Bank of Baroda Loan Against Property
Bank of Baroda Loan Against Property is a perfect scheme offered to eligible applicants to fulfill their business and personal needs. Bank of Baroda (BOB) offers customized loans against property solutions in a simplified loan process for a maximum of 15 years as the repayment tenure at an interest rate ranging between 10.85% - 18.60% per annum. The BOB loan against property scheme can be availed at a floater and fixed rate basis.
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Bank of Baroda Loan Against Property Interest Rate
BOB is one of those popular banks that offers a combination of a loan and an overdraft facility under its loan against property scheme. The Bank of Baroda loan against property interest rate ranges between 10.85% - 18.60% per annum for floater and fixed rate packages.
You will be able to understand in detail about BOB loan against property interest rate 2024 by looking at this table:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.85% - 16.50% p.a. |
| Fixed Rate | 12.85% - 18.60% p.a. |
Bank of Baroda Loan Against Property Eligibility Criteria
Securing a Loan Against Property (LAP) from BOB involves meeting specific eligibility criteria designed to ensure that borrowers have the financial stability and capability to repay the loan. These comprise of factors like age, nationality, income, and credit score.
Listed below are the main Bank of Baroda loan against property eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 years | 21 - 65 years |
| Nationality | Indian Resident and NRI | Indian Resident and NRI |
| Minimum Income Earned | Rs. 3 lakh per annum | Rs. 5 lakh per annum |
| Credit Score | 650 and above (preferred) | 650 and above (preferred) |
Bank of Baroda Loan Against Property Fees and Charges
There are certain fees and charges associated with a Loan Against Property that may significantly influence the total expense of the loan and impact your financial planning. These include a processing fee, prepayment penalty, stamp duty, and other miscellaneous charges.
You will be able to understand in-depth about the Bank of Baroda loan against property processing fees and other charges by looking at this table:
| Processing Fee | 1% of the loan amount |
|---|---|
| Overdraft Charges |
|
| Stamp Duty | As per actuals |
| Inspection Charges | Rs. 100 + GST (after 2nd instance) |
| Legal Opinion and Valuation | As per actuals |
| Commitment Charges | 0.50% on unutilized portion |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
A little comparison before the final decision of applying for a Bank of Baroda Loan Against Property will make you more confident. So, here we are comparing the rate of interest and processing fee of BOB LAP with 5 other lenders providing the same scheme:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Bank of Baroda | 10.85% - 18.60% p.a. | 1% of the loan amount |
| Tata Capital | 9.00% - 10.10% p.a. | 1.25% of the loan amount |
| HDFC Bank | 9.50% - 11.00% p.a. | 1% of the loan amount (minimum of Rs. 7,500) |
| Cholamandalam Housing Finance | 10.00% - 24.00% p.a. | 1% of the loan amount + GST |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
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Documents Required For Bank of Baroda Loan Against Property
Whether it is to establish the borrower’s identity or to verify his/ her financial stability, there is a set of documents that help streamline the approval process for an LAP scheme. Listed below are the Bank of Baroda loan against property documents required that must be arranged before applying for the loan:
1. For Salaried Loan Applicants
- Address or Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID Card, etc.
- Income Proof: Salary Slips for the previous 3 months, Bank Account Statements for the previous 6 months, Latest ITR/ Form 16
- Date of Birth Proof: 10th Class Certificate, Passport, Aadhaar Card
- Documents of Property: Approved Plan, Payment Receipt to the Builder or Seller, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form affixed with latest passport size photographs, Appointment Letter/ Employment Contract, Own Contribution Proof
2. For Self-Employed Loan Applicants
- Address or Identity Proof: Aadhaar Card, PAN Card, Passport, and Voter ID Card
- Income Proof: ITR/ Form 16 for the previous 3 years, Profit and Loss Account Statements and Balance Sheets for the previous 3 years, Savings Account Statement/ Current Statement of the Business Entity for the previous 6 months, Business Profile, Form 26AS
- Date of Birth Proof: 10th Class Certificate, Passport, Aadhaar Card
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form affixed with latest passport size photographs, Appointment Letter/ Employment Contract, Own Contribution Proof, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
Find HDFC Home Loan Offices Near You
You may choose to get in touch with the nearest branch of HDFC Home Loan where you reside, for any queries, complaints, or redressal of grievances. You can easily look up online for an HDFC home loan branch near you or connect with the BASIC Home Loan representative in your city for further assistance.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The easiest way to apply for a Bank of Baroda Loan Against Property is through the BASIChomeloan official website. Alternatively, you may visit the nearest branch of BOB for the same.
By not paying the BOB loan against property EMI, the borrower may spoil the credit score, get fined for late payment, and may lose the ownership of the mortgaged property.
The processing fee for a BOB LAP scheme is 1% of the loan amount.
Yes, you can make a part-prepayment on the Bank of Baroda loan against property but the bank may charge a prepayment charge on the same.
The maximum loan amount one can get from the Bank of Baroda as a Loan Against Property is up to Rs. 25 crores.
Yes, the Bank of Baroda offers a flexible top-up on the loan against property to help borrowers meet their additional financial requirements.