Baroda Home Loan Suraksha Personal Loan

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Baroda Home Loan Suraksha Personal Loan

Baroda Home Loan Suraksha Personal Loan provides Loan for Home Loan borrowers for funding life insurance premium for Group Credit Life Insurance.

As applicable to Home Loan account for which funding of Insurance Premium amount

100% waiver of Processing Charges on all variants of Home / Top-up Loans subject to recovery of out of pocket expenses of Rs.7500+ GST.

Maximum Amount

Upto the applicable premium amount for Group Credit life insurance cover for the Home Loan borrower/s and or co-borrower/s provided by M/s. IndiaFirst Life Insurance Co. or M/s. Kotak Life Insurance.

Age

As applicable under Home Loan product guidelines.

Repayment Period

New borrowers: Maximum Period up to 1/2 of the repayment period under Home Loan sanctioned.

Existing Home Loan borrowers

Residual period of Home Loan sanctioned or 1/2 of the original repayment period under Home Loan sanctioned, whichever is lower.

Purpose

  • Exclusively to Home Loan borrowers along with Home Loan for funding the premium amount under Group Credit Life Insurance cover provided by M/s. IndiaFirst Life Insurance Co. & M/s. Kotak Life Insurance.
  • Existing Home Loan borrowers who wish to avail Group Credit Life Insurance cover can also avail this personal loan within his/her overall eligibility of Home Loan as per present guidelines.
  • Baroda Home Loan Suraksha Personal Loan will be sanctioned along with Baroda Home Loan. For existing Home Loan borrowers, loan can be availed separately.
  • If the borrower opts to close the Home Loan account, this personal Loan is also required to be closed simultaneously.
  • The loan eligibility will be assessed on the basis of income details of the customer as per existing guidelines of Home Loan scheme to Resident Individuals or NRI/PIO/OIC or Baroda Home Loan Advantage Scheme as the case may be.
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

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1800 220 400

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1800 223 344, 1800 102 4455 (24x7)

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