Retail Loans > Baroda Home Loan

Baroda Home Loan

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.

Eligibility:

1. Individuals of Fiji citizenship
  • who have attained the age of twenty one years and;
  • are in permanent employment for at least five years or;
  • engaged in business for at least five years.
2. The property should be
  • located within the city/ town boundary;
  • should not be older than twenty five years;
  • lease period of the property should not be less than repayment tenure of loan and the total deduction should not exceed 60% of the salary net of statutory deduction and taxes.

Loan Amount:

For Home Loan        : Maximum Loan amount is $500,000.00
For Home improvement : Maximum Loan amount is $125,000.00
 

Margin Contribution:
For Home Loan
- minimum margin contribution is 20%

For Home Improvement Loan
- minimum margin contribution is 25%
 

Repayment Period:
Repayment period is up to 25 years for Home Loan and up to 10 years for Home Improvement Loan.
 

Documents to be submitted:
  • Latest salary slip of the borrower
  • Letter from the borrower confirming the employment details of the borrower
  • Copy of title deeds or lease documents
  • In case of a self-employment person, copies of 3 years financial statements and Income Tax Returns
  • If loan is for construction of a house, quotations from at least two reputed builders/ contractors along with copy of approved plan and specifications for the house to be constructed.
  • In case of purchase of existing or ready made house, valuation report by a Register Valuer/ Engineer's Certificate along with a Sale and Purchase Agreement or Letter of Intent to sell

Additional Information:
  • Registered legal  mortgage over  the property to be created in Bank’s favor.
  • Mortgage protection cover and  insurance of House property covering all risk.
  • Disbursement: - In case of construction work given  on contract basis, payment is to be made directly to the  Builder  / Contractor upon completion of work in stages and  after due  verification by the branch.
    In other cases payment for purchase of raw materials is to be  made on production of invoices / bills etc. and  payment of wages to be made on production of wages bills after due   verification  by  branch and   supported by  certificate  from  Architect /Engineer regarding work-in-progress / completion of work.
  • Loan  repayment to commence one  month after  first disbursement of loan in case of purchase of ready built house or for repairs / renovation/ extension of existing house whereas in case of construction of a house, the same to be  commenced six months after first disbursement or one  month after completion of house whichever is earlier.
  • Terms and Conditions apply

Fees and Charges
Establishment Fees
1.00% of Loan Amount
Inspection Fees
Upto $1,500.00 Free
From $1,501.00 To $10,000.00 $40.00 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 $60.00
Additinal Document $25.00 per document
(Solicitor charges + out of pocket expenses to be recoverred seperately)
Loan Arrear Fees
Upto $500.00 $5.00 for earch installment per month
From $501.00 To $1,000.00 $10.00 for earch installment per month
From $1,001.00 To $2,500.00 $15.00 for earch installment per month
From $2,501.00 To $5,000.00 $20.00 for earch installment per month
Above $5,000.00 $25.00 for earch installment 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 Charges
$15.00 + out of pocket expenses
Document Discharge Fees
 $75.00 per document   
FNPF Housing Transfer Fees
For each Application $50.00 per Application + FNPF Cost
Settlement Fees
$75.00 per settlement
Search Fees
$30.00 subsequent $10.00 per hour
Data Bureau Charges
Individual Credit Information  $17.00
business Credit Information $22.50
                    Duplicate Statement Fees            
                    $2.00 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 $40.00 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 $60.00
Additinal Document $25.00 per document
(Solicitor charges + out of pocket expenses to be recoverred seperately)
Loan Arrear Fees
Upto $500.00 $5.00 for earch installment per month
From $501.00 To $1,000.00 $10.00 for earch installment per month
From $1,001.00 To $2,500.00 $15.00 for earch installment per month
From $2,501.00 To $5,000.00 $20.00 for earch installment per month
Above $5,000.00 $25.00 for earch installment 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 Charges
$15.00 + out of pocket expenses
Document Discharge Fees
 $75.00 per document   
FNPF Housing Transfer Fees
For each Application $50.00 per Application + FNPF Cost
Settlement Fees
$75.00 per settlement
Search Fees
$30.00 subsequent $10.00 per hour
Data Bureau Charges
Individual Credit Information  $17.00
business Credit Information $22.50
                    Duplicate Statement Fees            
                    $2.00 per page Computer Printout
$7.50 per page statement		            
                               
                               

© 2013 Bank of Baroda, Fiji Territory, GPO. Box.57, Suva, Fiji Islands.