Baroda Home Loan

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Baroda Home Loan

Do you wish to invest in Public Issues of reputed companies? Bank of Baroda's loan product for Financing Subscription to Initial Public Offers is designed just for you. So make your smart investment decisions and avail of the benefits.

Bank offers following benefits with home loan availed by you.

  • Free Credit Card (BOBCARD - complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.
  • Concession of 0.25% in for Car Loans.
  • Top up Loan (Baroda Additional Assured Advance - AAA) can be availed 5 times during loan period. (Minimum Rs.1/- Lac, Â Maximum Rs.200/- Lacs or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).
  • Close relatives of the applicant can be added as a co-applicant for higher eligibility, with or without being a joint owner of the property
  • Risk Based Pricing (Bureau Score Linked ) for Home Loan
  • Home loan rates of BOB is the best in the market without any differentiation in loan amount or tenure, salaried or self-employed, NRI.
  • Free accidental insurance with every Home Loan
  • Longer tenure upto 30 Years Higher amount of eligibility
  • 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)
  • Resident Indians
  • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).

Purpose

  • Extension of the existing house / additional construction
  • Reimbursement of expenses for construction of House/flat from own sources (purchased within 24 months)-
  • Construction/ purchase of new Dwelling Unit

Target Group

  • Resident Indians
  • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).
  • Staff members (availing under Public scheme)

Eligibility of Borrower/s

  • Resident Indians
  • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).

HUF are not eligible

Resident Indian

Applicant/ co-applicant/s (whose income are considered for eligibility) should be employed / engaged in business / profession for a minimum period of -1- year (for salaried) and/or -2- years (for non-salaried).

(Break in service, if any, can be allowed up to a maximum period of 3 months)

NRI/PIO/OCI

Applicant/ co-applicant/s (whose income are considered for eligibility) should be having a regular job abroad in a reputed Indian / foreign company, organization or government department holding a valid job contract / work permit for the minimum past -2- years.
OR
Should be employed / self-employed or having a business unit and staying abroad at least for -2- years.

Applicant / co-applicant/s (whose income is considered for eligibility) should have minimum gross annual income equivalent to Rs.5.00 Lacs per annum.
[If the applicant / co applicant/s, whose income is considering for eligibility includes NRI, minimum Gross Annual Income of Rs.5 Lacs (income of applicant / co-applicant together) can be considered for this criteria.

Person of Indian Origin (PIO) is specified as under:

A citizen of any country other than Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan if –

  • he at any time held Indian passport or
  • he or either of his parents or any of his grandparents was a citizen of India by virtue of the constitution of India of the Citizenship Act 1955, or
  • The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) above.

Overseas Citizens of India (OCI) is specified as under:

  • A person registered as Overseas Citizen of India (OCI) under section 7 A of the Citizenship Act, 1955.
  • As per the guidelines, an Overseas Citizens of India (OCI) has to be necessarily a Person of India Origin (PIO)
  • A foreign national, who was eligible to become citizen of India on 26.01.1950 or was a citizen of India on or at any time after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947 and his / her children and grandchildren, provided his/ her country of citizenship allows dual citizenship in some form or other under the local laws, is eligible for registration as Overseas Citizen of India (OCI). Minor children of such person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh, he / she will not be eligible for OCI.

Co-Applicants

The close relatives of the applicant can be added as a co-applicant for higher eligibility.

If the applicant wants to add any person who is not a close relative as a co-applicant, same can be considered only if he/ she are the joint owner of property.

List of Close Relatives

Spouse, Father, Mother (including Step Mother), Son (including Step Son), Son’s wife, Daughter (Including Step Daughter), Daughter’s husband, Brother/sister (Including step brother/sister), Brother’s wife, sister (including step sister) of spouse, Sister’s husband, Brother (including step brother) of spouse.

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
  • Property should stands in the name of individuals only.
  • Reimbursement of expenses for construction of House/flat from own sources (purchased within 24 months
  • Reimbursement of cost of plot of land (purchased within 24 months)

Loan Amount

Actual loan amount subject to income criteria, repayment capacity, age of the applicant / co-applicant (s) and LTV/Margin norms.

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 up to 7th Floor and thereafter -6- months additional moratorium per floor subject to a maximum moratorium of -36- months.

Mode of Repayment

  • Loan to be repaid in Equated Monthly Installments (EMI)
  • In case of farmers / agriculturists, repayment can be allowed in Half Yearly installments coinciding with harvesting/marketing of major crops produced.
  • Recovery of interest for the moratorium period Interest charged during the moratorium period is to be recovered as and when debited.

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%

Income Criteria (Income Multipliers)

Salaried Persons

  • Gross Monthly Income (GMI) less than Rs. 50,000 : 48 times of GMI
  • Gross Monthly Income (GMI) Rs. 50,000 and above but less than Rs. 1 Lac: 54 times of GMI
  • Gross Monthly Income (GMI) Rs. 1 Lac and above : 60 times of GMI
  • Others (Self-employed/professionals/agriculturists & NRIs etc.): Gross Annual Income (GAI) less than Rs.2.00 Lacs : 4 times of GAI
  • Gross Annual Income (GAI) Rs.2.00 Lacs & above : 6 times of GAI

Margin Norms & Loan to Value (LTV) Ratio

Loan Amount Margin LTV Ratio
Loans up to Rs.30/- Lacs 10% 90%
Loans above Rs.30/- Lacs up to Rs.75/- Lacs 20% 80%
Loans above Rs.75/- Lacs 25% 75%

Floating Rate: - Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The is linked to One Year MCLR of the Bank, shall be reset on annual basis. will be decided with reference to CIBIL bureau score (ranging from minimum of I Year MCLR to maximum of 1 Year MCLR +1%)

Age

  • Minimum: Borrower – 21 years, Co-applicant- 18 years
  • Maximum: Maximum age can be considered upto 70 Years*

Rate of Interest

Interest Rates & Charges

Penal Interest

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

Unified Processing Charges

The unified processing charges include:

  • Processing Charges
  • Documentation charges
  • Document Verification/ vetting charges
  • Pre- sanction Inspection (Contact Point Verification-CPV) charges
  • One-time post inspection charges
  • Advocate charges for legal opinion
  • Valuer charges for valuation
  • Bureau report charges
  • CERSAI charges
  • ITR Verification charges

Link for Processing charges is to be provided, After clicking on link and it is to be navigated to the specific products for Processing Charges.

Inspection

Bank will have the right to inspect the borrower’s property at all times.

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. Title verification and Valuation of the property will be done by the empanelled advocate/ valuer of the Bank.

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 India First Life Insurance Co Ltd at the cost of borrower, which may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the Loan.

The salient Features of the Group Credit Life Policy offered by M/s. India First Life Insurance Co. as under:

  • It is an optional scheme for the benefit of Home Loan borrowers and the borrower will be given an option by the branches to choose the insurance provider between IndiaFirst Life Insurance as per his choice.
  • It is a group insurance scheme, which protects against unforeseen consequences of death of borrower.
  • Family of the borrower is not required to repay the loan to the extent of claim settled amount, in case of death of the borrower.
  • Outstanding cover amount due, will be paid by insurance provider as per cover schedule.
  • Slippage of the account into NPA category due to death of the borrower can be avoided.
  • Life cover is available against payment of one time premium and amount of premium is based on the age of the borrower, amount of loan, Interest rate and tenure of the loan.
  • Premium amount for obtaining the cover can be financed as part of loan at the request of borrower and accordingly EMI will be calculated. But in case of Home Loans guidelines regarding compliance of LTV Ratio must be strictly ensured.
  • Premium amount may be part of the Loan as per total eligibility of the borrower may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the Loan.

In case of foreclosure of loan, certain portion of premium paid shall be refunded by the insurance provider.

Penalty Clause for Full Prepayment/ Premature Closure

There are no prepayment charges for foreclosure of loan.

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 Credit Bureaus approved by Govt of India or Reserve Bank of India without any notice to the borrower.

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

Loan amount upto Rs.75Lacs

ROI for Home Loan is (One year MCLR to One year MCLR +1.00%) As per Risk Rating of the applicant/s. [8.30% at present]

Loan amount above Rs.75Lacs

ROI for Home Loan is (One year MCLR to One year MCLR +1.00%) As per Risk Rating of the applicant/s. [8.30% 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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