Baroda Mortgage Loan (BML):
An innovative product of a Loan or Overdraft facility with flexible repayment options, Bank of Baroda (Kenya) Ltd. has introduced Baroda Mortgage Loan (BML), for any purpose allowed within the law except for financial speculations.
Salaried persons, Businessmen, Professionals, Farmers, Directors of Private/Public Ltd. Companies can avail the facility (Real Estate developers, Property Dealers/ Brokers, Share/ Stock Brokers are not eligible for this facility).
Age of the borrower:
- Minimum-21- years
- Maximum- present age plus repayment period should not exceed -65- years of age or retirement age (salaried person), whichever is earlier.
- Rate of Interest CBR+4%
40% of the Forced Sale Value of the immovable property to be mortgaged with the bank.
Minimum Kshs. 1,000,000/-& maximum Kshs. 100,000,000 subject to following income criteria;
- For salaried person/s :- 36- times of gross monthly income.
- Others: -5- times of gross annual income (average of last -2- years).
- (Total deductions including the proposed EMI/ notional installment should not exceed 60% of the gross monthly income).
- Term Loan: By -84-Equated Monthly Installments (EMIs).
- Overdrafts: -12- months subject to annual review.
- Comprehensive Insurance of the Property to be done.
- Credit Life coverage of the Individual borrower under Group Credit Life Mortgage Protection shall be obtained
- Legal charges on the property.
- Third party costs viz: Valuation fees, Legal costs & property Insurance costs etc. are to be borne by the borrower