Baroda home Loans offer you the flexibility for acquiring ready to occupy house / flat from developers or by choosing re- sale properties and also takeover of from other banks.

Major Advantage: Fixed rate options also available, Higher finance amount

Points to Consider: Product available for GCC Nationals and Indian Nationals only

Reducing Balance Rate

* Kindly fill the form to apply directly with the Bank

Interest Rates & Charges:

Reducing Rate (as advertised): Starting from 5.10% p.a.

Flat Rate: 3.08% p.a.

Valuation Fee: AED 2,625

Pre-Approval Fees: 0

Processing Fees: 1% of finance amount (max AED 25,000)

Early Settlement Fees: 1% of outstanding amount (max cap AED 10,000)

Partial Settlement Fees: 1% of settlement amount

Legal Charges: AED 2,625

Requirements:

Minimum Salary Requirement: AED 10,000 (Applicant must be residing in UAE for last 2 years.)

Minimum Stay in UAE Required: 2 Years

Salary Transfer: Not Compulsory

Minimum Down payment:

• For first property (If property price < AED 5M): 20% 
• For first property (If property price > AED 5M): 30% 
• For second property: 40%

Key Details:

Maximum Finance Amount: AED 18,000,000        

Islamic Finance: Not available

Maximum Term: 25 Years

Finance available for: Ready properties in Dubai, Abu Dhabi

Insurance:

Life Insurance: Not Mandatory

Property Insurance: Required

Common Documents:

• Valid Passport, Resident Visa and Emirates ID Copy.
• Proof of All Personal Ongoing Finance.
• Rental Income Document (If any).                      
• Property Documents (If Property is Finalized or Equity Release).
• Liability Letter (In case of Buyout Finance only).
• Relevant property documents.

Salaried Client Documents:

• Latest Salary Certificate addressed to Bank of Baroda.   
• Latest 6 Months Personal Bank Statement.
• Six months Pay slips if there is variance in Salary.
• Salary Transfer Letter (required after pre-approval).

Self-Employed Client Documents:

• Valid Trade Company license.
• MOA (Memorandum of Association) including all amendments.
• Latest 6 Months Personal Bank Statement.
• Latest 6 Months Company Bank Statement.
• Audit Financials of last 2 years.
• Offer Letter Copies of All Company Ongoing Finance (For Self Employed).

• All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
• Reducing rate is converted into flat rate as per 25 years calculation.
• Legal charges of AED 2,500 + Vat applicable
• Terms and conditions apply.