Baroda Additional Assured Advance (AAA)
Eligible Borrowers :
All Existing Home Loan
Borrowers including NRIs
/PIOs, Staff and Ex-staff
Members( availed home
loan under public scheme
as well as Staff Housing
Loans) whose Asset
classification is Standard
Loan Limit :
Minimum Rs.1 lac,
Maximum Rs.200 lac
Or
75% of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing home Loan whichever is lower. Purpose :
Any purpose other than
Speculation (No Change)
Margin :
25% of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing home Loan.
Maximun Age:
Age of borrower + tenure of ‘AAA’ Loan should not exceed 70 years, in syncronising with Home Loan.
Repayment Period :
As per request of the borrower subject to repayment capacity. However the maximum period should not be more than the remaining period of Home Loan.
Interest Rate :
1.50% above Base Rate w.e.f 16.08.2012 Unified
Processing
Charges :
2% with a minimum of
Rs.1000/
Repayment
Period :
Maximum 84 EMI but not
to exceed maturity date
of existing Home Loan
Security :
Extension of Eq Mortgage
(No Change)
Insurance :
Property Insurance Cover
with Personal Accidental
Death Insurance Cover
under Tie-up arrangement
with NICL and additionally
Group Credit Life
Insurance Cover (Optional
and at the cost of
Borrower)
Repayment
Capacity :
Total deductions not to
exceed 60% of the Gross
Monthly Income
Valuation
Norms for the
property to be
mortgaged
Valuation norms will be as
under:
1. If the property is
purchased within last 5
years, the registered
value to be accepted as
value of the security.
After five years of the
execution of sale deed,
fresh valuation from
approved valuer may be
accepted to the
satisfaction of the
sanctioning authority.
2. In all other cases
present market value to
be accepted as value of
security subject to the
condition that present
valuation to carried out
only after three years
of previous valuation.
RATE OF INTEREST: (CLICK HERE FOR CURRENT INTEREST RATES).
For more details, kindly visit a Bank of Baroda Branch nearest to you.
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