The bridge to success.
Loans with low processing charges from BoB.
Overdraft/Loan Against Property
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Key Features
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Eligibility
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Charges
Overdraft/Loan Against Property : Key Features
Facility for any purpose other than speculation in the form of overdraft/loan
Amount of loan:
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Salaried employees - up to 36 times of net monthly income
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Self-employed - up to 3.5 times of net annual income (average of last 3 years)
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Low processing charges
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Online sanction
Overdraft/Loan Against Property : Eligibility
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Individuals: Salaried employees, professional, self-employed, businessmen and others are eligible for this loan
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Age: Minimum: 21 years, Maximum: 60 years
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Income Criteria: Minimum gross annual income: AED 60,000
Overdraft/Loan Against Property : Charges
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Rate of interest*: 12% p.a.
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Repayment period:
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Overdraft - 12 months
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Loan - Maximum 84 months
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What is an overdraft loan against property?
An Overdraft Loan against Property allows borrowers to use their property as collateral to withdraw cash up to a predetermined limit for property purchase, whether for self-occupation or investment..
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What are the documents required for overdraft/loan against property?
Documents required for an overdraft/loan against property from Bank of Baroda UAE includes
- Completed loan application form
- Passport copies of all borrowers and guarantors
- Copy of the property title deed
- Income proof documentation
- Bank statements for the last six months.
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What is The interest rate for overdraft/loan against property?
The interest rate for overdraft/loan against property is linked with EIBOR and LTV. Presently ROI is as under
Option I II Margin 50% of Market Value 40% of Market Value ROI 3.00% plus 3 months EIBOR with minimum of 4.00% Pa 3.50% plus 3 months EIBOR with minimum of 4.50% Pa
