Home Loans

Home loan is a loan availed for

• purchase of house / flat
• for purchase of plot and construction of house thereon
• Repair / renovation / extension of house. Home Loan can be availed individually or jointly with close relatives.

Home Loan is to be repaid in EMIs every month. The residential unit to be purchased / constructed is taken as security by the Bank for Home Loan.

Bank finance Home Loan for purchase of house / flat, construction / repair / renovation of house, purchase of plot and construction of house thereon. Applicant needs to submit duly filled in Application Form along with other related documents as per requirement of the Bank. Bank assess the application based on Bank's / RBI's guidelines and takes decision.

You can apply for Home Loan through any of the below mentioned modes-

• Branch (find our nearest Branch through Branch Locator available in our website ) – Link
• Specialized Mortgage Store
• Online application through – Link
• Through missed call at 8467001111
• By calling Toll Free No. 18002584455 
• If you are existing customer of the Bank, you can also apply using Mobile Banking (bob World) or bob World Internet Net Banking facility.

At Bank of Baroda, we endeavour to provide the best services to our customers. Bank of Baroda provides best in class offering for Home Loan with various types of home loans available to meet the requirements of the customers. We also offer easy home loan balance transfer / takeover options.

The home loan EMI is calculated using the below given formula

Home Loan EMI = P x ROI x (1+ROI)^N / [(1+ROI)^N-1]

An easier way to calculate the EMI is to use the calculator available on bank’s website –Home Loan EMI Calculator

Bank takes holistic view on the Home Loan application. CIBIL score stand alone is not the criteria. However, generally CIBIL Score above 701 is considered good.

One should assess one's monthly income and expenditure. One should note that there must of adequate amount left to meet your monthly expenditure and other obligations. Accordingly you can decide on the amount of loan.

At Bank of Baroda we are dedicated to provide the best services. We assure of best product and services.

Yes, you can avail a Home Loan from Bank of Baroda, if you plan to construct or purchase a house/flat or extend your existing house/flat and, you are

• A minimum of 21 years
• Employed or self-employed with regular income.

We grant term up to a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

Interest paid on Home Loan during the year can be claimed as deduction under section 24

Common requirements for all applicants.

• Application form duly filled in (with a photograph of all the applicant).
• Residence and age verification, which may be established from the PAN Card, Election ID, Passport, Drivers Licence and Ration Card, etc.
• Copy of approved plan and sanction letter from local civic authority.
• Copy of NA permission.
• One/two guarantor/s form/s and salary certificates: If a guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
• Bank passbook of statements for the last two years.
• Latest salary slip/statement showing all deductions in case of employed applicants.
• Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (for both company/firm and personal account) for the last three years in case of self-employed applicants.
• Memorandum/articles of association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self-employed applicants.

Additional requirement.

• In case of purchase from builder
• Copy of agreement for sale.
• Copy of registration receipt.
• Copy of sanctioned plan & sanction letter of the competent authorities.
• Copy of NA permission/ULC order.
• Copies of receipts of payments already made.
• NOC from builders in our format.
• In case of direct allotment in a Co-operative Housing Society
• Allotment letter.
• Share certificate. Society registration certificate.
• Copy of sale/lease deed in favour of the society.
• NOC from society in our format.
• Possession letter in original.
• In case of resale:
• Copy of all the previous vendors’ agreements duly stamped and registered and the registration receipts. (original to be given before disbursement).
• NOC from society/builder in our format.
• Original share certificate.

Home Loan depends on various factors like Age, Gross Income, existing EMIs & other deductions, Cost of residential unit.

To check your eligibility you can avail "Baroda Pre-Approved Home Loan" wherein Bank provides in-principle approval prior to identification of house/flat/plot. The "in-principle" sanction letter will give eligible loan amount as per prevailing interest rate and other existing guidelines.

You can pay over and above the EMI to repay the home loan faster. There is no pre-payment charges in Home Loan.

Home Loan borrowers to submit duly filled in prescribed Application Form to the concerned Branch along with other documents as per the scheme guidelines.

You can pay over and above the EMI to close the Home Loan early. Lump-sum deposit in home loan or part payments as per the comfort of the borrower can be made. There is no pre-payment charges in Home Loan.