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Loans with low processing charges from BoB
Loan Against Property
Loan Against Property can prove to be a good option for you to tap into the potential of your property without actually selling it, especially when you have some goals in mind like growing your business, funding your education, or even managing unforeseen expenses. At Bank of Baroda Seychelles, a loan against property facility allows you to utilize your property, whether residential or commercial, as collateral to get access to funds at attractive rates. For most people, this type of loan can prove to be quite comforting, especially when you consider the fact that the interest rates are lower compared to other types of loans, and the repayment tenure can be customized to suit your financial needs. Whether you are working on a large project or simply require access to funds with flexibility, understanding how a loan against property works can help you make an informed decision.
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Key Benefits
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Eligibility
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Purpose
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Terms & Conditions
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Services
- Ideal use of idle property – Generate additional income from an otherwise idle property.
- Withdraw money as per your need and save on interest cost.
- Deposit surplus money / regular income / salary and save interest.
- Flexibility to withdraw money deposited earlier.
- Can be availed either as overdraft or demand loan as per your need.
- Competitive rate of Interest
Individuals
Resident Indians
- Salaried/ Professionals/ self-employed/ Business persons/ Agriculturists employed/ engaged in business/ profession for a minimum period of 2 years.
- Minimum Gross Annual Income (average of Last 2 years) should be SCR 2,00,000 including co-applicants whose income is considered for eligibility of limit.
For any purpose except for financial speculation of any nature
Interest Rates & Charges
Target Group
Individuals
Purpose
For any purpose except for financial speculation of any nature
Eligibility
Individuals
- Salaried/ Professionals/ self-employed/ Business persons/ Agriculturists employed/ engaged in business/ profession for a minimum period of 2 years.
- Minimum Gross Annual Income (average of Last 2 years) should be SCR 200000/- including co-applicants whose income is considered for eligibility of limit.
facility
Term Loan/ Demand Loan / Overdraft
Margin
40% on Realizable Value of immovable properties
Security
Mortgage of Immovable Properties:
- Residential Property (House / Flat)
- Commercial property (Building / Land & Building)
- Plot of Land
Limit
Minimum: SCR 50,000/-
Maximum: SCR 5 Million
Repayment Period
Term Loan: 120- Months
Overdraft: 12- Months; Subject to Annual Review
Repayment Capacity: (for all category borrowers)
Total deductions including proposed loan EMI should not exceed 60% of Gross Monthly Income.
Inspection
Bank will have the right to inspect the borrower’s property at all times and from 2nd post sanction Inspection onwards SCR 100 plus GST per inspection to be charged from borrower.
Legal opinion & Valuation charges
Title of the property proposed to be purchased is to be clear, absolutely unencumbered and marketable to the satisfaction of the Bank’s solicitor/ advocate. Title verification and Valuation of the property will be done by the empaneled advocate/ valuer of the Bank.
Insurance
Insurance of the property taken as security as per the valuation report for full value excluding cost of land. The charges to be borne by borrower/s.
- Remittance Facility
- Foreign Exchange
- Locker Facility
- Debit card
- Baroda Mpassbook
- Internet Banking
- Standing Instructions facility
