Vijaya Bank Home Loan

About Vijaya Bank

Vijaya Bank is a public-sector bank with its corporate office in Bangalore, Karnataka, India. It is one of the nationalized banks in India. The bank offers a wide range of financial products and services to the customers through its various delivery channels. The bank has a network of 2031 branches throughout the country and over 4000 customer touch points including 2001 ATMs

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Vijaya Bank Home Loans

Being one of the largest bank in India, Vijaya Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Vijaya Bank Home Loans are tailor made catering to the needs of various customers.

Advantages of Vijaya Bank Home Loans

• Low interest rate
• No hidden costs and administrative charges
• Low processing fees
• No security needed
• Less paperwork
• No prepayment penalties

Features of Vijaya Bank Home Loans

Key Highlights

Objective

Construction of house/flat, Purchase of residential house/flat, Expansion of pre-owned residential building, Repairs, renovation & improvement of existing residential building, Purchase of site and construction of house thereon. Takeover of housing loan from other banks/financial institutions. Loan for reimbursement of purchase price of recently purchased house/flat i.e. within 3 months from the date of registration of flat/house.

Loan Amount

Minimum: Rs.1.00 lakh

Maximum: New construction/purchase: No limit (based on eligible assessment)

Assessment of eligible loan amount

1) 75 months of gross monthly income

2) Maintenance of minimum LTV ratio as per item 6 (margin) below

3) Applied limit

Eligible loan amount shall be the least of the above 3 subject to take home income as below:

Income of spouse/children, expected rent, depreciation and income from agriculture can also be considered to work out the eligibility subject to condition.

Margin

Loan Tenure

• Maximum of 30 years or by the time the borrower attains the age of 75 years, whichever is earlier.
• Repayment Holiday: Maximum of 36 months.

Prepayment Charges: Nil

Processing Fees

Processing charges: 0.50 % of the amount sanctioned with minimum of Rs.1000/- + GST and Maximum of Rs.20000/- + GST

ONE TIME INSPECTION CHARGES ON

• Up to Rs. 10 lakhs: Rs.2000+ GST
• Above Rs. 10 lakhs: Rs.4000+ GST

Eligibility Criteria

To avail the personal loan from Vijaya Bank, you need to have the following eligibility criteria.

• You should be 21 years old or above
• Steady income
• Salary slip of last 3 months
• Proper Address Proof and Identity proof

Security

Mortgage charge on the residential land and residential house to be purchased /already constructed or to be constructed thereon.

Guarantor

Spouse of the applicant. In case spouse is not alive or legally separated (divorced), no other personal guarantee is required.

Documents Required to Apply for Vijaya Bank Home Loans

Important documents to be submitted while applying for personal loans with Vijaya Bank

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals

EMI Payment Methods

Your Vijaya Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Vijaya Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Vijaya Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Vijaya Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Vijaya Bank account at your nearest Vijaya Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Vijaya Home Loan Plus

Overdraft facility for home loan borrowers for any purpose other than speculative

Eligibility

Any existing home loan borrowers who have availed Housing loan amount of Rs.5 Lakhs or above with prompt/regular repayment of existing Home Loan for the past one year at least.

Loan Amount

75% of the amount sanctioned in existing Home Loan with minimum of Rs.1.00 Lakh and maximum Rs.10.00 Lakhs. Outstanding amount in VHL and Overdraft should not exceed 70% of the market value of the house property as per the latest valuation report

Repayment Period

Overdraft facility should be reviewed /renewed annually. However, in the event of closure of Housing Loan, the Over Draft limit should be closed simultaneously.

Charges

a) Processing Charges: Rs.500 + Service Tax as applicable.

b) No Inspection Charges.

c) Documentation Charges: Rs.250 + ST as applicable

Vijaya Kisan Home Loan

Objective

Construction of house/flat, Purchase of residential house/flat, Expansion of pre-owned residential building, Repairs, renovation & improvement of existing residential building, Purchase of site and construction of house thereon and Takeover of housing loan from other banks/financial institutions provided property proposed to be purchased/constructed should be located in rural/semi urban areas only.

Eligibility

The applicant should be an Agriculturist having minimum land holding of 5 acres of irrigated land or 10 acres of dry land and should be aged between 21 years and 65 years, provided the loan should be fully repaid on or before the age of 75 years.

Loan Amount

Maximum – Rs 15 Lakhs

For repairs & renovation: Maximum of Rs.2.00 lakhs

Repayment Period

Entire loan together with interest including repayment holiday if any, shall be repaid in equated monthly/half/ yearly/yearly instalments within a maximum period of 30 years from the date of initial disbursement or by the time the borrower attains the age of 75 years, whichever is earlier.

Charges

As applicable to Vijaya Home Loan

V-Elite Home loan (For select cities only)

Objective

Home loan with additional 25% eligibility in quantum of loan (As per Vijaya home loan scheme) for young professionals, Executives, Employees of Public/Govt/ Private sector undertakings/MNC. V Elite home loan is presently available only in metro cities i.e., Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad and Pune.

Eligibility

Age between 21-40 years.

Minimum monthly net take home salary of the applicant alone or jointly with co-applicant of Rs.40000/-

Eligible Loan Amount

• 125% of maximum eligible loan amount as applicable to Vijaya Home Loan borrower
• Minimum – Rs. 25 Lakhs
• Maximum- No limit (subject to eligibility)

Charges

As applicable to Vijaya Home Loan

Interest Rates

How to Apply for Vijaya Bank Home Loan?

You can either apply online or visit a nearby Vijaya Bank branch for the application. You can also download the home loan application form from the Vijaya Bank official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Vijaya Bank Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

Vijaya Bank Home Loan FAQs

1. What are processing fees on Vijaya Bank Home Loans?

0.50 % of the amount sanctioned with minimum of Rs.1000 and Maximum of Rs.20000

2. Is there penalty for prepaying the Vijaya Bank Home Loan?

No penalty is levied for prepaying the Vijaya Bank Home Loan?

3. Can I get Vijaya Bank Home Loan without a Guarantor?

Guarantor is required in some cases

4. What is the maximum loan repayment period for Vijaya Bank home loans?

The maximum repayment period is 30 years

5. How Can I apply for an Vijaya Bank home loan?

You can either apply online or visit a nearest Vijaya Bank branch and take the help of the bank’s representative.