Baroda Home Loan

8/6/2019 Baroda Home Loan

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Baroda Home Loan

Bank of Baroda invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget.

Home Loan is available for:

y Purchase of new / old dwelling unit.

y Construction of house.

y Purchase of plot of land for construction of a house.

y Repaying a loan already taken from other Housing Finance Company / Bank.

y Repayment period up to 25 years (floating rate option).

Baroda Home Loan

Value propositions

Bank offers following benefits with home loan availed by you:

y Free Property and Personal Accident Insurance (available for stipulated tenure of loan).

y Free Credit Card - "Paras" card (Complimentary for first year) to all new home loan borrowers with loan limit

of Rs. 2/- Lakhs and above

y Advance up to 90% of the principal amount of home loan repaid for any requirement ('AAA').

y As per current IT provisions - Interest on loan upto Rs. 1.5 Lakhs per annum is exempt from income tax(Under section 23/24(I) of the Income Tax Act).

Terms & Conditions

y Income Criteria:

Monthly Income Modified Criteria

Up to Rs. 20,000/- 36 times of monthly income

More than Rs.20,000/- & up to Rs. 1 lac 48 times of monthly income

More than Rs. 1 lac 54 times of monthly income

y

y Margin:

Monthly income Purpose Margin

Upto Rs.20000/- Purchase of plot 20%

House/flat already constructed from own resources 25%



All other cases 20%

Above Rs.20,000/- Purchase of plot 20%

House/flat already constructed from own resources 20%

All other cases 20%

y

y As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.

y No Fees will be charged on part prepayment / full prepayment of the loan amount from own sources.

y The loan can be repaid in a maximum period of 25 years taken under floating rate option subject to the period

up to age of retirement in case of salaried persons and 65 years in case of others.

y In case of full prepayment or foreclosure (other than from own sources) fees will be charged at 0.5% for eachyear of the residual period subject to maximum of 2%.

PROCESSING CHARGES

Sr. No. Particulars

Unified Processing Charges

(Exclusive of Service Charges)

1. Home Loan (Baroda Home Loan to Resident Indians /

NRIs / PIOs)

Loan upto Rs.30 Lacs ± 0.50% (Minimum Rs..5,000/-) Above 30 Lacs -- 0.40% (Min. Rs.15,000/- & Max.

Rs.50,000/-)Home Loan to Staff (under public scheme) Existing charges ± Processing & Doc.

Takeover of Home Loan (Resident /NRI/PIOs)

0.10% (Without any Maximum limit)

Home Improvement Loan 0.50%

Baroda Additional Assured Advance Upto Rs.30 lacs -- 0.50% (Minimum Rs.5,000/-) Above Rs.30 lacs -- 0.40% (Min. Rs.15,000/- & Max.Rs.50,000/-)

2. Baroda Ashray (Reverse Mortgage Loan) 0.20% (Maximum Rs.10,000/- (one time))

3. Mortgage Loan Loan ± 1% (Min. Rs.1,000, Max. Rs.50,000/-)

Overdraft (Fresh/Renewal) -- 0.35% (Min. Rs.1,000/-, Max.Rs.25,000/-)

4. Traders Loan 0.35% (Min. Rs.1,000/-, No maximum limit)

5. Baroda Loan to Doctors 0.35% (Max. Rs.15,000/-)

6. Baroda Advance Against Securities Rs.100 flat plus out of pocket expenses and actual

conveyance charges.

7. Car Loan Loan upto Rs.15 lacs - 0.75% (Max. Rs.10,000/-)

Over Rs.15 lacs - 0.50% (Min. Rs.10,000/-, No maximum



limit)

Two Wheelers 2%, (Minimum Rs.250/-)

8. Personal Loan 2% (Minimum Rs.500/, No Maximum limit)

Pensioners Loan Rs.500/- Fixed

Defence Pensioners Loan Rs.500/- Fixed

Baroda Loan for Laptop

& Personal computer

2%, Minimum Rs.500/-

9. Education Loan Study in India -- NIL

Study Abroad -- 1.00% (Refundable on availment of loan)

10. Baroda Salary Advantage Savings

Account

0.50% (Minimum Rs.100/-)

Note: For retail loans pre inspection charges are included in unified processing charges but post inspectioncharges are to be levied as per extant guidelines.

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FAQs on Home Loans

1. How is Home Loan eligibility is determined?

2. What is the maximum amount of home loan that can be borrowed?

3. What is Fixed Rate option for Home Loan?

4. What is a floating rate option for Home loans?

5. What documents/papers are required to be submitted at the time of applying for a Home Loan?

6. What is the maximum period is allowed for repayment of Home Loan?

7. How the rate of interest is determined on a Home Loan?

8. What is moratorium period ?

9. Whether EMI is to be serviced during moratorium period?

10. What charges borrowers is required to pay for availing a Home Loan?

11. What charges borrowers is required to pay for availing a Home Loan?

12. Whether Loans under Fixed Interest rates can be converted under Floating Rate Options?

13. Whether financial help by way of Top up loan for renovation of house or for any other contingenciesare available?

14. Whether Home loans availed from other Banks/ HFCs an be taken over by Bank of Baroda?

15. Who has to be approached to apply for a Home Loan facility?

16. If the plot of land is in the name of wife who is not a earning member but husband is a earning



member, whether home loan can be granted to them?

17. In how many days a Home Loan is sanctioned?

18. After how many days of sanction , the loan is disbursed and what is the procedure of disbursement for

outright purchase of house and for construction of house?

19. What extra benefits are available to a Home Loan borrower?

Ans 1.Home loan eligibility is determined on the basis of income and repayment capacity of the borrower. Some other

factors such as age, qualification stability and continuity of occupation etc also play an important role.

Maximum loan eligibility is restricted upto 36/48/54 times of gross monthly income depending upon gross monthly

income i.e. Rs.20000/- more than Rs. 20000 and upto Rs.1.00 lac and more than Rs. one lac respectively.

Further, it is assumed that 40% to 60% of house hold income is r equired for sustenance depending upon the total

monthly income and rest can be various other purposes including repayment of this loan accordingly loan eligibility is

also restricted as per repayment capacity.

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Ans 2. Maximum loan amount under Home loan product is Rs.100 lac, However, we provide maximum finance from

75% to 85% of the project cost with in over all cap of Rs.100 lac depending upon the purpose i.e. reimbursement of

construction cost from own sources, outright purchase of flat, readymade house .

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Ans 3. Fixed Rate option is not available for Home Loans since 01.07.2010

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Ans 4.With this kind of Home loan, the interest rate keeps changing and it is linked with Bank¶s Benchmark Prime

Lending Rate (Base Rate) and moves as per movement in Base Rate.

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Ans 5.The common documents which are required to be submitted while applying for a Home Loans (at pre approval

stage) are:

y Photo Identity Proof,

y Residence /Address Proof,

y Proof of Age,

y Passport size photographs,

y Signature verification from existing banker alongwith copy of Bank statement for last six months.

y Copy of PAN CARD

y Copy of the document to title of the property

y In case of construction of house Approved plan, detailed estimated cost of construction certified by Architectalongwith title deed of the property are required to be submitted.



For salaried class persons:

Last 4-6 months salary slip alongwith Form no. 16 for last 3 financial years.

Self employed/ Business persons:

y Copy IT Returns for last three years alongwith last IT assessment order,

y Copy of Audited Balance Sheet and Profit & Loss A/cs for last three years.

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Ans 6. Home Loans can be repaid in maximum 25 years. However, present age of borrower plus repayment period

should not be beyond retirement age in case of salaried persons and beyond 65 years of age in case of others.

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Ans 7. Rate of interest is determined depending on period of repayment and amount of loan.

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Ans 8.In case the loan is sanctioned for construction of house, maximum period of 18 months or 1 month after

completion of house / taking possession of flat / house, whichever is earlier is allowed as moratorium period when EMI

is not required to be paid and only servicing of interest, as & when applied, is required. In case of loan granted for

outright purchase of readymade house, EMI is to be paid from the next month of sanction of loan.

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Ans 9.No, only interest servicing on monthly basis is required.

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Ans 10.Borrower is required to pay one time unified processing charges, Advocate¶s fee for legal opinion and search of

title and valuation charges of the property to be mortgaged .

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Ans 11.No, there is no prepayment penalty /charges are levied for prepayment of Home Loans if the payment is made

from own sources, but in case of takeover of loan by other bank/FIs, a charge of max. 2% is levied.

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Ans 12.Yes, Fixed rates loans can be converted into Floating rate loans at the request of borrower subject to one time



payment of 0.5% charges to the maximum of 2% of balance outstanding. If after conversion of interest rate option, the

loan is taken over by other Bank/FIs , the prepayment charges @3% will be levied.

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Ans 13.Yes, top up loans by way of Home Improvement Loan and Additional Assured Advance (AAA) are available to

the home loan borrowers.

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Ans 14.Yes, home loan availed from other Banks/HFCs can be taken over by Bank of Baroda subject to certain

conditions e.g Account should be standard and there are no overdues in the account and the existing Banker gives an

undertaking that they will handover all the securities charged to them to secure the loan in question, directly to Bank of

Baroda.

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Ans 15.The proposed borrower can approach any branch of Bank of Baroda or Retail Loan Factory convenient to him.

He can also apply on line for a Home Loan at Bank¶s website.

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Ans 16.Yes. Loan can be considered in the joint name of wife and husband where wife will be main borrower and

husband will be a co-borrower.

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Ans 17.Generally, after submission of Home Loan application along with complete documents, the home loan is

sanctioned in 6 days.

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Ans 18. As soon as the loan is sanctioned, the borrower is provided with a sanction letter detailing all the terms of

sanction and he is required to convey his acceptance to terms of sanction. After his acceptance he is required to

execute the necessary documents as per terms of sanction and as soon as the terms of sanctions are complied with,the loan is disbursed.In case the loan is granted for outright purchase of readymade house /flat , the loan is disbursed

by way of issue of Bankers/Cheque /Demand draft in favour of seller whereas in case of loan granted for construction of

house, phase wise disbursement is made by way of reimbursement against the bill /vouchers submitted by the borrower

alongwith architects certification and verification of construction by bank officials.Last instalment is disbursed after

submission of completion certificate of house.

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Ans 19.Following extra benefits are available to the home loan borrower.

1. Top up loans like Home Improvement Loan/AAA loan subject to certain condition.2. Free Credit Card

3. Free Accidental Death Insurance cover

4. Free property insurance cover

Interest Rates on Advances

Retail Loans Interest Rate w.e.f 06.05.2011 Baroda Home Loan to Individuals / NRIs / PIOs (W.E.F 06.05.2011)

Fixed Rate option Not Available

Floating Rate option

Repayment Period Up to Rs. 30 LacsAbove Rs. 30 Lacs and

below Rs. 75 Lacs 75 Lacs and above

Upto 5 years0.50% above Base Rate 1.25% above Base Rate Base Rate + 1.50%

Over 5 years & up to 15

years 0.75% above Base Rate 1.50% above Base Rate Base Rate +1.75%

Over 15 years & up to 25 yrs1.00% above Base Rate 1.75% above Base Rate Base Rate +2.00%

Baroda Home Improvement Loan

y 2.50% above Base Rate

Baroda Additional Assured Advance (AAA) (Resident / NRIs / PIOs)


Baroda Mortgage Loan (Realigned Product)


Baroda Ashray (Reverse Mortgage)

Fixed Rate Option:Not Available



Floating Rate Option1.75% Above Base Rate

Baroda Traders Loan (irrespective of loan limit/OD/TL)

y 4.00 % above Base Rate

Baroda Loan to Doctors

Upto Rs.2/- lacs3.00 % above Base Rate

Above Rs.2.lacs2.50 % above Base Rate

Baroda Education Loan

Loans upto Rs.4.00 lacs2.00% above Base Rate

Loans above Rs.4.00 lacs4.00% above Base Rate

Loans above Rs.4.00 lacs for ISB, Hyderabad Students 2.00% above Base Rate

Baroda Career Development

y 4.75% Above Base Rate

Baroda Loan for Training, Skill Upgradation of Construction workers

y 5.00% Above Base Rate

Baroda Auto Loan

Baroda Car Loan/ Baroda Car Loan to HNIs / Corporate w. e.f 01.09.2010

For Loans of tenor upto 5 years

(Irrespective of amount of loan):

2.50% above Base Rate

For Loans of tenor over 5 years

(Irrespective of amount of loan): 3.00% above Base Rate

Baroda Loan for Two Wheelers


Baroda Advance Against Securities



A Against NSC/KVP Loan: 3.50% above Base Rate or 0.50% over NSC / KVP rate, whichever is higher Overdraft: 4.00% above Base Rate or 0.75% over NSC / KVP, whichever is higher

BLife Insurance Policy /

Relief BondsLoan: 3.50% above Base Rate

Overdraft: 4.00% above Base Rate

Baroda Personal Loan


Except for following Purpose

y Loan to Pensioners: 5.25% above Base Rate

y Loan to Defence Pensioners: 5.25% above Base Rate

y Loan for Earnest Money Deposit: 3.25% above Base Rate

Baroda Salary Advantage Savings Account


Baroda Loan Against Future Rent Receivables


Loan against Bank's own Deposit (LABOD) - For advances below Rs. 1 Crore Category Loan to depositor Loan to third party

Domestic (Publ ic) 1.50% over deposit rate2% over deposit rate or 3.50% above Base Rate, whichever is higher.

Senior Citizens 1.25% over deposit rateNot applicable

NRE Deposits (Public) # 1.50% over deposit rate 2% over deposit rate or 3.50% above Base Rate, whichever is higher.

# Maximum loan amount subject to current RBI/FEMA guidelines. Loan against Bank's own Deposit (LABOD) - For advances of Rs. 1 Crore and above



Category Loan to depositor Loan to third party

Domestic (Public) 1.75% over deposit rate 2.25% over deposit rate or 3.50% above Base Rate, whichever is higher.

Baroda Home Loans to NRIs / PIOs

Bank of Baroda presents yet another innovative product in the form of Baroda Home Loans to NRIs / PIOs, a unique

housing loan facility designed specially for Non Resident Indians (NRI) and Person of Indian Origin (PIO).

Key Benefits y A loan product tailor-made for NRI / PIO needs

y Free property insurance and personal accident insurance

y No pre payment / foreclosure charges for part as well as full prepayment (when repaid from own sources bythe borrower)

Baroda Home Loans to NRIs / PIOs Terms & Conditions

y Eligibility:

o Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holdingforeign passport, singly or jointly. For this purpose Person of Indian Origin means a citizen of anycountry other than Bangladesh / Pakistan / Sri Lanka / Afganistan / China / Iran / Nepal & Bhutan if -

a. he at any time held Indian passport or

b. he or either of his parents or any of his grand parents was a citizen of India by virtue of the

constitution of India of the Citizenship Act 1955, or

c. the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b)above.

o Must be employed/self-employed or having a business unit and staying abroad at least for 2 years.

o Must have minimum gross annual income equivalent to Rs. Five lacs per annum.

o In case of salaried persons - 48 times of monthly income (average of last 2 years income includingincentive, commission, bonus etc.)

o For others - 4 times of average (last 2 years) annual income.

y Age:

o Minimum age must be 21 years. Age of the borrower plus repayment period should not be beyondretirement age or 65 years whichever is earlier.

y Margin:

o For purchase of new/ old dwelling unit or Construction of the dwelling unit : 20%

o For purchase of plot : 20%

o For repairs / renovations / extension in existing home: 20% of the project cost.

y Security:

o Equitable / legal mortgage of the property constructed / purchased or property to be renovated /

repaired etc.

o Personal guarantee of spouse / family member, residing in India. In case the spouse is also residingabroad, personal guarantee of one / two persons resident in India shall be obtained.



y Repayment Period:

o Maximum 15 years including moratorium.

o Payment to be remitted from abroad through normal banking channels or out of funds in NRE/ NROaccounts.

o Post-dated cheques drawn on NRE/ NRO account of the borrower are to be obtained.

o Close relatives of the borrower in India may also repay the installments of such loans, interest andother charges, if any, through their bank account directly to the borrower's loan account.

y Part Prepayment / Premature Closure Charges

o No pre-payment / fore-closure charges if the amount is partly or fully repaid from own sources by theborrower/s.

o In case of take over of the account by other Bank / HFCs. - The charges @ 0.5% of balance

outstanding for each year of the residual period of housing loan subject to maximum of 2.00%

BarodaHomeImprovementLoan

Bank of Baroda brings to you a unique loan product. A loan for Repairs / Renovations

/ Improvement / Extension of Home and for Furniture, Fittings & Fixtures.

Key Benefits y Loan available for repairs / renovation / improvement / extension of the

existing house.

y Loan available for purchase of furniture / fixtures / furnishing / other gadgetssuch as fans, geysers, air conditioners etc. required, to:

o Our existing housing loan borrowers

o New borrowers

y Free Credit Card: Free Credit Card (complementary for first year) will be issued to borrowers

with loan limit above Rs.2/-lacs.

Baroda Ashray (Reverse Mortgage Loan)

Purpose:

For supplementing the cash flow stream of senior citizens in order to address their financial needs.

Eligibility:

y Should be Senior Citizen of India, above 60 years of age.

y Married couples will be eligible as joint borrowers provided one of them is above 60 years of age and age of spouse is not below 55 years at the time of application.

y Should be the owner of a residential property (house or flat) located in India in his/her own name.

Residential property should be used as permanent primary residence (fully self occupied property).



The Commercial property will not be taken as a security under the product.

Maximum Amount:

The maximum loan amount inclusive of interest for entire tenure of the loan shall be restricted to Rs. 1 crore subject to

value of the property.

Option to adjust payments:

The Bank shall have the option to revise periodic annuity amount, if lump-sum payment is taken or at the interval of

every 5 years based on valuation of the property.

Repayment of Loan:

The loan shall become due and payable when the last surviving borrower dies or would like to sell the home /

permanently moves out of the home for aged care to an institution or relatives. The loan will, as such, become due for

recovery and payable.

y Settlement of loan, along with accumulated interest, to be met by the proceeds received out of sale of residential property.

y The borrower(s) or his/her/their estate shall be provided with the first right to settle the loan along withaccumulated interest, without sale of property. A reasonable period of 2 months may be provided when

repayment is triggered, for house to be sold.

Rate of interest:

Available at Fixed Rate Option (Subject to re-set clause after every 5 years) or at Floating Rate Option.

Loan for financing Individuals for subscription to Public Issues

/IPO

Do you wish to invest in Public Issues of reputed companies? Bank of Baroda's loan product for FinancingSubscription to Initial Public Offers is designed just for you. So make your smart investment decisions and avail of

the benefits.

Key Benefits

y You can avail loan up to Rs. 10.0 lacs for subscribing to new issues.

y Loan offered at affordable /competitive interest rate.

y Invest now pay within maximum period of 90 days.

y Option to continue the loan thereafter by availing loan against allotted shares.

Terms & Conditions

y Loan Amount: Maximum Rs. 10 Lacs

y Margin: 50% of the issue price including premium or Bid Price.

y Loan Period: 90 Days

y Rate of interest: Click here for details

y Security



o Pledge of the shares to be allotted.

o Earmarking of the refund to be credited in the savings account of the borrower.

o Letter of Authority.

y Service Charges: Rs. 300/-

y Documents required: As per Bank¶s norms.

Loan under the scheme is available only at selected branches

Baroda Loan to Doctors

Bank of Baroda brings to you Baroda Loan to Doctors, a one of its kind, designed specially to cater to the financialneeds of the doctors.

The advance is available for projects related to setting up / expansion of nursing home / hospital / clinic and pathological

lab etc.

Key Benefits

y The loan can be availed as a demand / term loan and / or overdraft as per your preference

y The loan is available for following purposes:

o Development of clinic / Clinic-cum-residence, Nursing Home, Pathological Laboratory.

o Purchase of medical / diagnostic equipments.

o Setting up of operation theatre.

o

Purchase of office equipments viz. computers, fax, air-conditioners and furniture etc.

o Purchase of car, ambulance, etc.

o Expansion/ renovation/ modernization of existing premises/ Clinic/ Nursing Home.

o Working Capital requirement including stock of medicines.

Baroda Traders Loan

The Baroda Traders Loan facility enables individuals, Proprietorships, bodies such as Partnership firms and Co-opsocieties to avail of working capital or undertake development of shop by way of loan/overdraft. Dealers in gold/ silver

jewelry are also covered under the scheme.

Key Benefits

y Option to avail the credit facility as loan or overdraft.

y Advance available up to Rs. 200 Lacs.

y Loan can be repaid in a maximum period of 60 months.

Terms & Conditions



y The business units should have been established in the line of business for a minimum period of 2 years

y Loan limits

o Minimum : Rs. 25,000/-

o Maximum : Rs. 200 Lakhs

y Margin

o 40% on realizable market value of immovable property.

o 10% on Bank's own Fixed Deposits.

o 15% on face value of NSCs, Govt. Bonds, surrender value of LIC policies.

y Security

o Tangible collateral Securities in the form of mortgage of land (not agricultural land) and building is

acceptable as security

o National Savings Certificates, Government Bonds, our Bank's Term Deposits, Assignment of Life

Insurance Policies, standing in the name of the borrower/proprietor/partner/director are acceptable

as security.

BarodaPersonalLoan

A wedding in the family. Maybe it's high time you surprised your spouse with apriceless gift. Or you simply need to pamper your family with an extended vacation.

These are the times when you may need a helping hand. That's when you can bank onus. Bank of Baroda's Personal Loan offers financial help to meet your personal

requirements.

Key Benefits

y Helps you take care of all kinds of expenses at a short notice.

y The Loan may be availed to meet expenses related to marriage, travel,honeymoon, holiday and medical expenditure or for any other personal use.

y The loan is also available to Pensioners/Defence Pensioners

y Loan is also available for Earnest Money Deposits for buyers of home/flat/plot

Baroda Car Loan In today's fast paced world, a vehicle is but a necessity. Yet other expenses and plans in life take priority and the dreamof owning a car takes a back seat. Whether as a comfortable and dependable means of transport or as a status symbol

in society, we believe you deserve ownership of a vehicle.

The Car Loans from Bank of Baroda are designed to finance the car that suits your need and matches to your status &

taste.

Bank of Baroda also presents a unique add on facility for installation of CNG / LPG gas-kit in new/old (not more than 3

years) four wheeler. Save money. Save earth. Convert to alternative fuel today and bank on us for your financial

requirements.



Key Benefits y Loans available up to Rs 100 Lacs for any car make/model (Inclusive of Gas-Kit). y Loans can be availed for new and second-hand vehicles (Not more than 3 years old). y Repayment period as long as 7 years. y Low interest rates.

Baroda Education Loan

Education is the most important investment one makes in life. Higher studies and specialization in certain fields call for

additional financial support from time to time.

Whether you are planning school education (nursery to standard XII) of your child, pursuing a graduate or post-graduate

degree, the Bank of Baroda Education Loans, can help finance your ambitions and goals.

Following are the loan options available:

y Baroda Vidya

y Baroda Gyan

y Baroda Scholar

y Central Scheme of Interest Subsidy for Education Loans

Baroda Vidya

Bank of Baroda presents a one of its kind finance option for parents of students pursuing school education. These loans are available for studies from

Nursery to Senior Secondary School.

y No processing & documentation charges.

y No Margin.

y No security required.

Terms & Conditions

Eligibility :

y Should be an Indian national residing in India.

y Student should have secured admission to a recognized school /

Highschool / Jr. College (including CBSE / ICSE / State Board) for anyof the following courses

1. Stage I : Nursery to V th STD.2. Stage II : VI th to VIII STD.

3. Stage III : IX th to XII th STD.

Baroda Vidya

Baroda Gyan

Baroda Scholar



Coverage of expenses for :

y Fee payable to college / school.

y Examination / Library / Laboratory Fee.

y Fee and other charges payable to hostel.

y Purchase of books / equipments / instruments / uniforms.

y Personal Computers / Laptops wherever required.

y Caution deposit / building fund / refundable deposit supported by

instituion bills / receipts.

Maximum Loan Amount : Rs.4.00 Lacs

Repayment Period :

y Loan for each yearly sub limit is repayable in 12 equal monthly

instalments. First instalment to be due 12 months after firstdisbursement of each year's loan component.

The parents must be residing in the place for a minimum period of -3- years,

except in the case of transferable job.

Security :

y In case the loan is given for purchase of computer the same is to be

hypothecated to the bank.

Rate of Interest :

y FOR PRESENT RATE OF INTEREST: CLICK HERE.

y 1% concession in rate of interest to loans for girl students.

y Interest to be serviced as and when applied during moratorium period.

y Penal Interest @ 2% on overdue amount if the loan amount exceedsRs. 2/- lacs.

