(BOB) Bank Of Baroda Mortgage Loan
Bank Of Baroda is one of the largest public sector banks which offers mortgage loans in India to eligible borrowers at competitive interest rates starting from 8.20% p.a. Also referred to as Bank Of Baroda loan against property(LAP), it is offered against the collateral of residential & commercial property and non-agricultural plot of land to meet your personal and business needs with flexible repayment tenures up-to 15 years. |
Prominent Features Of BOB Mortgage Loan
- Baroda mortgage loans are available to meet your personal as well as business needs such as children’s education/ marriage, home renovations, to fund your dream vacation, business expansions, etc.
- Loan against property Bank Of Baroda is available against the pledge of residential & commercial property, and non-agricultural plot of land.
- Can be applied online as well as offline.
- Available in the form of term loans and overdraft loans.
- Longer repayment tenures up-to 15 years.
- Competitive Bank Of Baroda mortgage loan rate of interest starting from 8.20% p.a. onwards.
- Withdraw money as per your need to save on interest.
- Repay through surplus funds, business income, or salary and save on interest.
- Flexibility to withdraw money deposited earlier.
- Maximum FOIR of up-to 70%.
- LRD loans are available.
- Unified processing charges.
Bank Of Baroda Mortgage Loan Eligibility
Eligible Profile | * Salaried * Self-Employed * Self-Employed Professionals * NRI |
Age | * Minimum – 21 years. * Maximum – 65 years. |
Property To Mortgage | * Residential Property * Commercial Property * A Non-Agricultural plot of land |
Minimum Business Vintage | 3 years. |
Bank Of Baroda LAP Interest Rate | 8.20% p.a. – 13.85% p.a. |
Tenure | Up-to 15 years. |
Loan Amount | * Minimum Rs.2 Lakhs. * Maximum up-to Rs.10 Crores. |
Minimum Income | The average gross income for 3 years including the income of the co-applicant is Rs.3 Lakhs. |
Type Of Loan | * EMI- based term loan. * Overdraft Loan. |
LTV | Up-to 40% on the market value of the property. |
FOIR | Up-to 70%. |
CIBIL Scores | 750 & above. |
Processing Fees | * Term Loan– 1% of the loan amount + applicable GST subject to a minimum of Rs.7,500/- & a maximum of Rs.1,50,000/- * Overdraft Loan– 0.35% of the loan amount + applicable GST subject to a minimum of Rs.7,500/- |
Mortgage Schemes | * Regular mortgage loan. * Mortgage loan for NRI. * Mortgage overdraft loan. * Mortgage loan balance transfer. * Land mortgage loan. * Loan Against Rent Receivables. * Reverse mortgage loan. |
Note: The above-mentioned BOB LAP interest rates and charges are subject to change without prior notice.
Click to read more on loan against property eligibility.
Bank Of Baroda Mortgage Loan Interest Rate 2021
Bank Of Baroda Loan Against Property Interest Rate For Individuals |
Loan Amount | Tenure Up-to 10 Years | Tenure from 10 years – 15 years |
Up-to Rs.7.5 Crores | BRLLR + SP + 1.20% To BRLLR + SP + 6.10% (8.20% p.a. To 13.10% p.a.) | BRLLR + SP + 1.70% To BRLLR + SP + 6.60% (8.70% p.a. To 13.60% p.a.) |
Above Rs.7.5 Crores | BRLLR + SP + 1.45% To BRLLR + SP + 6.35% (8.45% p.a. To 13.35% p.a.) | BRLLR + SP + 1.95% To BRLLR + SP + 6.85% (8.95% p.a. To 13.85% p.a.) |
Note: (i) The BRLLR is 6.75% p.a. and S.P. is 0.25% w.e.f march 2021.
(ii) The Bank Of Baroda Lap rates are subject to change without prior notice.
Bank Of Baroda Loan Against Property Rate Of Interest For Non- Individuals
Loan Amount | Tenure Up-to 10 Years | Tenure from 10 years – 15 years |
Margin Above 50% | Margin Up-to 50% | Margin Above 50% | Margin Up-to 50% | |
Up-to Rs.7.5 Crores | BRLLR + SP + 1.45% 8.45% p.a. | BRLLR + SP + 1.95% 8.95% p.a. | BRLLR + SP + 1.95% 8.95% p.a. | BRLLR + SP + 2.45% 9.45% p.a |
Above Rs.7.5 Crores | BRLLR + SP + 1.70% 8.70% p.a. | BRLLR + SP + 2.20% 9.20% p.a. | BRLLR + SP + 2.20% 9.20% p.a | BRLLR + SP + 2.70% 9.70% p.a. |
Note: (i) The BRLLR is 6.75% p.a. and S.P. is 0.25% w.e.f march 2021. (S.P is Strategic Premium)
(ii) The Bank Of Baroda Lap rates are subject to change without prior notice.
List Of Charges
- Unified Bank Of Baroda loan processing charges of 1% of the loan amount which includes documentation charges, verification/ vetting charges, pre- Inspection charges, one-time post-inspection charges, legal charges, valuer charges for valuation, CIBIL charges, CERSAI charges. GST at the applicable rate will be applicable on the processing charge of 1% of the loan amount.
- Mortgage Creation Charges – up-to Rs.15,000/-
-> Up to Rs.10 Lakhs : Rs.500/- per Lakh
-> Rs.10.00 Lakhs – Rs.50.00 Lakhs : Rs.5,000/-
-> Rs.50.00 Lakhs – Rs.1 Crore : Rs.10,000/-
-> Above Rs.1 Crore : Rs.15,000/-
- Insurance Charge – Property insurance cost which will differ with the valuation of the property.
- Stamp Duty Charge – 0.30% on the loan amount.
Also read, total costs involved in availing of a home loan.
Bank Of Baroda Loan Scheme Of Mortgage Loans
- Bank Of Baroda Regular Mortgage Term Loans
A BOB mortgage loan is a term loan available for all eligible borrowers against the mortgage of their residential or commercial property which is repaid in equated monthly installments.
- Bank Of Baroda mortgage loan interest rates range from 8.20% p.a. – 13.85% p.a.
- The maximum loan tenure offered is up-to 15 years.
- The minimum loan amount is Rs.2 lakhs & the maximum is Rs.10 crore.
- Processing fees of 1% of the loan amount plus applicable GST subject to a minimum of Rs.7,500/- & a maximum of Rs.1,50,000/-
- Get additional refinance on loans transferred in Bank Of Baroda.
Also, read on home loan refinancing.
- Apply jointly to enhance your eligibility. (Read, more on joint loan benefits)
- Can be applied online as well as offline. (Know how to apply online)
Additional Read, best banks for mortgage loans in India.
2. BOB Mortgage Overdraft Loans
Bank Of Baroda overdraft facility helps you to withdraw money as per your need to save on interest.
- Interest is paid only on the loan amount utilized.
- Bank Of Baroda overdraft interest rates range from 8.70% p.a. – 14.35% p.a.
- Process fees of up-to 0.35% of the loan amount plus applicable GST for loans up-to Rs.3 Crores (Min. Rs.7,500/- & Max. Rs.75,000/-)
and
0.25% of the loan amount for loans above Rs.3 Crores (Min. Rs.7,500/- & no limit on Max.)
- A minimum of 60% of the sanctioned limit is to be utilized quarterly.
- Overdraft loan repayment period is 12 months, subject to annual review.
- Overdraft to be renewed annually.
Read more mortgage overdraft loans.
3. BOB Mortgage Loans For NRI
BOB mortgage loan for Non-resident Indians is provided against the mortgage of their residential property. The NRI must hold a valid Indian passport and a valid job contract/ work permit with a reputable company in a foreign country for 2-years.
- Mortgage loans are available only in the form of term loans.
- An NRI must have regular employment for a minimum period of 2 years.
- The average gross annual income for the last 3 years is Rs.5 Lakhs p.a., including the income of the co-applicant whose income is considered for mortgage loan eligibility.
- BOB loan against property interest rates for NRIs ranges from 8.85% p.a. – 10.35% p.a.
- The maximum loan tenure offered is up-to 15 years.
- The maximum loan amount is up-to Rs.10 Crores.
- Processing fees of 1% of the loan amount plus applicable GST subject to a minimum of Rs.7,500/- & a maximum of Rs.1,50,000/-
- Compare BOB NRI mortgage loan with ICICI Bank NRI mortgage loan.
Read more For NRI Loan Against Property
4. BOB Mortgage Loan Balance Transfers
Bank Of Baroda mortgage loan balance transfers is available to all eligible borrowers to transfer their existing mortgage loans with other banks/lenders to Bank Of Baroda at a competitive BOB bank mortgage loan interest rate. Also, read Why interest rates with NBFCs are higher than the Bank.
- All loan scheme products such as NRI mortgage loans, mortgage overdraft loans, LRD loans, and simple term mortgage loans can be transferred.
- Also, apply for additional top-up loans on mortgage loans subject to income eligibility and property market value.
- The Bank Of Baroda mortgage loan ROI for loan balance transfers range from 8.20% p.a. – 13.85% p.a.
- Loan tenure restructuring can be done for a maximum of up-to 15 years.
- The maximum loan amount is up-to Rs.10 Crores.
- One-time Processing fees of 1% of the loan amount plus applicable GST
(Minimum Rs.7,500/- & maximum Rs.1,50,000/-)
Also, click to read how to deal with the increasing interest rates of housing loans.
5. Bank Of Baroda Loan Against Rent Receivables
Commonly referred to as Lease Rental Discounting (LRD) loans, it is a term loan provided to all eligible Indian residents against the securitization of future rent receivables from the residential or commercial properties which are let out or considered to let out to a reputed company, institutions, public sector units, established commercial organizations, banks, and MNCs.
- The loan against rent agreement is available for all lawful economic activities such as renovations/alterations/additions to the premises let out, and personal needs except the speculative purposes.
- Loans are available to owners of let out or proposed to let out a premises, landowners of the BOB branch premises, and landowners of the residential flats/houses leased out to BOB officers/executive quarters.
- The maximum funding is 55% of the rents received for general customers and 70% of the rent received by landlords of the premises occupied by BOB branches or lent out to the BOB officers/executive quarters.
- Board loan against future rent receivables interest rate range from 8.65% p.a. to 11.60% p.a.
- The maximum tenure offered loan against rent receivables BOB is up-to 10 years subject to the balance lease term.
- The minimum loan amount under loan against rent receivables is Rs.25 Lakhs & the maximum loan amount under loan against rent receivables is Rs.20 Crores.
- One-time processing fee of 0.50% of the loan amount plus applicable GST subject to a minimum of Rs.1,000/- & a maximum of Rs.10 Lakh.
- Balance transfers of loans are available at attractive interest rates.
Also, read The Income Tax Benefits On Mortgage Loan.
6. Baroda Loan Against Land Property And Building
It is an overdraft loan provided against the mortgage of land and building to fulfill the working capital requirements and long-term margin requirements of SME borrowers.
- All Micro, Small, & Medium enterprises, entities with sales turnover up-to Rs.1.5 Crores p.a., and projects whose cost is Rs.50.00 Crores, can apply for the loan.
- The maximum age of the residential/commercial building should not be more than 25 years.
- Land mortgage loan interest rate Bank Of Baroda range from 9.35% p.a. – 10.60% p.a. (Also read, Difference between home loan and land loan)
- The minimum loan amount is Rs.10 Lakhs & the maximum is Rs.10. Crores.
- The maximum LTV is up-to 40% of the market value of the property.
- The maximum period for an overdraft loan is 1-year.
Also read, Everything You Must Know Before Purchasing A Land & Availing The Land Loans.
7. Baroda Ashray Reverse Mortgage Loan
Bank Of Baroda reverse mortgage loans are provided to the Indian senior citizens above 60 years (spouse as co-applicant above 55 years for joint application) against the pledge of their self-owned residential property to meet their cash flows of day-to-day finances, medical expenses, etc.
- The maximum loan tenure is 15 years and can be extended till the survival of the borrower.
- Bank Of Baroda loan interest rate for a reverse mortgage is 9.10% p.a.
- Processing fee of 0.20% of the loan amount plus applicable GST subject to minimum Rs.7,5000/- & maximum Rs.10,000/-.
- The maximum loan amount available is Rs 1 Crore.
Read more on reverse mortgage loans.
Bank Of Baroda Mortgage Loan Documents Required
KYC | * Pan Card * Adhar Card * Photograph |
Income Documents | |
For Salaried | * 4 months salary slips. * 2 years form 16 * 6 months bank account statement. |
For Self-Employed | * 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. * 12 months bank account statement. * Business profile. * Business proofs. |
Property Papers | * Prior Chain of Agreement. * OC/CC + approved plans. * Index 2.Share Certificate. * Society Registration Copy. * Property tax. Property maintenance bill. |
Additional Documents Required For Mortgage Loan Transfer | * LOD (list of documents). * Outstanding letter. * 12 months repayment track record. |
Additional Documents Required For Loan Against Rent Receivables | * Certified copy of lease deed. * Bank account statements for the rent received. |
To download the complete documentation till disbursement refer to the links | * Salaried * NRI * Proprietorship Firm * Partnership Firm * Private Ltd. Company. |
Compare Bank Of Baroda Mortgage Loan With Top Lenders
Parameter | Bank Of Baroda | ICICI Bank | HDFC Bank | SBI Bank |
Interest Rate | 8.20% p.a. – 13.85% p.a. | 7.70% p.a. – 9.75% p.a. | 7.50% p.a. – 10.95% p.a. | 8.45% p.a. – 10% p.a. |
Tenure | Up-to 15 years | Up-to 20 years. | Up-to 15 years. | Up-to 15 years. |
Processing Fees | 1% of the loan amount + applicable GST. (Min Rs.7,500/- & Max Rs.1,50,000/-) | Up-to 1% of the loan amount + applicable GST. | Up-to 1% of the loan amount + applicable GST. | 1% of the loan amount + applicable GST. (Max Rs.50,000/-) |
Overdraft Facility | Yes | Yes | Yes | No |
LTV | 40% | 70% | 65% | 65% |
Maximum Loan Amount | Up-to Rs.10 Crores | Up-to Rs.10 Crores. | Up-to Rs.25 Crores. | Up-to Rs.7.5 Crores |
Click for more details. | Click for more details. | Click for more details. |
Click to compare and apply loan against property with leading banks.
Remember The Important Highlights
- BOB loan against property is not provided for persons engaged in any speculative activities including the property developers/ property dealers/ brokers, and share/stock brokers.
- The loan against property in Bank Of Baroda is also not available for HUF/Trust/Public Limited Company.
- Bank Of Baroda overdraft against property facility is not available for NRI loan applicants.
- The maximum loan amount for all categories of borrowers varies with the location.
-> For Metro Branches – Max. Rs.10 Crores.
-> For Urban Branches – Max. Rs.5 Crores.
-> For Semi-Urban Branches – Max. Rs.3 Crores.
-> For Rural Branches – Max. Rs.25 Lakhs.
- The FOIR percentage for all categories of borrowers is:
-> 50% – for gross monthly income up-to Rs.75,000/-
-> 60% – for gross monthly income from Rs.75,000/- to Rs.3 Lakhs.
-> 70% – for gross monthly income above Rs.3 Lakhs.
- Baroda loan against rent receivable scheme is not available for NRIs.
FAQs
Q. What is the Bank Of Baroda mortgage loan interest rate 2021?
Ans: Mortgage loan interest rate in Bank Of Baroda 2021 range from 8.20% p.a. to 13.85% p.a.
Q. What is the maximum loan amount for a mortgage loan with Bank Of Baroda?
Ans: The maximum BOB mortgage loan amount is Rs.10 Crores.
Q. Is it mandatory to take property insurance with the loan?
Ans: Property insurance will be given to every property. The insurance amount will vary depending upon the market value of the property.
Q. Where do I get the Bank Of Baroda loan application form?
Ans: You can download the Bank Of Baroda mortgage loan application form pdf online from the BOB site or visit the nearest BOB branch.
Q. What will be my mortgage EMI for Rs.35 Lakhs?
Ans: Your EMI will be Rs.33,853/- for 15 years @ 8.20% p.a. Use the BOB mortgage loan EMI calculator online to know the EMIs for different loan amounts, tenures @ various interest rates. Bank Of Baroda mortgage loan EMI calculator also shows you the total interest payable for the loan tenure.
Q. My DCB Bank loan against property interest rates is high. Can I transfer my DCB loan against property in Kerala to Bank Of Baroda loan against property in Chennai?
Ans: Yes, you can transfer your DCB mortgage loan to the Bank Of Baroda mortgage loan in Chennai, subject to your eligibility and property valuation.
Q. Can I transfer my Bajaj LAP loan to the Bank Of Baroda?
Ans: Yes, you can transfer your Bajaj Finance LAP loan to the Bank Of Baroda subject to your eligibility.
Q. How to calculate mortgage loan interest?
Ans: To know how much interest you repay monthly and the total interest payable, please refer to the Bank Of Baroda mortgageloan calculator.
By,
Loanfasttrack
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