Baroda Additional Assured Advance (B-AAA):
The existing Home loan borrowers of the bank can avail "POP - UP" loan for all lawful economic activities &personal needs, to the extent of amount of Principal repaid.
- All existing housing loan customers of the bank.
- Age of borrower plus tenure of the B-AAA should not exceed 65 years
- A margin of 25% of residual Value of Housing propertyafter deducting 150% of outstanding loan amount of existing Home Loan account.
Minimum Kshs. 1,000,000/- & maximum Kshs.25,000,000 maximum amount is restricted to 80% of the principal amount repaid.
- By Equated Monthly Installments (EMIs).
- Up to maximum -84- EMIs (should not exceed the maturity date of the existing home Loan account
- The B-AAA facility is also available for the Home Loan accounts transferred from other financial institutions.
- For security, the extension of existing legal charge of the house already created is required.
- This facility can be availed as many as 3 times during the entire tenure of home Loan, subject to full settlement of previous B-AAA.
- Third party viz: Valuation fees, legal costs & property Insurance cost etc. are to be borne by the borrower.