Baroda Home Loan Takeover Scheme

• Low Interest Rates
• Low Processing Fee
• No Hidden Charges
• No Pre Payment Penalty
• Interest charges on Daily Reducing Balance
• Top up facility is also available.
• Facility available for linking HL with SB a/c.
• Any credit balance in SB a/c at the end of day will be counted for credit in linked HL a/c.

Target Group

• Resident Indians.
• Non-resident Indians (NRIs) holding Indian passport or Persons of Indian Origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).
• Staff members (availing under public scheme).

Eligibility of Borrower/s

• Individuals - singly or jointly.
• Non Individual entities can stand as an applicant/co-applicant/guarantor along with the individual applicant(s).

Eligibility for Individual applicant

• Minimum cut off CIBIL score must be 701.
• Moratorium period must have been completed with the existing lender.
• Minimum 12 EMIs must have been paid.
• Satisfactory repayment behaviour of the borrower.

Eligibility for Non Individual entities can stand as an applicant/co-applicant/guarantor along with the individual applicant(s).

• There must be an Individual applicant/co-applicant in the proposed facilities.
• Minimum 18 EMIs have been paid.
• The firm/company should be incorporated for at least 5 years.
• The firm/company should be actively engaged in business activities for at least 2 years.
• The firm/company should be earning the cash profits for last 2 years.
• Net worth of the firm/company should be positive.
• The firm/company should not have slipped into SMA 2 category during last 12 months.
• The CIBIL of the firm/company should be satisfactory.
• The name of the firm/company should not be adversely in RBI defaulter’s list, ECGC Caution list/SAL, Suit filed/Non-Suit filed CIBIL list, CRILIC, etc.

Age

• Minimum: Borrower - 21 years, Co-applicant - 18 years.
• Maximum: Maximum age can be considered up to 70 years*.

For interest rates - click here.

Processing Charges

To check out the documents required for Baroda Home Loan,click here.

Maximum Loan amount

• Mumbai : Rs. 20 Crores
• Other Metros : Rs. 5.00 Crores
• Hyderabad, New Delhi and Bengaluru : Rs. 7.50 Crores
• Urban Areas : Rs. 3.00 Crores
• Semi-urban and Rural : Rs. 1.00 Crores
• Tri-City in Chandigarh Region (Chandigarh, Panchkula & Mohali) : Rs.5.00 Crores

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Repayment Capacity

Total deductions including proposed EMI should not exceed as follows:

Salaried Persons

• Net Monthly income less than Rs.25,000: 40%
• Net monthly income Rs.25,000 and above but less than Rs.50,000: 60%
• Net monthly income Rs.50,000 and above but less than Rs.1.00 lakhs: 65%
• Net monthly income Rs.1.00 lakhs and above but less than Rs.2.00 lakhs: 70%
• Net monthly income Rs.2.00 lakhs and above: 75%

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Others :

• Average Net Annual Income (for last 2 years) up to Rs.6 lakhs: 70%
• Average Net Annual Income (for last 2 years) more than Rs.6 lakhs: 80%

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Margin Norms & Loan to Value (LTV) Ratio

Same as Regular Baroda Home Loans

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Security

Mortgage of the property constructed/purchased

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Repayment

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

Note: The Bank may use the services of agents in sales/marketing etc of the product.