instalments.

In case of Prepayment of Bank Of Baroda Home Loan, will EMI change?

One can pre-pay Bank Of Baroda Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:

1. He can continue with the existing and reduce the loan tenure
2. He can reduce the EMI and keep the loan tenure the same

Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.

Ways to Reduce your Bank of Baroda Home Loan EMI

• Negotiate with your banker on lower interest rate
• Apply for longer tenure
• Give maximum amount as down payment
• Pre-pay loan amount
• Switch to another bank/ FI offering lower interest rate

Latest News on Bank of Baroda Home Loan

• February 12, 2024: Bank of Baroda has increased Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 12.02.2024
• June 12, 2023: Bank of Baroda has increased Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 12.06.2023
• October 12, 2021: BOB reduces MCLR by 5 basis points to 10 basis points across all tenors w.e.f. 12.10.2021
• March 16, 2021: Bank of Baroda reduces home loan interest rate to 6.75%
• March 15, 2021: Bank of Baroda reduces BRLLR by 10 bps to 6.75%
• January 24, 2020: Bank of Baroda (BoB) reports Rs. 1,407 crore net loss in third quarter ending December 31, 2019
• January 15, 2020: BoB exits Equifax Credit Information Services
• December 10, 2019: Home loans turn cheaper, Bank of Baroda lowers MCLR by 20 basis points i.e. by 0.20%
• July 5, 2019: Bank of Baroda cuts MCLR by 10 basis points i.e. by 0.10%
• May 5, 2019: BOB hikes MCLR by 5 basis points i.e. by 0.05%
• April 1, 2019: Bank of Baroda merged itself with two other state-owned banks, Dena Bank and Vijaya Bank
• June 18, 2018: Axis Bank panel eyes on Bank of Baroda CEO as its new chief
• June 5, 2018: Bank of Baroda hikes MCLR by 5 basis points i.e. by 0.05%
• February 5, 2018: State-run Bank of Baroda (BoB) has reduced its marginal cost of funds-based lending rates (MCLR) for tenors under one-year by 10-25 basis points

FAQs on Bank of Baroda Home Loan

1. What is an EMI?

   EMI or Equated Monthly Instalment is a fixed amount paid by you to the bank on a specific date every month. The EMI's are fixed when you borrow money from the bank as a loan. EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank alongwith interest.

2. What is Pre-EMI Option?

   Pre-EMI is an option in which the borrower has to pay only interest on loan amount during the progress on the construction of the project. The actual EMI payment will be started only after his/ her possessing the house.

3. What are the various interest rates offered on home loans?

   Interest rates offered vary for women borrowers and others. Women borrowers are offered home loan at lower interest rate in Bank of Baroda.

4. What is the eligibility criteria for getting Bank of Baroda home loan?

   The eligibility criteria for Bank of Baroda Home Loan is as follows:

   Basis	Salaried Customers	Non Salaried Customers
   Age	Minimum 18 years & Maximum 70 Years	Minimum 18 years & Maximum 70 Years
   Income	Annual income must be atleast Rs.1.2 lakhs	Annual income must be atleast Rs 2 lakhs
   Job/ Business Experience	1 Year	2 Years
   Age of Co-applicant	Minimum 18 years	Minimum 18 years

5. Can joint-applications be made for Bank of Baroda Home Loans?

   Yes. Joint applicants can be made for Bank of Baroda Home Loans.

6. What processing fee is charged by Bank of Baroda home loan?

   Bank of Baroda charges a low processing fee for its home loans which is as mentioned below:

   • Upto Rs 50 lakhs: 0.50% of Loan Amount (Min. 7,500 & Max. Rs 12,500)
   • Above Rs 50 lakhs: 0.25% of Loan Amount (Min. 7,500 & Max. Rs 20,000)
   • Monsoon Bonanza Offer: 100% waiver of processing fee upto 30.06.2018 for Loans above Rs. 20.00 Lakhs, subject to recovery of out of pocket expenses of Rs. 10,000
7. What are the maximum number of properties that I can own?

   You can own as many properties as you want.

8. What is a down payment?

   Down payment is the amount that is paid by the borrower on an up-front basis. Banks usually pay around 75% to 85% of the cost of the property, hence the rest amount the borrower needs to pay as down payment.

9. What is the average tenure of a home loan?

   Home loans average tenure ranges generally between 3 and 30 years.

10. Can I pre-pay my Bank of Baroda home loan? Is there any penalty?

    Yes. You can pre-pay your Bank of Baroda home loan with nil penalty for floating rate home loan and with upto 2% of pre-payment penalty for fixed interest home loan.

11. What security do I need to furnish for Bank of Baroda home loan?

    The property purchased out of the loan is taken by Bank of Baroda as the security. However, if Bank of Baroda feels then it can ask for additional securities too.

12. Who is an NRI?

    NRI or Non Resident Indian is a citizen of India or a foreign national of Indian origin living outside India for the purpose of employment, business or any other vocation, which would indicate his intention to stay outside India for an indefinite period of time. An Indian would also be termed as an NRI if his stay in India is less than 182 days.

13. What is the mode of payment for NRI home loans?

    Generally, payments are made through NRI Account like NRO, NRE, NRNR and FCNR accounts. NRI home loan can be paid by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI.

14. What kind of job makes me eligible for Bank of Baroda home loan?

    You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.

15. What is the tax benfits available on Bank of Baroda home loan?

    As per Section 80C of the Income Tax Act, in case of the principal amount, you can claim a deduction of upto Rs 1.5 lakhs while in case of interest, it is upto Rs. 2 lakhs.

16. Are long-term home loans beneficial or short-term loans?

    It dependes on the financial status of the borrower. If he wants lower EMIs then Long-term loans, if not, then he can go with short-term loans with higher EMIs with the benefit of lesser interest.

17. Do I have to pay only fixed rate of interest or floating rate is also there in Bank of Baroda Home Loan?

    No, you have the option to choose any kind of rate of interest you want to pay. You can pay floating rate of interest which is linked with the MCLR and keeps changing from time to time.

18. My EMI is increased due to an increase in the rate of interest being it flexible. What do I do for lower EMI?

    EMI increases with the increase in the rate of interest if you have opted for floating rate. You may ask your bank for increasing the loan tenure, if you want to get your EMI reduced or you can make some part pre-payment to your bank for reduction in EMI.

19. What are different modes of payment of EMI of Bank of Baroda Home Loan?

    The EMI can be paid through various modes such as Post dated cheques, Electronic Clearing Service (ECS), Standing Instruction (SI), etc.

20. Can I apply for a home loan to renovate my home or flat?

    Yes, you can apply for home loan for any purpose such as buying a home, constructing a home, repairing of your home, home improvement, balance transfer and home renovation.

21. What is the difference between EMI and Pre-EMI?

    You repay your home loan through Equated Monthly Instalments (EMI), which includes principal and interest component. EMI repayment starts from the month subsequent to the month of final disbursement. Pre-EMI is only a simple interest, which you are required to pay every month till the loan is not fully disbursed.

22. How to get my Income Tax certificate from Bank of Baroda?

    Income Tax certificate will be despatched to your after the end of financial year by Bank of Baroda. You may also contact your nearest Bank of Baroda branch or your can also send a request through its website for the same.

Contact details of Bank Of Baroda, Bank Of Baroda SMS balance check number SMS banking, Bank Of Baroda mobile banking, Bank Of Baroda toll free number,Bank Of Baroda toll free number 24*7, Bank Of Baroda miss call number.

• MISSED CALL NUMBERS - 8468001111, 8468001122
• CUSTOMER CARE NUMBERS - 18002584455, 18001024455, 18001027788
• CONTACT NUMBERS - 18002584455, 18001024455, 18001027788, 0265-2316792

Bank Of Baroda Contact Details

• BANK OFFICIAL WEBSITE - https://www.bankofbaroda.in
• CONTACT NUMBERS - 18002584455, 18001024455, 18001027788, 0265-2316792
• EMAIL ID - [email protected]
• MISSED CALL NO. - 8468001111, 8468001122
• CUSTOMER CARE NO. - 18002584455, 18001024455, 18001027788
• TOTAL BRANCHES - 5198
• TOTAL ATMS - 8030
• HEADQUARTER - Vadodara (baroda)
• BANK ADDRESS - Baroda Bhavan 7th Floor,R.C. Dutt Road, Vadodara-390 007, (Gujarat) India.

Other Banks Home Loan Interest Rates