Bank of Baroda Home Loan Interest Rate
Lending easy and affordable financial services to thousands of aspiring homeowners across the country, Bank of Baroda has emerged as one of India’s best public sector banks. Borrowers prefer this bank because of the lower home loan BOB interest rate compared to other banks and NBFCs. The Bank of Baroda home loan interest rate starts at 8.60% per annum. However, the Bank of Baroda home loan interest rate may vary depending on the applicant's eligibility and CIBIL score. The maximum loan repayment tenure is up to 30 years, depending on the plan chosen by the borrower. To help aspiring homeowners buy a home this festive season, BOB has also waived its processing fee on home loans.
Bank of Baroda Home Loan EMI Calculator
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Bank of Baroda Home Loan Key Highlights
| Amount of Loan | Up to Rs. 10 crore |
|---|---|
| Rate of Interest | 8.60% p.a. onwards |
| Processing Fees |
Nil |
| Max Tenure for Loan Repayment | 30 years |
Bank of Baroda Home Loan Interest Rates in 2024
BOB offers home loans with lucrative interest rates, starting at 8.60% per annum and going up to 10.90% per annum. The BOB home loan interest rate 2024 per annum as part of the special festive offer from the bank. The maximum tenure for loan repayment is up to 30 years. The tables given below highlight the Bank of Baroda home loan interest rate 2024 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried | 8.40% - 10.60% p.a. |
| Self-Employed | 8.40% - 10.90% p.a. |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Baroda Repo Linked Lending Rate (BRLLR) is 9.15%
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | Policy Repo Rate + Spread = BRLLR - 0.75% to BRLLR + 1.45% = 8.40% - 10.60% |
Baroda Home Loan Advantage Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Up to Rs. 75 Lakhs | 8.40% - 10.60% p.a. |
| Above Rs. 75 Lakhs | 8.65% - 10.85% p.a. |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers (Outstanding Home Loan + Top-Up Loan) | Applicable Rate of Interest on the linked home loan scheme + Strategic Premium (0.25%) + 0.60% |
Interest rates were last updated on 9th November 2023
Bank of Baroda Home Loan Interest Rates for All Schemes in India
Bank of Baroda offers many housing plans and schemes to its loan applicants across the country. The table below will give you a clear idea about some of the popular home plan schemes offered by the bank and the standard rate of interest offered on each.
| Bank of Baroda Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Baroda Home Loan |
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| Baroda Home Loan Advantage |
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| Baroda Home Loan Takeover Scheme/ Balance Transfer |
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| Home Improvement Loan |
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| Baroda Pre-Approved Home Loan |
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| Baroda Top-Up Loans |
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| Baroda Home Suvidha Personal Loan |
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| Credit Risk Guarantee (CRE) Fund Scheme for Low Income |
|
Bank of Baroda Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
BOB offers three types of additional home loan facilities to enrich the experience of its customers who already have a home loan scheme with the bank, and these are listed below:
Bank of Baroda Home Loan Balance Transfer
BOB allows you to easily transfer your existing home loan to the Bank of Baroda at a lower interest rate through its Takeover Scheme. This is precisely referred to as the balance transfer home loan. Currently, BOB offers balance transfers for loan amounts of up to Rs. 10 crores at a flexible repayment tenure of up to 30 years. The BOB balance transfer home loan interest rate ranges from 8.40% to 10.90% per annum. The best benefit of opting for a Bank of Baroda Balance Transfer home loan is to enjoy lower interest rates to ease off the financial loan for personal and professional requirements.
Bank of Baroda Home Loan Top-Up
BOB proudly offers extra financial help to existing home loan customers by providing them with easy Top-Up Home Loans. The Bank of Baroda home loan top-up interest rate is the appreciable interest rate on the linked home loan, along with the strategic premium of 0.25% and an additional 0.60%.
Bank of Baroda Home Loan Overdraft Option
The Bank of Baroda also offers an overdraft facility on home loans to help customers utilize some additional funds as per their requirements. This saves them from reapplying for a new loan amount. The best benefit of BOB's overdraft facility on home loans is that it comes with no processing fee or prepayment charges. Moreover, there is no maximum loan limit. The interest rate for a BOB overdraft is based on the borrower's credit score and the loan amount requirement.
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Compare Bank of Baroda Home Loan Interest Rate with Top Banks
Bank of Baroda offers home loans at affordable interest rates to both salaried and self-employed borrowers. However, we suggest you compare the BOB home loan interest rate with other similar banks for a well-researched decision. The table below highlights the interest rates and processing fees of other leading banks and NBFCs in India providing home loans:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| LIC HFC | 8.50% p.a. onwards | Up to 0.25% (Rs. 25,000 max) |
| Union Bank of India | 8.70% p.a. onwards | 0.50% of the loan amount (Rs. 15,000 max) |
| Kotak Mahindra | 8.75% - 9.60% p.a. onwards | 0.5% - 1.0% of loan amount + taxes |
| SBI | 9.15% - 12.95% p.a. onwards | Up to 0.25% (Rs. 10,000 max) |
| Bank of Baroda | 8.40% p.a. onwards | 0.35% onwards + taxes |
Bank of Baroda Home Loan Balance Transfer Interest Rates
In order to encourage home loan customers to shed some of their financial burden, Bank of Baroda allows them to transfer their outstanding balance on loan repayment from another bank to BOB's lower rate of interest home loan schemes. In return, they enjoy lower EMIs and several other benefits from BOB.
Bank of Baroda home loan balance transfer interest rates range between 8.40% and 10.90% per annum for all loans. Both salaried and self-employed borrowers can easily choose this facility. Have a look at the easiest way to apply for a BOB balance transfer home loan:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- Enter the required information in the provided form and fill in the key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the Bank of Baroda Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with Bank of Baroda Balance Transfer on home loans.
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How to Calculate Bank of Baroda Home Loan Interest Rates?
The most preferred and easiest way of determining the interest rate payable on a BOB home loan plan is by using the online home loan interest rate calculator available at EMI. Use this online EMI calculator to plan your monthly finances better without any confusion. The table below provides a detailed estimate of the EMI payable and the interest rate on Bank of Baroda home loans:
Bank of Baroda Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.4% p.a. | Rs. 12,345 | Rs. 8,615 | Rs. 7,618 |
| Rs. 20 lakh | 8.4% p.a. | Rs. 24,690 | Rs. 17,230 | Rs. 15,237 |
| Rs. 30 lakh | 8.4% p.a. | Rs. 37,035 | Rs. 25,845 | Rs. 22,855 |
| Rs. 40 lakh | 8.4% p.a. | Rs. 49,381 | Rs. 34,460 | Rs. 30,474 |
| Rs. 50 lakh | 8.4% p.a. | Rs. 61,726 | Rs. 43,075 | Rs. 38,092 |
| Rs. 60 lakh | 8.4% p.a. | Rs. 74,071 | Rs. 51,690 | Rs. 45,710 |
| Rs. 70 lakh | 8.4% p.a. | Rs. 86,416 | Rs. 60,305 | Rs. 53,329 |
| Rs. 80 lakh | 8.4% p.a. | Rs. 98,761 | Rs. 68,920 | Rs. 60,947 |
| Rs. 90 lakh | 8.4% p.a. | Rs. 1,11,106 | Rs. 77,535 | Rs. 68,565 |
| Rs. 1 crore | 8.4% p.a. | Rs. 1,23,452 | Rs. 86,150 | Rs. 76,184 |
The figures in the table above are based on an 8.40% p.a. interest rate offered by the Bank of Baroda. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
Bank of Baroda is one of the leading banks in India, offering affordable home loans at no processing fees. You can take loans for up to 90% of the property value with ease through BOB.
Some crucial factors that can influence the interest rate you receive on your home loan are credit score, current economic conditions, and the applicant's payment history.
At present, BOB is not charging any charges on prepayment of home loans from its customers.
It always helps to plan your finances well by calculating the BOB EMI before applying for a home loan. Moreover, it helps save time and effort to better understand the loan EMI and tenure.
Yes, you can easily prepay your BOB home loan without any charges because the bank is not charging any prepayment or foreclosure charges on home loans.
The maximum loan amount allowed with a BOB home loan scheme is up to Rs. 10 crores.
Yes, BOB has already waived the processing fee on home loans in order to further reduce the financial burden of aspiring homeowners.
The maximum loan-to-value (LTV) ratio offered by the Bank of Baroda for home loans is up to 90% of the property cost.