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    Bank of Baroda
    P.B. No. 553
    No.32, Sir William Newton Street,
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    (230) 208 3891/93
    email: portlo@bankofbaroda.com

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  • Home
  • /House Loan Scheme

House Loan Scheme

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Eligibility
All gainfully employed individuals singly or jointly

Purpose
Purchase of house/ flat/residential unit
Construction of House
Extension, repair/renovation of existing house
Purchase of land and construction of house thereon
Repayment of existing housing loan availed from other banks/ Financial Institutions/ other sources provided documentary evidence is produced
Purchase of Furniture  & Fixtures, other household goods such as TV, Fridge, AC, W/machine etc.

Amount
Rs. 10.00 mn for purchase/construction of flat/house
Rs. 3.00 mn for repairs/renovation/Refurbishment of existing house
Rs. 1.00 mn for Furniture & Fixtures, other household goods such as TV, Fridge, A/c etc.
OR
60 times of gross monthly income in case of salaried persons and 6 times of average annual income (last 3 years) in case of professionals / self employed.)
Loan shall be lower of the maximum ceiling and calculation based on income.
Loan over and above the captioned limit may also be sanctioned based on individual merits.

Margin
15%-Purchase of ready built house/ flat or construction of new house.
20% for others Project Cost will also include Mortgage Registration charges, Insurance Charges, Furniture & Fixtures and other household goods such as TV, Fridge, AC, W/machine etc

Repayment
20 years (including moratorium period) for purchase/ construction of a new house / flat or takeover of loan from other banks/ FI.
Repayment period may be increased to 25 years in deserving cases.
For repairs / renovation / refurbishment of existing house – repayment period would be 7 years (including moratorium period)

Rate of Interest
Competitive Rate of Interest up to 5.90% pa* till 31.12.2016.
* Condition apply

Security
1st rank fixed charge on Flat / House purchased / constructed out of Bank finance

Processing Fee
One time fee of 1.00% of the loan
Min.-Rs. 1000/-
Max – Rs25000/

Documents to be submitted along with application
1. Copy of National ID Card
2. Copy of Driving License for vehicle for which loan is applied.
3. Salary Slips for last 3 months for salaried/ MRA return for businessman
4. Estimates for cost of construction (in case of loan is applied for construction)

Sanctioning Authority
Time Frame for taking credit decision / disposal of proposal from the date of submission of data / information is within 10 working days for all credit facilities upto Rs. 300,000.00