Baroda Top Up Loan (Resident/NRIs/PIOs)

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.

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 Top Up Loan (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)
• 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)
• 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

Others

Average gross annual income (for last 2 years) up to Rs. 6 lakhs: 70%

Average gross 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.