Vijaya Bank

Vijaya Bank Home Loan

Apply Vijaya Bank Home Loan

About Vijaya Bank Home Loan

A dream home is a part of everyone's wish list, but the one thing that keeps them away from fulfilling this dream is certainly lack of funds. It is not easy to save a lump sum amount at one go and this is when Home Loans become the saviour. So, whether you are planning to purchase your own house or thinking about repairing or renovating your existing one, Home Loans are something that will reduce your tension to half by providing you with the funds which you can pay later in instalments.

Vijaya Bank is one of the nationalised banks of India which offers a wide range of options for housing loans with reasonable interest and several other facilities. So, if you are waiting to fulfil your dream housing project, you should certainly know about the Home Loan provided by the Vijaya Bank.

Vijaya Bank was founded in the year 1931 with the main objective of promoting banking habits and entrepreneurship among the farming community in certain parts of Karnataka. It became a scheduled nationalised bank in the year 1980 and presently has over 2,031 branches and 2,001 ATMs in the country. True to its claim of being a friend that you can trust upon, it indeed serves as a friend when you require funds for a new house or your old one for that matter.

Important Notice: Dena Bank and Vijaya Bank have merged with the Bank of India w.e.f 01.04.2019. Banking operations and accounts of these two banks will be transferred to the Bank of Baroda post merger. This merger will lead to some changes for the Dena Bank and Vijaya Bank customers.

Why Vijaya Bank Home Loan?

Whether you are planning to construct a new house, or to purchase a ready one, a housing loan from Vijaya Bank will help you make your ends meet. You can also go for it if you are planning to expand your existing property, renovate or improve it, or buy a plot for constructing a new house or flat. Lastly, you can also opt for it if you want to take over a housing loan from another bank or any other financial institution.

With a housing loan from Vijaya Bank, you can pay back the loan in up to 30 years in flexible tenures as per your convenience with their lowest interest rate being 8.70%.

Features and Benefits of Vijaya Bank Home Loan

You should choose this bank over the others because of the following reasons:

  • No Maximum Limit: The first and foremost point that makes this bank different from the others is that there is no maximum limit for the loan that would be granted to you, considering the fact that your income, credit score and other parameters make you eligible for the amount you seek.
  • Easy Availability: The loan is available easily to both salaried as well as self-employed individuals. There are also special rates available for women borrowers. Borrowers within the age of 21 to 60 years are eligible for the loan.
  • Low Rate of Interest: The loans are available at low-interest rates, the minimum rate of interest being 8.70% p.a.
  • Long Tenure: You can pay back the loan between the tenure of 5 years to 30 years as per your convenience, considering your age and income.
  • Repayment Holiday Option: According to this scheme, there is a period of repayment holiday during which you would not have to pay back the instalment to the bank. However, this can last up to a maximum of 36 months, after which, you would have to continue repaying the loan.
  • Minimal Processing Fees: The fees required to process your loan amount is as low as 0.50% of the amount sanctioned.
  • Number of Branches: Vijaya Bank has over 2,031 branches spread over the country, making it convenient for application of a loan.

Vijaya Bank Housing Loan Interest Rates

The interest rates for Housing loans in Vijaya Bank depends on the type of house loan chosen, amount of Home Loan being taken, borrower's occupation, age, income, CIBIL score, and several other factors. The rates are linked to the base rate or 1 year Marginal Cost of Funds based Lending Rate (MCLR) of the bank which is 8.70% (as updated on 07.05.2019). 

*Vijaya Bank and Dena Bank have been merged with the Bank of Baroda w.e.f 01.04.2019. Hence, banking operations and accounts of these two banks are transferred to Bank of Baroda post merger. The interest rates will be as follows:

Type of Scheme Spread Applicable Interest Rates

Baroda Home Loan & 
Baroda Home Improvement Loan

1-year MCLR to 1-year MCLR + 1%

8.70% to 9.70%

Baroda Home Loan Advantage

Up to  75 Lakhs: Normal Home Loan Interest Rate

8.70% to 9.70%

Above 75 Lakhs: 0.25% over Normal Home Loan Interest Rate

8.95% to 9.95%

Baroda CRE Home Loan

0.25% over Normal Home Loan Rate

8.95% to 9.95%

Baroda CRE Home Loan (Advantage)

Up to  75 Lakhs: 0.25% over Normal Home Loan Interest Rate 

8.95% to 9.95%

Above 75 Lakhs: 0.50% over Normal Home Loan Interest Rate

9.20% to 10.20%

Baroda Top Up Loan (Resident/NRIs/PIOs0)

Applicable Rate of Interest on Home Loan + Strategic Premium + 0.50%

9.20% to 10.20%

The borrower has to pay an Additional Risk Premium of 0.05% over and above the rate of interest applicable on all variants of Home Loans including Top Up Loan. It can be removed for those borrowers who have credit insurance cover on loan for the complete tenure.

Types of Housing Loans Offered by Vijaya Bank

The bank offers housing loans to different classes of people, depending on the family income under the following types:

  • V Elite Home Loans: Available only in metro cities with 25% extra eligibility for young professionals, executives, or government employees.
  • Vijaya Kisaan Home Loan: Offered to agriculturists for building properties in rural or semi-urban areas
  • Pradhan Mantri Awas Yojana: This is in relation to the government subsidy scheme for the economically weaker section of people, namely the EWS, LIG, and MIG.
  • V Combo Loan Scheme: Combined loan for the purchase of car and house where the car loan is concessional on raking a housing loan

Vijaya Bank Home Loan Eligibility

Vijaya Bank has a set of eligibility criteria that have to be met before any Home Loan is approved to a person. In general, Home Loans are approved in case one wants to purchase a new house/flat, plot or expand one's constructed property, repair or renovate the existing house/flat or wants to take over a housing loan from another bank or any other financial institution. One can also apply for a loan keeping their house or flat under the mortgage when in need of funds. However, a loan is not granted for a speculative purpose on any grounds.

The borrower must be 21 to 60 years of age to be eligible for the loan and must be able to successfully pay back the entire loan amount along with interest within a maximum of up to 30 years.

Certain factors have to be fulfilled before an individual is granted a Home Loan from Vijaya Bank:

  • The applicant must have a regular source of income.
  • The applicant can be either salaried or self-employed, but the income is to be specified during the application of the loan. The borrower has to earn a minimum amount of 12,000 per month on an average to be eligible for a Home Loan from Vijaya Bank.
  • The applicant must be between 21 years and 65 years of age.
  • If the borrower is a salaried person, they should be in permanent service and should not be a probationer.

While applying for a Home Loan in Vijaya bank, salaried persons will have to produce enough documents that prove their annual income. Self-employed persons will have to produce their income tax returns to prove the same. Before the loan being approved, all these documents will thoroughly be checked by the bank before the sanction of the loan. If you already have an existing loan such as a car loan, a business loan or a personal loan, that will affect the amount of Home Loan being sanctioned to you. In simpler terms, your existing liability will affect the sanctioned loan amount.

Once the loan is sanctioned to the borrower and the tenure of repayment and the rate of interest has been decided upon, the amount will be credited to the borrower's bank account. Post which, they will be expected to pay back the loan in monthly Equated Monthly Instalments (EMIs) which is the amount of money to be paid back in every month. The formula used for calculation of EMI for a Home Loan from Vijaya Bank is as follows:

P * r * (1+r) ^n / ( [ (1+r)^n ] -1),

where,

'P' is the principal loan amount

'r' is the rate of interest per month

'n' is the number of months in which the loan is to be paid back (tenure in months)

The loan can be paid back in three ways:

  1. Cheques
  2. Electronic Clearing System
  3. Standing Instruction to the bank

If you pay back the loan via cheque, you would have to go to the bank and deposit your post-dated cheques physically for the bank to pay them on your stipulated due date every month. For this, it has to be ensured that there are enough funds in that particular bank account on the due date, failing which the cheque will bounce back leading to a fine. For payment through an electronic clearing system and standing instruction, you would have to give instructions to your bank, following which, the EMI amount will automatically be deducted from your bank amount on the stipulated day of the month.

Time Taken to Process the Loan

Vijaya Bank usually takes a week's time to process the loan once the loan is approved so that the borrower gets their due amount as soon as possible without any inconvenience caused to them. However, the papers and documents have to submit properly within the stipulated time, for the loan to be processed quickly by the bank.

In the midst of the term, when the borrower is repaying the loan, they are given an opportunity to switchover from the Base Rate or Benchmark Prime Lending Rate (BPLR) of interest to the current Marginal Cost of Funds Based Lending Rates (MCLR). This can be done by paying for the same with a minimal switchover fee.

Documents Required for Home Loan from Vijaya Bank

When the applicant applies for a Home Loan from Vijaya Bank, they would require the following documents and keep them handy for quick and efficient processing of the loan:

Salaried Applicant Self-Employed Applicant

ID Proof (Passport/ Voter ID Card/ Driving License/ Adhaar Card)

ID Proof (Passport/ Voter ID Card/ Driving License/ Adhaar Card)

Proof of Residence (Tax Bill. Electric Bill/ Telephone Bill)

Proof of Residence (Tax Bill. Electric Bill/ Telephone Bill)

PAN Card

PAN Card

Income Tax Certificate by Revenue Authorities

Income Tax Certificate by Revenue Authorities

2 copies of the passport size coloured recent photographs

2 copies of the passport size coloured recent photographs

The following property related papers would also be required for sanction of the loan:

  • Copy of the offer letter or the agreement for the sale
  • Copy of receipt of the latest tax payment
  • Copy of approval license for construction
  • Copy of detailed estimation of the cost of construction
  • Original Sale Deed

Other Products by Vijaya Bank

Vijaya Bank provides a lot of other facilities apart from Home Loans that make life better, easy and convenient. Post its merger with the Bank of Baroda, the following facilities can be availed:

Vijaya Bank Products

Personal Loan

Education Loan

Vehicle Loan

Fintech

Mortgage Loan

Mudra Loan

Debit Card EMI

Advance Against Securities

Commission Agent Loan (Arthias)

Loan for Public Issues (IPO)

Traders Loan

Baroda Advance Against Securities

Debit Cards

Credit Cards

Prepaid Cards

General insurance

Life Insurance

Health Insurance

Mutual Funds

Baroda m-Invest App

Baroda e-trade

Fixed Deposit

Recurring Deposit

Baroda E-Trade 3-in-1 Account

PPF

NPS Schemes

Savings Account

Current Account

Salary Account

How to Calculate the EMI for Vijaya Bank Home Loan?

The EMI for a Home Loan can be calculated using the MyMoneyMantra EMI Calculator. There are parameters such as the rate of interest, tenure, and loan amount, which you would be required to enter to generate the concerned EMI that you would have to pay. Just log on to EMI Calculator page of MyMoneyMantra, enter the said parameters and click on the Calculate button to get the result.

The factors which affect the EMI are as follows:

  • Loan amount: The amount of loan you opt for determines the rate of interest and hence affect the EMI for the repayment of the amount. So, the larger the amount of loan the borrower takes, more will be the EMI they have to pay at the end of each month.
  • Tenure of the loan: If the loan is to be paid back in a long tenure the EMI would be lower and vice versa.
  • The rate of interest: The higher the interest rate, the more would be the EMI that the borrower has to pay. Since the rates of interest keep changing, so does the EMI.

Vijaya Bank Home Loan Processing Fees, Other Charges

Vijaya Bank charges a processing fee of 0.50% of the total loan amount sanctioned by. The charges applicable on loan are the same as applicable for Bank of Baroda Home Loans.

Vijaya Bank Home Loan Customer Care

You can contact the customer care service of Vijaya Bank anytime you want on the following phone numbers:

Toll Free Numbers:

  • 1800-223-344
  • 1800-102-4455
  • 1800-258-4455
  • NRIs: +91-7949044100 and +91- 7923604000

Head Office Address (post merger):

Bank of Baroda,

Baroda Bhavan,

7th Floor, RC Dutt Road

Vadodra- 390007, Gujarat

FAQs - Vijaya Bank Home Loan

When can you apply for a Home Loan?

A Home Loan can be taken to purchase a new property, to purchase a plot for construction of a new property, to renovate the existing property, to extend the existing property or even to pay off the existing debt of a previous housing loan.

Who can apply for Home Loans from Vijaya Bank?

Salaried personnel, self-employed professionals, and business owners can apply for Home Loans from Vijaya Bank.

What is the age limit applicable for availing Vijaya Bank Home Loan?

Vijaya Bank offers Home Loans to people aged between 21 years and 65 years of age.

How is the loan amount decided upon?

The loan amount is decided by one's age, income, requirement, and most importantly, his CIBIL score.

What is a credit score or a CIBIL score?

A credit score, also known as a CIBIL score, is a measure of how successfully one has paid back the previous loans. Hence, more the credit score more is your possibility of getting a loan.

What is the security in case of a Home Loan?

The bank keeps the residential house to be purchased or the existing one as mortgage or security in case of a Home Loan. In case of a default, the bank reserves the right to forfeit the property if the terms of the bank are not met.

Are the processing fees and inspection fees one-time?

Yes, the processing fees and inspection fees about housing loans from Vijaya Bank are one time.

Is there a need for a guarantor?

The spouse of the applicant is supposed to be the guarantor in case of a housing loan from Vijaya Bank. In case the spouse is not alive or separated, no other personal guarantor is required.

What is the maximum term of repayment holiday for the borrower?

The borrower can take a repayment holiday of maximum 36 months when he would be exempted from repaying the loan amount to the bank.

Is your information safe with MyMoneyMantra?

The personal information you provide is safe and we do not sell any personal information whatsoever. You can opt out of receiving emails or phone calls anytime you want.

Latest News - Vijaya Bank Home Loan

Dena Bank & Vijaya Bank merger with Bank of Baroda to be effective from 1st April 2019

State-owned Bank of Baroda's merger with Dena Bank and Vijaya Bank will be affected from 01.04.2019. The amalgamation plan has already got all the necessary approvals from the concerned regulators. The Bank of Baroda board also decided in a recent meeting to issue and allot equity shares to both the banks on March 11. 

Vijaya Bank organises awareness program for its customers

Branches of Vijaya Bank in both south and north regions of Bangalore had conducted a public session for the general awareness of customers on 15thSeptember 2018. This program was held in association with the Banking Codes and Standards Board of India (BCSBI) which is an autonomous and independent organisation of its own. In the session, customers came up with their concerns and difficulties regarding banking which was duly solved and addressed to.

Vijaya Bank increases the cost of lending rates up to 50 bps

For select tenure, the cost of lending rates which is the base rate at which the banks lend funds to their customers, have been hiked by up to 0.05% which is quite an amount to be increased at one go. So, for a three-year tenor, the rate of borrowing money would be increasing by 0.05% making it 9.25%. For one loan term and two loan terms, the new rates would, therefore, be up by 0.05% and 0.35% respectively.

Vijaya Bank hopes to grow its quarterly net profit soon to a crore 

In spite of being one of the smallest nationalised banks, according to the Managing Director and CEO of Vijaya Bank Sankara Narayanan, the bank is hoping to increase their net profit of each quarter to more than 1,00,00,000 by the end of March2019 that is this very financial year. He is confident enough of this statistics and also promises that the results would be reflected from June 2019 itself.

Home Loans get expensive with the recent hike in rates

With effect from September 1st, 2018, along with rates of interest of all other bank loans, Home Loans to undergo a sudden hike, thereby making it costlier and difficult to pay off. While SBI has increased it by 20 bps, ICICI has announced a 15 bps rise in their rate of interest for the Home Loan. This would make people think twice before applying for a loan now.

Why Apply for Vijaya Bank Home Loan on MyMoneyMantra?

With Home Loans from Vijaya Bank, you can now fulfil your dream of a perfect house for yourself. They provide facilities like low interest, an unlimited amount of loan, flexible tenure and customised schemes. With their numerous branches spread all over the country, you can visit the one nearest to you for any query or can call them up on the toll-free customer care service number anytime you are in a fix. The processing fee is also low, your loan will be processed in little time once approved and you provide all the required documents. The bank also caters to the requirements of people from all socio-economic classes of society right from the elite classes to the economically poor ones.

At MyMoneyMantra, we make your task much easier and hassle-free, thereby helping you to achieve your dream faster and most conveniently. We not only guide you to choose the scheme which is most appropriate for you keeping in mind all the pros and cons of the schemes, but also help you initiate and complete the process of application. With an efficient team, we help you collect all your required documents and deposit them to the bank, reducing your workload and saving most of your valuable time. We would also plan the most suitable service for you so that you can make the most of it with the least effort.

How to Apply for Bank of India Personal Loan on MyMoneyMantra

On MyMoneyMantra, you get a host of options to choose from. On their website, all the options are mentioned. All one needs to do is select the type of loan required and provide the necessary information. These include gender, city, income and others depending on the loan type. On doing so, various schemes from different banks and financial institutions would be displayed from which you can choose Bank of Baroda Home Loan (post merger). After this, your profile would be formed, and your loan procedure will be followed up by a relationship manager at MyMoneyMantra. They would advise you on the rest of the procedure.

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