How Bank of Baroda Home Loan Eligibility is Checked?

To borrow a loan for your house purchase or construction, you can contact Bank of Baroda. Because the bank provides the best home loans to customers at an attractive rate of interest 6.85%-7.85% per annum. And the Bank of Baroda home loan is dependent on the eligibility for the applied amount. To check your eligibility, you can use the Bank of Baroda eligibility calculator. Read the article to know how the tool works and how much you can borrow from the bank.

Bank of Baroda Home Loan Eligibility Calculator

You just have to visit the bank website and go to the home loan page select eligibility calculator and fill in the following details.

  • Your residence state 
  • Date of birth
  • Monthly income
  • Loan Tenure
  • Current EMIs
  • Then click the ‘submit’ button

When you insert the details the tool evaluates the loan amount.

What is Bank of Baroda Home Loan Eligibility Criteria?

You can borrow a loan from Bank of Baroda if you ar Indian, NRI, Overseas Citizens of India (OCI), Persons of Indian origin (PIOs) and age between 21 to 70 years. A minimum working experience of 2 years required to apply for the loan with a 1 year of experience with the current employer. And you can add co-applicants on your Bank of Baroda home loan which can be your close relatives such as Spouse, Father, Mother, Son, Daughter. Your co-applicant age should be minimum of 18 years or above.

EMI & NMI ratio on your Bank of Baroda home loan

The EMI and NMI ratio is set by the bank based on your monthly income, see this table below to know how the bank will do it.

Monthly Income (INR) EMI & NMI Ratio
< 20,000 50%
>= 20,000 & < 50,000 60%
50,000 or above < 2 lakh 65%
2 lakh or above < 5 lakh 70%
5 lakh and above  75%

Margin on Bank of Baroda Home Loan

You can borrow up to INR 10 Crore from Bank of Baroda and the borrower doesn’t get the 100% value of their house or property because a margin applied on their home loan which is as follows.

Loan Amount Margin  Loan to value ratio
Up to INR 30,00,000 10% 90%
INR 30 lakh to 75 lakh 20% 80%
Above INR 75 lakh 25% 75%

Features & Benefits of Bank of Baroda Home Loan

  • Free accident insurance cover is offered to the home loan customer with their loan amount
  • You can also apply for a free credit card
  • And can get a concession up to 0.25% on car loans
  • Tenure up to 30 years
  • Moratorium period of 36 months for home construction
  • Lowest interest rate
  • Highest loan amount 
  • And top-up facility up to 5 times during the tenure

So, apply for Bank of Baroda home loan and live in your own house of dreams and the eligibility is based on your income, credit score and repayment capacity. Taking into all those factors the bank will approve your loan and provide you funds for home purchase, renovation, construction, land purchase, etc.