Home-Loans

Our housing loan comes with a range of benefits such as:

• Low interest rates and processing charges: We offer among the best home loan interest rates, making it easier for you to own the home of your dreams. In addition, the processing charges on our home loans are minimal.
• Higher loan amount: You can improve your eligibility when you add a close family member as co-applicant to your home loan. This will enable you to receive a higher home loan amount.
• Longer tenures: With a tenure of up to 20 years on home loans, you don’t need to worry about high equated monthly installments (or EMIs). Instead, easily repay your home loan in EMI amounts best suited to your financial needs.

• Who is eligible? All Seychelles resident Individuals between 21 and 70 years are eligible for our home loans.
  • Purchase of new / old dwelling unit.
  • Construction of house.
  • Purchase of plot of land for construction of a house.
  • Repaying a loan already taken from other Housing Finance Company / Bank.
  • Repayment period up to 20 years (floating rate option).
• Loan amount: The approved home loan amount varies as per income of the applicants.
• Interest rate: Bank of Baroda offers attractive interest rate on home loans. For present rate of interest, please contact our branch.
• Tenure and moratorium: The tenure on our home loans varies based on the loan amount and the income of the borrower, and the maximum tenure is 20 years. There is also a moratorium period on home loans, which can be a maximum of up to 18 months after the loan amount is disbursed.
• Collateral: We require collateral against home loans. Generally, we accept mortgage of the constructed or purchased property as collateral. In some cases, collateral for home loans can be accepted in the form of insurance policies, government promissory notes, Bank’s own deposits etc.

• Current Interest Rates
• Fees and Charges

Target Group

• Resident Seychellois/es

Eligibility of Borrower/s

• Individuals singly or jointly.

Resident Seychellois/es

Applicant/ co-applicant/s (whose income are considered for eligibility) should be employed / engaged in business / profession for a minimum period of -1- year (for salaried) and/or -2- years (for non-salaried).

Co-Applicants

The close relatives of the applicant can be added as a co-applicant for higher eligibility.

If the applicant wants to add any person who is not a close relative as a co-applicant, same can be considered only if he/ she are the joint owner of property.

Limit:

Maximum Limit : SCR 2 Million*

*Subject to income criteria & repayment capacity of the applicant / co-applicant (s) and LTV/Margin norms.

Repayment Period

• Maximum period of loans shall be -20- years initially, including the maximum moratorium period of -18-months.
• Maximum moratorium period shall be -18- months for under construction Houses

Repayment Capacity

Total deductions including proposed EMI should not exceed as follows
Salaried Persons : 60% of Gross Monthly Income

Others

Average Gross Annual Income (For last -2- years)  : 60%

Margin Norms & Loan to Value (LTV) Ratio

Generally minimum Margin is 25 %  with LTV ratio 75% .

Age

Minimum: Borrower – 21 years, Co-applicant- 18 years
Maximum: Maximum age can be considered upto 70 Years*

Security

• Mortgage of the Property constructed/ purchased or
• If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Bank’s Own deposits etc.

Repayment

• Maximum period of loans shall be -20- years initially, including the maximum moratorium period of -18-months.
• Loan to be repaid in Equated Monthly Installments (EMI)
• Recovery of interest for the moratorium period Interest charged during the moratorium period is to be recovered as and when debited.

Pre Closure Charges

Nil

Rate of Interest

Current Interest Rate

Basic Documents required for Home Loan

Documents required for Home Loan