Loan available for repairs / renovation / improvement / extension of the existing house.
- Maximum Loan Rs.50 lacs
- Repayment Period: Maximum 15 years
- The eligibility for Baroda Home Improvement Loan will be calculated as per the scheme guidelines of Baroda Home Loan to Individuals
Loan available for purchase of furniture / fixtures / furnishing / other gadgets such as fans, geysers, air conditioners etc. required, to:
- Our existing housing loan borrowers
- New borrowers
Free Credit Card
- Free Credit Card (complementary for first year) will be issued to borrowers with loan limit above Rs.2/-lacs.
All individuals (resident Indians) singly or jointly owing a dwelling unit in their name/(s).
Minimum age of the applicant must be 21 years. However, the minimum age of co-applicant/s can be 18 years.
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
Other than salaried persons i.e. professionals / self-employed / business persons etc., 3 times of net (average of last three years) annual income plus depreciation claimed individual capacity (and not the depreciation claimed by the business unit).
In case of Salaried
|A Gross Monthly Income
|-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
- 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
25% of the Project cost (Project cost will include - estimated cost of repairing/renovation/extension, cost of furniture/fixtures/furnishing other gadgets and also the stamp duty payable for criteria of equitable mortgage).
Mortgage of the property to be repaired / renovated.
- Maximum-15-years by Equated Monthly installments
- Moratorium period maximum-6-months or one month after completion of repair/renovation work whichever is earlier
Service Charges for Full Prepayment/Premature Closure
No penalty for pre-payment
Rate of Interest
One year MCLR to One year MCLR +1.00% (As per Risk Rating of the applicant/s.)
Upto Rs.50 Lacs: 0.50% of Loan amount
- Minimum: Rs.7,500/- (Upfront)
- Maximum: Rs.12,500/-
Above Rs.50 Lacs: 0.25% of Loan amount
- Minimum : Rs.7,500/- (upfront)
- Maximum: Rs.20,000/-
The house should not be older than 35 years. Residual life of the house may be minimum repayment period plus 5 years to be certified by approved architect / valuer vis-a-vis total repayment period of the loan.