Vijaya bank plot loan Features
The rate of interest offered by BOB is directly linked with the Baroda Repo Linked Lending Rate (BRLLR), which currently stands at 8.00%. The total interest rate applicable on the Vijaya bank plot loan is the combination of BRLLR and spread basis the customer’s risk rating. The table below shows interest rates for different home loan schemes provided by BOB.
| Home Loan Scheme | Interest Rate |
| Regular Home Loan | 8.00% – 9.00% |
| Home Improvement Loan | |
| Baroda Home Loan Advantage | Up to Rs.75.00 Lakh: 8.00% – 9.00% |
| Above Rs.75.00 Lakh: 8.25% – 9.25% | |
| Baroda CRE Home Loan | 8.25% – 9.25% |
| Baroda CRE Home Loan (Advantage) | Up to Rs.75.00 Lakh: 8.25% – 9.25% |
| Above Rs.75.00 Lakh: 8.50% – 9.50% | |
| Baroda Top Up Loan | Applicable ROI on linked Home Loan + Strategic Premium +0.50% |
Eligibility Criteria for Vijaya bank plot loan
In case you’re willing to avail of a Vijaya bank plot loan to fulfill your wish of owning a dream home, there are certain eligibility norms that you simply got to know. Yes, you ought to meet these norms to become eligible for this credit facility.
- An applicant should be an Indian resident
- The minimum age of the applicant shouldn’t be but 21 years.
- The maximum age of the applicant shouldn’t be quite 65 years at the time of loan maturity.
Features and Benefits of Vijaya bank plot loan
- Longer repayment period of up to 30 years
- The high loan amount available
- Add-on special benefits
- Low processing charges
- Available to both salaried and self-employed individuals
What is the minimum CIBIL Score required for Vijaya bank plot loan?
One doesn’t require a CIBIL score to urge a bank plot loan because it may be a secured loan granted against an equitable mortgage of the property one wants to shop for. So, if you continue to default EMI payments for 6-7 months during a row, the lender can seize the asset and sell it to recover the cash given to you via a home equity credit.
That’s why the CIBIL score isn’t that important when it involves getting a home equity credit. But having an honest credit score of 750 and above can help reduce interest rates and your eventual outgo. Most lenders have started offering plot bank loan interest rates supported the credit score of a private
| Vijaya bank plot loan 2020 | |
| Interest Rate | 8.00% onwards |
| Loan Tenure | Up to 30 years |
| Loan-to-Value Ratio | Up to 90% of the property value |
| Processing Charges | Up to 0.50% of the loan amount |
Vijaya Bank, after its merger with Bank of Baroda (BOB), offers home loans through BOB at a beautiful rate of interest ranging from 8.00%. Housing loan schemes are often used for various purposes like construction of house/flat; purchase of residential house/flat; expansion of pre-owned residential building; repairs, renovation & improvement of an existing residential building.
Land Loans
Loan for land purchase is additionally referred to as Plot loan. It could be a loan that helps borrowers to get a plot of land. Many borrowers typically get confused between land loans and home loan rates. A home equity loan could be a loan that facilitates borrowers to get associate existing house property or construction of a brand new flat or house. On the opposite hand, land loans square measure availed just for the acquisition of the land on that construction is planned to be disbursed later.
Like different loans, land loans also are repaid in EMIs (Equated Monthly Instalments) with the investor charging an associate charge per unit on the principal loan quantity secured by the receiver. The receiver is needed to pay the plot loan inside the stipulated time, failing that the investor has the right to confiscate your property to understand the loan quantity. Types of Land Loans:
Plot Loan
One can only get a loan for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. The property has to be under the municipal or trade bounds. The loan is often said to be a high-risk loan and there are no tax aids. The plot loan for every bank is different as each bank has different factors like service type, the total loan for buying a plot, and the modifications of the loan. There are banks where there are special interest rates for women.
Vijaya bank plot loan + construction loan
Getting a home equity credit for the purchase of a plot and construction could also be daunting and there are a number of us who aren’t clear about the processes and steps involved and things to stay in mind constantly as you get the loan approved and begin building your dream home. Fortunately, assistance is here. the method for home equity credit for the purchase of plot is not any longer a headache it wont to be if you retain this stuff clear in your head.
Finding the simplest loan against property in Vijaya Bank isn’t that difficult just in case you’ve got a correct strategy in situ. There are several available options offered by leading banks and financial institutions in Vijaya Bank that you simply can take a glance at. These may serve to confuse you sometimes but you ought to twiddle your thumbs and do your homework to form the simplest choices for your needs. With touch patience and research, you’ll easily find the most cost-effective loan against property in Vijaya Bank.
These loans are among the new breed of monetary products that promise quick access to capital without having to compromise one’s basic savings or financial situation. Sounds confusing? Consider a situation where you would like swift access to a hefty amount for any pressing reason and don’t want to risk your entire savings or sell any asset off. What does one neutralize this scenario? you decide on a loan against property.
When it involves getting a rock bottom loan against property rates in Vijaya Bank, it all depends on how well you compare the financial organizations offering this loan and choose accordingly.
However, these loans are available handy when it involves meeting urgent capital needs for any business-related expansion or consolidation alongside any major purchase that must be made. These loans also are taken by people when it involves buying another asset within the sort of property without having to unload their existing one. These also are available handy when it involves financing weddings within the family, the educational needs of youngsters, and also those dream vacations with loved ones.
All you’re doing is essentially tapping into the worth of your residential or commercial property and taking a loan against an equivalent without having to prolong your entire savings. These are among a number of the foremost popular loans in Vijaya Bank and lots of people have trusted these loans to tackle multifarious situations.
| Parameters | Land Loan with Construction | Regular Home Loan |
| Plot + Construction loan interest rates | Rates are similar to a home loan, but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer | Interest rates are starting at @6.75%*. |
| LTV | Up to 70% of the property’s value | Up to 90% of the property’s value |
| Tenure | Up to 15 years | Up to 30 years |
| Tax Benefits | The plot loan that is taken for construction and the benefit can be claimed after completion of construction | On principal amount under section 80C and interest amount under section 24(b) |
| Prepayment Penalty | Nil for individuals on floating rates | Nil for individuals on floating rates |
Vijaya plot loans for self-employed individuals
Salient Features
- Buy a plot that is on sell again
- Buy a plot that is in direct contact with a housing complex or a new housing project
- Transfer your unsettled loan amount availed from other monetary institutions.
- The borrower is offered a customized reimbursement on the loan amount, period, and the rate of interests provided by the bank.
- For making it affordable to the candidates striking rate of interest on the Vijaya bank plot loan.
- Importantly, there are no hidden costs on the loan.
Who can apply for Vijaya plot loans self-employed?
People can apply for this Vijaya Bank Plot loan on their own or jointly. The co-applicants should be the holders of the plot. The co-applicants include family members and don’t have to be the holders of the plot.
Loan term
- 15 years is the period up to which one can allocate his payments.
- The loan term is very much dependant on the repayment structure that the applicant opts for.
- The important things at the time of the loan term are the applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity.
Vijaya Bank plot loan self-employed:
Tru mounted loan – 2/3 Year mounted Rate Variant
Vijaya Bank plot loan provides customers an adaptable-rate term and a static rate term. Underneath the TruFixed loan, the individual will avail motionless rate up to 2/3 years, once that the loan is revised to an adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.
Adjustable-Rate Loan
The adjustable-rate plot loan is joined to Vijaya Bank Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s a modification within the RPLR, taking the date of the primary disbursement under consideration. An upsurge within the control per unit can result in a growth within the EMI’s interest element that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drips.
Who will apply for a Vijaya Bank plot loan self-employed?
People can apply for this loan individually or together. The co-applicants for the Vijaya Bank plot loan must be the intentional proprietors of the plot. The co-applicants have a family so they do not wish to be the co-owners of the land.
Loan term
- 15 years is the period up to which one can allocate his payments.
- The loan term is very much dependant on the repayment structure that the applicant opts for.
- The important things at the time of the loan term are the applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity.
Type of Vijaya Bank plot loan for self-employed:
Tru mounted loan – 2/3 Year mounted Rate Variant
Vijaya Bank plot loan provides customers an adaptable-rate term and a static rate term. Underneath the TruFixed loan, the individual will avail motionless rate up to 2/3 years, once that the loan is revised to an adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.
Adjustable-Rate Loan
The adjustable-rate plot loan is joined to Vijaya Bank Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s a modification within the RPLR, taking the date of the primary disbursement under consideration. An upsurge within the control per unit can result in a growth within the EMI’s interest element that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drips.
Vijaya bank Plot Loan Interest Rates For self-employed professionals
Adjustable Home Rate Loan
16.20% is the Retail Prime Lending Rate for salaried individuals.
Tru mounted loan – 2/3 Year mounted Rate Variant
16.20% is the Retail Prime Lending Rate
Vijaya bank plot loan interest rates for self-employed non-professionals
Adjustable Home Rate Loan
16.20% is the Retail Prime Lending Rate for salaried individuals.
Tru mounted loan – 2/3 Year mounted Rate Variant
16.20% is the Retail Prime Lending Rate
Vijaya Bank plot loan for salaried people
Salient options
- Buy a plot that is on sell again
- Buy a plot that is in direct contact with a housing complex or a new housing project
- Transfer your unsettled loan amount availed from other monetary institutions.
- The borrower is offered a customized reimbursement on the loan amount, period, and the rate of interests provided by the bank.
- For making it affordable to the candidates striking rate of interest on the Vijaya bank plot loan.
- Importantly, there are no hidden costs on the loan.
Who will apply for a Vijaya Bank plot loan for salaried individuals?
People can apply for this loan individually or together. The co-applicants for the Vijaya Bank plot loan must be the intentional proprietors of the plot. The co-applicants have a family so they do not wish to be the co-owners of the land.
Loan term
- 15 years is the period up to which one can allocate his payments.
- The loan term is very much dependant on the repayment structure that the applicant opts for.
- The important things at the time of the loan term are the applicant’s profile, age of the applicant at the time of loan maturity, and age of the plot/land/property at the time of loan maturity.
Maximum loan amount
| Loan Amount | Maximum Funding |
| Up to Rs.30 lakh | 80% of the property price* |
| Rs.30.01 lakh to Rs.75 lakh | 80% of the property price* |
| Over Rs.75 lakh | 75% of the property price* |
If the property is situated outside city limits, the maximum funding of the loan can be restricted to 70% of the property charge.
Type of Vijaya Bank plot loan for salaried individuals:
Tru mounted loan – 2/3 Year mounted Rate Variant
Vijaya Bank plot loan provides customers an adaptable-rate term and a static rate term. Underneath the TruFixed loan, the individual will avail motionless rate up to 2/3 years, once that the loan is revised to an adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.
Adjustable-Rate Loan:
The adjustable-rate plot loan is joined to Vijaya Bank Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s a modification within the RPLR, taking the date of the primary disbursement under consideration. An upsurge within the control per unit can result in a growth within the EMI’s interest element that consecutively can cut back the principal element. This may spread the loan term, and inside out, in cases wherever the charge per unit drips.
Vijaya Bank plot loan interest rates for salaried individuals
Adjustable Home Rate Loan
16.20% is the Retail Prime Lending Rate for salaried individuals.
Tru mounted loan – 2/3 Year mounted Rate Variant
16.20% is the Retail Prime Lending Rate
Vijaya Bank plot loan fees for salaried individuals
Below is the list of fees/charges/other outgoings that can be payable depending on the type of loan applied for.
Processing fees
Rs.3,000 or up to 0.50% of the loan amount whichever is higher, and other additional applicable taxes is the processing fee for the self-employed professionals.
Prepayment charges:
| Adjustable-Rate Home Loans (ARHL) | |
| · No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers. | |
| · For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable. | |
| · The customer will have to submit documents that HDFC deems fit and proper to confirm the source of funds at the time of prepayment of the loan. | |
| Fixed-Rate Home Loans (FRHL) | |
| · No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions | |
| · The customer should submit documents that Vijaya Bank sees fit and proper to determine the source of funds. | |
| · Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments. | |
| Fixed and Variable Rate Loans (Combination rate) | Fixed and Variable Rate Loans (Combination rate) |
| · During the Fixed Rate period: | |
| · The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments. | |
| · The customer must submit documents that HDFC approves to confirm the source of funds at the time of prepayment of the loan. | |
| · During the Variable Rate period: | |
| · No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers. | |
| · For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable. | |
| The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of Vijaya Bank |
Conversion fees
There is an advantage given by the Vijaya Bank to its prevailing customers that is the conversion facility to pull down the rate of interest on the loan by switching schemes. This facility can be used by paying a fee or one can either diminish the loan amount time or EMI. The options of conversions accessible for the current Vijaya Bank customers are
| Name of the service /product | Name of the charge/fee levied | When payable | Frequency | Amount in rupees |
| Switch to a lower rate in Variable Rate Loans (Housing/improvement /extension) | Conversion fees | On conversion | On every spread change | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing /improvement /extension) | Conversion fees | On conversion | Once | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower. |
| Switching from Trufixed Fixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion. |
Cheque discredit charges
Rs.200 is the cheque discredit charges for the UCO bank plot loan (conditions apply)
Fees on account of external opinion
The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the person in charge depending on the kind of help condensed.
Property insurance
The customer should regularly pay the premium amounts directly to the insurance provider to keep the policy active during the loan tenure.
Charges on account of delayed payments
The customer is liable to pay additional interests up to 24% p.a in case the payment of interest or EMI has been delayed.
Incidental charges
Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.
Statutory/regulatory charges
The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
List of documents
The cost for the list of documents taken by the Vijaya bank plot loan is Rs 500.
Photocopy of documents
The cost for the photocopy of documents taken by the Vijaya bank plot loan is Up to Rs.500
Increase/decrease in the loan term
You have to pay Rs 500 along with the application form if there is a need where you want to increase or decrease the loan term.
Disbursement cheque cancellation charge post disbursement
Rs.200 is the charge for the Disbursement cheque cancellation as per the Vijaya bank plot loan.
PDC swap
A minimal amount of Rs 200 is charged for the PDC swap charges
Re-appraisal of the loan after 6 months from sanction
You may have to pay Rs 2000 along with the applicable taxes if you want a re-appraisal of the Vijaya bank plot loan after 6 months from its sanction.
Vijaya bank plot loan Status
Once you submit your application together with your complete contact details and employment history, a Vijaya bank representative will collect the specified documents from you. Upon the successful verification of your documents, and if you’re found eligible, Vijaya Bank will make a loan offer.
You can check your Vijaya Bank home equity credit status by contacting your branch and referencing the appliance number. you’ll also contact Vijaya Bank customer look after help with tracking your application.
How to apply for Vijaya Bank Plot Loan with Dialabank
- One can apply for the Vijaya bank Plot Loan with Dialabank easily.
- Not a big process, just fill a form with your correct details and the documents asked.
- If any help is required our relationship manager would contact you.
- There is also a door to door document pickup facility provided by us.
- For more details or doubts you can call us on 9878981166.
Easy Tips to Get a Loan to buy Land
Here are some basic clues that would help you to increase your chances of getting a loan:
- A good credit score: A borrower would require a good credit score of above 750 to avail of the plot loan. If a borrower has a good score, it will increase the loan approval chances.
- Debt and Income Ratio: a good income and debt ratio increase your chances of getting a loan. Lesser is the ratio, more are the chances of loan approval.
- Apply for a loan based on your repayment capacity: before you apply for a plot loan the debtors need to figure out how much loan they can afford. Debtors can take the help of calculators to check their loan affordability as well as suitability.
Vijaya bank plot loan Documentation
Having all the required documents in situ will ensure fast application processing.
- Generally, applicants are going to be asked to submit identity proof, a symbol of address, income documents, and other property-related documents. Keep the subsequent documents ready.
- Duly filled application form
- Recent passport size photographs
- Identity proof – Voter ID, driver’s license, PAN card, or passport
- Proof of residence – latest copies of utility bill payments like electricity bill or phone bill
- Salaried applicants must submit checking account statements, certificate of employment, form 16, IT return statements and salary certificate
- Personal assets and liabilities statements
- Additional documents could be asked for counting on the applicant’s sort of income and employment. Do enquire with Vijaya Bank for an exhaustive list of documents required before proceeding with the appliance process.
Vijaya bank plot loan Documentation for Salaried Employees
- Duly filled in and signed the application form with photographs
- Identity, address, and age proof
- Salary slip of last 3 months
- Bank statement of the past 6 months
- Form-16 and Income Tax Returns (ITR) details
- Title documents of the property
Vijaya bank plot loan Documentation for Self-employed individuals
- Duly filled in and signed the application form with photographs
- Identity, address, and age proof
- TR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)
- Bank statement of the past 12 months
- The requirement of the Latest partnership deed for the partnership firms.
The requirement of the latest Memo and Articles of the organization (CA certificate on profit sharing ratio/list of directors/shareholding partnership) for the companies.
The requirement of the LLP Agreement - Title document of the property along with business address proof
FAQ’s
✅What is the Plot loan interest rate in Vijaya Bank?
The Vijaya Bank extends the plot loan at an interest rate of 8%-9%.
✅What is Vijaya Bank Plot Loan?
One can only get a loan for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. The property has to be under the municipal or trade bounds. The loan is often said to be a high-risk loan and there are no tax aids. The plot loan for every bank is different as each bank has different factors like service type, the total loan for buying a plot, and the modifications of the loan. There are banks where there are special interest rates for women.
✅How much processing fee is applicable on a Vijaya Bank Plot loan?
The processing fee at Vijaya bank is up to 0.50% of the total loan amount.
✅What is the loan tenure of the Vijaya Bank Plot loan?
The maximum loan tenure is 30 years.
✅How much EMI per Lakh can be fixed on Vijaya Bank Plot Loan?
₹ 1,779 per lakh is the EMI per lakh.
✅How can I apply for the plot loan from Vijaya Bank?
One can apply for the Plot Loan with Dialabank easily.
- Not a big process, just fill a form with your correct details and the documents asked.
- If any help is required our relationship manager would contact you.
- There is also a door to door document pickup facility provided by us.
- For more details or doubts you can call us on 9878981166.
✅How to repay the Vijaya Bank plot loan earlier than the schedule?
- An applicant can make Bi-Weekly Payments or instead of the regular monthly payment submit half of the payments to your moneylender every two weeks.
- An applicant can also make round-Up Payments.
- Find Extra Money.
- One can also make an extra payment.
- Sponsor Your Loan.
✅Is it possible to repay my loan earlier than the schedule?
Yes, it is possible to repay your loan earlier.
✅How to check Vijaya Bank Plot Loan eligibility?
In case you’re willing to avail of a Vijaya bank plot loan to fulfill your wish of owning a dream home, there are certain eligibility norms that you simply got to know. Yes, you ought to meet these norms to become eligible for this credit facility.
- An applicant should be an Indian resident
- The minimum age of the applicant shouldn’t be but 21 years.
- The maximum age of the applicant shouldn’t be quite 65 years at the time of loan maturity.
✅What is the Vijaya Bank Plot loan phone number?
Contact at 9878981166 for all the Vijaya bank plot loan queries.
✅What is the Vijaya plot loan interest rate for women?
Up to 30 lakhs, the rate of interest for a woman is 7.55%.
✅What is Vijaya Bank plot loan interest rates for salaried individuals?
The Vijaya Bank plot loan interest rate for salaried individuals is 8.20-8.60% as per the amount.
✅What is Vijaya Bank plot loan interest rates for self-employed individuals?
8.35% is the rate of interest for self-employed individuals.
✅What is Vijaya Bank plot loan interest rates for self-employed non-professionals?
8.35%-9% depending on the amount taken is the rate of interest.
✅How is a plot loan different from a home loan?
Many people get confused between construction and home loan rates. A home loan is a loan that is taken either to get an existing property or a new house. Whereas land loans are for the acquisition of the land on a construction that is planned to be disbursed later on. Like all the other loans, this loan can also be repaid through EMI’s along with an associate charge charged by the investor on the principal loan secured by the receiver. The receiver has to pay the plot loan within a time period and if he/she gets late the investor has the right to confiscate your property.
✅Can I take a plot loan along with a home loan?
No, you cannot take two loans together.
✅What is the maximum amount that I can take as a loan?
30 lakhs is the maximum amount that one can take as a loan.
✅Can a plot loan finance investment in any plot, anywhere?
No, you cannot finance a plot loan in any plot, anywhere.
✅What is a Balance Transfer on Plot Loan?
A balance transfer loan makes paying down credit cards or high-interest rate debt simple by allowing you to decide which creditors to pay and the amount to send each one. Any remaining money from your loan is deposited into your bank account.
✅Do I get any tax benefits on a plot loan?
As per Section 80C of the Income Tax Act, one can avail of deduction on the main reimbursement amount of your plot loan up to a maximum of 150,000 per annum.
✅How many years can I keep the plot of land before starting construction?
Within 3 years the construction has to be done in the plot taken.
