Bank of Baroda Kenya Loans Application

Bank of Baroda Kenya Loans Application

Bank of Baroda Kenya Loans – How to Apply for Bank of Baroda Kenya Loans.

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Bank of Baroda Kenya Personal Loans

Baroda Home Loan

Bank of Baroda (Kenya) Ltd introduces Home Loan Solution for Individuals / families aspiring to own dream home in Kenya.

Details:

Owning of house being one of the dreams of family and deciding to buy your own home, construct, takeover from other banks is one of the most important decisions you will ever make; choosing the mortgage loan is critical. Bank of Baroda (Kenya) Ltd makes the decision easy with the Home Solution with finance up to 80% of the cost of house you wish to own.

Benefits:

  • Loan processing fee will be refunded on availment.
  • No facility renewal fee, No minimum income requirements, penalty for early repayment.
  • Joint borrowing with close family members is allowed.
  • Competitive interest rates CBR+4%.
  • Protection of credit life insurance, which can also be financed

Features:

  • Maximum loan amount of Kes. 100 million.
  • Maximum loan tenor is 15 years
  • Embedded credit life protection insurance in the loan repayments
  • Simple one step application form and process for applying and hassle free approval.
  • Rate of Interest CBR+4%

Here are some basic requirements you need to fulfill:

  • Regular income
  • Minimum age of 21 years
  • Valid identification

Other third party cost:

  • Valuation fees.
  • Legal Costs.
  • Property insurance cost.

Baroda Car Loan

Features

  • Finance available for purchase of new or reconditioned car
  • Loan processing fee is refundable and no hidden charges
  • Easy application process
  • Hassle free and swift sanction, convenient documentation
  • Convenient repayment period
  • Rate of Interest CBR+4%
  • Reimbursement for imported cars (upon verification of import documents and payment routed through banking channel).

Basic Requirements

  • Regular income
  • Valid identification proof
  • Minimum age of 21 years
  • Proof of Income

Baroda Loan Against Future Rent Receivables

Considering the Growth potential available in real estate sector and to facilitate leveraging the potential return / income at urban areas, where many commercial properties / shopping complexes are being developed, Bank of Baroda (Kenya) Ltd. has designed a unique loan product for owners of such commercial properties against their future rent receivables.

Purpose of the Loan:

  • For general business/ personal needs (except for speculative or any other activity restricted by the CBK/Government).

Loan Amount:

75% of rent (net of tax, advance rent, security deposit etc), due and receivable for the unexpired certain period of lease and uncertain period of lease (optional period subject to:

  • Minimum Kshs. 1,000,000/-& maximum up to Kshs.200,000,000/-(available in USD also)
  • Rate of Interest CBR+4%

Repayment:

  • By Equated Monthly Installments (EMIs).
  • Up to 10 years or unexpired certain lease period and uncertain period of lease (optional period of maximum next 10 years) whichever is less.
  • The maximum rental period (including the certain and optional period) should be10 years.

Others:

  • Facility against Assignment of Future Rent Receivables.
  • Mortgage of the leased property.
  • Tripartite Agreement amongst the Bank, the Borrower and the Lessee.
  • Account for collection of lease rental to be opened with us.
  • Third party costs viz: Valuation fees, Legal costs & property Insurance costs etc. are to be borne by the borrower.

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:

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).
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%

Margin:

35% of the Forced Sale Value of the immovable property to be mortgaged with the bank.
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).

Repayment:

  • Term Loan: By -120-Equated Monthly Installments (EMIs).
  • Overdrafts: -12- months subject to annual review.

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

Baroda Additional Assured Advance

The existing Home loan borrowers of the bank can avail “POP – UP” loan for all lawful economic activities &personal needs, to the extent of amount of Principal repaid.
Eligibility:

  • All existing housing loan customers of the bank.
  • Age of borrower plus tenure of the B-AAA should not exceed 70 years
  • A margin of 25% of residual Value of Housing propertyafter deducting 150% of outstanding loan amount of existing Home Loan account.

Loan Amount:
Minimum Kshs. 1,000,000/- & maximum Kshs.25,000,000 maximum amount is restricted to 80% of the principal amount repaid.

  • Rate of Interest CBR+4%

Repayment:

  • By Equated Monthly Installments (EMIs).
  • Up to maximum -84- EMIs (should not exceed the maturity date of the existing home Loan account

Others:

  • The B-AAA 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 B-AAA.
  • Third party viz: Valuation fees, legal costs & property Insurance cost etc. are to be borne by the borrower.

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.

Purpose of the Loan:

  • 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.

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)

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%

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).

Others:

  • 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.

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