Bank of Baroda Home Loan

Minimum Salary
10.000,00 د.إ

Flat Rate
AED 3.08%

Reducing Rate
5.1 %

Maximum Term
25 Years

Monthly Payment
AED 4,428

Description

Baroda home Loans offer you the flexibility for acquiring ready to occupy house / flat from developers or by choosing re- sale properties and also takeover of from other banks.

Major Advantage: Fixed rate options also available, Higher finance amount

Points to Consider: Product available for GCC Nationals and Indian Nationals only

Features

Interest Rates & Charges:

Reducing Rate (as advertised): Starting from 5.10% p.a.

Flat Rate: 3.08% p.a.

Valuation Fee: AED 2,625

Pre-Approval Fees: 0

Processing Fees: 1% of finance amount (max AED 25,000)

Early Settlement Fees: 1% of outstanding amount (max cap AED 10,000)

Partial Settlement Fees: 1% of settlement amount

Legal Charges: AED 2,625

Requirements:

Minimum Salary Requirement: AED 10,000 (Applicant must be residing in UAE for last 2 years.)

Minimum Stay in UAE Required: 2 Years

Salary Transfer: Not Compulsory

Minimum Down payment:

For first property (If property price < AED 5M): 20%
For first property (If property price > AED 5M): 30%
For second property: 40%

Key Details:

Maximum Finance Amount: AED 18,000,000

Islamic Finance: Not available

Maximum Term: 25 Years

Finance available for: Ready properties in Dubai, Abu Dhabi

Insurance:

Life Insurance: Not Mandatory

Property Insurance: Required

Documents Required

Common Documents:

Valid Passport, Resident Visa and Emirates ID Copy.
Proof of All Personal Ongoing Finance.
Rental Income Document (If any).
Property Documents (If Property is Finalized or Equity Release).
Liability Letter (In case of Buyout Finance only).
Relevant property documents.

Salaried Client Documents:

Latest Salary Certificate addressed to Bank of Baroda.
Latest 6 Months Personal Bank Statement.
Six months Pay slips if there is variance in Salary.
Salary Transfer Letter (required after pre-approval).

Self-Employed Client Documents:

Valid Trade Company license.
MOA (Memorandum of Association) including all amendments.
Latest 6 Months Personal Bank Statement.
Latest 6 Months Company Bank Statement.
Audit Financials of last 2 years.
Offer Letter Copies of All Company Ongoing Finance (For Self Employed).

Additional Info

All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
Reducing rate is converted into flat rate as per 25 years calculation.
Legal charges of AED 2,500 + Vat applicable
Terms and conditions apply.