• 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.
  
  
• Eligibilty:
  
  • All individuals (resident Indians) singly or jointly owing a dwelling unit in their name/(s).
    
    
  • Age:-
    • Minimum age 21 years.
    • Maximum Age of the borrower plus repayment period should not be beyond retirement age, in case of salaried persons and 65 years in case of others.
    
    
  • Principal applicant must have consistent and stable source of income minimum for last three years.
    
    
  
  
• Income Criteria:
  The maximum amount of loan will not exceed the following:
  • Salaried person - 2 times of gross annaul income.
    
    
  • 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).
    
    
  
  
• Margin:
  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).
  
  
• Securities:
  
  • Mortgage of the property to be repaired / renovated.
    
    
  
  
• Repayment Period:
  • Maximum-10-years by Equated Monthly installments
    
    
  • Moratorium period maximum-6-months or one month after completion of repair/renovation work which ever is earlier.
    
    
  
  
• Service Charges for Full Prepayment/Premature Closure:
  • 1% on amount prepaid including any such amount prepaid in the last financial year.
    
    
  • No penalty on part pre-payment.
  
  

RATE OF INTEREST: (CLICK HERE FOR CURRENT INTEREST RATES).
PROCESSING CHARGES: (CLICK HERE FOR DETAILS)

For further details, please contact the Bank of Baroda Branch nearest to you.



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