Be Owner of Your Dream Home with Bank of Baroda UAE Home Loan
Now, you can be the sole owner of your dream home in the UAE with the help of home loans offered by Bank of Baroda UAE. The bank offers home loans at attractive rates of interest so that you can afford to take a home loan without worrying much about your finance. Bank of Baroda provides home loans for ready to move in apartments and constructing villas.
You’re probably eligible for Bank of Baroda UAE Home Loan if you are
At least 21 Years old
Both self-employed and salaried individuals
Earn more than the minimum income required
Your Bank of Baroda UAE Home Loan amount eligibility is based on these factors
EMI limited to about AED 10,000, for salaried individual of monthly income
AED 200,000, for self-employed professional, businessmen or partner in a company.
Loan capped is AED 5,000,000
EMIs of other loans lower your eligibility
Increase your eligible Bank of Baroda UAE Home Loan amount by these steps
Make your spouse a co-applicant, and her income will add to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
Features of Bank of Baroda UAE Home Loan
The Bank of Baroda UAE Home Loan provides you with the following attractive features:
- Receive competitive rates of interest on home loans.
- Enjoy flexible prepayment tenures up to 20 years.
- You can add co-applicant in your home loan application.
- Both self-employed and salaried individuals can apply for Bank of Baroda UAE Home Loans. Salaried employees can receive home loan up to 48 times of their monthly average income in last 2 years. Self-employed individuals can get loan up to 4 times of their average monthly income in previous 2 years.
- The bank offers a minimum amount of AED 200,000 and a maximum amount of AED 5,000,000 as home finance.
Benefits of Bank Baroda UAE Home Loan
The Bank of Baroda UAE Home Loan is really worth taking, given the number of attractive benefits offered by the bank.
- Home loan amount received from Bank of Baroda UAE can be used for multiple purposes. The bank offers finance for purchasing ready to move in properties and constructing villas.
- Get the acquisition cost of your home reimbursed.
- Easy home loan processing and quick disbursement.
- The bank charges low processing fees.
- You can apply for Bank Baroda Home Loan online.
Eligibility for Bank Baroda UAE Home Loan
The eligibility criteria include:
- You need to be a UAE resident or should be residing in the country for last 2 years.
- Should be a working professional with your place of employment in the UAE.
- Should have a satisfactory connection with the bank for last 2 years.
- Your monthly salary needs to be AED 10,000, if you are a salaried individual.
- Your minimum annual income needs to be AED 200,000, if you are a self-employed professional, businessmen or partner in a company.
Fees & Charges for Bank Baroda UAE Home Loan
The bank charges the following fees and charges:
- Rate of interest - It starts from 5.50 % and goes up to 6.5 %. (It is subject to terms and conditions)
- Processing fees - 1% of the loan amount or a maximum amount of AED 25,000.
- Prepayments fees - 3% of the outstanding amount, if the amount is paid within 1 year from the date of commencement of your loan; 2%, if the amount is paid between 1 to 3 years; 1%, if the amount is paid between 3 - 5 years and 0%, if the amount is paid after 5 years.
Documents Required for Bank Baroda UAE Home Loan
You need to submit the following documents:
For salaried individuals:
- Salary certificate/slips.
- Copy of employment contract.
- Copy of tenancy contract.
- Bank statement of last 6 months.
- Your credit report.
- Copy of tenancy contact.
- Bank account statement of 6 months (personal account).
- Registration certificate form chambers of commerce.
- Copy of Power of Attorney.
- Copy your business profile.
- Corporate bank account statement of last 6 months.
- Copy of trade license.
Apart from the above mentioned documents, you need to submit the following common documents and furnish your home loan processing fees check along with the documents.
You need to submit the following common documents:
- A complete application form.
- Copy of down payment.
- Copy of passport.
- Copy of sales agreement.
Bank of Baroda has separate home loan application forms for UAE citizens and other nationals, and for Non-Residents Indians (NRIs) or Persons of Indian Origin (PIO).
Bank of Baroda UAE Home Loan Application Form for Emiratis
The application form of Bank of Baroda UAE for Emiratis and other nationals (except Indians) broadly has 14 sections. Let us look at each of them to get a clear idea of how to fill the form correctly:
- Personal Details: In this section, fill in your personal details such as name, DOB, marital status, dependents, qualifications, residential status and the current annual rent you are paying.
- Contact Details: This is where you fill in your current address, telephone numbers, status of residence, emergency contact details, and contact information in your home country if it is not the UAE.
- Identification Details: Your passport and visa information has to be entered here.
- Personal Details of Co-applicant: If you are applying for a housing loan along with a joint applicant, then the second applicant’s personal details should be entered in this section.
- Occupation Details of the Primary Applicant: This section has two subsections – one for salaried individuals and another for self-employed individuals.
- For the salaried, information such as current and previous employers, designation, number of years in employment, salary credit date, and income data needs to be provided.
- For the self-employed, name and nature of business, type of ownership, trade licence number and expiry date, annual turnover, and name of the UAE sponsor are among the details that need to be provided.
- Occupation Details of Co-applicant: The same details as for the primary applicant above, have to be provided for the co-applicant as well.
- Personal Net Worth: Information about all your assets and liabilities have to be provided in this section. The asset details includes the worth of liquid investments, fixed deposits and savings, shares owned, property and other movable and immovable assets in the UAE or any other country. In the liabilities part, you have to declare your bank and other liabilities.
- Additional Information: In this part, you have to provide Bank of Baroda UAE with your bank account details and any existing loan account details.
- Property Details: If you own any property, you have to fill in this section, with the address of the property, type of property, total area and contact details.
- Loan Requirement: State your loan requirement in this section, with the cost of the property, the loan amount you require, and the loan repayment period you are seeking.
- Life Insurance: If you have any existing life insurance policy, this is where you fill in its details.
- References: You have to provide references of two socially recognised or reputed persons in the UAE, in this section.
- Documents Submitted: In this part of the application form, please tick ‘Yes’ against whichever documents you are submitting, and tick ‘No’ against those that you are not submitting.
- Customer Declaration: This is the end of the form, where you (and your co-applicant, if applicable) have to sign and put in the date you are submitting the form to the bank.
This application form, duly filled, has to be submitted along with the supporting documents to the bank while seeking a home loan. You also have to affix your photograph on top of the form.
Bank of Baroda UAE NRI Application Form
NRI and PIO applicants in the UAE can apply for housing finance through Bank of Baroda’s NRI Services cell. The form for NRIs is slightly different from those for UAE/other country’s nationals. Here’s a breakdown of the NRI home loan application form:
- Personal Information: In this first section of the application form, enter your name, overseas address, permanent address, reservation category, if applicable, PAN, telephone numbers, number of years in present employment, DOB, and email id.
- About Yourself: This section includes your gender, marital status, information about dependents, education and occupation.
- Net Worth: This is where you’d provide the details of your total movable and immovable assets, and your liabilities. If you are using a guarantor for the home loan, you have to declare it here.
- Credit Card Details: Information about credit card you are using, and about a Bank of Baroda account number, if any, has to be given here.
- Identification Details: This section seeks to know your passport and visa details.
- Information about Salaried Individuals: If you are a salaried person, you would fill in your employment details in this section, including the name of the company where you work, your department and designation, its address, telephone numbers, your office email, number of years in employment, retirement age, and gross monthly income.
- Information about Self-employed Individuals: If you are self-employed, you have to provide details such as name of your organisation, its address, telephone numbers and email id, type of business, establishment date, designation and gross monthly income.
- Income Details: In this part of the form, you have to give the full break-up of the family income. This includes gross monthly income, basic salary and PF deductions, professional tax, tax deductions, and monthly household expenses, EMIs from other loans, net annual income of other family members, and total income in the last two years.
- Property Details: You have to fill in the information about the property for which you are borrowing money from the bank. This includes stage of construction (if new) or age of the building (if existing), built-up and total area, location/address, and outstanding loan details, if any.
- Bank Account Details: This part will require you to provide details about your bank accounts.
- About Co-applicant: If you are applying for a home loan along with another person, the details of the co-applicant goes in here.
- About Guarantor: If you have a collateral guarantee-provider standing in for your loan, their details have to be entered in this section.
- Signature/Confirmation: At the end of the form, you have to sign and confirm the loan amount, tenure, EMI and interest rate.
Once this application is filled up, you can submit it to your nearest Bank of Baroda UAE branch along with the required documents. The bank will verify the details provided by you and check your credit history and rating to ensure that you would be a good borrower.
Home loan offered by Bank of Baroda UAE not helps you own your dream home, but it also comes with a lot of attractive features and benefits which include flexible repayment tenure, online home loan application acceptance, competitive rates of interest etc. By opting for a home finance scheme offered by Bank of Baroda UAE, you can have a really rewarding experience.
Bank of Baroda UAE is an Indian bank with its headquarter in Vadodara. The bank has a strong international presence with its branches spread to countries such as New York , Singapore, Hong Kong, London and the UAE to name a few. Bank of Baroda UAE offers a number of financial services and products which include SME Loans, Corporate Finance, Retail Banking and Deposits. The bank provides customized services to both individual and retails customers.
What is the rate of interest charged on home loan by Bank of Baroda UAE?
I don’t have a job in the UAE but I am self-employed. Will I be able to receive a home loan from Bank of Baroda UAE?
How much processing fees does Bank of Baroda UAE charge on home loans?
How much prepayment charges do I need to pay, if I prepay my loan after 5 years from the date of its sanction?
What are the common documents that both salaried and self-employed individuals need to submit?
How many months of bank statements do I need to submit?
What is the maximum tenure of loan repayment offered by Bank of Baroda UAE?
The rates of interest charged by the bank starts at 5.50 % and extends up to 6.5 %.
Yes, you will be able to receive a home loan from Bank of Baroda UAE. The bank offers home loans to self-employed individuals as well.
The bank charges 1% of the outstanding amount of your home loan as processing fee.
You don’t have pay any prepayment charges, if you prepay your home loan after 5 years from the date of its disbursement.
Both salaried and self-employed individuals need to submit the following documents - complete loan application form, copy of passport, and copy of sales agreement and proof of your down payment.
You need to submit bank statements of 6 months.
Bank of Baroda UAE offers flexible loan repayment tenures up to 20 years.