Is Bank of Baroda Home Loan a Good Option to Avail?

Bank of Baroda, a public sector banking giant, is quite a competitor to its peers in the home loan segment. Be it offering loans at the benchmark rate without any addition of spread or customized home loan offers, Bank of Baroda (BoB) calls all the shots. But whether Bank of Baroda Home Loan is a good option to have given the competition lenders are witnessing at the moment. For that, you must know what others have in store for you. Let’s analyze all that here. 

Bank of Baroda Home Loan Details

Bank of Baroda provides home loans of different amounts at varied rates of interest. You can increase the loan eligibility by adding your earning family member as the co-applicant. The loan can be granted for a maximum of 30 years. It prices the floating rate loan based on Baroda Repo Linked Lending Rate (BRLLR), which is an addition of repo rate and a mark-up. Since the repo rate is subject to change every two months, BRLLR is likely to change every 2-3 months. Presently, BRLLR stands at 8.15%. So, if you have a CIBIL score of 760 and above, you’ll get the loan at BRLLR with no spread. On the whole, the interest rate can go up to 9.15% per annum. 

How Stronger a Competitor SBI Home Loan is?

SBI is perhaps the leader of the pack with the benchmark rate falling below 8%. Loans upto ₹30 lakh can be accessed at an interest as low as 7.90% per annum. The maximum rate of interest can be 8.20%, quite affordable, isn’t it? And, if you apply for a loan anything above ₹30 lakh to ₹75 lakh, the interest rate can be anywhere between 8.15%-8.45% p.a. Loans above 75 lakh will come at 8.25%-8.55% per annum. 

Does HDFC Offer a Competition to BoB in Home Loans?

HDFC Limited is also a strong  player in the home loan segment. Like SBI, it also has interest rates segregated according to the loan amounts. Loans upto ₹30 lakh can be given at as low as 8% and as high as 8.65%. Whereas, you must be ready to pay loans exceeding ₹30 lakh and upto ₹75 lakh at 8.25%-8.90% p.a. Loans above 75 lakh can be granted at 8.30%-8.95%. 

How About ICICI Home Loan?

ICICI is also a prominent home loan provider to both salaried and self-employed individuals. Loans upto ₹35 lakh can be granted to salaried at 8.60%-8.75%. The same loan is offered to self-employed at 8.85%-9.10% p.a. As you apply for home loans above ₹35 lakh to ₹75 lakh, you need to pay it at 8.65%-8.90% (salaried) and 8.85%-9.15% (self-employed). The rate of interest for salaried servicing home loans above  ₹75 lakh at 8.70%-9.05%, while self-employed needs to do it at 8.80%-9.20% p.a. 

Use the Home Loan EMI Calculator to Assess Your Affordability

Now that the interest rates are out, you can check the home loan EMI calculator and see how competitive Bank of Baroda Home Loan is to its peers. Make an informed decision taking into account the estimated monthly installments and the overall interest outgo.


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