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Baroda Home Loan
Baroda Home Loan
• Target Group:
– Resident Indians,
– NRIs, PIOs, OCI,
– Staff Members (under public scheme)
• Eligibility of Borrowers:
A. Resident Indian:
1. Salaried
2. Non Salaried
Exceptions:
1. Break in service,
2. Marine Lines/ Navy/Sailor/Merchant Navy: Total salary in 12months/12
3. Pension income of Applicant/Co-Applicant is retired/VRS from defence forces
or any other job and thereafter employed/engaged in business/profession.
Kamal Patencha, BA Rajkot 3
• Co-Applicants: for arriving at higher eligibility.
• Name of any other close relative, who is not a joint owner of the property, should not be
added as co-applicant for considering higher eligibility.
• Same can be considered only if he/ she are the joint owner of property.
• In case, if the income of the owner/co-owner/s of property, is not considered for eligibility,
upper age criteria/ employment criteria will not be applicable for these applicant/co-
applicant/s.
Kamal Patencha, BA Rajkot 4
• AGE:
SALARIED
Minimum age
• Applicant: Min. 21 Years & Co-Applicant: Min. 18 Years
Maximum Age
• Salaried: Age of the applicant/co-applicant/s (whose income are
considering for eligibility) plus repayment period should not be beyond
retirement age.
B. If the applicant is covered under any pension scheme and 40% of the pension amount is
sufficient to pay the EMI, else deposit adequate amount to reduce the loan amount.
Exceptions:
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-Applicant/Guarantor
or
Applicant pledges FDRs / NSCs / Govt. Security etc. of adequate value to ensure
continuity of income for repayment of loan installment with interest if sanctioning
authority is satisfied about the same.
The payment of all type of Life Insurance Premiums (except premiums of Unit Linked
Insurance Plan - ULIP) irrespective of Insurance Company issuing the policy need not be
considered for deduction.
If agriculture/other regular income (exempted/ taxable) is declared in the IT return, the
same can be considered for eligibility.
Consideration of Depreciation for computing income.
GST, Stamp duty, Registration charges, other documentation charges and other expenses like Life Insurance
premium etc. should NOT be included in the cost of house property to calculate margin/LTV ratio.
However, where cost of the House/ dwelling unit does not exceed Rs.10 Lacs, Branches may add these
expenses to the cost of house for the calculation of Margin & LTV Ration.
LTV for 30.00 lacs to 100.00 lacs allowed up to 90% subject to charged additional ROI of 0.25% (scheme up
to 31.03.2022)
Kamal Patencha, BA Rajkot 16
• Repayment Period: Maximum 30 Years
• Moratorium Period:
Maximum 36 months as under-
18 Months For House and Building under construction upto 7th Floor, thereafter additional 6 months per
floor subject to Maximum 36 months.
• Purpose:
– For repairs / renovation / improvement of existing House/ Flat.
– Purchase of furniture / fixtures / furnishing / other gadgets such as fans, geysers, air
conditioners, water filters, air purifiers, heaters, desert coolers, etc.
• Maximum Loan Amount: Rs. 50 Lakhs
• Margin: 25% of project cost.
• Repayment Period: 15 Years.
• Moratorium: 6 months or after 1 month after completion of repair/renovation work,
whichever is earlier.
• Rate of Interest:
• Repaying Capacity As per Home Loan
Scheme
• Security:
Kamal Patencha, BA Rajkot 19
BARODA CRE HOME LOAN & CRE HOME LOAN ADVANTAGE
Category – A
Group Credit Life Insurance premium having tie up with our Bank
Group Credit Health Insurance premium having tie up with our Bank
Property insurance premium having tie up with our Bank
Category – B
Stamp Duty & Registration charges at the time of purchase of residential property
Goods & Service Tax (if applicable)
Club Membership Charges (only at the time of purchase of house)
Category – A
LTV Ratio (Home Loan + Home Suvidha Personal Loan) upto 100% can be accepted
Category – B
25% Margin on the eligible costs
Amount of Linked Home Loan (Sanction LTV Ratio (Home Loan + Home Suvidha
Amount) Personal Loan)
Upto Rs. 75.00 Lakhs 88%
Above Rs. 75.00 Lakhs 85%
Repayment period :-
In case of fresh equal to new HL tenure.
• Allowed will be the residual period of existing Home Loan to the borrower.