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Baroda Home Loans to NRIs / PIOs

Terms & Conditions

  • Eligibility:
    • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport, singly or jointly. For this purpose Person of Indian Origin means a citizen of any country other than Bangladesh / Pakistan / Sri Lanka / Afganistan / China / Iran / Nepal & Bhutan if -

      • he at any time held Indian passport or

      • he or either of his parents or any of his grand parents 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.

    • Must be employed/self-employed or having a business unit and staying abroad at least for 2 years.

    • Must have minimum gross annual income equivalent to Rs. Five lacs per annum.

  • 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 :

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

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

  • Age:
    • Minimum age must be 21 years. Age of the borrower plus repayment period should not be beyond retirement age or 65 years whichever is earlier.

  • 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


Most Important Terms & Conditions (MITCs) For Home Loans Click here to expand or collapse

Purpose :-

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

Security :-

  1. Mortgage of the Property constructed/ purchased or
  2. 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 :-

  1. Maximum period of loans shall be -30- years initially, including the maximum moratorium period of -36-months.

  2. 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.

  3. 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 http://bankofbaroda.com/int_adv.asp#retailloan link at our internet site

 


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



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