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Vijaya Bank

Buying a home takes tremendous commitment and financial planning. While buying a house with the help of a home loan, you need to look into various things – like the interest rates, processing fees, and other miscellaneous charges. Have you got your finances planned? If your answer is a big ‘Yes’, then you are in the right place. Read on to know more about Home Loans.

There are many reasons why you should consider buying your own home. Why pay rent when you could buy a house of your own? With the wide variety of home loan options available, it is easier than ever to own a home. The price of real estate continues to increase every year (on a general basis), therefore purchasing real estate is one of the safest long-term investments.

Whether you are only thinking about buying a property, or have already started looking at properties, the most important deciding factor when considering various home loan options is typically the interest rate. Interest rates for home loans in India starts from 8–9% onwards and are influenced by a variety of factors. Hence, it becomes doubly important to compare and contrast different features of a housing loan before zeroing in on offer.

Vijaya Bank Home Loan Overview

Whether you are looking for a property, or wish to construct your own house, you could perhaps consider Vijaya Bank Home Loans. Home loan interest rates in Vijaya Bank are competitive. Some of the features and benefits include:

  • Flexible repayment tenure up to 30 years.
  • Balance transfer facility
  • Attractive Vijaya bank home loan interest rate
  • Pre-approved offers and preferentialVijaya bank home loan interest rate for existing customers
  • Hassle-free documentation
  • Free Classic Credit Card to all home loan borrowers (first-time borrower) with sanctioned limit of Rs.10.00 lakh and above.

Loan Purpose

  • To purchase / construct a new house / flat
  • To purchase house site and construction of house thereon
  • To purchase an existing house / flat
  • For home extension / repair / renovation
  • Acquiring second house or flat where the borrower is already having a house or flat
  • Takeover of housing loans from other Banks/Financial Institutions.

Vijaya Bank Home Loan Eligibility

  • You must be salaried or self-employed with a regular source of income.
  • Individuals either singly or jointly with family members can apply.
  • Individuals between 21 years and 65 years old may apply.

Vijaya Bank Home Loan Interest Rate 2018: Starting from 8.90 % p.a. – subject to periodic review

Vijaya bank home loan interest rate is influenced by a variety of factors, including loan amount, your net income, your repayment history, and internal Vijaya bank loan assessment parameters. Following is an overview:

Vijaya bank current home loan interest rate it is advisable the contact the bank directly.

Vijaya Home Loan1 YEAR MCLR+0.25%=8.90%
V-Elite Home Loan1 YEAR MCLR+0.25%=8.90%
Vijaya Home Loan Plus1 YEAR MCLR+3.05=11.70%
Vijay Kisan Home Loan1 YEAR MCLR+0.25%=8.90%
Vijaya Top-Up Loan
a) Secured1 YEAR MCLR+3.05%=11.70%
b) Unsecured1 YEAR MCLR+4.05%=12.70%

Note: The above interest rates and other charges are subject to periodic review. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time.

How to calculate Interest/EMI on Vijaya Bank Home Loan

Using a Home Loan EMI calculator takes the guesswork out of figuring out what kind of loan you can afford. There is no need to manually calculate the cost of different loan products offered by various lenders. It is quick, simple, accurate, and you need to know only three things when using the home loan calculator: the loan amount, the interest rate and the tenure. The Home Loan calculator will do the hard number crunching and present you with a breakup of the EMI amount. The whole process of calculating your EMI only takes a few minutes.

You can use CreditMantri’s Home Loan EMI calculator to calculate the exact amount that you will need to pay on a monthly basis provided that you enter all the amounts correctly. The tool will show you a detailed break up that includes the amount borrowed, the amount of interest payable and the processing fee. Using an EMI calculator will help you gauge an understanding of the actual amounts involved in an EMI.

Vijaya Bank Home Loan FAQs

Who is eligible to avail a home loan from Vijaya Bank?

Salaried individuals, self-employed professionals, self-employed business people and NRIs are eligible to apply for a home loan from Vijaya Bank.What is the security required to avail a Home Loan?

Depending on your credit history, no collateral security other than mortgage of the house property is insisted upon.

Is property insurance mandatory?

Yes, the property (offered as security) is to be insured at the borrower’s cost with the Bank clause against fire, flood, earthquake, riot and other man-made or natural calamities, which are normally covered by insurance companies.

Vijaya Bank Home Loan Status

Once you submit your application with your complete contact details and employment history, a Vijaya bank representative will collect the required documents from you. Upon the successful verification of your documents, and if you are found eligible, Vijaya Bank will make a loan offer.

You can check your Vijaya Bank Home Loan status by contacting your branch and referencing the application number. You can also contact Vijaya Bank customer care for help with tracking your application.

How to Apply for Vijaya Bank Home Loan

You can check your eligibility and apply for a home loan by signing up with CreditMantri. It is quick, simple and above all, free.

CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we prescreen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence the chances of your home loan application getting approved is higher.

Click here to sign up and apply for loans and credit cards, the CreditMantri way!

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