Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Vijaya Bank Reverse Mortgage Loan is Rated as "Excellent!" by 18 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Personal Loan BYTES FROM OUR KITCHEN

    Vijaya Bank Reverse Mortgage Loan

    Vijaya Bank serves diverse sectors of the Indian Society. The bank has a network of 1767 branches, 50 extension counters and 1509 ATMs. The bank has a lot of innovative and attractive products and services to offer to their customers. Reverse mortgage loan is one such product that they provide to their senior customers who own a self-acquired and self-owned to meet their financial needs. People in India first try to ensure their security and the first thing they do is buy themselves a property to safeguard them against all the financial difficulties that they might face in the future. Having a property will also allow you to take mortgage against the property and make the most of the idle property.

    Purpose of Vijaya Bank Reverse Mortgage Loan

    Vijaya Bank offers a reverse mortgage loan for generating cash flow to supplement pension or other source of income to meet the day to day requirements, to renovate your house, to meet your medical expenses and to repayment outside institutional liabilities.

    Eligibility Criteria for Vijaya Bank Reverse Mortgage Loan

    Individuals who wish to obtain a Vijaya Bank Reverse Mortgage Loan need to satisfy the following criteria:

    • The applicant must be a senior citizen of India, i.e. above 60 years of age.
    • Married couples are eligible as joint borrowers, provided either one of them is above 60 years of age.
    • The applicant must own a self-acquired, self-occupied residential property that is located in India.
    • The loan is not available against ancestral property.
    • NRIs and PIOs are not eligible for availing Vijaya Bank Reverse Mortgage loan.

    Note: The criteria is subject to change at the sole discretion of Vijaya Bank.

    Documents Required for Vijaya Bank Reverse Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Application form duly filled.
    • Identity proof it can be either passport, PAN card, employee identity card or other valid proof.
    • Address proof that can be either electricity bill, telephone bill, ration card or other valid proof.
    • PAN card copy.
    • Property papers that is the ownership proof and title deed.
    • 3 passport sized photographs.
    • Any other required documents as expressed in the application form must be submitted.

    Features and Benefits of Vijaya Bank Reverse Mortgage Loan

    Some of the salient features and benefits of Vijaya Bank Reverse Mortgage loan are:

    • The loan is easy to avail and requires minimum documentation and is processed very quickly.
    • Competitive interest rate is offered by Vijaya Bank.
    • The idle property can be used to avail funds.
    • The minimum loan amount is Rs.2 lakh and the maximum loan amount is restricted to Rs.100 lakh.
    • The margin is set at 20% on the realizable value of the residential property.
    • The residential property that the applicant is residing is to be provided as security.
    • The loan is offered for a minimum tenure of 7 years and a maximum tenure of 15 years.
    • The tenure can be extended on a rollover basis till 15 years or till the borrower’s survival.
    • The loan is disbursed through monthly annuity payments.
    • The loan has to be paid at the end of the tenure or through outstanding balance exceeding the equity to value ratio or when the last borrower dies, or if the last borrower wishes to sell the house or permanently move to an old age home.
    • The borrower can pre-pay the loan at any time during the loan tenure.
    • The legal heir of the borrower on the death of all the borrower will have the option to settle the loan along with the accumulated interest without selling the property. The loan is to be paid in 6 months after the death of the last borrower.

    Vijaya Bank Reverse Mortgage Loan Interest Rate

    Vijaya Bank charges an attractive interest on their reverse mortgage loan. The bank ensures that repaying the loan doesn’t become an additional financial burden on the borrower. The interest rate offered is 11% per annum. The rate of interest is fixed.

    Note – Interest rates charged by Vijaya Bank are at their sole discretion and are subject to change without prior intimation.

    Vijaya Bank Reverse Mortgage Loan Reviews

    • Vijaya Bank Personal Loan
      "Process is fantastic"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Vijaya Bank two years ago. The process was perfect and there were no hassles in getting my loan through. The interest rate was a bit high, it was around 13% and the processing charges was okay. I am happy that the process to get the loan was swift.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 22, 2017
    • Vijaya Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I got the salaried account with VIJAYA bank. Based on the salaried account, I got the home loan and personal loan from vijaya bank. They took around 15 days to disburse my personal loan . The rate of interest is nominal with Vijaya bank. I am happy with the loan amount and satisfied with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2017
    • Vijaya Bank Personal Loan
      " Hassle free"
      0.5 5.0/5 "Blown Away!"
      Two years back, I had taken personal loan from Vijaya bank, still its running. I took the loan amount of Rs.5 Lakhs this is for a tenure of five years with the rate of interest of 13% and there was no processing fee too. Vijaya Bank has got part payment and preclosure option too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 03, 2017
    • Vijaya Bank Personal Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      The best personal loan that I have ever taken was from Vijaya Bank the service offered by them was good. I had applied for the personal loan twice before with the same bank. However I am an account holder of Vijaya bank they had offered me the least interest rate which was 14.05% Documentation process was simple.
      Was this review helpful? 0
      , hospet
      Reviewed on Mar 08, 2017
    • Vijaya Bank Personal Loan
      "Excellent !!!!"
      0.5 5.0/5 "Blown Away!"
      I have the salaried account with vijaya bank. I submitted document for the personal loan on the same day the amount was credited. Every thing went on smooth as i am already a know customer to them. The cheapest interest rate was offered like they were charging the base rate which gets on reduces.
      Was this review helpful? 1
      , mumbai
      Reviewed on Apr 30, 2016
    • Vijaya Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the Vijaya bank and the interest rate was okay with them. I got the loan to be disbursed within a week of time. Customer service and the responsiveness are good with the Vijaya bank.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 01, 2016
    • Vijaya Bank Personal Loan
      "Very good"
      0.5 3.0/5 "Satisfactory"
      Vijaya bank has given the personal loan with 13.7% interest rate. They took only four to five working hours to disburse the amount after completing the documentation. Compared to other bank the required documents is very high with vijaya
      Was this review helpful? 1
      , bellary
      Reviewed on Jan 22, 2016
    • Vijaya Bank Personal Loan
      "Happiest customer..."
      0.5 5.0/5 "Blown Away!"
      Vijaya bank is not that huge but they processed and delivered the personal loan on time. In five to six days I received one lakh. I can also rate more than five for Vijaya bank as literally they good. Directly the officers came my place to collect papers and within 24 hours they disbursed from the time of documentation. For personal loan the interest rate is just 9%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 27, 2015
    • Vijaya Bank Personal Loan
      "Good Enough!!"
      0.5 3.0/5 "Satisfactory"
      They do not have a online system so everything was done offline. Immediately an executive came to collect the documents. In a weeks time they have approved my loan. Interest rate was around 15% hence satisfied. Very nominal processing fee was charged. Service was good. It would be better if Vijaya Bank establish online system so that it will be helpful.
      Was this review helpful? 0
      , bellary
      Reviewed on Nov 25, 2015
    • Vijaya Bank Personal Loan
      "Its fine"
      0.5 4.0/5 "Great!"
      The first and foremost reason for selecting Vijaya bank for the personal loan was the interest rate . The rate of interest offered by them was 13.7% and the processing fee for 3 lakhs is rs 3400. Online is not good when compared with ICICI. No discounts was given on the processing fee. Insurance was there however I did not opt for it.
      Was this review helpful? 1
      , bellary
      Reviewed on Nov 24, 2015
    • Vijaya Bank Personal Loan
      "The best loan"
      0.5 5.0/5 "Blown Away!"
      he best personal loan that I have ever taken was from Vijaya Bank the service offered by them was good. This loan was offered based on my salary account. I have applied for many banks. Interest rate offered by other bank were charging around 19%. However I am an account holder of Vijaya bank they have offered me the least interest rate which was 14.30% as of now its 14%. When I apply for other banks will take to force to take insurance where with Vijaya no such charges only handling fee was there.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 17, 2015
    • Vijaya Bank Personal Loan
      "Best rates "
      0.5 4.0/5 "Great!"
      Vijaya Bank have processed the loan application within 3-7days and they are good in loan process.Since I maintain my salary account with the same bank it was a easy process to get the loan.The response provided was not that good but they offer the best interest rate for the loan.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 28, 2015
    • Vijaya Bank Personal Loan
      "Simple Documentation"
      0.5 5.0/5 "Blown Away!"
      Vijaya bank disbursed the personal l loan within 24 hour after submitting the document as the manger was good. Interest rate offered was approximately 13.5% which was low compared to other banks and the processing fee was nominal. Documentation process was simple.
      Was this review helpful? 2
      , angul
      Reviewed on Oct 26, 2015
    • Vijaya Bank Personal Loan
      "Twice taken "
      0.5 4.0/5 "Great!"
      I am having my salary account with VIJAYA bank. I took the personal loan from them which is for 2 lakhs. They have offered me the common rate of interest which is available in the market. I completed this loan before in one year itself. I do not find any difficulties with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 20, 2015
    • Vijaya Bank Personal Loan
      "Not satisfied.."
      0.5 2.0/5 "Expected more"
      I actually pre closed the personal loan from Vijaya bank because not satisfied with the services of the bank. The rate was 16% which is reducing basis. Just for sanctioning of one lakh they took almost three months, which is dissatisfied. Pre closure charge was nil.
      Was this review helpful? 1
      , mysore
      Reviewed on Sep 18, 2015
    • Vijaya Bank Personal Loan
      "Satisfactory.."
      0.5 5.0/5 "Blown Away!"
      VIJAYA Bank offered me a Personal loan with 10.50% rate of interest and compare to other banks its quiet less. Loan process was very fast and I am happy with their service. Processing charges charged by them was 500rs. I am getting regular alerts from them also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 14, 2015
    • Vijaya Bank Personal Loan
      "Satisfactory.."
      0.5 4.5/5 "Excellent!"
      VIJAYA Bank is the best and convenient for to take Personal loan. Loan process was very fast. When I applied for the personal loan, verification was done by the same day Documentary also collected and they disbursed the loan amount within a day. Rate of interest offered by them 16.5% compare to HDFC Bank its less. Processing charges 4% its quiet high.
      Was this review helpful? 3
      , bellary
      Reviewed on Sep 12, 2015
    • Vijaya Bank Personal Loan
      "Quite ok"
      0.5 2.0/5 "Expected more"
      I avail a personal loan from Vijaya bank and i feel there must be improvisation on their overall services. Processing of loan was quite ok but customer service needs to take lot of initiative, interest rate is also quite higher, it would be better if it is negotiable. Overall i could say there must be some improvement on their services.
      Was this review helpful? 5
      , bangalore
      Reviewed on May 29, 2014
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