Bank of Baroda (Kenya) Ltd. is offering Home Improvement Loan under the basket of Home Loan solution available for individuals aspiring to upgrade / improve the existing house.
Purpose of the Loan:
- For repair / renovation / improvement/ extension of existing house
- Purchase of furniture / fixture / other gadgets such as fans, geysers, air conditioners, water filters, air purifiers, heaters, desert coolers etc.
Eligibility:
- All existing housing loan customers of the bank.
- Age of borrower plus tenure of the BHIL should not exceed 70 years of age or retirement age (in case of salaried person), whichever is earlier.
- A margin of 25% of project cost (estimated cost of repairing/ renovation/ cost of furniture/ fixture etc)
Loan Amount:
- Minimum Kshs.500,000/- & maximum up to Kshs.10,000,000/-(Available in USD also)
- (With the provision that loan component for furniture/ fixtures/ other gadgets should not exceed Kshs. 3,000,000/-).
- Rate of Interest CBR+4%
Repayment:
- By Equated Monthly Installments (EMIs).Up to maximum – 72- EMIs.(For furniture and Fixture)
- By Equated Monthly Installments (EMIs).Up to maximum – 120- EMIs.(For New improvement and renovations)
(Should not exceed the maturity date of the existing Home Loan account).
Others:
- The BHIL 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 BHIL.
- Third party costs viz: Valuation fees, Legal costs &property Insurance costs etc. are to be borne by the borrower.
