List of Documents Required for Bank of Baroda Home Loan
A home loan is a loan that is taken out by an individual to pay for their home. A home loan is a secured loan, which means that the lender has security over the property that is being purchased with the loan. A home loan is typically repaid over a period of 30 years, although this can vary depending on the lender and the borrower’s circumstances. The interest rate on home loan is usually lower than other kinds of loans.
There are several home loan programs available from Bank of Baroda, all with attractive interest rates. The Bank of Baroda is a top option for aspirant homeowners due to its reasonable installments and flexible term.
Below is a list of common home loan documents requested by Bank of Baroda. Keep in mind that this is not an exhaustive list; the bank may require additional documentation.
- Filled-out and properly signed application forms
- 3 passport-size Photographs
- Identity Proof
- Proof of assets
- Report on ITR verification
- Residence Proof
Mandatory Documents Required for Bank of Baroda Home Loan
- A loan application form that has been correctly completed.
- 3 Passport Size Photographs
- Copies of identification documents such as a passport, a driving licence, a voter ID, a PAN card, and an Aadhar Card (Required in case of loan amount higher than Rs. 10 lakhs)
- Copies of documents proving your address, such as a driving licence, voter ID, registered rental contract, and an Aadhar card
Documents Required Salaried Individuals for Bank of Baroda Home Loan
- You must also provide three months of salary slips to prove that you are receiving your salary.
- Salary slip of the guarantor for the previous month.
- ITR and Form 16 for the previous year for the applicant and the guarantor.
- Copy of employee ID card given by your company.
- You must provide your most recent 6 months of bank statements to show the pay credited to your account.
- A letter of promotion, confirmation, or appointment that offers valid documentation of your job duration.
Documents Required Self Employed Individuals for Bank of Baroda Home Loan
- P&L statement and balance sheet for the last two years to calculate the applicant’s income.
- IT Returns over the previous two years for 26 AS, Traces, and applicants.
- GST registration, Gumasta Certificate, and Business Registration Certificate required for business proof copies.
- The applicant’s company’s memorandum.
- Form 26 AS, TDS Certificate (Form 16A), IT Assessment or Clearance Certificate for ITR Income Declaration.
- The current account statement from the previous year.
- The applicant’s firm’s audit results and IT returns for the last two years.
- Proof of the applicant’s assets, such as LIC, NSC, MF, KVP, or any other property.
Documents Required NRIs for Bank of Baroda Home Loan
- A fully signed and completed copy of your home loan application.
- Passport Size Photographs
- Copies of a valid passport and a visa that has been stamped.
- Copy of Employment Proof from Abroad.
- NRE Savings Bank Statement for the Previous 6 Months.
- Residence proof for both foreign and indian residents: Registered Rent Agreement, Voter ID, Driving licence, Aadhar Card, or Passport.
- Name, address, and relationship of any local contacts for the application.
- Statement of current loans from the previous year (for candidates without a Bank of Baroda account).
- Statement of an international bank account for the last six months showing the applicant’s salary account.
- Verified credit report from the relevant international credit bureau.
Additional Documents Required PIOs (Persons of Indian Origin) for Bank of Baroda Home Loan
- A copy of your PIO card.
- Applicants who do not have a copy of their PIO card must present one of the following documents.
- Current passport and information about your birthplace in India or abroad.
- Indian Passport.
- Passport of your grandparents or parents to proving their status as a Person of Indian Origin.
Different Ways to Apply for a Home Loan from Bank of Baroda
Bank of Baroda website
On the Bank of Baroda official website, complete the house loan application form. To finish the application process, enter your personal, financial, and home loan-related information. After finishing, return to the website again to track your application status.
Bank of Baroda Branch Office
A home loan from Bank of Baroda is also available offline. You can go directly to your nearby Bank of Baroda branch if you are hesitant to disclose your personal information on a trusted online site. The branch managers will help you buy or build your dream home and will assist you with the loan application procedure.
