Bank of Baroda Home loan, BOB Home Loan: Interest Rates 2024

Bank of Baroda Home loan: BOB invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget.

Raju Choudhary

Bank of Baroda Home loan

Bank of Baroda Home loan: BOB invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget. Bank of Baroda Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance.

Bank of Baroda Home loan, BOB Home Loan

Bank of Baroda offer various types of home loans and one of them is “Bank of Baroda Home Loan”. Please check Key Features of BOB Home Loan From below…

  • This Loan is Provides to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat Maximum loan amount is Rs.500 lacs and repayment ranges up to 30 years, with reasonable margin and nominal processing charges. No commitment /administrative charges
  • The BOB Home loan is available at very competitive rates of interest, currently available in the industry.
  • Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
  • Prepayment of BOB Home Loan is Allowed. No prepayment charges under floating rate option
  • Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  • Bank of Baroda Home Loan to NRIs as well as Persons of Indian Origin.
  • Simplified application form/procedures for convenience of customers, and speedy approvals.
  • Free Personal Accident Insurance cover (Renewed at banks discretion)
  • BOB Home Loan also provide facility for Life Insurance Cover to borrowers for Loan Protection(optional)
  • For More details about BOB Home Loan, Please visit our nearest Branch and avail loan to own your dream home

Purpose for taking BOB Home Loan

Before visit to Bank of Baroda Branch, please decide that for which purpose you want to take loan, BOB Offer home loan for following Purpose…Bank offers following benefits with home loan availed by you:

  • Purchase of new / old dwelling unit.
  • Construction of house.
  • Purchase of plot of land for construction of a house.
  • Repaying a loan already taken from other Housing Finance Company / Bank.
  • Repayment period up to 30 years (floating rate option).

Bank of Baroda Home loan Interest Rates

Bank of Baroda Housing Loan EMI Calculator at different tenures

EMI for different Home Loan amounts and tenures @ 8.60% interest rate

Loan Tenure
Loan Amount (Rs.)15 years20 years30 years
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest, EMI differs by loan tenure at 15, 20 and 30 years. Your EMI is higher when you take loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30 years.
  • Your EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.

Home Loan EMI for Rs. 1 Lakh loan amount at lowest 8.65% interest rate offered by Bank of Baroda for different tenures

5 years10 years15 years30 years
Bank of Baroda EMI for a loan amount Rs. 1 lakh at 8.65%2,0591,248994780
Total amount you pay back to the bank including principal and interest1.24 Lakh1.50 Lakh1.79 Lakh2.81 Lakh
Interest you have to pay over loan tenure23,54049,76078,9201.81 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan for a period of 30 years, you pay the lowest EMI of Rs. 780 . However, you pay an interest of Rs. 1.81 Lakh on a Rs. 1 Lakh loan.

In contrast, if you take a Rs. 1 Lakh loan from Bank of Baroda at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of Rs. 2,059 and pay an interest of only Rs. 23,540 which is less than half of what you paid in a 30-year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high-interest expenses.

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Bank of Baroda Home Loan Advantage

  • Loan amount upto Rs.75 Lacs : ROI as applicable to regular Home Loan [i.e., Base Rate (9.60% at present)]
  • Above Rs.75 Lacs : 0.25% over the ROI as applicable to regular Home Loan [i.e., Base Rate+0.25% (9.85% at present)]


BOB Eligible Amount of Loan

In case of Salaried:

Monthly IncomeModified Criteria
Up to Rs. 20,000/-36 times of monthly income
More than Rs.20,000/- & up to Rs. 1 lac48 times of monthly income
More than Rs. 1 lac54 times of monthly income

In case of others viz. professionals / self-employed / businesspersons etc., 5- times of average annual income (last three years).


Category of Home LoanLTV (%)Margin (%)
Upto Rs.30 lakh90%10%
Above Rs. 30 lakh and upto Rs. 75 lakh80%20%
Above Rs. 75 lakh75%25%
  • As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.
  • No Fees will be charged on part prepayment / full prepayment of the loan amount.
  • The loan can be repaid in a maximum period of 30 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 70 years in case of others.

Special Features of Bank of Baroda Home Loan

  • Free Personal Accident Insurance is available for stipulated tenure.
  • Free Credit Card (BOBCARD complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.
  • Concession of 0.25% in rate of interest for Car Loans.
  • Concession of 0.50% in rate of interest for Loan for consumer durables.
  • Top up Loan (Baroda Additional Assured Advance AAA) can be availed 5 times during loan period.
    (Minimum Rs.1/- Lac,  Maximum Rs.200/- Lacs or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).
  • As per current IT provisions Interest on loan upto Rs.1.50 lacs per annum is exempt from income tax (Under section 23/24 (1) of the Income Tax Act). An additional deduction of interest upto Rs.1 lac is available to persons taking a loan for their first home upto Rs.25 lacs during March 2013 to Feb 2014.

Bank of Baroda Home Loan Advantage

  • The Home Loan sanctioned will be linked with Saving Bank Account.
  • The rate of interest applicable on this SB account will be Zero.
  • Under this scheme, the borrower shall have the option to deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
  • Any credit available at the end of the day will be counted for credit in linked Home Loan account. Therefore, the borrower will get the benefit of interest in the Home Loan account to the extent of daily outstanding balance in the Savings Bank account.
  • The borrower will remit the Equated Monthly Installments (EMIs) into the linked SB account.
  • Recovery of EMI will be made by way of auto recovery from the linked SB account only.

The eligibility for Baroda Home Loan Advantage will be calculated as per the existing guidelines of Baroda Home Loan to Individuals and Baroda Home Loan to NRI/PIO.

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