Bank of Baroda Loan Against Property
Bank of Baroda Loan Against Property
Bank of Baroda Loan Against Property is a perfect scheme offered to eligible applicants to fulfill their business and personal needs. Bank of Baroda (BOB) offers customized loans against property solutions in a simplified loan process for a maximum of 15 years as the repayment tenure at an interest rate ranging between 10.85% - 18.60% per annum. The BOB loan against property scheme can be availed at a floater and fixed rate basis.
Bank of Baroda Bank EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Bank of Baroda Loan Against Property Interest Rate
BOB is one of those popular banks that offers a combination of a loan and an overdraft facility under its loan against property scheme. The Bank of Baroda loan against property interest rate ranges between 10.85% - 18.60% per annum for floater and fixed rate packages.
You will be able to understand in detail about BOB loan against property interest rate 2024 by looking at this table:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 10.85% - 16.50% p.a. |
| Fixed Rate | 12.85% - 18.60% p.a. |
Bank of Baroda Loan Against Property Eligibility Criteria
Securing a Loan Against Property (LAP) from BOB involves meeting specific eligibility criteria designed to ensure that borrowers have the financial stability and capability to repay the loan. These comprise of factors like age, nationality, income, and credit score.
Listed below are the main Bank of Baroda loan against property eligibility criteria:
For Salaried Individuals
Age Range (in years)
21 - 65 years
Nationality
Indian Resident and NRI
Minimum Income Earned
Rs. 3 lakh per annum
Credit Score
650 and above (preferred)
For Self-Employed Individuals
Age Range (in years)
21 - 65 years
Nationality
Indian Resident and NRI
Minimum Income Earned
Rs. 5 lakh per annum
Credit Score
650 and above (preferred)
Bank of Baroda Loan Against Property Fees and Charges
There are certain fees and charges associated with a Loan Against Property that may significantly influence the total expense of the loan and impact your financial planning. These include a processing fee, prepayment penalty, stamp duty, and other miscellaneous charges.
You will be able to understand in-depth about the Bank of Baroda loan against property processing fees and other charges by looking at this table:
| Processing Fee | 1% of the loan amount |
| Overdraft Charges | Loan amount up to Rs. 3 crore: Up to 0.35%; Loan amount above Rs. 3 crore: Up to 0.25% of the loan amount |
| Stamp Duty | As per actuals |
| Inspection Charges | Rs. 100 + GST (after 2nd instance) |
| Legal Opinion and Valuation | As per actuals |
| Commitment Charges | 0.50% on unutilized portion |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
A little comparison before the final decision of applying for a Bank of Baroda Loan Against Property will make you more confident. So, here we are comparing the rate of interest and processing fee of BOB LAP with 5 other lenders providing the same scheme:
- Rate of Interest - 10.85% - 18.60% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 9.00% - 10.10% p.a.
- Processing Fee - 1.25% of the loan amount
- Rate of Interest - 9.50% - 11.00% p.a.
- Processing Fee - 1% of the loan amount (minimum of Rs. 7,500)
- Rate of Interest - 10.00% - 24.00% p.a.
- Processing Fee - 1% of the loan amount + GST
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.85% - 12.50% p.a.
- Processing Fee - 1.50% of the loan amount or Rs. 11,000 (whichever is higher)
Documents Required For Bank of Baroda Loan Against Property
Whether it is to establish the borrower’s identity or to verify his/ her financial stability, there is a set of documents that help streamline the approval process for an LAP scheme. Listed below are the Bank of Baroda loan against property documents required that must be arranged before applying for the loan:
| For Salaried Loan Applicants | Address Or Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID Card, Etc.
Income Proof: Salary Slips For The Previous 3 Months, Bank Account Statements For The Previous 6 Months, Latest ITR/ Form 16
Date Of Birth Proof: 10th Class Certificate, Passport, Aadhaar Card
Documents Of Property: Approved Plan, Payment Receipt To The Builder Or Seller, Title Deeds, No Encumbrance Proof, And So On
Other Documents: Processing Fee Cheque, Duly-Filled Application Form Affixed With Latest Passport Size Photographs, Appointment Letter/ Employment Contract, Own Contribution Proof |
| For Self-Employed Loan Applicants | Address Or Identity Proof: Aadhaar Card, PAN Card, Passport, And Voter ID Card
Income Proof: ITR/ Form 16 For The Previous 3 Years, Profit And Loss Account Statements And Balance Sheets For The Previous 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For The Previous 6 Months, Business Profile, Form 26AS
Date Of Birth Proof: 10th Class Certificate, Passport, Aadhaar Card
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, Etc.
Other Documents: Processing Fee Cheque, Duly-Filled Application Form Affixed With Latest Passport Size Photographs, Appointment Letter/ Employment Contract, Own Contribution Proof, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders |
How to Apply for Bank of Baroda Loan Against Property
So, if you have finally decided to proceed with the Bank of Baroda loan against property apply online procedure, here are the easy steps to follow:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for a BOB Home Loan Against Property
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