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Baroda Home Loans
Bank of Baroda invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget. Baroda Home Loan is for the purpose of purchase/ construction of residential house/ flat. It is also for the purpose of home improvement including renovation/ addition/ extention.
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Purpose
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Eligibility
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Loan Amount
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Margin Contribution
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Repayment Period
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Interest Rates and Charges
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Documents Required
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Most Important Terms and Conditions (MITC)
- For purchase / construction of residential house / flat
- For Home Improvement including (renovation/ addition/ extension)
- Must be a citizen of Fiji.
- Not less than 21 years of age.
- Property should be located within city / town boundary and should not be older than 25 years.
- Property to be acquired should be Freehold or Crown / Native Lease. In case of Crown / Native Lease unexpired lease period should not be less than repayment tenure of the loan.
- For Home Loan : Maximum Loan amount is $500,000.00
- For Home improvement : Maximum Loan amount is $125,000.00
For Home Loan
- minimum margin contribution is 20%
For Home Improvement Loan
- minimum margin contribution is 25%
Repayment period is up to 25 years for Home Loan and up to 10 years for Home Improvement Loan.
Interest Rates:
- First Year - 3.75% (Fixed).
- Second Year - 3.95% (Fixed).
- Third Year - 4.99% (Variable) thereafter (option for rollover).
Charges:
| Establishment Fees | |
|---|---|
| 1.00% of Loan Amount |
| Inspection Fees | |
|---|---|
| Upto $1,500.00 | Free |
| From $1,501.00 To $10,000.00 | $50.00 per visit |
| From $10,001 To $25,000.00 | $75.00 per visit |
| From $25,001.00 To $50,000.00 | $100.00 per visit |
| From $50,001.00 To $100,000.00 | $150.00 per visit |
| Above $100,000 | $200.00 per visit |
| Security Document Handling Fees | |
|---|---|
| Upto $1,000.00 | Free |
| Above $1,000.00 | |
| One Document | $100.00 |
| Additinal Document | $40.00 per document |
| (Solicitor charges + out of pocket expenses to be recoverred seperately) | |
| Loan Arrear Fees | |
|---|---|
| Upto $500.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| From $501.00 To $1,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| From $1,001.00 To $2,500.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| From $2,501.00 To $5,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| Above $5,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| Opinion Fees | |
|---|---|
| Local | $25.00 + Out of Pocket Expenses |
| Overseas | $50.00 + Out of Poecket Expenses |
| Modification in Terms and Conditions | |
|---|---|
| For each modification | $100.00 |
| Stamping/Unstamping Charges | |
|---|---|
| $15.00 + out of pocket expenses |
| Document Discharge Fees | |
|---|---|
| $100.00 per document |
| FNPF Housing Transfer Fees | |
|---|---|
| For each Application | $100.00 per Application + FNPF Cost |
| Settlement Fees | |
|---|---|
| $150.00 per settlement |
| Search Fees |
|---|
| $30.00 subsequent $10.00 per hour |
| Data Bureau Charges | ||
|---|---|---|
| $17.00 |
| Duplicate Statement Fees |
|---|
| $5.00 per page Computer Printout $7.50 per page statement |
| Establishment Fees | |
|---|---|
| 1.00% of Loan Amount |
| Inspection Fees | |
|---|---|
| Upto $1,500.00 | Free |
| From $1,501.00 To $10,000.00 | $50.00 per visit |
| From $10,001 To $25,000.00 | $75.00 per visit |
| From $25,001.00 To $50,000.00 | $100.00 per visit |
| From $50,001.00 To $100,000.00 | $150.00 per visit |
| Above $100,000 | $200.00 per visit |
| Security Document Handling Fees | |
|---|---|
| Upto $1,000.00 | Free |
| Above $1,000.00 | |
| One Document | $100.00 |
| Additinal Document | $40.00 per document |
| (Solicitor charges + out of pocket expenses to be recoverred seperately) | |
| Loan Arrear Fees | |
|---|---|
| Upto $500.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| From $501.00 To $1,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| From $1,001.00 To $2,500.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| From $2,501.00 To $5,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| Above $5,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
|
| Opinion Fees | |
|---|---|
| Local | $25.00 + Out of Pocket Expenses |
| Overseas | $50.00 + Out of Poecket Expenses |
| Modification in Terms and Conditions | |
|---|---|
| For each modification | $100.00 |
| Stamping/Unstamping Charges | |
|---|---|
| $15.00 + out of pocket expenses |
| Document Discharge Fees | |
|---|---|
| $100.00 per document |
| FNPF Housing Transfer Fees | |
|---|---|
| For each Application | $100.00 per Application + FNPF Cost |
| Settlement Fees | |
|---|---|
| $150.00 per settlement |
| Search Fees |
|---|
| $30.00 subsequent $10.00 per hour |
| Data Bureau Charges | ||
|---|---|---|
| $17.00 |
| Duplicate Statement Fees |
|---|
| $5.00 per page Computer Printout $7.50 per page statement |
- Switch fee of F$300/-
- Loan Application.
- Latest salary slip of the borrower.
- Letter from the employer confirming the employment details of the borrower.
- Copy of Title deeds or Lease documents.
- In case of business/self-employed persons, copies of 3 years financial statements and Income Tax Returns.
- Existing Bank statement (of Loan/ Operative Accounts).
- If loan is for construction of a house, quotations from at least two reputed builders /contractors along with the copy of approved plan/permit and specifications of the house to be constructed.
- In case of purchase of existing or readymade house, valuation report by a Registered empanelled Valuer / Engineer's Certificate along with a valid Sale and Purchase Agreement or Letter of Intent to sell.
Type of person:
- Salaried: must be in permanent employment for not less than 3 years.
- Self-employed /Professionals: must be engaged in business/profession for at least 3 years.
Limit:
- Depending upon eligibility & repayment capacity subject to a maximum of:
- Home Loan (Ready House / New Construction/ Refinance) – Up to F$ 1,500,000/-
- Home Improvement – Up to F$ 250,000/-.
- [TLCC may allow sanction 20% higher limit on case to case basis on merit. Proposals beyond limit shall be submitted to Corporate Office for sanction]
Margin:
- Home Loan -15%
- Home Improvement Loan - 20%
Repayment Capacity:
- Total deductions including proposed Loan instalment should not exceed 60% of Salary, net of statutory deductions and taxes.
- Depending upon the repaying capacity of the borrower on Equated Monthly Instalment basis (EMI).
- Housing Loan maximum of period 25 years.
- Home Improvement Loan maximum period of 10 years.
Securities:
- P Note.
- Registered Legal Mortgage of the property.
