All About Vijaya Bank Home Loan
Purpose: Vijaya Bank Home Loan
The scheme covers financing
- For the construction of a house building in the plot/site already purchased /owned
- For the purchase of a plot/site and a house building thereon.
- For the purchase of a new house/flat.
- For the purchase of old house /flat of age of 30 years and below.
- For the Repairs, Renovation (including cost of kitchen Cabinet, racks, wardrobes, electrical/solar power fittings) of existing house of age 50 years and below (HOME IMPROVEMENT LOAN).
- For extending the existing house building HOME EXTENSION LOAN.
- Short term Bridge Finance for the interim period between sales of the existing/ old house and purchase of a new house (HOME BRIDGE LOAN) –to the extent of 80% of market price of the existing house or 80% of cost of the new house to be purchased whichever is less but invariably against the Security of new house.
- For taking over of the existing Housing loans availed from other Banks/Other lending Companies/Agencies
Eligibility: Vijaya Bank Home Loan
- Individuals with minimum age of 21 years and Maximum age of 55 years are eligible.
- The applicant/beneficiary shall have sufficient income to repay the loan along with the interest within sanctioned period.
- In case of salary income alone is considered in deciding the quantum of loan, such salaried persons should be in permanent service and not probationers: Persons nearing superannuation getting retirement benefits sufficient to cover the Loan applied can also be considered.
- Ex- Staff members’ family and relatives of staff members / Ex – Staff members who have an independent income are also eligible.
Quantum of Loan: Vijaya Bank Home Loan
Minimum loan amount – Rs. 1.00 lakh
Maximum loan amount – Rs. 100 lakhs – on a need based as per the cost less stipulated margin subject to loan entitlement.
In the case of Repairs/Renovation, – maximum is Rs. 10 Lakhs
Housing loan of less than Rs. 1 lakhs can also be considered under Swarna Jayanti / Golden Hubble Scheme in rural / Semi – Urban places.
Loan Entitlement: Vijaya Bank Home Loan
Salaried Person: Up to 60 month’s gross salary For Others: Up to 60 times of Monthly average income (Monthly average of past 24 months) Margin
20% of the cost in general. The cost shall include Land cost, Stamp duty, Registration charges, Fixtures like Ward Robes, Pelmets, Dressing Mirror, Kitchen cabinets / racks, Geysers, etc.
i) For Salaried Persons: Vijaya Bank Home Loan
A maximum repayment period of 20 years or up-to the date of superannuation (including a moratorium /repayment holiday of maximum of 18 months for construction of houses and 6 months for repair of houses) whichever is earlier may be allowed. In case of outright purchases of ready built house/flat, no repayment holiday shall be granted.
ii) For others (Other than Salaried class): Vijaya Bank Home Loan
Same guidelines as applicable to Salaried class subject to maximum repayment period of 20 years or 65 years of age of the applicant whichever is earlier (inclusive of maximum repayment holiday of 18 months in case of loans for construction and 6 months for repairs to existing houses).18 months: generally in Equated Monthly Installments (EMI).
Flexible / Variable EMI’s may also be fixed: Vijaya Bank Home Loan
- In cases of availability of higher liquid collateral securities like FD’s, SV of LIC’s, NSC’s / KVP’s, EMI will be fixed by reducing total value of such securities from the total loan amount sanctioned.
- In case of considerable increase in salary/ income if any in future, the EMI may be re-calculated if the borrower so requests.
Security: Vijaya Bank Home Loan
The branches shall obtain the security of the site and building / flat constructed / to be constructed / to be purchased for which the finance is being extended, subject to satisfactory valuation and applicant’s clear marketable title / free from encumbrance the property.
Guarantor: Vijaya Bank Home Loan
The guarantee from spouse / major children to be insisted. If the property is in joint names, the co-owner should be taken as co-applicant. If the income of the spouse is reckoned for computation of loan amount and repayment, the spouse to join as co-applicant.
As an incentive a personal loan (V Cash) equivalent to 12 months EMIs repayable in 36 months will be extended to the continuing security of House property already mortgaged to the Bank, in cases of track record of prompt repayment of 12 EMIs. Pre-payment Charges
Penalty of 1% of the amount for pre-closure switchover to another bank within 5 years of availing the loan is levied on the balance outstanding
Housing loans- Prepayment /Pre –Closure/Switch over to other Bank within 5 years of availing the loan:
Types of service /Details
Individuals / Non-Corporate
Special Category People (Pensioners, Senior Citizens and Individuals in rural areas)
Prepayment/ Pre-closure Charges/ Penalty
@ 1% on the amount pe-paid or balance outstanding, whichever is applicable
@ 1.10% on the amount pe-paid or balance outstanding, whichever is applicable
@ 0.90% on the amount pe-paid or balance outstanding, whichever is applicable
Inspection Charges (p.a)
For up to Rs. 10 lakhs —> Rs. 500/-
for above Rs.10 lakhs —> Rs. 1000/-
Vijaya Bank Home Loan Interest Rates
ALL VIJAYA HOME LOANS LINKED TO BASE RATE
(in respect of existing loans and those sanctioned from 01 st August 2011)
For loans up to Rs 30.00 Lakh
For Loans above Rs 30.00 Lakh
Upto 5 years
Above 5-10 years
Above 10-15 years
Beyond 15- 20yrs
Home loans under Fixed rate of interest with tenor of upto 5 years
For loans up to Rs 30.00 Lakh
For Loans over Rs 30.00 Lakh
Existing Home loans sanctioned before 06/5/2011
Home Loans sanctioned on or after 06/5/2011
Home Loans sanctioned on or after 01/7/2011
Home Loans sanctioned on or after 01/8/2011