Baroda Home Loans

• 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 $1,500,000.00
• For Home improvement : Maximum Loan amount is $250,000.00

For Home Loan

• minimum margin contribution is 15%

For Home Improvement Loan

• minimum margin contribution is 20%

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

For Fees and Charges Click here

• 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.