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  • Bank of Baroda NRI Home Loan

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    Bank of Baroda NRI Home Loan

    A place to come home to that we can call our own is everyone’s dream. However with the skyrocketing rent prices as well as property rates, most of us find it difficult to make this dream a reality. As a Non Resident Indian, you might wish to buy a home in India, but cannot afford to do so on your own. Bank of Baroda has home loans specially designed for NRI’s, an oft-ignored category in the Indian housing segment. Now you too can realise your dream of owning a home in India.

    Bank of Baroda was started in the year 1908 in Baroda, Gujarat and has grown into a banking giant, with a presence in over 25 countries and growing. The bank provides financial products and services to its customers through it retail and commercial banking divisions, providing services to both resident Indians as well as those living overseas. Being an established name in the financial sector, the bank’s loan products are highly rated and customers availing of its loans can be assured of quality service and the best in banking.

    Features of Bank of Baroda NRI Home Loan:

    The Bank of Baroda has extended its home finance services to Indians residing abroad as well, providing this market with loan options that are marked by the bank’s stellar customer service and proven record of excellence. The features that set its loans apart are:

    • Streamlined application process
    • Quick and hassle-free sanction and loan disbursal
    • Option of flexi rate of interest

    NRI’s can apply for a Bank of Baroda home loan for any of the following:

    • For the purchase of a house/apartment.
    • For the construction of a house/apartment on an existing plot of land.
    • For renovation or repairs made in a house/apartment owned by the applicant.
    • For the purchase of a plot of land with the objective of building a residential house on it.
    • For additions/ extensions made to an existing house/apartment owned by the applicant.

    Bank of Baroda NRI Home Loan Eligibility:

    The eligibility criteria for a Bank of Baroda Home Loan for NRI’s is given below:

    • Applicants should be between the ages of 21 years to 65 years at the time of application.
    • Non-resident Indian holding an Indian passport or a Person of Indian Origin (PIO) with a valid foreign passport.
    • Minimum yearly income should be equivalent to Rs. 5 lakhs per annum.
    • Must be employed and have a regular income source or show proof of a business/self-employment for a minimum of 2 years abroad.
    • For repayment of an existing home loan (on producing valid documentation proof)

    Bank of Baroda Home Loan Rate of Interest:

    The Bank of Baroda has a set of interest rates for NRI home loans, which are mentioned below:

    • There are no fixed rate loans.
    • Floating interest rate loans- base rate of 9.65% for all loan tenures.
    • Home improvement or renovation loans would be the base rate (9.65%) plus an additional 2.50%.

    Bank of Baroda NRI Housing Loan Documentation:

    NRI applicants who are eligible to apply for a home loan are required to submit a list of documents to the bank for the purpose of verification. The loan amount is sanctioned only after the bank is satisfied that the applicant will be able to repay the loan over the course of the tenure. The documents to be submitted are given below:

    • Application form duly filled in and signed
    • Employment contract copy (if not in English, a translated copy is to be submitted, attested by the Indian embassy or employer)
    • Copies of salary slips for the past 6 months (certified)
    • Identity card issued by current employer (photocopy)
    • Visa as stamped on passport (photocopy)
    • Continuous Discharge Certificate (CDC), if applicable
    • Income tax returns copies (either Indian or foreign)
    • Overseas bank account statements (past 6 months)
    • CV/resume detailing educational qualifications, work experience, age, type of work with supporting documents
    • NRE bank account statement/passbook
    • Salary certificate attested by the Indian foreign office or other agency as specified.
    • Employer’s undertaking regarding remittance of monthly loan instalment, if feasible.

    For Self-employed:

    • Note on the nature of business or profession, clients, suppliers etc
    • Profit and loss accounts and balance sheets with certified income tax returns for the past three years

    For PIO:

    Copy of PIO car or copies of any one of the below:

    • Indian passport, if held previously
    • Current passport mentioning place of birth
    • Parents or grandparents passports to substantiate Indian origin claims

    Property Documents:

    • Proof of purchase documents (payment receipt, sale deed/sale agreement)
    • Approved drawings for construction copies
    • Permission from local authorities for construction
    • Allotment letter from society for apartment owners.

    Bank of Baroda NRI Home Loan EMI Calculator:

    NRI’s thinking of applying for a home loan can ascertain the amount they would have to pay towards their monthly loan repayments through the EMI calculator. This calculator computes the amount payable just by entering the loan amount, loan tenure and rate of interest.

    BOB Home Loan Repayment:

    Home loans can be repaid over a maximum period of 15 years or on the applicant attaining 65 years of age, including the 18 month moratorium period. Bank of Baroda provides its customers with a choice of repayment options, as mentioned below:

    • Equated monthly instalments
    • Close relatives paying on behalf of the applicant through remittances
    • Remittances through regular banking channels or NRE/NRO accounts.

    Bank of Baroda NRI Home Loan FAQ’s:

    1. What is the security to be provided for a NRI home loan?

      Applicants have to provide legal mortgage of the property being constructed or purchased/being repaired.

      The spouse/ a family member living in India’s personal guarantee. If spouse is also abroad, personal guarantee of Indian residents will be taken.

    2. What are the early payment penalties?

      There are no penalties or charges for early payment or clearance of the home loan.

    3. What is the maximum loan amount that can be availed?

      The maximum loan amount that can be availed is Rs. 300 lakh in urban and metro areas and Rs. 100 lakh in rural and semi-urban areas.

    4. What are the additional charges associated with an NRI home loan?

      Below are the additional charges (exclusive of GST):

      • Unified processing charges for loans up to Rs. 30 lakhs- 0.50 of the limit, minimum amount being Rs. 5,000.
      • Unified processing charges for loans above Rs. 30 lakhs- 0.40 of the limit, minimum amount being Rs. 15, 000 and maximum Rs. 50, 000.
      • Take-over of home loan- 0.10 %, maximum of Rs. 10, 000.

    Bank of Baroda NRI Home Loan Reviews

    • Bank of Baroda Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My home loan experience with Bank of Baroda was good, the loan amount was for Rs 25 lakhs with nominal interest rate when compared to other banks. Customer service was good and they collected documents on time. The tenure period for this loan is for 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 11, 2018
    • Bank of Baroda Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Bank of Baroda and my loan experience was very good. The loan amount was for Rs 17 lakhs with rate of interest of 8.35% which is nominal when compared to other banks. Customer service was good and they responded on time. The tenure period of this loan is 15 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • Bank of Baroda Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan with Bank of Baroda,the loan amount is 13 lakhs,The tenure is 20years,i paid my EMI 9800 paid by cheque.They collected documents door step and had disbursed the loan within a day.I have no processing fees for the same.
      Was this review helpful? 0
      , kanpur
      Reviewed on Feb 14, 2018
    • Bank of Baroda Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the home loan from the BANK OF BARODA around a year ago. The customer support service is good with the BANK OF BARODA . They have offered me a home loan based on my salaried account. They had disbursed the loan amount within a day time. The rate of interest and the charges are average with the BANK OF BARODA.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Feb 12, 2018
    • Bank of Baroda Home Loan
      "Average banking service"
      0.5 3.0/5 "Satisfactory"
      The response part need to be improved with the BANK OF BARODA branch staffs. They need to give immediate response to the customers. I have got the home loan from BANK OF BARODA around a year ago. The rate of interest and the charges are average with BANK OF BARODA when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 30, 2018
    • Bank of Baroda Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have purchased a residential property with the help of Bank of Baroda. It was closed by last year. The services are good and easy to process. The rate of interest was better than others. There are no pre closure charges and the part payment option is good.
      Was this review helpful? 0
      , thane
      Reviewed on Jan 25, 2018
    • Bank of Baroda Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with BANK OF BARODA 1 month back . The loan mount was 80 lakhs and the interest rate was 8.3% which was satisfactory . The loan process was really good and they have sanctioned the loan with the committed time. My overall experience was excellent .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 05, 2018
    • Bank of Baroda Home Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the home loan with the Bank of Baroda and the interest rate is good one for me. They have disbursed the loan amount within respect to the builder respect. Everything is good one with the Bank of Baroda
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 11, 2017
    • Bank of Baroda Home Loan
      "Home Loan may loose your account balance without knowing"
      0.5 0.5/5 "Unacceptable"
      Bank of Baroda home loan takeover from HDFC is my big mistake in my life. lots of hidden charges and it will go up to 40000 (forty thousand) all to gether initially marketing or sells person will say only 8500. Total harassing and taken lots of hidden charges they are promising saying you can't do anything because you have signed in agreement. Please double check before going to BOB home loan waste of time and money. Please contact me if any one required more clarification. I will guide you on my best how to deal with BOB people before applying for the same. Home loan.
      Was this review helpful? 6
      , pune
      Reviewed on Nov 13, 2017
    • Bank of Baroda Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from Bank of Baroda and the bank is excellent in the customer services. They inform me the details clearly and then proceed ahead for the loan. The interest rate and processing charges are also reasonable and the after loan services are good.
      Was this review helpful? 1
      , vadodara
      Reviewed on Nov 08, 2017
    • Bank of Baroda Home Loan
      "Average Experience"
      0.5 2.5/5 "Just OK"
      I already taken home loan from BOB, they gave me average experience. My builder got a tie up with Bank of India. I booked a flat it was approved with them. I took loan of Rs. 18 lakhs for the tenure of 12 years they gave me best interest and process was hassle free.
      Was this review helpful? 1
      , nagpur
      Reviewed on Oct 27, 2017
    • Bank of Baroda Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a very time process with the Bank of Baroda for the Loan against property. They completed the loan process on time and also offered a good rate of interest and processing fee. The services are very smooth and there was no struggle to get the loan.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Oct 16, 2017
    • Bank of Baroda Home Loan
      "average"
      0.5 2.0/5 "Expected more"
      I have approached BANK OF BARODA for my home loan. I was looking for 15 lakhs and the interest rate was 8.855 which was average but they have asked me to start a fixed depostie for 3 lakhs to proceed with my home loan process . Their customer service and responses was not satisfactory . They are not providing door step service for the documentation collection also. My overall experience was average .
      Was this review helpful? 1
      , vapi
      Reviewed on Oct 14, 2017
    • Bank of Baroda Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      The home loan process went good with bank of Baroda. The loan got processed easily on time. The customer service and the executive with bank of Baroda is very good. The rate of interest is very nominal. The executive came to my place to collect the document, good.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 30, 2017
    • Bank of Baroda Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The home loan process is going smooth with bank of Baroda. The loan got processed my loan within 10days of time. The customer service and the executive with bank of Baroda is very good. The rate of interest is very low when compared with other banks. The home loan process is really good with bank of Baroda.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 29, 2017
    • Bank of Baroda Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a home loan from Bank of Baroda and being a government sector bank, they take their own decisions without informing the customer on a prior basis. Though the loan has been closed now. It was not a very good experience overall. They need improvement.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 24, 2017
    • Bank of Baroda Home Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      Really excellent service from BANK OF BARODA from the date I have applied for my home loan, even their bank managar have contacted me during my loan process .Document process was fine and they take care of it smoothly .Even the rate of intrest was also very low. Overall I got excellent service from BANK OF BARODA .
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 06, 2017
    • Bank of Baroda Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Got the home loan from bank of Baroda. The required loan amount has been disbursed as per the eligibility. The rate of interest is very low as I am working with bank of Baroda. This loan has the tenure of 15 years. I pay Rs.25000 every month. Overall the service was good with bank of Baroda.
      Was this review helpful? 1
      , madurai
      Reviewed on Aug 31, 2017
    • Bank of Baroda Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken my home loan from Bank of Baroda. The customer support is good and the process was also fine. The documents were collected on time and the disbursement was also smooth without any hassles. The interest rate and charges were very much normal too.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 07, 2017
    • Bank of Baroda Home Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I have got the home loan with the Bank of Baroda and the interest rate is around 8.35%, also the loan amount got disbursed in couple of months of time. Document collection is like a kind of lengthy process. Processing charges were not okay for me, also they lack when it comes to transparency. They advised me to take the mortgage, which does not applicable with any other banker.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 24, 2017
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