| Vijaya Home Loan |
| 1 |
Purpose |
Construction of house/flat
Purchase of residential house/flat
Expansion of pre-owned residential building
Repairs, renovation & improvement of existing residential building
Purchase of site and construction of house thereon.
Takeover of housing loan from other banks/financial institutions.
Loan for reimbursement of purchase price of recently purchased house/flat i.e within 3 months from the date of registration of flat/house. |
| 2 |
Eligibility |
Individuals aged between 21 years and 65 years.
(Exit age – 75 years i.e. age by which the loan to be fully repaid) |
| 3 |
Nature of facility |
Term Loan |
| 4 |
Quantum of Loan minimum/maximum |
Minimum: Rs.1.00 lakh
Maximum: New construction/purchase: No limit (based on eligible assessment) |
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For repairs & renovation : Rs.20.00 lakhs |
| 5 |
Assessment of eligible loan amount |
1) 75 months of gross monthly income
2) Maintenance of minimum LTV ratio as per item 6 (margin) below
3) Applied limit |
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Eligible loan amount shall be the least of the above 3 subject to take home income as below: |
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Annual income |
Minimum take home stipulation |
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Up to Rs.10 lakhs |
30% |
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Above Rs.10 lakhs & upto Rs.50 Lakhs |
20% |
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Above Rs.50 Lakhs |
10% |
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Income of spouse/children, expected rent, depreciation and income from agriculture can also be considered to work out the eligibility subject to condition. |
| 6 |
Margin |
Upto and inclusive of Rs.30.00 lakhs |
10% |
| Above Rs.30 lakhs upto and inclusive of Rs.75 lakhs |
20% |
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Above Rs.75.00 lakhs |
25% |
| 7 |
Rate of interest |
Click here
* Applicable upto 31.01.2018. Switchover cases from Base Rate/BPLR to MCLR are not eligible for concession under Festival Bonanza Scheme.
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| 8 |
Guarantor |
Spouse of the applicant. In case spouse is not alive or legally separated (divorced), no other personal guarantee is required. |
| 9 |
Security |
Mortgage charge on the residential land and residential house to be purchased /already constructed or to be constructed thereon. |
| 10 |
Processing fees/other charges |
Processing charges: 0.50 % of the amount sanctioned with minimum of Rs.1000/- + GST and Maximum of Rs.20000/- + GST
(*Under Festival Bonanza Scheme- 100% waiver on processing Charges & Documentation charges during the campaign period) |
| ONE TIME INSPECTION CHARGES ON |
| Up to Rs.10 lakh |
Rs.2000+ GST |
| Above Rs 10 lakh |
Rs.4000+ GST |
| 11 |
Repayment |
Maximum of 30 years or by the time the borrower attains the age of 75 years, whichever is earlier.
Repayment Holiday: Maximum of 36 months.
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| 12 |
Application with checklist |
Click Here for Application Form |
| 13 |
Add ons |
Housing loan customer is eligible for following add-ons subject to terms and conditions: |
| 1. Bank offers Free Classic Credit Card to all home loan borrowers (first borrower) with sanctioned limit of Rs.10.00 lakhs and above. |
| 2. Vijaya Combo loan-Concession of 0.15% in rate of interest for car loans to all home loan borrowers with loan limit of Rs.10.00 lakhs and above.Click Here |
| 3. 0.25% interest concession on Jewel Loans (non-agriculture) availed by Home Loan customers. |
| 4. Vijaya Mangala (Term Loan for Wife of the Borrower/Female Borrower) |
| 5. Vijaya Top up loan (Term Loan) |
| 6. Vijaya Home loan plus (Overdraft) |
| 14 |
Home Loans for Agricultarists and Elite Class |
1. V- Elite Home Loan ( Housing loan to young generation salaried class) |
| 2.Vijaya Kisan Home loan (Housing Loan to Agriculturists) |
| 15 |
Home loan for Third dwelling unit |
Home loan for 3rd Dwelling Unit onwards will be sanctioned @ 1% additional interest than the prevailing home loan interest rate. |
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| Click Here for more details for Home Loan for 3rd dwelling unit |