Baroda Yoddha Home Loan for Defence Personnel

Personnel of:

• Indian Armed Forces (Indian Army, Indian Navy, Indian Air Force, Indian Costal Guard)
• Indian Central Forces (Assam Rifles, Border Security Forces, Indo-Tibetan Border Police, Sashastra Seema Bal, Central Industrial Security Force, Central Reserve Police Force)

The close relatives (as defined under Baroda Home Loan scheme) of the applicant can be added as a co-applicant for arriving at higher eligibility.

Applicant / co-applicant/s (whose income are considered for eligibility) should be employed / engaged in business / profession for a minimum period of -1- year (for salaried) and / or -2- years (for non-salaried).

All serving employees will be eligible under the scheme. Retire persons getting pension and gainfully employed / engaged in business for last -1- year / -2- years respectively are also eligible under the scheme

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Minimum Age:

• Applicant:- 21 Years
• Co-applicant:- 18 Years

Maximum Age:

• 70 years

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Loan Tenure:

• Upto 30 years

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Maximum Loan Amount

• Mumbai : Rs. 20 Crores
• Metros (Hyderabad, New Delhi, Bengaluru)  : Rs. 7.50 Crores
• Other Metros: Rs.5.00 Crores
• Chandigarh, Panchkula & Mohali:- Rs. 5 Crores
• Urban Areas : Rs. 3.00 Crores
• Semi-urban and Rural : Rs. 1.00 Crores

• As per check list for Home Loan
• Additional Document: Employment Certificate duly signed by competent authority i.e. Commanding Officer or Officer Commanding containing name, rank, unit name, service no., ID Card No., Photo & Signature of Applicant and purpose for which certificate is issued.

Interest Rate:

Risk Premium @ 0.05% over above rates will be applicable as per extant guidelines for customers not obtaining credit insurance cover.

Processing Charges:

• For the limited period upto 31.12.2022 :
  1. NIL (log in fee of Rs.1500/- is to be recovered upfront which is to be refunded on first disbursement)
• w.e.f. 01.01.2023 :
  1. NIL subject to recovery of out of pocket expenses of ₹8500.00 + GST (Per Property) upfront.  Upfront fee will be non-refundable.

Target Group

Personnel of:

• Indian Armed Forces (Indian Army, Indian Navy, Indian Air Force, Indian Costal Guard)
• Indian Central Forces (Assam Rifles, Border Security Forces, Indo-Tibetan Border Police, Sashastra Seema Bal, Central Industrial Security Force, Central Reserve Police Force)

Eligibility of Borrower(s)

• Individuals - singly or jointly.

Resident Indian

• Applicant/co-applicant(s), whose income are considered for eligibility, should be employed/engaged in business / profession for a minimum period of 1 year (for salaried) and/or 2 years (for non-salaried).
• Break in service, if any, can be allowed up to a maximum period of 3 months.

Co-Applicants

• The close relatives of the applicant can be added as a co-applicant for higher eligibility.
• If the applicant wants to add any person who is not a close relative as a co-applicant, the same can be considered only if he/she is the joint owner of property.

List of Close Relatives

Spouse, father, mother (including step mother), son (including step son), son’s wife, daughter (including step daughter), daughter’s husband, brother/sister (including stepbrother/sister), brother’s wife, sister (including step sister) of spouse, sister’s husband, brother (including step brother) of spouse.

Maximum Loan amount

• Mumbai : Rs. 20 Crores
• Metros (Hyderabad, New Delhi, Bengaluru)  : Rs.7.50 Crores
• Other Metros: Rs.5.00 Crores
• Chandigarh, Panchkula & Mohali:- Rs. 5 Crores
• Urban Areas : Rs. 3.00 Crores
• Semi-urban and Rural : Rs. 1.00 Crores

Repayment Period

• Maximum period of loans shall be 30 years initially, including the maximum moratorium period of 36 months.
• Maximum moratorium period shall be 36 months as under.

18 month moratorium period for under construction houses and building up to 7th floor and thereafter 6 months additional moratorium per floor subject to a maximum moratorium of 36 months.

OR

One month after completion of House / taking possession of House / Flat, whichever is earlier.

Age

• Minimum: Borrower - 21 years, Co-applicant - 18 years
• Maximum: Maximum age can be considered up to 70 years*

Security

• Mortgage of the property constructed/purchased or
• If mortgage is not feasible, the Bank at its discretion can accept security in the form of insurance policies, government promissory notes, shares and debentures, gold ornaments, etc.

Repayment

• Maximum period of loans shall be 30 years initially, including the maximum moratorium period of 36 months.
• Maximum moratorium period shall be 36 months as under.
• 18 month moratorium period for under construction houses and building up to 7th floor and thereafter 6 months additional moratorium per floor subject to a maximum moratorium of 36 months.

OR

One month after completion of House / taking possession of House / Flat, whichever is earlier.

• Loan to be repaid in Equated Monthly Instalments (EMI)
• Recovery of interest for the moratorium period Interest charged during the moratorium period is to be recovered as and when debited.

Pre-Closure Charges

• Nil

Margin Norms & Loan to Value (LTV) Ratio

Revised guidelines till 31^st March 2023

Repayment Capacity :

FOIR (Fixed Obligation to Income Ratio)

Salaried Person-

Gross Monthly Income (GMI)*	FOIR
Less than Rs.20,000/-	50%
Rs.20,000/- and above but less than Rs.50,000/-	60%
Rs.50,000/- and above but less than Rs.2.00 lacs	65%
Rs.2.00 lacs and above but less than Rs.5.00 lacs	70%
Rs.5.00 lacs and above	75%

* Average of last 3 months’ GMI

Others-

Gross Annual Income (GAI)*	FOIR
Upto Rs.6.00 lacs	70%
More than Rs.6.00 lacs	80%

* Average of last 2 years’ Gross Annual Income

Other Variants:

• Applicants will be eligible for other variants i.e. Home Improvement Loan, Home Loan Advantage Top Up Loan, Home Suvidha Personal Loan as per guidelines of the Bank.

Group Credit Life Insurance Cover

• Bank of Baroda has tie-up arrangements with M/s. IndiaFirst Life Insurance Co. for providing Life Insurance Cover to our Home Loan borrowers. This is an optional scheme of Life Insurance and is at the cost of borrower which may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the Loan.

The salient Features of the Group Credit Life Policy offered by M/s. IndiaFirst Life Insurance Co. as under:

• It is an optional scheme for the benefit of Home Loan borrowers and the borrower will be given an option by the branches to choose the insurance provider between IndiaFirst Life Insurance as per his choice.
• It is a group insurance scheme, which protects against unforeseen consequences of death of borrower.
• Family of the borrower is not required to repay the loan to the extent of claim settled amount, in case of death of the borrower.
• Outstanding cover amount due, will be paid by insurance provider as per cover schedule.
• Slippage of the account into NPA category due to death of the borrower can be avoided.
• Life cover is available against payment of one time premium and amount of premium is based on the age of the borrower, amount of loan, interest rate and tenure of the loan.
• Premium amount for obtaining the cover can be financed as part of loan at the request of borrower and accordingly EMI will be calculated. But in case of Home Loans, guidelines regarding compliance of LTV Ratio must be strictly ensured.
• Premium amount may be part of the loan as per total eligibility of the borrower may be funded by the Bank at the time of sanction and is recoverable with the EMIs of the loan.