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

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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

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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

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How do I apply for a housing loan?

• You can apply online

• Or collect the same at any of our branches in UAE

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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

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Is there a minimum or maximum age requirement?

• Minimum age 21 years and maximum 65 years including loan repayment period

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What is the rate of interest?

• 7.5% (1% less than our base rate)

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What will my monthly repayments be?

• EMI calculator is available at http://bankofbaroda.com/calculators.asp

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What documents do I require to apply for a housing loan?

• Personal Documents

1. 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)

2. Certified copy of the latest salary slips for the past 6 months

3. Salary certificate / income statement duly attested

4. Copy of the Identity card issued by the current Employer

5. Copy of latest work permit

6. Copy of the Visa stamped on the passport

7. Bank accounts pass book or statement of account 24 months

8. Bio-data covering educational qualifications, age, Family background, job experience, nature of profession/business etc., with necessary proof

9. Details of investment like shares, debenture, properties etc. with proof

• For Self Employed:

1. 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

2. A note giving information on the nature of business /profession, form of organization, clients , suppliers etc.

3. Copy of trade license, Registration of Chamber of Commerce, Memorandum of association in case of LLC, and Tenancy contract

• Property documents:

1. Agreement for sale / sale deed / detailed cost estimate from Architect / Engineer for the property to be constructed

2. ther documents as suggested by Bank’s approved advocate

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What is the maximum tenure that housing loans are available for?

• 15 years