Vijaya Bank, was founded on 23rd October 1931 by late Shri A.B.Shetty and other enterprising farmers in Mangalore, Karnataka. The objective of the founders was essentially to promote banking habit, thrift and entrepreneurship among the farming community of Dakshina Kannada district in Karnataka State. The bank became a scheduled bank in 1958. Vijaya Bank offers a bouquet of innovative and attractive products and services to the customers. Vijaya bank provide Home loans for construction / acquiring of new or existing house/flat , extension in the existing house/flat, repairs/renovation/alteration of existing house/flat. Continue reading to view more details about this loan.
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 80% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Loan Tenure||30 years|
|Processing fees||0.50 % of the amount sanctioned with minimum of Rs.1000 and Maximum of Rs.20000|
Everybody has a dream - for many of us, it is to own a home, own our own space and not having to worry about clamorous landlords. Buying a home is a financial achievement in itself and has now become a status symbol. With rising property prices, taking a home loan is the easiest way to getting closer to your dream of buying a home. A home loan will comfortably finance your property purchase and you can pay back the amount in comfortable EMIs over a suitable tenure.
Vijaya Bank home loan comes with a host of flexible options and features that benefit the borrowers. With affordable interest rates and quick disbursal process, Vijaya Bank will offer efficient and effective services to help you realize the dream of buying a home without any hassles.
Having all the necessary documents in place will ensure a quick loan application processing. Generally, applicants will be asked to submit an identity proof, a proof of address, income documents and other property-related documents. Keep the following documents ready.
Additional documents might be asked for depending on the applicant’s type of income and employment. Do enquire with Vijaya Bank for an exhaustive list of documents required before proceeding with the application process.
Vijaya Bank offers customers some of the most attractive and competitive rates of interest on their home loans in comparison with the rest of the industry. Customers can avail of interest rates of 9.65% on their home loans, which apply to all loan tenures on offer by the bank.
The home loan interest rates offered by Vijaya Bank are as follows:
|Loan Tenor||Loan Amount||Interest Rate|
|Up To 10 Years||Up To Rs 30 Lakhs||9.65%|
|Up To 10 Years||Rs 30 Lakhs - Rs 75 Lakhs||9.65%|
|Up To 10 Years||More Than Rs 75 Lakhs||9.65%|
|Loan Tenor||Loan Amount||Interest Rate|
|10 - 20 Years||Up To Rs 30 Lakhs||9.65%|
|10 - 20 Years||Rs 30 Lakhs - Rs 75 Lakhs||9.65%|
|10 - 20 Years||More Than Rs 75 Lakhs||9.65%|
According to the guidelines set by the RBI, Vijaya Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) rates with effect from April 1st 2016. The new MCLR rates will apply to all rupee loans as well as credit limit renewals that have been approved by the bank since the 1st of April 2016.
The MCLR Rates set by Vijaya Bank are as follows:
|Loan Tenor||MCLR Rate|
A home loan is a huge financial responsibility and you must ensure that you are monetarily prepared to face it. To assess your financial affordability, you can make use of an online home loan EMI calculator . The calculator will project details like EMI, repayment schedule and information about amortization at the click of a button. Follow the easy steps given below to calculate the EMI for your home loan.
Vijaya bank home loan can be utilized for the purchase or construction of a flat or a house & renovation or improvement of a property.
Vijaya Bank also allows takeover of home loans from other finance companies and other banks and offers loan for the purchase of a plot or site and construction of home after that.
Applicants are offered a high quantum of loan as per their requirements and borrowers can also add the income of children or spouse, depreciation, expected rent from property and income from other sources to increase loan eligibility.
Customers can choose a comfortable repayment tenure of up to 30 years.
Here are some of the solid advantages that you get by applying for a home loan on BankBazaar.
Applying for a home loan can become a time-consuming process if you have to hop from a bank to another collecting information about interest rates, fees and charges. At BankBazaar.com, we have all the necessary information about the best home loan products so you don’t have to waste your time searching for information.
With BankBazaar, you can compare all available home loan option to see which features benefit you the most and which offer will be the best. You can shortlist favourite options to make your future searches easier. What more – BankBazaar also helps you zero-in the best loan option, all you have to do is fill in a simple questionnaire and voila! You will have the most suitable loan options available in front of you.
You can instantly apply for a home loan from the comfort of your home. Get instant rate quotes and e-approvals, all you have to do is just fill in some basic information. We will pass on your application to the bank and the take the application process a step further.
Got a thousand questions and queries about the general home loan process and conditions? All you have to do is visit the home loans page at BankBazaar, we have comprehensive details about everything related to home loans.
There is no cap on the maximum loan amount. However, the quantum of loan will be decided based on the applicant’s repayment capacity and requirements.
For loans up to Rs.75 lakhs, the loan margin is 20% and for loans exceeding Rs.75 lakhs, the margin is 25%. The project cost does not include stamp duty and registration charges.
Yes. A maximum tenure of 18 months is offered as moratorium or repayment holiday for home loans.
Yes. Mortgage of flat or house that is being bought or constructed by Vijaya Bank home loan finance is required as security.
Up to 75 months the gross annual income of the borrower is the maximum loan amount that is offered. This is also dependent on the applicant’s take home income and minimum margin requirements.
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