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Bank of Baroda Home Loan in Kolkata

Interest Rate starts from 8.35%

Bank of Baroda Home Loan Interest rates in Kolkata

Please Find the Detailed Bank of Baroda Home Loan Interest Rates For Various Categories

Bank of Baroda Home Loan Floating interest Rates

Up To 30,00,00030,00,000 To 75,00,00075,00,000 Above
Salaried8.40%8.40%8.75%
Self employed8.40%8.40%8.75%
Women8.35%8.40%8.75%

Loan To Value (LTV) For Bank of Baroda Home Loan in Kolkata

Please Find the Detailed Margin Money Details For Bank of Baroda Home Loan
Up To 30,00,00030,00,000 To 75,00,00075,00,000 Above
Salaried90.00%80.00%75.00%
Self employed90.00%80.00%75.00%
Women90.00%80.00%75.00%

Features of Bank of Baroda Home Loan Kolkata

Type Features
Processing FeeUp to 1.0%
Pre Closure ChargesNil
Part Payment ChargesNil
Min Tenure5 Years
Max Tenure30 Years
Min Age21 Years
Max Age60 Years
Min Loan AmountRs.2,00,000/-
Max Loan AmountRs.10,00,00,000/-

Bank of Baroda Home Loan Kolkata Charges

Type Charges
Duplicate Statement ChargesFree
Insurance CoverUpto Loan Amount
Inspection ChargesAt Actuals
Legal Opinion Valuation ChargesAt Actuals
Validity Of Sanction3 months
Cheque Swapping Charges-
Bounce Cheque ChargesRs. 550/-
Issue Duplicate Provisional Interest CertificateFree
Issue Duplicate Interest CertificateFree
Duplicate Balance CertificateFree
Issue Amortization Schedule DuplicateFree
Switch Variable To Fixed0.5% of the principal outstanding
Switch Fixed To Variable0.5% of the principal outstanding
Photocopy DocumentsRs.500/-

Documentation For Home Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Min of 15 years of Link documents of Property
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

Bank of Baroda Home Loan FAQ's

About Bank of Baroda

Bank of Baroda has started its journey in 1908 in a small building in Baroda corporate center in Mumbai. During its journey so far, as many as 10 banks have been merged with Bank of Baroda, the bank list is :

1. Hind Bank Ltd (1958)

2. New Citizen Bank of India Ltd (1961)

3. Surat Banking Corporation (1963)

4. Tamil Nadu Central Bank (1964)

5. Umbergaon People Bank (1964)

6. Traders Bank Limited (1988)

7. Bareilly Corporation Bank Ltd (1998)

8. Benares State Bank Ltd (2002)

9. South Gujarat Local Area Bank Ltd (2004)

10. Memon Cooperative Bank Limited (2011)

BOB Capital Markets (BOBCAPS) is a SEBI-registered investment banking company based in Mumbai, Maharashtra.[10] It is a wholly owned subsidiary of Bank of Baroda.[11] Its financial services portfolio includes initial public offerings, private placement of debts, corporate restructuring, business valuation, mergers and acquisition, project appraisal, loan syndication, institutional equity research, and brokerage.

Bobcards Ltd is a credit card company, 100% subsidiary of Bank of Baroda. The company is in the business of Credit cards, Acquiring Business & back end support for Debit cards operations to Bank of Baroda. Bank of Baroda had introduced its first charged card named BOBCARD in the year 1984

Bank of Baroda Highlights

Bank of Baroda Ranked 21st amongst Best Indian Brands 2016 in Brand Equity – The Economic Times
Bank of Baroda awarded runner-up-award - ‘Public Sector Bank’ category for the year 2013-14 at ‘FE India’s Best Bank’ by The Financial Express (FE),2016
Bank of Baroda has bagged prizes in four categories under All India RBI Rajbhasha Shield Competition for 2014-15
Bank of Baroda won -3- Awards at the 55th Association of Business Communicators of India (ABCI) Awards 2016.
Bank of Baroda was awarded for “Excellence in Education Loan” at 6th My FM Stars of the Industry awards, 2016
Bank of Baroda bags First Prize from His Excellency President of India under Rajbhasha Kirti Puraskar Scheme, 2016

Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

Why Home Loans?

Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.

Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.

In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.

Expert Advice

Best Practices for Home Loan

Buyer has to ensure sufficient due diligence before finalizing the property. Certain aspects like builder credibility, availability of required approvals, and legal clearance of property to be checked before buying a property. Though it costs little extra it is advisable to get the assistance of experts for buying a property. This will help in avoiding costly mistakes.
Calculate and plan the total expenditure involved in purchasing a property. Apart from the cost of the property there are other related expenses like stamp duty, loan application charges, processing fee, valuation fee, legal fee etc which need to be meet from own funds of the buyer. Property buyer to invest around 20-25% of the total cost apart from loan. It is to be ensured that sufficient cash reserves are available to meet these expenses.
Based on your earning and repaying capacity decide the home loan amount to be taken. The various factors to be taken into consideration include your income, fixed obligations, remaining work experience, future growth prospects, future expenses like children education, marriage etc, other source of income, job related risks etc. This thorough analysis will help in taking right decision. This will help in not making a mistake of taking small loan when your income supports higher loan and taking high loan when your income do not support a huge amount.
Improve your credit history. Clearing of all overdue before applying for home loan will helps to improve the credit score. It is to be noted that your loans will not go into 30-60 or 90 days delinquency which reduce the credit score. Loan dues to be paid before the credit card payments which have higher impact on the credit score then the credit card payment. Prioritize the payments.
Do hold all the documentation required for processing the loan in originals and copies. This will help in easy verification of documents and fast processing. Any change in the employment, changes in pay structure etc during the loan process to be intimated to the concerned officer who helps in avoiding disconnect.
Save the best possible amount from your income. This will help you in having the large down payment. During the tenure of loansave the income, which can be used for prepay of principal amount. Ensure that there are no prepayment charges before making prepayment.

Things not to do for Home Loan

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
Do not be very optimistic about your future income and make a choice of high loan amount. This will increase your worries and you make feel unsecured.
Do not change your employer without knowing the impact on the approval of your Home loan.
Do not get into a contract with emotions, do proper research before taking a property and ensure it is right fit for you.
Do not jump into a conclusion, do the required homework before applying for home loan.
Do not forget to read the small print, ensure to read all the terms and conditions before signing the agreements.
Do not forget to make the payment of instalments. Ensure sufficient balance in the account to meet the EMI on a monthly basis.
Do not apply for a home loan only just you have eligibility. First select the property get the technical and legal cleared then go for the home loan. In case if you have applied for a home loan and it is sanctioned based on your income, subsequently property is not eligible under Bank norms you will end up losing the processing fee.

Interest Rates

1) Credit/CIBIL History:
If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.
2) Nature of Employment:
The nature of your job also plays a crucial role in determining the interest rate. Banks have different checks in place if you are a salaried individual vis-à-vis a self employed person. So if you are working with a reputed organization then banks will be able to extend a cheaper rate of interest. But if you are working with an organization that is not very well known then a higher rate will be charged. In case you have your own business then banks will give you a loan even if you are in an advanced age. On the other hand in case you are a salaried employee then a loan will not be extended if you are nearing the age of retirement.
3) Bank-Customer relationship:
If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

So next time you go around shopping for a Home loan, remember that these three points will affect the amount that the bank sanctions and the interest rate that it is levied. In the next article we will cover more points that affect interest rates on Home loan. So stay tuned!

Other Benefits

1) Tax Benefits:

As per Income Tax Act 1961, under section 80C, Principal repayment up to Rs. 100000 on your home loan taken for purchase or construction of a residential home property is eligible for deduction from gross salary on a annual basis.

As per Income Tax Act 1961, under section 24, Interest on home loan to an extent of Rs. 150000 P.A is allowed as expenditure under the head “Income from House Property”.

In case home loan is take by two or more jointly then under sec 80C deduction is allowed on proportionate basis.

2) Tips for Home Loan:

To increase the loan eligibility go for a joint loan. Combine your income with that your spouse or your parents.

Loans must not be taken for holidays, investing in stocks, weddings, buying expensive gadgets etc.

In case of Bad credit score take a short term loan (6 months) and repay it promptly and improve your score then.

Have the property insurance and buy loan protector life insurance for unexpected future risks.

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan.  Any additional loan taken will reduce your Home Loan eligibility.

Facts about Home Loans

The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.

A) Earnings & repayment capacity

The Banks/Financial Institutes have their own norms and hence there will be difference in the loan amounts sanctioned to you by different the Banks/Financial Institutes. The main focus of the Banks is on your repayment capacity. They analyze how comfortably you will be able to pay the EMIs throughout the tenure of the loan. This analysis is done based on the ratios like Fixed obligation to Income ratio (FOIR) and Installment to income ratio (IIR).

These ratios are expressed in percentage. FOIR includes all your fixed obligations including EMIs on your existing loans. IIR indicates the percentage of monthly home loan installment of the total income. These two ratios may vary based on actual salary details, years of experience, stability of income, professional qualification, future career growth prospects etc.

B) Property legal and technical clearance:

Banks will not finance all properties. Banks look into various aspects like type of property, locality, Builder etc. They have certain type of properties and localities classified as negative. Therefore before finalizing a property one has to check whether the property is eligible for funding. Though it costs you little extra it is always better to check the legal and technical aspects before buying a property. Banks normally have loan to value (LTV) of 70-85% of value/ cost of the property considering type of property.

Apart from the above two mentioned parameters there is one additional and most important thing the Bank looks into is Credit history. Willingness to repay can be understood from ones past credit history and banking track.

Before selecting the Bank the following are the few points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream home.

1. What is the Loan amount which the Bank is willing to extend based on FOIR?
2. What is Loan to value of the property?
3. What is the EMI amount and repayment tenure allowed?
4. What are the prevailing Interest rates and what is offered to you?
5. What are the other charges involved like processing fee, administrative fees, legal & technical fee, prepayment penalties, stamping charges, annual maintenance charges, insurance policy etc?
NOTE: Last but not least do not forget that any default in payment of home loan installments is more costly than your regular rent payments. Any such default will affect your Credit history badly and you have to bear high penalty for the same.

Home Loan Vs Mortgage Loans

Home Loans Mortgage Loan
Home loan can be availed for own/purchase of new property (Home or Flat). Mortgage loans will be provided based on already owned property.
Under Home Loan, loan can be availed only for purchase of new property. There is no restriction on mortgage loan usage. It can be used for any purpose.
Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.
Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part pre Payments will be allowed in Housing Loans. There were no part prepayment will be allowed for Mortgage loans.
Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
You can avail max of 80% of the property value as a home loan as per your eligibility criteria. In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your home loan. Top up facility will be vary from bank to bank internal guidelines.

About Kolkata

"Kolkata also known as Calcutta is the capital of the Indian state of West Bengal. Located on the east bank of the Hooghly River, the city is regarded as the cultural capital of the country. It is at the same time the financial capital of eastern India, a gateway to the far-flung areas of the region. It is largely a British creation and was the capital of British India till the beginning of the 20th century.

The city slowly gained ground and importance till 1756 when Siraj-ud-daulah Nawab of Murshidabad attacked the town. Most of the British fled the city but the unfortunate ones became prey to what came to be later known as the Black Hole of Calcutta. The independence of India and the end of the 20th century saw a positive change in Kolkata - from power to transport to telephones, a lot of the once crumbling infrastructure has now improved.

"

Places To Be Visited In Kolkata

Santiniketan

    Santiniketan, literally means abode of Peace and a place reverberating with the memory of the great poet Rabindranath Tagore, is the embodiment of peace and tranquility and the world renowned Visva Bharathi University is located at this place. Here in this University and in Santhiniketan cultures of west and east meet together for common cause of World Peace and it attracts many talented students from all India and other foreign countries. It has the stature of a spiritual meeting place in a serene, artistic and culturally rich secluded environment.

Victoria Memorial

    The Victoria Memorial was built in the memories of Queen Victoria after her death in 1902. it was opened to general public in the year 1921. The magnificent building was designed by William Emerson, a famous architect of that era. The cost of construction that time amounted to Rs.10.5 million which was voluntarily donated by British and Indian people. Inside the Memorial there are various painting of the Royal British families, royal and historic artifacts, lithographs and documents of the historical interests. Today the monument is a major landmark of Kolkata.

Howrah Bridge

    Howrah Bridge of Kolkata is also known as Rabindra Setu. The Howrah Bridge of Kolkata is the busiest bridge in the world. The bridge caters to about 1,00,000 vehicles and uncountable pedestrians. The bridge is 450 meter long and it stands over Hooghly River without any pylon. The bridge is the best example of the 20th century engineering techniques. today it is one of the most visited tourist attraction in Kolkata.

Fort William

    The Fort is named after King William III of England. Fort William was constructed in 1781 to mark the victory of Robert Clive over Sir David Ochterlony at Plassey. The large patch of garden that surrounds the fort is called the maidan. The Maidan is 3 kilometer long and 1 kilometer wide. It is the largest urban park in Kolkata. Within the Fort’s premise there lies a church, cinema, boxing stadium, market, football ground, post and telegraph office, swimming pool and firing range.

Dakshineshwar Kali Temple

    As the name says, the temple is dedicated to Goddess Kali. The construction of the temple started in the year 1847. The founder of this temple is Rasmani, the queen of Janbazar. The temple is located on the banks of Hooghly River. The main deity of temple is Bhavatarini who is a form of Devi Kali. It is believed that the person who worships Devi Bhavatarini, will overcome all his sorrows and problems. The temple is spread over 25 acres of land that includes the temple premise and the surrounding gardens.

St. Paul’s Cathedral

    The St. Paul’s Cathedral is built on the basis of Indo-Gothic architectural style and was designed by Major William Nairn Forbes. The foundation of the building was laid in 1839. It took eight long years to complete the construction. The main building was destroyed twice because of the massive earthquakes and was rebuilt. The last time it was destroyed in 1934 and was re-built on the lines of the Bell Harry Tower of Canterbury Cathedral.

Total Number Of Branches In Kolkata (2168)

STATE BANK OF INDIA (317 Branches)BANDHAN BANK LTD (241 Branches)UNITED BANK OF INDIA (151 Branches)ALLAHABAD BANK (110 Branches)UCO BANK (104 Branches)ICICI BANK LTD (101 Branches)HDFC BANK (98 Branches)PUNJAB NATIONAL BANK (85 Branches)BANK OF BARODA (75 Branches)AXIS BANK (73 Branches)INDIAN OVERSEAS BANK (69 Branches)CANARA BANK (63 Branches)CENTRAL BANK OF INDIA (62 Branches)UNION BANK OF INDIA (61 Branches)BANK OF INDIA (60 Branches)SYNDICATE BANK (45 Branches)ORIENTAL BANK OF COMMERCE (34 Branches)VIJAYA BANK (32 Branches)INDIAN BANK (32 Branches)IDBI BANK (32 Branches)DENA BANK (27 Branches)KOTAK MAHINDRA BANK LTD (26 Branches)CORPORATION BANK (25 Branches)BANK OF MAHARASHTRA (20 Branches)ANDHRA BANK (20 Branches)FEDERAL BANK (19 Branches)PUNJAB & SIND BANK (16 Branches)STANDARD CHARTERED BANK (15 Branches)STATE BANK OF BIKANER & JAIPUR (15 Branches)INDUSIND BANK (14 Branches)ING VYSYA BANK (14 Branches)YES BANK (13 Branches)SOUTH INDIAN BANK (12 Branches)STATE BANK OF HYDERABAD (10 Branches)STATE BANK OF MYSORE (9 Branches)KARNATAKA BANK LTD (9 Branches)KARUR VYSYA BANK (7 Branches)HSBC BANK (7 Branches)STATE BANK OF TRAVANCORE (6 Branches)STATE BANK OF PATIALA (4 Branches)RBL Bank Limited (4 Branches)DHANALAXMI BANK (4 Branches)DCB BANK LTD (3 Branches)CATHOLIC SYRIAN BANK LTD (3 Branches)THE ROYAL BANK OF SCOTLAND N V (3 Branches)LAKSHMI VILAS BANK (2 Branches)CITI BANK (2 Branches)CITY UNION BANK LTD (2 Branches)STATE BANK OF INDIA (2 Branches)JAMMU & KASHMIR BANK LTD (2 Branches)DEUSTCHE BANK (1 Branches)DEVELOPMENT BANK OF SINGAPORE (1 Branches)IDFC BANK LTD (1 Branches)BANK OF AMERICA (1 Branches)B N P PARIBAS (1 Branches)BHARATIYA MAHILA BANK LTD (1 Branches)RESERVE BANK OF INDIA (1 Branches)TAMILNAD MERCANTILE BANK LTD (1 Branches)
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