Vijaya Bank, now Bank of Baroda, offers home loans with eligibility based on criteria such as the applicant’s age, credit score, salary, etc. The bank offers a wide variety of home loan schemes that with attractive interest rates, a maximum repayment tenure of 30 years, and a moratorium period of up to 3 years.
The home loan eligibility criteria for Vijaya Bank are as given below:
|Age||21 to 70 years|
|Employment Type||Salaried individuals Non-salaried business people or professionals|
|Work Experience for Salaried||Minimum period of 1 year|
|Work Experience for Non-Salaried||Minimum period of 2 years|
|Loan-to-Value (LTV) Ratio||75% to 90%|
The applicant’s salary plays a major role in Vijaya Bank’s home loan eligibility. The bank’s home loan interest rates are linked to the Baroda Repo Linked Lending Rate (BRLLR). It also varies with the credit score of the applicant. The home loan interest rates are floating rate. Any change in the BRLLR will reflect in the interest of the home loans as well.
The Vijaya Bank home loan eligibility calculator given below shows you the loan amount that you are eligible for based on different ranges of monthly income. This is calculated based on a repayment tenure of 30 years and an interest rate of 6.85% p.a. (which is the starting interest rate for Vijaya Bank’s home loans).
|Monthly Income||Loan Amount|
Vijaya Bank’s home loan repayment tenure goes up to 30 years. The earlier you take a home loan, the longer will be the repayment tenure and vice versa. Given below is the maximum eligible tenure according to different ages.
|Applicant’s Age||Maximum Eligible Tenure|
|21 years to 30 years||30 years|
|31 years||29 years|
|32 years||28 years|
|33 years||27 years|
|34 years||26 years|
|35 years||25 years|
|36 years||24 years|
|37 years||23 years|
|38 years||22 years|
|39 years||21 years|
|40 years||20 years|
|41 years||19 years|
|42 years||18 years|
|43 years||17 years|
|44 years||16 years|
|45 years||15 years|
The Loan to Value (LTV) ratio is the quantum of loan that is disbursed based on the value of the property that you intend to purchase. The LTV ratio for different loan amounts is as given below:
|Loan Amount||LTV Ratio|
|Up to Rs.30 lakh||90%|
|Between Rs.30 lakh to Rs.75 lakh||80%|
|Loans above Rs.75 lakh||75%|
Your home loan eligibility is largely dependent on your credit score. The higher your credit score, the lower your interest rate will be and vice versa. Here are the ratings for different credit scores:
|Good||750 and above|
|Average||600 - 750|
Note: The eligibility criteria for women are the same as for other applicants.
Vijaya Bank accepts co-applicants if they are the applicant’s spouse, parent, or an adult child who also meets all the eligibility criteria for the home loan.
Vijaya Bank’s home loan eligibility is determined by the factors given below:
To use the Vijaya Bank home loan eligibility calculator, the details required are your age, location, monthly income, preferred loan tenure, prevailing interest rate, etc.
You can easily check if you are eligible for a Vijaya Bank home loan by using the free online home loan eligibility calculator or by visiting the nearest branch.
Vijaya Bank decides your home loan eligibility based on your age, income or salary, credit score, repayment capacity, financial assets and liabilities, etc.
You can increase your chances of being eligible for a Vijaya Bank home loan by adding a co-applicant who fits all other eligibility criteria. Improving your credit score can also help increase your eligibility.
Yes, Non-Resident Indians (NRIs) are eligible for Vijaya Bank home loans.
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