BANK OF BARODA HOME LOAN BALANCE TRANSFER

Effortlessly switch your existing home loan to Bank of Baroda and unlock significant savings with minimal paperwork. Our Home Loan Takeover Scheme is designed for both resident and non-resident Indians, allowing transfers from other banks, HFCs, NBFCs, and FIs. Eligibility includes any home loan with more than 12 EMIs paid and offers a unique feature where no income proof is needed for application.

Key Benefits

• Easy access to top-up loans
• Complimentary life insurance financing
• Free credit card offers
• Extended loan tenures for easier repayment
• Competitive low interest rates
• Reduced processing fees
• No charges for early loan closure
• Optional life insurance coverage for added security

Standout Features

• Attractive low interest rates
• Transparent, low processing fees
• No hidden costs or prepayment penalties
• Benefits from daily reducing balance on interest charges
• Available top-up facility
• Option to link home loan with savings account for automatic balance reduction, where any end-of-day credit balance in the savings account reduces the principal amount of the linked home loan.

Baroda Home Loan Takeover Scheme: Eligibility Criteria

Target Group

• Resident Indians.
• Non-resident Indians (NRIs) with an Indian passport, Persons of Indian Origin (PIOs) with a foreign passport, or Overseas Citizens of India (OCI).
• Staff members (under the public scheme).

Eligibility for Borrowers

• Individuals, either singly or jointly.
• Non-individual entities may participate as applicants, co-applicants, or guarantors with individual applicants.

Individual Applicant Requirements

• A minimum CIBIL score of 701.
• Completion of the moratorium period with the current lender.
• At least 12 EMIs have already paid.
• Demonstrated satisfactory repayment behavior.

Non-Individual Entities as Co-applicants/Guarantors

• Must include an individual applicant or co-applicant.
• A minimum of 18 EMIs paid.
• The entity should be incorporated for at least 5 years and actively engaged in business for a minimum of 2 years.
• The entity must show cash profits for the last 2 years and maintain a positive net worth.
• The entity should not have been categorized under SMA 2 in the past 12 months.
• The entity’s CIBIL score must be satisfactory.
• The entity should not appear on adverse lists such as RBI’s defaulter list, ECGC Caution list, SAL, Suit filed/Non-Suit filed CIBIL list, CRILIC, etc.

Age Limits

• Minimum age for borrowers: 21 years; for co-applicants: 18 years.
• Maximum age considered up to 70 years*.

Baroda Home Loan Takeover Scheme: Key Terms and Conditions

Maximum Loan Amounts

• 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 Areas: Rs. 1.00 Crores
• Tri-City in Chandigarh Region (Chandigarh, Panchkula, & Mohali): Rs. 5.00 Crores

Repayment Capacity Limits

For Salaried Persons

• Net Monthly Income below Rs. 25,000: 40%
• Rs. 25,000 to under Rs. 50,000: 60%
• Rs. 50,000 to under Rs. 1.00 lakh: 65%
• Rs. 1.00 lakh to under Rs. 2.00 lakhs: 70%
• Rs. 2.00 lakhs and above: 75%

For Others

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

Margin Norms & Loan to Value (LTV) Ratio:

• Consistent with regular Baroda Home Loans.

Security

• Mortgage of the property constructed or purchased.

Repayment Terms

• The maximum loan period is up to 30 years, which includes a moratorium period of up to 36 months.