Baroda Flexi Loan over Home security

Baroda Top up Loan is an Additional Loan facility extended to Home Loan Borrowers for any purpose except speculative/illegal purpose.

• Low Interest Rates
• Low Processing Fee
• No Hidden Charges
• No Pre Payment Penalty
• Interest charges on Daily Reducing Balance

Eligible Borrowers

All existing home loan borrowers including NRIs/PIOs, staff and ex-staff members (availed home loan under public scheme as well as staff housing loans) whose asset classification is standard.

Processing Charges :

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

Loan Limit

• Minimum: Rs. 1 lakh
• Maximum: Rs. 10.00 Crores

Purpose

Any purpose other than speculation.

Margin

25% of residual value of house property after deducting 150% of outstanding loan amount of existing home Loan.

Outstanding Home Loan + Proposed Baroda Flexi Loan over Home security (Based on Realizable Value)

Age

Minimum Age

21 years (applicant), 18 years (co-applicant)

Maximum age

• Age of the borrower + tenure of Top Up Loan should not exceed 70 years as per laid down norms mentioned under home loan product (for resident Indian)
• Age of the borrower + tenure of Top Up Loan should not exceed 65 years (for NRIs/PIOs/OCIs)

Repayment Period

• Top Up Loan may be sanctioned for the maximum period up to which the applicant is eligible as per his/her age criteria i.e. irrespective of the tenure of linked home loan applied/availed.
• In case linked home loan account is closed, the repayment of Top Up Loan can be continued up to the sanctioned tenure.
• However, no fresh/enhancement of Top Up Loan facility will be sanctioned after the closure of linked home loan.
• Repayment by equated monthly instalments (EMI). First instalment due one month after first disbursement.
• In case of existing Top Up Loan (erstwhile AAA), the same is to be closed within 4 years after the pre-closure of linked home loan account as per existing terms and conditions.

Security

Extension of equitable mortgage.

Insurance

• Property insurance cover to be obtained at the cost of borrower as per bank’s norms.
• Free personal accidental death insurance cover is available under master policy.
• Group credit life insurance cover (optional and at the cost of borrower).

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%

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%

Valuation Norms for the property to be mortgaged

Valuation norms will be as under:

• In case of properties acquired within last 3 years, amount of registered sale deed or the realizable value whichever is lower should be taken as value of property.
• In other cases, i.e. execution of the sale deed is prior to 3 years, present realizable value as per the fresh valuation report from the bank’s approved valuer to be obtained.
• In case of takeover, fresh valuation report to be obtained from our bank’s approved valuer and margin and LTV Ratio is maintained as per the scheme.

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