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Home » Advances » Retail loan » Home improvement loan
Home Improvement Loan   
Baroda Rajasthan Gramin Bank brings to you a unique loan product. A loan for Repairs / Extension / Renovations / Improvement of Home and for Furniture, Fittings & Fixtures.
Key Benefits
 Loan available for repairs / renovation / improvement / extension of the existing house.

 Loan available for purchase of furniture / fixtures / furnishing / other gadgets such as fans, geysers, air conditioners etc. required, to:

          Our existing housing loan borrowers
          New borrowers
 
Terms & Conditions
 Property under litigation and in poor condition will not be considered for financing.

 The house should not be older than 35 years. Residual life of the house may be minimum repayment period plus 5 years to be certified by approved architect / valuer vis-à-vis total repayment period of the loan.

 Eligibility:
All individuals (resident Indians) singly or jointly owing a dwelling unit in their name/(s).

Age:-
        Minimum age 21 years.
        Maximum Age of the borrower plus repayment period should not be beyond retirement age, in case of salaried persons and 60 years in case of others.

Principal applicant must have consistent and stable source of income minimum for last three years.

 Income Criteria:
        The maximum amount of loan will not exceed the following:
1. Salaried person - 2 times of gross annual income.

2. Other than salaried persons i.e. professionals / self-employed / business persons etc., 3 times of net (average of last three years) annual income plus depreciation claimed individual capacity (and not the depreciation claimed by the business unit).

 A rate of interest adhering to the following will be charged on the amount disbursed as loan.
 Margin:
        25% (Project cost will include estimated cost of repairing /renovation /extension, cost of furniture/fixtures/furnishing other gadgets).
 
 Securities:
Equitable Mortgage of the property to be repaired / renovated.
Personal guarantee by two individuals of sound financial standing acceptable to us.
 
 Rate of Interest
      Rates of interest charged will be as per Bank's policy on the date of disbursement of loan
 
 Repayment Period:
Maximum-10-years by Equated Monthly installments.
Moratorium period maximum-6-months or one month after completion of repair/renovation work which ever is earlier.
For more details, kindly visit a Baroda Rajasthan Gramin Bank Branch nearest to you.

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