Bank of Baroda (BoB) offers mortgage loan up to Rs. 25 Crores for personal as well as business needs. BOB loan against property interest rates are competitive and start from just 10.85% - 16.50% p.a. The borrowed amount can be repaid in a flexible tenure of up to 15 years. The bank provides customised repayment plans, an overdraft facility and hassle-free loan processing.
On Bank Of Baroda Official Website
Updated: 20-05-2024 03:33:25 PM
| Loan Amount | Rs. 2 Lakhs – Rs. 25 Crores |
| Interest rate | 10.85% – 16.50% p.a. |
| Tenure | Up to 15 years |
| Processing fee | Up to 1% of the loan amount for Term Loan & up to 0.35% of the loan amount for Overdraft facility. |
Below is the comparison of Bank of Baroda Mortgage Loan Interest Rate 2023with the LAP interest rates of other lenders. You can compare the different interest rate offered by top lenders and select the best option:
| Name of the Lender | Interest Rate (% p.a.) |
|---|---|
| Bank of Baroda | 10.85% – 16.50% |
| State Bank of India | 10.10% – 11.65% |
| LIC Housing Finance | 9.70% – 11.55% |
| IDFC First Bank | 9.00% – 20.00% |
| Federal Bank | 12.60% |
| Home First | 12.80% – 18.50% |
| HDFC Bank | 9.50% – 11.00% |
| Kotak Mahindra Bank | 9.15% – 10.50% |
| PNB Housing Finance | 9.25% – 12.45% |
| ICICI Bank | 10.85% – 12.50% |
| Tata Capital | 10.10% |
| Bajaj Housing Finance | 9% – 14% |
BOB LAP interest rates vary depending on the loan amount, tenure, borrower’s category, credit score, product variant, and other factors.
| Product Variant | Tenure | Loan Amount | Effective Interest Rate (per annum) |
|---|---|---|---|
| Baroda Mortgage Loan – Individuals | Up to 120 months | Up to Rs. 7.5 Crores | 10.85% – 15.75% |
| Above Rs. 7.5 Crores | 11.10% – 16% | ||
| Above 120 months & up to 180 months | Up to Rs. 7.5 Crores | 11.35% – 16.25% | |
| Above Rs. 7.5 Crores | 11.60% – 16.50% | ||
| Baroda Mortgage Loan – Non-Individuals | Up to 120 months | Up to Rs. 7.5 Crore with a margin of up to 50% | 11.60% |
| Up to Rs. 7.5 Crores with a margin above 50% | 11.10% | ||
| Above Rs. 7.5 Crore with a margin of up to 50% | 11.85% | ||
| Above Rs. 7.5 Crores with a margin above 50% | 11.35% | ||
| Above 120 months & up to 180 months | Up to Rs. 7.5 Crore with a margin of up to 50% | 12.10% | |
| Up to Rs. 7.5 Crores with a margin above 50% | 11.60% | ||
| Above Rs. 7.5 Crore with a margin of up to 50% | 12.35% | ||
| Above Rs. 7.5 Crores with a margin above 50% | 11.85% |
An additional 0.50% Bank of Baroda overdraft interest rate will be charged above card rates for the BoB overdraft facility.
Collateral:
Mortgage loans are available against immovable properties, such as:
Loan Amount: Rs. up to 25 crore
Eligibility for amount is assessed basis following income criteria:
Salaried:
Net Monthly Income up to Rs. 75,000: 50%
Net Monthly Income above Rs. 75,000 up to Rs. 3 lakhs: 60%
Net Monthly Income up to above Rs. 3 lakhs: 70% (For Doctors and practicing Chartered Accountants – 75% to 80%)
Others (self-employed & professionals:
Gross Annual Income up to Rs. 5 lakhs: Approval for 5 times of GAI
Gross Annual Income above Rs. 5 lakhs up to Rs. 8 lakhs: Approval for 6 times of GAI
Gross Annual Income above Rs. 8 lakhs: Approval for 8 times of GAI
Repayment Period:
Term loan: 180 months
Overdraft: 12 months; Subject to Annual Review
Repayment Capacity:
Loan is approved basis repayment capacity of the borrower. EMI will be assessed as under:
Gross monthly income up to Rs. 75,000: Up to 50% of GMI
Gross monthly income above Rs. 75,000 to Rs. 3 lakhs: Up to 60% of GMI
Gross monthly income above Rs.3 lakhs: Up to 70% of GMI
Resident Indians (RIs):
Non-Resident Indians (NRIs):
*HUF/ Trust/ Public limited company are not eligible to apply for Bank of Baroda Mortgage Loan.
The primary as well co applicants need to submit documents to establish their citizenship, income, identity, address, age and property ownership. Here is a summary of Loan against property documents required:
Bank of Baroda loan against property involves the following fees and charges apart from BoB mortgage loan rate of interest:
| Type of Charge | Description |
|---|---|
| Processing fees for Term Loan | 1% of the loan amount; Minimum Rs. 8,500 (upfront) per property & maximum Rs. 1,50,000 |
| Processing fees for Overdraft | 0.35% of the loan amount for overdrafts up to Rs. 3 Crores (minimum Rs. 8,500 upfront/per property & maximum Rs. 75,000) & 0.25% of the loan amount for overdrafts above Rs. 3 Crores (minimum Rs. 8,500 upfront/per property) |
| Inspection | Rs. 100 + GST (applicable after 2nd instance only) |
| Legal opinion & valuation | As applicable |
| Insurance | As applicable |
| Mortgage creation | As applicable |
| Stamp duty, property registration etc. | As applicable |
| Commitment charges | 0.50% on unutilized portion (applicable on ODs where average quarterly usage remains more than 60% unutilized) |
Bank of Baroda offers mortgage loan as term loan, demand loan or an overdraft facility (only to Resident Indians).
Bank of Baroda Term Mortgage Loan:
Bank of Baroda Overdraft (Against Land & Building)
You can conveniently calculate BOB Loan Against Property EMI with LAP EMI Calculator. Click on the EMI Calculator and enter details: Loan Amount, Interest Rate and Repayment Tenure.
Clicking on the calculate button and you will get loan EMI with amortization schedule. You can use different combinations to assess the loan affordability and make an informed decision.
The EMI will vary according to the loan tenure, interest rate and amount. Here is the calculation for the lowest bank of Baroda mortgage loan interest rate offer @10.85% – 16.50% for 5, 10 & 15 years in the range of 10 lakh to 50 Lakh:
Loan Against Property EMI Calculation
| Loan Amount | Tenure | ||
|---|---|---|---|
| EMIs for 5 years | EMIs for 10 years | EMIs for 15 years | |
| 10 Lakhs | Rs. 21668 | Rs. 13690 | Rs. 11,272 |
| 20 Lakhs | Rs. 43,335 | Rs. 27,380 | Rs. 22,544 |
| 30 Lakhs | Rs. 65,003 | Rs. 41,071 | Rs. 33,816 |
| 40 Lakhs | Rs. 86,671 | Rs. 54,761 | Rs. 45,088 |
| 50 Lakhs | Rs. 1,08,338 | Rs. 68,451 | Rs. 56,360 |
You can also use HDFC Bank Loan Against Property EMI Calculator to find out how much you will save on interest and how it affects your Loan EMI.
You can easily apply for the Bank of Baroda loan against property online. All you need to do is fill out the online loan BoB mortgage loan application form available on the official website of the bank by providing some basic details about yourself, the property to be mortgaged, and the purpose of the loan along with KYC. You can also fill out the physical form available at a nearby branch of the bank. Alternatively, you can also apply for the BoB LAP from our web portal for quick processing.
Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
Self-owned (including rented out) residential or commercial properties like shops and complexes are accepted for Mortgage Loan. You can also avail loan against plot.
Yes, you can apply for a top up as well as OD facility and check BOB Overdraft Interest Rate. The eligibility will be based on your past repayment record and overall credit profile.
Income proof is one of the prerequisites for a loan approval. The BOB assesses customer’s loan repayment capacity on the basis of net income. You can submit different types of income proofs other than salary proof and business income proof. The property rent receipts and pension statements are also acceptable as income proof.
You can foreclose your Bank of Baroda property loan account. A stipulated foreclosure fees will be applicable as mentioned in the loan agreement.
Bank of Baroda extends Loan Against Property up to 25 Crores. The approval is based for up to 60% of the market value of collateral attached.
At present, Bank of Baroda LAP Interest Rate ranges between 10.85% – 16.50% p.a.
The Bank of Baroda offers loans against property amounts up to 60% of the market value of the property. However, doctors are eligible to get a loan amount of up to 65% of their property value.
ICICI Bank, HDFC Bank, SBI, Kotak Mahindra Bank, and IDFC First Bank are some of the best banks to avail of a loan against property at affordable interest rates starting @ 9%.
Here are some tips to settle a loan against my property:
Loan against property is a secure loan that can be obtained against the mortgage of a residential or commercial property. You can check the features & benefits of Commercial Property Loan and apply online.
You can face the risk of losing ownership of your mortgaged property in case you fail to pay a loan against property. The bank will have full control over the property mortgaged as the collateral and it can auction or sell the property to recover its unpaid dues.
The rate of interest for a loan against property in Bank of Baroda ranges from 10.85% – 16.50% p.a. A 0.50% BoB overdraft interest rate will be charged above card rates for the Bank of Baroda overdraft facility.
You can get a minimum loan amount of Rs. 2 Lakhs and a maximum of up to Rs. 25 Crores (in metro cities) from the Bank of Baroda under loan against property, depending on your eligibility and requirements.
At present, Kotak Mahindra Bank, HDFC Bank, and ICICI Bank are some of the best private banks for loans against property.
Yes, the Bank of Baroda offers loans up to Rs. 25 Crores against residential and commercial properties.
Bank of Baroda offers loans against residential and commercial properties.
You can pay your BOB Loan Against Property EMI through the BoB World mobile app or by setting up an auto debit payment mode on your bank account.
