Bank of Baroda NRI Home Loan

With the introduction of home financing schemes for the NRIs (Non-Resident Indians), it has become easier to purchase a home in India while staying abroad. Bank of Baroda offers various home loan schemes for NRIs, including Baroda Home Loan for NRI, Baroda Home Loan Advantage for NRI/PIOs, and Baroda Home Improvement Loan for NRI/PIOs, among others. The interest rates for NRI Home Loans from Bank of Baroda start at 7.65% p.a.

Competitive rates, hassle-free documentation process, high margin of financing, and long repayment tenures are some of the major highlights of these home financing plans.

Interest Rate

The interest rates for Bank of Baroda NRI Home Loan are as follows:  

Loan Type 

Applicant Type

Effective Rate of Interest

Baroda CRE Home Loan

Salaried / Non-Salaried 

7.65% p.a. to 9.85% p.a.

Baroda CRE Home Loan (Advantage) Up to Rs.75 lakhs 

Salaried / Non-Salaried

7.65%p.a. to 9.85% p.a.

Baroda CRE Home Loan (Advantage) Above Rs.75 lakhs

Salaried / Non-Salaried

7.90%p.a. to 10.10% p.a.

Eligibility Criteria

  1. Non-Resident Indians having Indian passport, Persons of Indian origin (PIOs) holding foreign passport, or Overseas Citizens of India (OCI)
  2. Minimum age of 21 years (18 years for co-applicant) to 70 years
  3. Hindu United Families (HUFs) are not eligible
  4. Should have a permanent job abroad for a minimum period of 2 years
  5. Self-employed individuals should have a business unit overseas and living abroad for a minimum period of 2 years
  6. Minimum annual income of Rs.5 lakh
  7. If the co-applicant is an NRI, the combined annual income (applicant and co-applicant) of Rs.5 lakh can be considered

Documents required for the Salaried and Self-employed

  1. Employer’s ID card
  2. Attested copy of passport and Visa
  3. Address proof (overseas)
  4. Identity proof
  5. Indian residential address proof
  6. Property-related documents
  7. Latest bank account statements
  8. Work permit proof
  9. Last 3 months’ salary slips
  10. Last 6 months’ bank statements
  11. Employment contract letter
  12. Latest profit and loss accounts audited and certified by C.A.(for the self-employed)
  13. Business address proof(for the self-employed)
  14. Last 6 months’ individual and company-related bank statements(for the self-employed)

Features of Baroda Home Loan for NRI

  1. Attractive interest rates
  1. Free complementary credit card with loans of Rs.2 lakh and above
  1. 0.25% concession on car loans
  1. Repayment tenure of up to 30 years

Features of Baroda Home Loan Advantage for NRI/PIOs

The loan sanctioned will be linked with your savings account at zero interest rate

EMI (equated monthly instalment) amount will be debited from the linked savings account through auto recovery

Attractive interest rates

Option to deposit all your savings in the account to save on the interest

Baroda Home Improvement Loan for NRI/PIOs

Financing amount can be used to purchase a variety of items

High margin of financing

Competitive interest rates

Flexible repayment tenures

FAQs on Bank of Baroda NRI Home Loan

  • How much financing can I get?

    You can get financing of up to Rs.5 crore. However, the financing will also depend on the area of planned construction or purchase. Here’s an area-wise breakdown: Mumbai: Rs.10 crore, Other metro cities: Rs.3 crore, Urban areas: Rs.3 crore, & Semi-urban and rural areas: Rs.1 crore.

  • What do I have to pledge as security?

    It’s usually the property constructed or purchased, which you can pledge as collateral. If that’s not working out, the bank may consider insurance policies, shares, gold ornaments, or debentures, to name a few as collateral.

  • Can I get a life insurance facility with the home loan scheme?

    Yes. Bank of Baroda in collaboration with M/s. India First Life Insurance Co. provides life insurance cover to the borrowers. It’s an optional facility, which you can avail of at the time of loan sanction.

  • Is there any moratorium period?

    Yes, there is. Baroda Home Loan for NRI has a maximum moratorium period of 36 months.

  • Are there any foreclosure charges?

    No foreclosure charges are levied if you plan to prepay the loan amount.

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