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  • Vijaya Bank Home Loan eligibility

    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.

    Vijaya Bank Home Loan Eligibility Criteria

    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%

    Vijaya Bank Home Loan Eligibility Based on Salary

    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
    Rs. 25,000 Rs.15,26,114
    Rs. 30,000 Rs.20,60,253
    Rs. 35,000 Rs.24,03,629
    Rs. 45,000 Rs.30,90,380
    Rs. 50,000 Rs.34,33,756
    Rs. 55,000 Rs.41,96,812
    Rs. 60,000 Rs.45,78,341
    Rs. 65,000 Rs.49,59,869
    Rs. 70,000 Rs.53,41,398
    Rs. 75,000 Rs.57,22,926

    Vijaya Bank Home loan Eligibility Based on Age

    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

    Vijaya Bank Home Loan Eligibility Based on Value of Property

    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%

    Vijaya Bank Home Loan Eligibility Based on Credit Score

    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:

    Rating Credit Score
    Good 750 and above
    Average 600 - 750
    Poor Below 600

    Note: The eligibility criteria for women are the same as for other applicants.

    Vijaya Bank Home loan Eligibility for Co-Applicant

    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.

    Factors Affecting Vijaya Bank Home Loan Eligibility

    Vijaya Bank’s home loan eligibility is determined by the factors given below:

    • Applicant’s age
    • Applicant’s credit score
    • Indian citizenship status
    • Applicant’s salary or income source
    • Financial liabilities
    • Repayment capacity

    Vijaya Bank Home Loan Eligibility FAQ

    1. What information is required to use a home loan eligibility calculator?

      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.

    2. How to check Vijaya Bank home loan eligibility?

      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.

    3. How does Vijaya Bank decide my home loan eligibility?

      Vijaya Bank decides your home loan eligibility based on your age, income or salary, credit score, repayment capacity, financial assets and liabilities, etc.

    4. How can I increase my chances of being eligible for Vijaya Bank’s home loan?

      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.

    5. Are NRIs eligible for Vijaya Bank home loans?

      Yes, Non-Resident Indians (NRIs) are eligible for Vijaya Bank home loans.

      

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