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For existing housing loans customers
Baroda Home Improvement Loan
Bank of Baroda (Kenya) Ltd. is offering Home Improvement Loan under the basket of Home Loan solution available for individuals aspiring to upgrade / improve the existing house.
Terms & Conditions
Baroda Home Improvement Loan : Key Features
- For repair / renovation / improvement/ extension of existing house
- Purchase of furniture / fixture / other gadgets such as fans, geysers, air conditioners, water filters, air purifiers, heaters, desert coolers etc.
Baroda Home Improvement Loan : Eligibility
- All existing housing loan customers of the bank.
- Age of borrower plus tenure of the BHIL should not exceed 70 years of age or retirement age (in case of salaried person), whichever is earlier.
- A margin of 25% of project cost (estimated cost of repairing/ renovation/ cost of furniture/ fixture etc)
Baroda Home Improvement Loan : Loan Amount
- Minimum Kshs.500,000/- & maximum up to Kshs.10,000,000/-(Available in USD also)
- (With the provision that loan component for furniture/ fixtures/ other gadgets should not exceed Kshs. 3,000,000/-).
- Rate of Interest CBR+4%
Baroda Home Improvement Loan : Repayment
- By Equated Monthly Installments (EMIs).Up to maximum – 72- EMIs.(For furniture and Fixture)
- By Equated Monthly Installments (EMIs).Up to maximum – 120- EMIs.(For New improvement and renovations)
(Should not exceed the maturity date of the existing Home Loan account).
Baroda Home Improvement Loan : Terms & Conditions
- The BHIL facility is also available for the Home Loan accounts transferred from other Financial institutions.
- For security, the extension of existing legal charge of the house already created, is required.
- This facility can be availed as many as -3- times during the entire tenure of Home Loan, subject to full settlement of previous BHIL.
- Third party costs viz: Valuation fees, Legal costs &property Insurance costs etc. are to be borne by the borrower.