Baroda Mortgage Loan

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Highlights: 
  • Ideal use of idle property - Generate additional income from an otherwise idle property. 
  • Withdraw money as per your need and save on interest cost. 
  • Deposit surplus money / regular income / salary and save interest. 
  • Flexibility to withdraw money deposited earlier. 
  • Can be availed either as overdraft or demand loan as per your need.
Eligibility: 

Salaried Employees / Professional, Self Employed & Other income tax assesses for last 3 years with a minimum gross annual income of Rs. 3,00,000/-Age: Minimum 21 yearsIncome Criteria: 

  • Salaried:
    • GMI up to Rs.75,000/-: -30- times of GMI
    • GMI>75,000/- to Rs.3.00 lacs: -48- times of GMI
    • GMI>Rs.3.00 lacs: -60- times of GMI
  • Others:
    • GAI up to Rs.5 Lacs: -5- times of GAI
    • GAI > Rs.5 lacs to Rs.8 Lacs: -6- times of GAI
    • GAI > Rs.8 Lacs: -8- times of GAI
Documentation: 
  • Salaried
    • Income proof (Form 16 along with salary certificate from the employer)
  • Professional / Self-employed
    • I.T. returns for past 3 years
    • Latest income tax assessment order (for overdraft amount of over Rs. 5 Lacs)
    • Income certificate from appropriate revenue authority like Tehsilldar/BDO/SDO (for agriculturist)
    • Original title deeds of the property offered for mortgage
    • Paid receipt of latest maintenance, water tax, municipal tax and any such taxes.
    • Non encumbrance letter from co-op society
    • Permission to create Equitable Mortgage from society
    • Last 6 months bank statements of main bank account