An innovative product of loan
Use your immovable assets to your advantage!
Flexible repayment options A secure and flexible choice of loan
Baroda Mortgage Loan
An innovative product of a Loan or Overdraft facility with flexible repayment options, Bank of Baroda (Kenya) Ltd. has introduced Baroda Mortgage Loan (BML), for any purpose allowed within the law except for financial speculations.
-
Eligibility
-
Margin
-
Loan Amount
-
Repayment
-
Others
Baroda Mortgage Loan : Eligibility
Age of the Borrower
- Minimum-21- years
- Maximum- present age plus repayment period should not exceed -70- years of age or retirement age (salaried person), whichever is earlier.
- Rate of Interest CBR+4%
Salaried persons, Businessmen, Professionals, Farmers, Directors of Private/Public Ltd. Companies can avail the facility (Real Estate developers, Property Dealers/ Brokers, Share/ Stock Brokers are not eligible for this facility).
Baroda Mortgage Loan : Margin
- 35% of the Forced Sale Value of the immovable property to be mortgaged with the bank.
Baroda Mortgage Loan : Loan Amount
Minimum Kshs. 1,000,000/-& maximum Kshs. 100,000,000 (Also in available USD)subject to following income criteria;
- For salaried person/s :- 36- times of gross monthly income.
- Others: -5- times of gross annual income (average of last -2- years).
- (Total deductions including the proposed EMI/ notional installment should not exceed 60% of the gross monthly income).
Baroda Mortgage Loan : Repayment
- Term Loan: By -120-Equated Monthly Installments (EMIs).
- Overdrafts: -12- months subject to annual review.
Baroda Mortgage Loan : Others
- Comprehensive Insurance of the Property to be done.
- Credit Life coverage of the Individual borrower under Group Credit Life Mortgage Protection shall be obtained
- Legal charges on the property.
- Third party costs viz: Valuation fees, Legal costs & property Insurance costs etc. are to be borne by the borrower
