Bank of Baroda is the third largest state-owned bank in India with millions of customers and a global presence in 25 countries (including India). BOB offers a wide range of banking and financial services to its domestic as well as non-resident Indian (NRI) customers. NRI home loan is one of the key products offered by the bank to overseas Indians. Bank of Baroda NRI home loan is offered to help borrowers purchase a home in India while staying abroad.
Also Read: Why should an NRI buy a house in India?
The bank offers various home loan schemes for NRIs, including Baroda Home Loan for NRI, Baroda Home Loan Advantage for NRI/PIOs, Baroda Home Improvement Loan for NRI/PIOs, etc.
Bank of Baroda NRI Home Loan Interest Rate 2021
| BOB NRI Home Loan Scheme | Interest Rate |
|---|---|
| Baroda home loan & home improvement loan | 1-year MCLR to 1-year MCLR + 1.60% p.a. |
| Baroda home loan advantage | – Up to Rs. 75.00 lakh: 1-year MCLR to 1-year MCLR + 1.60% p.a. – Above Rs. 75.00 lakh: 1-year MCLR + 0.25% to 1-year MCLR + 1.60% + 0.25% p.a. |
| Baroda CRE home loan | 1-year MCLR + 0.25% to 1-year MCLR + 1.60% + 0.25% p.a. |
| Baroda CRE home loan (advantage) | – Up to Rs. 75.00 lakh: 1-year MCLR + 0.25% to 1-year MCLR + 1.60% + 0.25% p.a. – Above Rs. 75.00 lakh: 1-year MCLR + 0.50% to 1-year MCLR + 1.60% + 0.50% p.a. |
| Baroda top up loan | Applicable interest on linked home loan + Strategic Premium + 0.60% p.a. |
Note: Bank of Baroda NRI home loan interest rates are subject to periodic changes as per changes in BOB’s or RBI’s policy.
Processing fees & other charges
| Particulars | Charges |
|---|---|
| Processing charge | – Up to Rs. 50 lakh: 0.50% of the loan amount (subject to min Rs. 8,500 and max. Rs. 25,000) – More than Rs. 50 lakh: 0.25% of the loan amount (subject to min Rs. 8,500 & max. Rs. 25,000) |
| Modification charges | – Up to Rs 1.00 Cr: Rs 5,000 – Above Rs 1.00 Cr up to Rs 10.00 Cr: Rs 15,000 – Above Rs 10.00 Cr: Rs 25,000 |
| Deviation charges | Rs. 1,500 per deviation (Maximum Rs. 5,000) |
Note: The above-mentioned rates are subject to changes without prior information and GST might be applicable on some of the charges.
BOB NRI Home Loan Eligibility Criteria
NRIs/ PIOs/ OCIs who meet the following eligibility criteria can get a home loan from Bank of Baroda:
| Particulars | Details |
|---|---|
| Citizenship | – NRIs (Non-Indian Residents) holding Indian passports or Persons of Indian Origin (PIOs) holding foreign passports or Overseas Citizens of India (OCIs). – HUFs are not eligible. |
| Age limit | 21 to 70 years |
| Income requirements | – Applicant/ co-applicant(s) should have a permanent job abroad for a minimum past 2 years. – Should be self-employed, or have a business unit and stay abroad for at least 2 years. – Should have a minimum income of INR 5 lakh per annum. – If the co-applicant is an NRI, the combined income (applicant + co-applicant) of minimum Rs. 5 lakh can be considered. |
Repayment capacity
BOB home loan repayment capacity is assessed based on in-hand monthly salary and monthly obligations. To avail a home loan from Bank of Baroda, the total deduction, including the EMI of the proposed loan, should not exceed the following percentage:
Salaried persons
- If gross monthly income is less than Rs. 20,000: 50%
- If gross monthly income is between Rs. 20,000 and less than Rs. 50,000: 60%
- If gross monthly income is between Rs. 50,000 and less than Rs. 2 lakh: 65%
- If gross monthly income is between Rs. 2 lakh and less than Rs. 5 lakh: 70%
- If gross monthly income is Rs. 5 lakh and above: 75%
Other applicants
- Average gross annual income up to Rs. 6 lakh for the last 2 years: 70%
- Average gross annual income more than Rs. 6 lakh for the last 2 years: 80%
NRI Home Loan by Bank of Baroda – Documents Required
Here is the checklist of documents required for BOB NRI home loan:
- Filled home loan application form
- Attested copy of passport and visa
- Employee’s ID card
- Identity proof
- Overseas address proof
- Proof of Indian residence
- Work permit proof
- Latest bank account statement for last 6 months
- Last 3 months’ salary slips
- Employment contract letter
- For self-employed applicants
- Business address proof
- Latest profit & loss account statement audited by a Chartered Accountant
- Last 6 months’ individual and company bank statements
Property documents
- A copy of the sale agreement
- Registration receipt
- A copy of sanctioned plan along with a sanction letter from the competent authorities
- A copy of NA permission/ULC order
- Copies of receipts of payments made so far
- No Objection Certificate (NOC) from builders
Also Read: Investment in India by NRI: Real Estate 2021
Benefits of Bank of Baroda NRI Home Loan
Baroda home loan for NRI
- Attractive home loan interest rates.
- Free credit card to all home loan borrowers.
- Free accidental insurance with every home loan scheme.
- Longer tenure up to 30 years.
- Higher loan amount eligibility.
Baroda home loan advantage for NRI/PIOs
- The home loan sanctioned will be linked with your savings bank account at zero interest rate.
- Borrowers can deposit their savings in the savings account to enjoy the maximum benefit of interest in the home loan account.
- EMI will be recovered automatically from the linked SB account only.
Baroda home improvement loan for NRI/PIOs
- Funding for repairs/ renovation/ improvement of existing flat/ house.
- Competitive interest rates.
- Flexible repayment tenure.
Bank of Baroda NRI Home Loan Calculator
Bank of Baroda NRI home loan calculator is a digital tool that can be used to calculate monthly payments or EMIs you will have to make to pay off a BOB home loan. Bank of Baroda home loan EMI calculator is easy to use and displays accurate results in a couple of seconds based on the inputs you typed. To view your EMI, you need to enter the loan amount, interest rate and loan tenure (years) into the calculator.
You may have several questions about a Bank of Baroda NRI Home Loan. We at SBNRI, are here to help you out with everything related to home loans and other financial and legal services required by NRIs. You can get in touch with our expert directly on WhatsApp using the button below to resolve your doubts and queries. Also visit our blog and YouTube Channel for more details.
FAQs
Bank of Baroda offers different loan amounts based on different factors like location, income criteria, repayment capacity and LTV/margin norms. Maximum limit is as under:
– Mumbai: Rs. 10 cr
– Other metros: Rs. 5 cr
– Urban areas: Rs. 3 cr
– Semi-urban and rural areas: Rs. 1 cr
In the case of a home loan, usually the property purchased or constructed can be pledged as collateral. Apart from these, the bank may also consider securities like insurance policies, shares, debentures, gold ornaments, etc. as collateral.
Yes, Baroda home loan for NRIs has a moratorium period of up to 36 months.
Borrowers can foreclose a home loan without incurring any charges.
