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To determine which home loan is best for me, I examined BOB vs SBI home loan. I compared the interest rates, features and other costs of home loans of the State Bank of India (SBI) and Bank of Baroda (BOB). I can share my comparison table with you for your help.
What are the Differences Between SBI vs Bank of Baroda home loan?
| Compare | SBI Home Loan | Bank of Baroda Home Loan |
Interest Rate |
8.40% p.a. w.e.f. 01.09.2023 |
From 8.40% to 10.60% |
Processing Fees |
0.35% of the loan amount plus applicable GST, minimum Rs.2,000/- plus applicable GST and a maximum of Rs. 10,000/- plus applicable GST |
NIL, subject to Login Fee of Rs.1,500/- which is to be refunded on first disbursement. |
Features |
Packages of exclusive benefits |
Products for home loans to meet the needs of every customer. |
Low rate of interest. The computation of interest is done on a daily reducing balance. |
Minimal Interest Rates |
|
There is a home loan option with an overdraft. Make the best use of your surplus funds. |
Minimal Processing Fee |
|
There are low processing fees and no hidden expenses. |
No Hidden Fees |
|
There is no penalty for early payments. So, we can lower our interest costs by repaying the loan early. |
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 |
|
- |
Repayment for a maximum of 30 years |
|
- |
Up to 36 months after the loan money is disbursed is the moratorium period. |
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- |
As collateral, they typically accept mortgages on newly built or acquired property. Certain types of property, including gold ornaments, government promissory notes, insurance policies, shares, and debentures, may be accepted as collateral for home loans. |
Which is Better: SBI vs BOB Home Loan?
The answer to this question can be subjective to an extent. If you ask me, I decided to go with the Bank of Baroda home loan. I would say that the primary reason for me was the absence of any processing fee. Also, I needed some moratorium period.
However, I would not say that SBI home loan is any lesser. You can choose whichever bank’s home loan you find the most suitable for your requirements.
This is all I can say about BOB vs SBI home loan.
Get a Home Loan Sanction in 7 days from 15+ Banks via NoBroker Home Loan Services. Read More:SBI Home Loan vs. ICICI Home Loan: Which Is Better
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To compute the debate between SBI vs BOB which is better, one must compare the interest rates and other fees for home loans from State Bank of India (SBI) and Bank of Baroda (BoB). Understanding the interest rates and other appealing aspects of the loans given by these two top banks can help you realise your dream of owning your own house more quickly and affordably.
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Which home loan is better SBI or Bank of Baroda?
| Compare | SBI Home Loan | Bank of Baroda Home Loan |
| Interest Rate | 9. 15% p.a. - 11.10% p.a. |
Starting at 9.15 % |
| Processing Fees | 0.40% of loan amount + GST With a minimum of Rs 10000+GST And maximum of Rs 40000 + GST |
Up to Rs 50 lakh 0.50% of the loan amount on Baroda Home Loan & Baroda Home Improvement Loan |
Above Rs 50 lakh 0.25% of the loan amount on Baroda Home Loan & Baroda Home Improvement Loan |
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0.35% on Baroda home loan top-up |
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0.25% - 0.50% on pre-approved home loan |
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| Popular Home Loan Products | SBI Regular Home Loan |
Baroda Home Loan |
SBI NRI Home Loan |
Baroda Pre Approved Home Loan |
|
SBI FlexiPay Home Loan |
Home Improvement Loan |
|
SBI Pre-approved Home Loan |
Baroda Home Suvidha Personal Loan |
|
| Loan Tenure | Repayment up to 30 years |
5- 30 years |
| Eligibility | Resident Indian or NRI between 18 to 70 years of age |
Resident Indians and NRIs with the age of at least 21 years and 18 years for a co-applicant. |
The minimum income of the primary applicant must be 15,000 INR or above |
A clear current and past credit history and credit score. |
|
The minimum income of the co-applicant must be 10,000 INR or above |
||
| Prepayment Charges | Nil |
Nil |
Bank of Baroda or SBI which is better?
Both the State Bank of India (SBI) and the Bank of Baroda (BoB) are financial institutions that provide a variety of house loans, all with affordable interest rates that vary based on several criteria.
Depending on the loan programme that is being applied for, the interest rates will vary for various people. The amount of funding requested will also influence the final interest rate.
I have already provided you with the details of both banks. Hence, it completely depends on your preference and loan type to determine SBI vs BOB which is better. I hope this helps:)
Read More:
What is the Bank of Baroda ATM Withdrawal Limit Per Month? What is SWON ECOM in SBI: How to Activate It? How to Close SBI Home Loan Online?Your Feedback Matters! How was this Answer?
Authors Of The Question
Which Home Loan is Better SBI or Bank of Baroda?
Sahil
1315 Views
3 Answers
1 Year
2023-04-18T12:17:52+00:00 2023-04-18T12:24:17+00:00Comment
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