ING Vysya Home Loan

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ING Vysya Home Loan

ING Vysya Home Loan Key Features

Feature Value
Interest Rate 6.90% onwards
EMI / Lakh Rs. 662
Loan Tenure Up to 30 years
Loan Amount Percentage based on property value
Loan to Value Ratio Up to 90% of property value
Loan Available on the Following Types of Property
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
Special Offer for Women Interest rate concession of 0.05%
Processing Fee Up to 0.5% of loan amount excluding GST
Prepayment Charges No prepayment charges for floating rates
Part Payment Charges Nil
Guarantor Required Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.

ING Vysya Home Loan Interest Rate

ING Vysya Home Loan Schemes Interest Rate For Women Interest Rate for Others
ING Vysya Home Loan 6.90% – 7.95% 7.00% – 8.00%
ING Vysya Reach Loan 8.75% – 14.00% 8.75% – 14.00%
Plot Loan 7.05% – 8.05% 7.10% – 8.10%
Rural Housing Loan 6.90% – 8.70% 7.00% – 8.70%
Home Improvement Loan 6.90% – 7.95% 7.00% – 8.00%
Home Extension Loan 6.90% – 7.95% 7.00% – 8.00%
Home Loan Top Up As per home loan slabs As per home loan slabs
Home Loan Balance Transfer 6.90% onwards 6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.

ING Vysya Home Loan Eligibility Criteria 

Salaried Individual:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  3. Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have a source of steady income are also eligible for the ING Vysya Home Loan. This includes everybody who is a:

  • Traders
  • Commission agent
  • Contractors

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the ING Vysya Home Loan. This includes everybody who is a:

  • Doctors
  • Lawyers
  • Charted Accountant
  • Architect
  • Consultant
  • Engineer
  • Company Secretary

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Additional Criteria for Co-applicants:

  • Co-applicant must be a family member of the primary applicant.
  • All co-applicants are not required to be the co-owners of the property.

Please find more information on Eligibility by visiting Dialabank.

ING Vysya Home Loan Documents Required

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Latest Salary Slips from the last 3 months.
  • Latest Form-16 and IT returns
  • Employment Contract/Appointment Letter if the current employment is less than a year old.

Property Related Documents:

  • A cheque for processing fee favouring ‘ING Vysya.’
  • Copy of the Buyer Agreement/Allotment Letter
  • Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Business Profile and Previous 3 years Income Tax returns (Both self and business)
  • Previous 3 years Profit/Loss Account and Balance Sheet.

Proof Of Business: 

  • Educational Qualifications Certificates
  • Business achievements (Certificate or awards if any)

Property Related Documents:

  • A cheque for processing fee favouring ‘ING Vysya.’
  • Copy of the Buyer Agreement or Allotment Letter 
  • Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any of Driving License/Voter ID/Passport

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

  • A cheque for processing fee favouring ‘ING Vysya.’
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across

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ING Vysya Home Loan Interest Rates & Offers

  • ING Vysya Bank, one of the country’s leading private banks, has reduced the interest rate on home loans. The interest rate on ING Vysya Bank’s latest home loan has been decreased by 0%, with rates beginning at 7.45 per cent. ING Vysya Bank provides a variety of home loan products that can be used for the buying of a home, home renovation, expansion, or enhancement. A few items could have different interest rates.
  • The interest rate on a home loan from ING   Vysya Bank begins at 7.45 per cent.
  • ING Vysya Bank charges a minimum of 5,000 rupees and a maximum of 10,000 rupees in transaction fees.
  • The term of a home loan will vary from 5 to 25 years.
  • ING Vysya Bank’s lowest EMI per lakh on a home loan is 736 per lakh, with the lowest interest rate of 7.45 per cent and the longest loan tenure of 25 years.
  • On floating rate loans, ING Vysya Bank makes prepayment of home loans with no penalty.
  • Customers who have taken a home loan from ING Vysya Bank have given the bank an average rating of 3/5.0.

ING Vysya Home Loan Procedure

For potential users, the application process is distinct. The applicant should apply online, download the application form directly from the official website, or go to the nearest bank branch. To continue with the application process, they should call the ING Vysya Bank home loan customer service number.

Generally, a bank representative can come to your place of business or home at whatever time you specify to obtain the completed application form and all relevant documentation for review. A background check will inform the lender about the applicant’s personal and professional status.

ING Vysya Pradhan Mantri Awas Yojana Subsidy 2021

  • Gain of a one-time interest subsidy on the remaining principal
  • Beneficiary families’ Aadhaar numbers are required for the MIG group.
  • The interest subsidy will be valid for a period of 20 years, or the loan term chosen by the creditor, whichever is shorter.
  • There is no limit to how much you can borrow or how much you can spend on a home.
  • The interest subsidy’s net present value (NPV) will be measured using a 9% discount rate.
  • Additional loans, if any, would be at non-subsidized rates if they exceed the prescribed limits.

Compare ING Vysya Home Loan with Other Banks

Karur Vysya Bank provides a variety of home loan options with low interest rates. Before applying for a home loan, you must, however, compare various banks and their deals.

Particulars Karur Vysya Bank SBI HDFC
Interest Rate 7.45% – 9.55% 6.70% – 7.05% 6.75% – 8.20%
Processing Fees Min ₹ 5,000 Min ₹ 10,000 Min ₹ 3,000
Loan Tenure 25 Years 30 Years 30 Years
Maximum Loan Amount ₹ 5 Cr ₹ 7 Cr ₹ 5 Cr
Age 21 – 65 Years 18 – 70 Years 24 – 65 Years
Benchmark Rate RLLR RLLR PLR
Lowest EMI Per Lakh ₹ 736 per lakh ₹ 645 per lakh ₹ 649 per lakh

ING Vysya Home Loan Customer Care

You’ll get the following options or messages on the IVR if you call the toll-free number 1860-258-1916:

  1. You’ll hear “Welcome to ING Vysya Bank” after you dial the number.
  2. You’ll be given the option of selecting your favourite language. Make an informed decision.
  3. Once you’ve chosen your favourite language, you’ll be given the following options:
  • for banking over the internet.
  • for the hot page of debit cards.
  • for additional items
  • for the rest of the Fastrack questions Dialabank

Choose option 4 to speak with a customer service representative.

Common Documents for Salaried and Self-Employed

Terms Salaried Self Employed
Application Form with photo and signed by Primary Borrower and Co-borrower(s)
Identity Proof of Primary Borrower and Co-borrower(s) – PAN Card (Mandatory)
Residential Address proof of Primary Borrower and Co-borrower(s) – Any one of passport, Aadhaar card, voter I card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. Bills and statements must not be more than 3 months old
Office address – ownership/ lease / rent agreement/ utility bill

Different Home Loan Schemes By ING Vysya                    

ING Vysya Home Loan – For Resident Indians

This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for Home Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

ING Vysya Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

  • Purchase a flat, row house, bungalow in India from private developers in approved projects.
  • Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
  • Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
  • Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.

ING Vysya Plot Loans – For Buying a New Plot

This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for Plot Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

ING Vysya Top Up Loans – For ING Vysya Home Loan Borrowers

This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.

Specific Information for Top-Up Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate New Customer – 8.30% onwards

Existing Customer – As per Home Loan Slabs

Processing Fee  Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

ING Vysya Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for Home Extension Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 20 years

ING Vysya Home Loan Balance Transfer – For All Home Loan Borrowers

ING Vysya Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.

Specific Information for Home Loan Balance Transfer Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to Rs. 50 Lakhs
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

ING Vysya Home Loans under Pradhan Mantri Awas Yojana

This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount No Cap
Interest Subsidy 3.00% onwards
Maximum Subsidy Up to Rs. 2.67 Lakhs
Loan Tenure 20 years

ING Vysya Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for Reach Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 2% of the loan amount + GST
Loan Tenure 30 years

ING Vysya Rural Housing Loans – For Indians Living in Rural Areas

This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!

Specific Information for Rural Housing Loan Scheme
Eligible Profiles Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount Up to 90% of the value of Property
Interest Rate 7.00% onwards (0.05% concession to women)
Processing Fee Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST

Loan Tenure 30 years

ING Vysya Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for Home Improvement Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount New Customer – Up to 90% of the estimates from improvements.

Existing Customer – Up to 100% of the estimates from improvements.

Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Advantages of ING Vysya Home Loan

ING Vysya Home Loan

ING Vysya Home Loan is a saviour to those who need financial support relating to homes and plots. It offers the following:

  • A huge variety of home loan schemes.
  • The most helpful Pradhan Mantri Awas Yojana is also available.
  • Provide a 0.05% concession to women to encourage them for their homeownership.
  • Provide several repayment methods to choose from and opt for the one best suited to you.
  • Full transparency as ING Vysya promises no hidden costs and fees.
  • Easy application with minimum documentation and paperwork.
  • Provides loan approval before the selection of the property.

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ING Vysya Home Loan Charges and Fees

Particulars Charges
Processing Fees Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges No prepayment charges for floating rates
Check dishonour charges Up to Rs. 200
List of documents Up to Rs. 500
Photocopy Of documents Up to Rs. 500
PDC Swap Up to Rs. 200
Disbursement cheque cancellation charges post disbursement Up to Rs. 200
Increase/Decrease in the loan term Up to Rs. 500
Re-appraisal of loan post 6 months from sanction Up to Rs. 2,000

Please Note: The above figures are only indicative and are subject to change without any prior notice.

How to apply for ING Vysya Home Loan

  • Visit Dialabank for a Home Loan.
  • Go to the ING Vysya Home Loan page.
  • Check out all the eligibility and documents criteria for a Home Loan.
  • Fill out all the details required in the ING Vysya Home Loan Application Form.
  • Once done, our representative will soon contact you for a further stress-free process.

ING Vysya Home Loan EMI Calculator

Loan EMI Calculator 

Other Loan Products from ING Vysya

ING Vysya Personal Loan

ING Vysya Home Loan FAQ

How to repay my ING Vysya home loan?

There are different payment methods through which you can repay your ING Vysya home loan, this can be done:

  • By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
  • By opting for direct deduction of monthly instalments by your employer.
  • By issuing post-dated cheques from your salary account.

When can you apply for ING Vysya’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

In the case of prepayment is made, is there any change in home loan EMI?

ING Vysya accepts a prepayment at nil charges in case of floating rate home loans. When a prepayment is made, the outstanding balance of the principal amount on your home loan gets reduced.

What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.

What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates, the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

How Dialabank can help you get a Home Loan?

Dialabank is a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through if you choose to search and applying by own.

✅ How the rate of interest will change if the interest rate is linked to PLR?

Home Loan Interest Rate is linked to PLR, and any change in PLR will lead to a change in rates of interest on the home loan. Interest rates on home loan account will rise or fall with the increase or decrease of PLR, proportionately.

Who is a Co-obligate or Guarantor?

Co-obligate or guarantor is an individual who undertakes to re-pay the bank loan in case the principal borrower fails. The amount of his liability will be the same as that of the principal borrower and the Bank can take strict actions against him for recovery along with the principal borrower. Guarantor can’t say that his liability will start only after the remedies against the principal borrower are exhausted.

Is there an option for pre-closure of a loan account?

A pre-closure option is also available and charges will be levied at rates as decided by the lender

Does missing an instalment effects CIBIL?

Non-payment of EMIs as per terms and conditions will adversely affect the credit rating of the borrower.

Are there any penalty Charges?

Penalty charges of 2% will be levied on the instalment amount unpaid.

How is the calculation of interest rates is done?

Interest rates are charged on a daily balance method and are debited once a month in your loan account. A 2% penalty on the unpaid Installment amount will be charged.

News 

Home loan interest rates have risen, according to the State Bank of India

The State Bank of India has increased its minimum home loan interest rate. On April 1, 2021, a new interest rate of 6.95 percent will take effect for a year. The bank recently announced a special offer that included home loans with interest rates starting at 6.70 percent and lasting until March 31, 2021. The bank, on the other hand, has increased its rates by 25 basis points, taking the current average to 6.95 percent. In addition to the higher interest rate, the State Bank of India will impose a 0.40 percent service fee plus GST on the loan amount.

HDFC has cut home loan interest rates by 5%.

After the State Bank of India (SBI) and Kotak Mahindra Bank, HDFC Bank has lowered home loan interest rates by 5 basis points. Borrowers will get a loan with a 6.75 percent interest rate beginning today, according to the lender’s legal filing. The interest rate cut would help all new HDFC retail home loan customers. SBI and Kotak Mahindra Bank have lowered home loan interest rates by 10 basis points for a limited period.

The ‘Aatmanirbhar’ Package 3.0 provides homebuyers with a rebate as well as income tax relief.

India’s Finance Minister, Nirmala Sitharaman, stated that the country’s economy is recovering after a lockout. When speaking at a press conference for stimulus programs to boost growth, she shed light on macroeconomic indicators.

She mentioned that the gap had been increased to 20% in order to boost the real estate industry. For the primary selling of residential homes, this measure will be in effect until June 30, 2021. (valued up to Rs.2 crore). She also said that the legislation would benefit both developers and homebuyers.

The ICICI Bank and IIFL Home Finance partnership will manage low-cost housing loans.

ICICI Bank and IIFL Home Finance have formed a new partnership in the affordable housing loan industry to provide financing to this category (as well as for MSME loans in the form of loans against property). ICICI Bank will have the lending, while IIFL Home Finance will manage the whole loan servicing lifecycle.

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