Bank of Baroda Loan Against Property Highlights |
|
|---|---|
| Interest Rate | 10.85%-16.50% p.a. |
| Processing Fees | Up to 1% (Rs 8,500 upfront-Rs 75,000) |
| Loan Amount | Rs 2 lakh to Rs 25 crore |
| Tenure | Up to 15 years |
Bank of Baroda Loan Against Property Interest Rates
Bank of Baroda offers loan against property starting from 10.85% per annum, with rates varying based on the loan amount and tenure chosen by the applicants. Although the bank hasn't specified differing interest rates based on factors like credit score or occupation profile, many lenders do consider these factors when setting their loan against property interest rates.
Tenure up to 10 years
| Loan Amount | Interest Rates (p.a.) |
|---|---|
| Facility up to Rs 7.5 crore | 10.85%-15.75% |
| Facility above Rs 7.5 crore | 11.10%-16.00% |
Tenure above 10 years to 15 years
| Loan Amount | Interest Rates (p.a.) |
|---|---|
| Facility up to Rs 7.5 crore | 11.35%-16.25% |
| Facility above Rs 7.5 crore | 11.60%-16.50% |
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Baroda Mortgage Loan
- Purpose: The loan against property provided by Bank of Baroda can be used for any purpose other than speculative purposes.
- Loan Amount:
- Minimum: Rs 2 lakh
- Maximum: Metro branches- Up to Rs 25 crore
- Tenure: Up to 15 years
- LTV Ratio: 60% on realizable value of immovable property
Also read: Best Loan Against Property EMI Calculator
Fees and Charges of Bank of Baroda Loan Against Property
Processing Charges
| Particulars | Charges |
|---|---|
| Term Loan | Up to 1% (Rs 8,500 upfront-Rs 1,50,000) |
| Overdraft |
Loan amount above Rs 3 crore: Up to 0.25% (Rs 8,500 upfront) Loan amount up to Rs 3 crore: Up to 0.35% (Rs 8,500 upfront -Rs 75,000) |
Eligibility Criteria for Bank of Baroda Loan Against Property
Eligibility criteria for Bank of Baroda's loan against property are as follows:
- Indian residents and NRIs (individuals)
- NRIs with a valid Indian passport, regular employment, self-employment, or business
- Salaried individuals, professionals, business persons, agriculturists employed or engaged in business/profession
- Minimum Gross Annual Income: Salaried individuals should have a minimum gross annual income of Rs 3 lakh, while NRIs should have a minimum of Rs 5 lakh.
- Work Experience: Salaried individuals require a minimum of 3 years of work experience, while NRIs need a minimum of 2 years with a valid work permit for 2 years in a foreign country
In addition to the mentioned eligibility criteria, Bank of Baroda may also take into account the credit score of its applicants, similar to many other lenders, when assessing their eligibility for a Loan Against Property.
Also read: Best Loan Against Property Eligibility
Bank of Baroda Loan Against Property Documents Required
Bank of Baroda has provided a comprehensive list of documents required for Loan Against Property applicants based on their customer profile. Below is the complete list of documents necessary to avail Bank of Baroda LAP:
For Individuals
Below is the complete list of documents required for availing Bank of Baroda LAP:
- ID Proof: ID card issued by the current employer, passport, Voter ID, driving license, Aadhar card, PAN card
- Bank statement for the last 6 months
- Duly filled application form with the applicant’s or guarantor’s signature
- Two passport size photographs
- ITR along with Form 16 for the last 3 years
- Residential address proof: Telephone bill, electricity bill, passport, voter ID
- Residential address proof for salaried individuals: Salary slips for the last 3 months duly attested by the employer and countersigned by the applicant
- Residential address proof for self-employed/professionals: Balance sheets and profit & loss accounts of the business along with copies of individual ITR for the past 3 years certified by a CA
- Residential address proof for agriculturists: Income certificate from Tehsildar/SDO/BDO, etc
- Residential address proof for others: ITR for the last 3 years duly acknowledged by Income Tax authorities
For Non-Individuals
For Non-Individuals, the following additional documents are required for availing Bank of Baroda LAP:
- Board resolution
- Details of Associate Concerns
- Loan or overdraft facility with other banks
- Details of existing relationship with Bank of Baroda
- Place of business/nature of business/line of activity, etc.
- Individual tax returns of partners, proprietors, directors, etc.
Property Related Documents
Property related documents required for Bank of Baroda LAP include:
- Non-encumbrance letter from the cooperative society
- Paid receipts of water tax, latest maintenance, municipal tax, etc.
- Confirmation from the society that Bank’s lien on society records is noted
- Permission to create equitable mortgage from the society or development authorities
- Original title deeds of the property offered for mortgage along with the complete chain of title deeds
For NRIs
For NRIs applying for Bank of Baroda LAP, the following additional documents are required:
- Copy of employment contract
- Copy of last work permit
- Copy of ID card issued by current employer
- Copy of VISA stamped on the passport
- Bank statement of overseas account for the past 6 months
- Passbook of NRE account or bank account statement
- Form of guarantor along with income proof or net worth proof
- Undertaking from the employer for monthly installment remittance
- Biodata with educational qualifications, job experience, age, nature of profession, etc.
- For salaried individuals: Certified copy of latest salary slips for the past 6 months
- For self-employed individuals: Balance sheets and profit & loss accounts of the business along with copies of individual ITR for the past 3 years certified by a CA
- Salary certificate, income statement duly attested by the foreign office of Bank of Baroda or certified by a competent authority available in the country
Also Read : Best Loan Against Property Documents Required
Bank of Baroda Loan Against Property FAQs
1. What types of property are accepted as collateral for Mortgage Loan from Bank of Baroda?
Bank of Baroda accepts self-owned (including rented out) residential or commercial properties such as shops and complexes for Mortgage Loan. Additionally, individuals can avail a loan against a plot of land.
2. Can I avail a Top Up for my Bank of Baroda Loan Against Property?
Yes, you can apply for a top-up as well as an overdraft (OD) facility with Bank of Baroda. The eligibility for these facilities will be based on your past repayment record and overall credit profile. You can check the Bank of Baroda overdraft interest rate to understand the terms and conditions associated with the facility.
3. Can I apply for Loan Against Property without income proof?
Income proof is necessary for loan approval. Bank of Baroda assesses a customer’s loan repayment capacity based on their net income. Besides salary proof and business income proof, you can submit other types of income proofs such as property rent receipts and pension statements.
4. How much loan will I get against property?
Bank of Baroda offers loans against property for amounts up to 60% of the market value of the property. However, doctors are eligible to receive a loan amount of up to 65% of their property value.
5. What is the maximum amount I can get as BOB loan against property?
Bank of Baroda offers Loan Against Property up to 25 Crores. The approval is provided for up to 60% of the market value of the collateral attached.
6. What is the rate of interest for loan against property in Bank of Baroda?
Currently, the Bank of Baroda Loan Against Property Interest Rate ranges between 10.85% to 16.50% per annum.
7. Can I close my loan account before the tenure?
You can close your Bank of Baroda property loan account before the scheduled time. However, a foreclosure fee, as specified in the loan agreement, will be applicable.