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Bank of Baroda, India ’ s International Bank

Middle East


FAQs on Home Loans in UAE

FREQUENTLY ASKED QUESTIONS

  • Who can apply for a housing loan?
  • What is the minimum salary requirement?
  • Do I have to be an existing Bank of Baroda account holder to apply for a housing loan?
  • How do I apply for a housing loan?
  • What is the maximum loan amount I can apply for?
  • Is there a minimum age requirement?
  • What is the rate of interest?
  • What will my monthly repayments be?
  • What documents do I require to apply for a housing loan?
  • What is the maximum tenure that housing loans are available for?
  •  

    Who can apply for a housing loan?

  • Individuals like salaried class, professionals and self employed, entrepreneurs, partners, directors / partners in a company
  • Residing in UAE for last 5 years
  • Having Business/Job in UAE for last 3 years
  • Having satisfactory Banking relationship with any of the bank for last 3 years
  • What is the minimum salary requirement?

  • For salaried employees - monthly salary of at least AED 10,000
  • For self employed borrowers and businessmen - a nnual income of at least AED 200,000
  • Do I have to be an existing Bank of Baroda account holder to apply for a housing loan?

  • Not necessarily. But you are required to open an account subsequently
  • How do I apply for a housing loan?

  • You can apply online
  • Or collect the same at any of our branches in UAE
  • What is the maximum loan amount I can apply for?

  • Maximum loan amount AED 3 million
  • Minimum loan amount AED 200,000
  • Maximum amount 4 times of average annual income of 2 years
  • Is there a minimum or maximum age requirement?

  • Minimum age 21 years and maximum 65 years including loan repayment period
  • What is the rate of interest?

  • 7.5% (1% less than our base rate)
  • What will my monthly repayments be?

  • EMI calculator is available at http://bankofbaroda.com/calculators.asp
  • What documents do I require to apply for a housing loan?

  • Personal Documents
  • Copy of the employment Contract (If the contract is in any language other than English, the same has to be translated into English and attested by Employer / Indian Embassy)
  • Certified copy of the latest salary slips for the past 6 months
  • Salary certificate / income statement duly attested
  • Copy of the Identity card issued by the current Employer
  • Copy of latest work permit
  • Copy of the Visa stamped on the passport
  • Bank accounts pass book or statement of account 24 months
  • Bio-data covering educational qualifications, age, Family background, job experience, nature of profession/business etc., with necessary proof
  • Details of investment like shares, debenture, properties etc. with proof
  • For Self Employed:
  • Balance sheets and profit & loss accounts of the business/profession along with copies of individual income-tax returns for the last three years, certified by a chartered accountant
  • A note giving information on the nature of business /profession, form of organization, clients , suppliers etc.
  • Copy of trade license, Registration of Chamber of Commerce, Memorandum of association in case of LLC, and Tenancy contract
  • Property documents:
  • Agreement for sale / sale deed / detailed cost estimate from Architect / Engineer for the property to be constructed
  • ther documents as suggested by Bank’s approved advocate
  • What is the maximum tenure that housing loans are available for?

  • 15 years
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