Baroda Home Loan Advantage

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Baroda Home Loan Advantage

Bank of Baroda invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget.

  • The Home Loan sanctioned will be linked with Saving Bank Account.
  • The rate of interest applicable on this SB account will be Zero.
  • Under the scheme, the borrower shall have the option to deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
  • Any credit available in the linked SB a/c at the end of the day will be counted for credit in linked Home Loan account. Consequently, the borrower will get the benefit of interest amount reduction in the Home Loan account to the extent of daily outstanding credit balance in the Savings Bank account.
  • The borrower will remit the Equated Monthly Installments (EMIs) into the linked SB account.
  • Recovery of EMI will be made by way of auto recovery from linked SB account only.
  • Purchase of new / old dwelling unit.
  • Construction of house.
  • Purchase of plot of land for construction of a house.
  • Repaying a loan already taken from other Housing Finance Company / Bank.
  • Repayment period up to 30 years (floating rate option).
  • Reimbursement of cost of plot of land (purchased within 24 months)

In case of Salaried

  Gross Monthly Income Income Criteria
-GMI less than Rs.50,000 48 times of average of last -3- months Gross monthly income
-GMI Rs.50,000 and above but less than Rs.1 lacs 54 times of average of last -3- months Gross monthly income
-GMI Rs.1 Lac and above 60 times of average of last -3- months Gross monthly income

In case of others viz. professionals / self-employed / businesspersons etc.

Average annual income less than Rs.2.00 lacs: -4- times of average of last -2- years gross annual income

Average annual income Rs.2.00 lacs & above: -6- times of average of last -2- years gross annual income

Margin

Category of Home Loan LTV (%) Margin (%)
Upto Rs.30 lakh 90% 10%
Above Rs. 30 lakh and upto Rs. 75 lakh 80% 20%
Above Rs. 75 lakh 75% 25%

As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.

No Fees will be charged on part prepayment / full prepayment of the loan amount.

Maximum age is 70 years. i.e., the age by which the Loan should be fully repaid, subject to availability of sufficient regular and continuous source of income for servicing the loan repayment

Purpose

  • Construction/ purchase of new Dwelling Unit
  • Purchase of Old dwelling Units (Not more than 25 years old)
  • Purchase of Plot and construction of house thereon (if House to be constructed within 3 years)
  • Repayment of Housing Loan already availed from Bank/ Housing Finance Company and/ or any other sources provided documentary evidence is provided
  • For extension of the existing House

Security

  • Mortgage of the Property constructed/ purchased or
  • if mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.

Repayment Period

  • Maximum period of loans shall be -30- years initially, including the maximum moratorium period of -36-months.
  • Maximum moratorium period shall be -36- months as under
    • 18- month moratorium period for under construction Houses and Building upto 7th Floor and thereafter -6- months additional moratorium per floor subject to a maximum moratorium of -36- months.
  • Present age of the borrower plus repayment period should not be beyond retirement age in case of salaried persons and should not be beyond 70 years in case of others subject to availability of sufficient regular and continuous source of income for servicing the loan repayment, provided Son /Daughter /Spouse who is a legal heir and preferably below 50 years of age, with sufficient income for servicing the loan repayment joins as Co-Borrower/Guarantor
    • Repayment period can be extended up to 70 years of the age in case of salaried persons drawing pension

Repayment Capacity

Total deductions including proposed EMI should not exceed as follows

Salaried Persons

GMI less than Rs.20,000/- 50%
GMI Rs.20,000/- and above but less than Rs.50,000/ 60%
GMI Rs.50,000/- and above but less than Rs.2.00 lacs 65%
GMI Rs.2.00 lacs and above but less than Rs.5.00 lacs 70%
GMI Rs.5lacs and above 75%

Others

  • Average Gross Annual Income (For last -2- years) up to Rs.6 lacs:70%
  • Average Gross Annual Income (For last -2- years) more than Rs.6 lacs: 80%.

Rate of Interest

Floating Rate

Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The rate of interest is linked to One Year MCLR of the Bank, shall be reset on annual basis

Penal Interest

If borrower defaults in payment of EMIs or account becomes irregular, the Bank will levy a higher rate of interest (2% over regular rate) on the irregular amount for the period of irregularity.

Issuance of Interest Certificate

For the purpose of Income Tax, bank may issue Certificate to the Borrower for Interest Debited during the Year to the Housing Loan Account, being interest actually accrued on Loan Account.

Unified Processing Charges

The unified processing charges (which includes Processing Charges ,Documentation charges ,Document Verification/ vetting charges ,Pre- Inspection (Contact Point Verification-CPV) charges ,One time post inspection charges ,Advocate charges for legal opinion ,Valuer charges for valuation (One time at the time of sanction) ,Bureau report charges ,CERSAI charges ,ITR Verification charges ) to be levied as detailed below :-

Upto Rs.50 Lacs: 0.50% on Loan amount, Minimum: Rs.7,500/- + Service Tax (Upfront)
Maximum: Rs.12,500/- + Service Tax
Above Rs.50 Lacs: 0.25% on Loan amount, Minimum : Rs.7,500/- + Service Tax (upfront)
Maximum: Rs.20,000/-+ Service Tax

In case of takeover of Home Loan: 0.10%, Maximum- Rs. 10,000/- + Service tax

Inspection

Bank will have the right to inspect the borrower’s property at all times and from 2nd post sanction Inspection onwards Rs 100 plus service tax per inspection to be charged from borrower.

Legal opinion & Valuation charges

Title of the property proposed to be purchased is to be clear, absolutely unencumbered and marketable to the satisfaction of the Bank’s solicitor/ advocate. Legal fee is to be paid for legal opinion to be obtained through a lawyer on the Bank’s panel. The fee is payable regardless of the fact that whether clear title is established and whether loan is sanctioned.

Valuation Fee

Valuation of the property will be done by the empanelled valuer of the Bank for which prescribed fee is payable by Bank (One time at the time of sanction).

Other Expenses

like stamp duty for execution of documents, registration charges varying from State to State and other related charges/ expenses for the loan shall be borne by the Borrower.

Life Insurance Cover to Home Loan Borrowers

Optional Life Insurance Cover is available to Home Loan Borrowers from Indiafirst Life Insurance Co Ltd and Kotak Life Insurance co Ltd at the cost of borrower.

Penalty Clause for Full Prepayment/ Premature Closure

There are no prepayment charges for foreclosure of loan.

Conversion from Fixed Interest Rate to Floating Interest Rate Option to MCLR Interest Rate Option :Borrowers will also have the option to move to the MCLR linked loan at mutually acceptable terms without being treated as a foreclosure or existing facility The borrowers willing to opt to MCLR from Base Rate will have to sign consent letter for the same.

Validity of sanction

Shall be 4 months.

Credit Information Report

Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to any Credit Bureau approved by Got of India or Reserve Bank of India without any notice to the borrower.

For Latest Rate of Interest, Margin etc. please visit Rate of Interest

Q

Can I avail of Home Loan from Bank of Baroda?

  • Yes, you can avail a Home Loan from Bank of Baroda, if you plan to construct or purchase a house/flat or extend your existing house/flat and,you are :
  • A minimum of 21 years
  • Employed or Self Employed with regular income.
Q

Who can be co-applicant?

The proposed owners of the residential accommodation as per the Agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife, father-son or mother-son etc.

Q

How much does Bank of Baroda lend?

  • Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc.
  • The maximum loan would be Rs.10.00 Crore per unit to any individual applicant based on the area where property is proposed to be constructed/purchased. We will extend loan upto 90% (for fresh houses / flat) of the cost of property under our Housing Loan Scheme.
Q

For how long a period can I get the loan?

We grant term upto a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

Q

But can I prepay the loan ahead of schedule?

Yes, you have the option to prepay the loan ahead of schedule either in part or in full from your own sources.

Q

What is the mode of repayment?

  • Equated Monthly Instalment (EMI) : It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily products basis.
    Or
  • Fixing the monthly / quarterly instalments on graduated basis is permitted of EMI as requested by customers.
Q

What is the security for the loan?

The security for the loan is equitable mortgage of the property to be financed. The security for the loan is equitable mortgage of the property to be financed.

Q

Do you insist on LIC policy as additional collateral security?

No, it is not mandatory.

Q

What are the supporting documents required while applying for the loan?

Common requirements for all applicants.

  • Application form duly filled in (with photograph of all the applicant).
  • Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers licence and Ration card etc.
  • Copy of approved plan and sanction letter from local civic authority.
  • Copy of NA permission.
  • One/two guarantor/s form/s and salary certificates. - If guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
  • Bank Pass-book of statements for the last two years.
  • Latest salary slip/statement showing all deductions in case of employed applicants.
  • Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (for both company/firm and personal account) for the last three years in case of self employed applicants.
  • Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self employed applicants.
  • Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers license and Ration card etc.

Additional requirement.

  • In case of purchase from builder
    • Copy of Agreement for sale.
    • Copy of registration receipt.
    • Copy of sanctioned plan & sanction letter of the competent authorities.
    • Copy of NA permission/ULC order.
    • Copies of receipts of payments already made.
    • NOC from builders in our format.
  • In case of direct allotment in a Co-operative Housing Society
    • Allotment letter.
    • Share certificate.Society registration certificate.
    • Copy of sale/lease deed in favour of the society.
    • NOC from society in our format.
    • Possession letter in original.
  • In case of resale
    • Copy of all previous vendors agreements duly stamped and registered and the registration receipts. (original to be given before disbursement).
    • NOC from Society/Builder in our format.
    • Original Share Certificate.
Q

Whether you have any Housing loan product for NRIs?

Yes. We have Housing Loan product for NRIs / PIOs . For details, please visit our website at Housing Loans to NRIs / PIOs

Rate of Interest

Rate of Interest
Loan amount upto Rs.75Lacs

ROI as applicable to regular Home Loan [i.e., Base Rate (9.60% at present)]

Loan amount above Rs.75Lacs

0.25% over the ROI as applicable to regular Home Loan [i.e., Base Rate+0.25% (9.85% at present)]

All other terms and conditions would be as applicable to regular Home Loan scheme.

For Home Loan Inquire

Call for any kind of support and reports us for loss or theft.

Toll free (24x7)

1800 220 400

Contact Centres

1800 223 344, 1800 102 4455 (24x7)

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