What is Bank of Baroda Home Loan Eligibility?

A few years back, I took out a home loan from Bank of Baroda. The reason I chose Bank of Baroda was because my cousin works there and he suggested it to me. He also told me about the process I need to follow and documents that I need to submit. I was also told about the Bank of Baroda home loan eligibility criteria. I have shared the necessary information below.

What is the Bank of Baroda Housing Loan Eligibility?

As I mentioned above, my cousin had told me about the eligibility criteria of the home loan. I have added all the information related to that in the below table. 

Besides this, he also told me that the loan repayment capacity should not exceed 50% of my total income and the home loan amount will not exceed 90% of the property value. 

Being a self employed person, I was informed about the required documents to avail of a home loan. Apart from the regular documents such as PAN, Aadhaar Card, Passport, etc. he told me provide a few additional documents such as

• Business address proof.

• Last three years’ tax returns.

• Company balance sheet, profit and loss statements, duly audited/attested by a chartered accountant.

• Account statement of business.

• Registration certification copy of my factory. 

And that’s all he told me about the eligibility criteria of Bank of Baroda. Hope this helps. 

I learned about Bank of Baroda home loan eligibility when my sister applied for a home loan. She enquired about the eligibility in a few banks and chose to go with the Bank of Baroda. I will tell you about the features of the bank along with the eligibility of home loans.

Baroda Home Loan: Features

• Products for home loans to meet every customer's need

• The approved amount of the home loan varies based on the applicants' income and location.

• Minimal Interest Rates

• Minimal Processing Charge

• No Hidden Fees

• No Penalty for Prepayment

• The interest rate is reset every month and is correlated with the bank's Baroda Repo Linked Lending Rate (BRLLR).

• Interest Rates on Reductions in Daily Balance

• Maximum repayment term of 30 years; Maximum moratorium period of 36 months following loan amount disbursement.

• Mortgages on newly built or acquired property are typically accepted as collateral. Certain types of property, including gold ornaments, government promissory notes, insurance policies, shares, and debentures, may be accepted as collateral for home loans.

Bank of Baroda Housing Loan Eligibility

Resident Type:

• Indian residents

• Individuals of Indian descent (PIOs) with foreign passports, Non-Resident Indians (NRIs) with Indian passports, and Overseas Citizens of India (OCI)

BoB home loan eligibility for Minimum & Maximum Age:

• Applicant:- 21 Years

• Co-applicant:- 18 Years

• Maximum Age: 70 years

• Loan Tenure: up to 30 years.

Maximum Loan Amount

• Mumbai: Rs. 20 Crores

• Hyderabad, New Delhi (including National Capital Region) and Bengaluru: Rs.7.50 Crore

• Other Metros: Rs. 5.00 Crores

• Urban Areas: Rs. 3.00 Crores

• Semi-urban and Rural: Rs. 1.00 Crores

• Chandigarh, Panchkula & Mohali:- Rs. 5 Crores

I am sure now that you know about BoB housing loan eligibility, you can make an informed decision for a home loan.