Vijaya Bank 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 |
|
| Special Offer for Women | Interest rate concession of 0.05% |
| Processing Fee | Get 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.
Vijaya Bank Home Loan Interest Rate
| Vijaya BankHome Loan Schemes | Interest Rate For Women | Interest Rate for Others |
| Vijaya BankHome Loan | 6.90% – 7.95% | 7.00% – 8.00% |
| Vijaya BankReach 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.
Vijaya Bank Home Loan Interest Rates & Offers May 2021
The table below shows the interest rate, loan term, and loan amount offered by Vijaya Bank. It’s also worth noting that the transaction fee listed here is subject to an extra 18% GST.
| Particulars | Details |
| Home Loan Interest Rate | 6.75% – 8.25% |
| Loan Amount | Customized |
| Tenure | Up to 30 Years |
| Processing Fee | 0.25%-0.50% of the loan amount
Minimum – INR 7,500 Maximum – INR 20,000 |
Vijaya Bank Home Loan Procedure
Customers can apply for a Vijaya Bank Home Loan online by simply following the steps mentioned below.
- Fill out the form with pertinent information such as the loan number, property location, tenure, and so on.
- After filling out all of the necessary information, press the ‘Proceed’ tab.
- A representative will contact you as soon as possible to process your application at the number you have given.
Vijaya Bank Home Loan Eligibility Criteria
Salaried Individual:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of Minimum 18 years to Maximum of 65 years.
- Must have working experience and a nice 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 Vijaya Bank Home Loan. This includes everybody who is a:
- Traders
- Commission agent
- Contractors
The following criteria must be met to apply for a home loan:
- The applicant’s nationality should be Indian.
- 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 Vijaya BankHome 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:
- The applicant’s nationality should be Indian.
- The applicant must be between the age group of Minimum 18 years to Maximum of 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.
For more information on home loan eligibility, click on the given link.
Vijaya Bank 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 ‘Vijaya Bank.’
- 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 ‘Vijaya Bank.’
- Copy of the Buyer Agreement or Allotment Letter
- Receipt/(s) of payment/(s) made to the developer
Agriculturists:
KYC Proof – PAN Card is a must 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 favoring ‘Vijaya Bank.’
- 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
For more information on home loan documents required, click on the given link.
Vijaya Bank Pradhan Mantri Awas Yojana Subsidy 2021
PMAY Gramin’score characteristics and advantages are as follows:
- Except for Delhi and Chandigarh, it supports housing facilities in all rural areas of India.
- The key goal of this program is to assist applicants in building a pucca home.
- By 2022, this program seeks to construct 4 crore housing for the rural poor.
- This scheme has a budget of Rs. 81,975 crore.
Compare Vijaya Bank Home Loan with Other Banks
| Bank | Vijaya Bank | SBI |
| Interest Rate | 6.75% – 8.35% | 6.70% – 7.05% |
| Processing Fees | Min ₹ 10,030; | Min ₹ 10,000; |
| Maximum Loan Amount | ₹ 7 Cr | ₹ 7 Cr |
| Maximum Tenure | 30 Years | 30 Years |
| Lowest EMI Per Lakh | ₹ 649 | ₹ 645 |
| Benchmark Rate | RLLR | RLLR |
| Minimum Age | 21 Years | 18 Years |
| Maximum Age | 65 Years | 70 Years |
| For Women | N | Y |
| Overdraft Facility |
N |
Y – SBI Maxgain |
Different Home Loan Schemes By Vijaya Bank
Vijaya Bank 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 |
Vijaya Bank 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.
Vijaya Bank 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 Self-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 |
Vijaya Bank Top Up Loans – For Vijaya Bank 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 Self-employed Individuals |
| Loan Amount | Up to 90% of the value of Property |
| Interest Rate | New Customer – 6.90% 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 |
Vijaya Bank 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 |
Vijaya Bank Home Loan Balance Transfer – For All Home Loan Borrowers
Vijaya Bank 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 |
Vijaya Bank 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 |
Vijaya Bank 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 |
Vijaya Bank 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 | 6.90% 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 |
Vijaya Bank 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 Vijaya Bank Home Loan
Vijaya Bank 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 Vijaya Bank promises no hidden costs and fees.
- Easy application with minimum documentation and paperwork.
- Provides loan approval before the selection of the property.
Vijaya Bank 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 Vijaya Bank Home Loan
- Visit Dialabank for a Home Loan.
- Go to the Vijaya Bank Home Loan page.
- Check out all the eligibility and documents criteria for a Home Loan.
- Fill out all the details required in the Vijaya Bank Home Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
Vijaya Bank Home Loan EMI Calculator
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 | ✔ |
Vijaya Bank Home Loan Customer Care
Customers can contact Vijaya Bank at the numbers mentioned below if they have any questions about their home loans.
- 18004255885 (Tollfree)
- 18004259992 (Tollfree)
Vijaya Bank Home Loan Pre Calculated EMIs
TABLE WILL APPEAR
Other Loan Products from Vijaya Bank
| Vijaya Bank Car Loan | Vijaya Bank Gold Loan | Vijaya Bank Education Loan |
| Vijaya Bank Personal Loan | ||
News
The government has announced new interest waiver laws
The Ministry of Finance issued practical guidelines for introducing the interest waiver scheme after the Supreme Court hearing. The system for granting ex-gratia payments (the difference between basic and compound interest for six months), according to the Finance Ministry, will be restricted to particular loans. According to the guidelines issued by the Department of Financial Services, borrowers up to Rs.2 crore can easily enter the interest waiver scheme between March 1 and August 31, 2020.
The probability weighting on home loans would be rationalized by the RBI
In order to draw more competition, the Reserve Bank of India agreed to rationalize risk weighting on housing loans. When the LTV is less than or equal to 80 per cent, the danger weight is 35 per cent, and when the LTV is higher than 80 per cent but less than or equal to 90 per cent, the danger weight is 50 per cent. The RBI’s decision, according to a senior Bank of India official, will boost India’s housing sector, especially retail housing.
In the third quarter of 2020, approximately 29,000 units were sold across seven major Indian cities.
Bengaluru sold 5400 houses in the third quarter. The number for the same time span in Delhi NCR was 5200 units.The Union Bank of India lowered home loan interest rates. The interest rate on home loans at Union Bank of India was recently lowered. A new annual average of 6.7 per cent has been established for salaried creditors. The current average is smaller than that of the State Bank of India’s general society mortgages (SBI).
Low-cost housing loans will be managed by a joint venture between Private Bank and IIFL Home Finance
In the affordable housing loan market, Private Bank and IIFL Home Finance have created a new alliance to offer funding to this sector (as well as for MSME loans in the form of loans against property). The financing will be handled by Private Bank, while IIFL Home Finance will handle the whole loan servicing lifecycle.
Vijaya Bank Home Loan FAQ
✅ How to repay my Vijaya Bank home loan?
There are different payment methods through which you can repay your Vijaya Bank 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 Vijaya Bank’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?
Vijaya Bank 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.
