Housing Loan

Purpose

  • Purchase/Construction of House/Flat.
  • Renovation/Improvement of House/Flat.
  • Takeover of housing loans from other Banks/Financial Institutions.
  • Purchase of Site/Plot and Construction of House there on.
  • Acquiring second house or flat where the borrower is already having a house or flat.

Eligibility

  • Individuals aged between 21 years and 65 years.
  • Maximum age – 75 years i.e. age by which the loan to be fully repaid.

Maximum Loan Amount

  • No Limit

Assessment of Finance

  • Upto 75 months’ average gross income of the applicant subject to take home income and minimum margin requirements
  • Applicant can add income of spouse/children, expected rent, depreciation and income from other sources to enhance loan eligibility.

Security

  • Mortgage of house/flat constructed/purchased out of our finance.

Margin

Loan amount

Margin on capital cost (%)

Up to Rs.30.00 Lakhs

10%

Above Rs.30.00 Lakhs and up to & inclusive of Rs.75.00 Lakhs

20%

Above Rs.75.00 Lakhs

25%

Rate of interest

Click Here for Rate of Interest

Repayment period

  • Maximum of 30 years or by the time the borrower attains the age of 75 years, whichever is earlier.
  • Repayment Holiday – Generally 18 months, but flats under construction by  reputed builders/corporate builder max. 36 months.

        Processing charges:  Waived upto 31.03.2017

     Inspection charges:  Waived upto 31.03.2017

  • Documents Required:
  • Application form with two photographs of applicant,Co-applicant & guarantor needs to be submitted.
  • Latest IT returns for 2 years with salary slip for the last 3 months of the applicant/Co-applicant/Guarantor in case of salaried person Computation sheet/P &L Statement/balance Sheet,past two years duly certified by the CA/Income tax assessment order/IT returns in case of Professionals/Self employed/Business person(for 3 years,if IT assessed).
  • Latest Salary certificate and Form no.16 of the applicant/co-applicant/guarantor needs to be submitted
  • Income certificate issued by Revenue Authorities in case  the applicant is an agriculturist.
  • All the Land records and documents in original and two sets of copies
  • License for construction/renovation of House/Flat
  • Approved plan/Blue Print for the proposed construction or extension
  • Allotment letter of  Co-operative Housing Society/Apartment Owners' Association/Housing Board/NOC from the Society/Association/Builders/Housing Board.

Bank offers following benefits with home loan availed by you:

  • Free Classic Credit Card to all home loan borrowers(first borrower)with sanctioned  limit of Rs.10/- lacs and above.
  • 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/- lacs and above.For loan details click on V-Combo Loan
  • Vijaya Top Up Loan-to all home loan borrowers with loan limit of Rs.10/- lacs and above. For loan details click on Vijaya Top Up Loan
  • Vijaya Mangala -Loan facility to wife of home loan borrower,to the maximum of 3.00 lacs.OR 10% of Home loan sanctioned which ever is lower. For loan details click on Vijaya Mangala
  • Vijay Home loan Plus-OD facility to all home loan borrowers with loan limit of Rs.5/- lacs and above. For loan details click on Home Loan Plus

 
For furthur details,please contact Vijaya Bank  Branch nearest to you.
 

 

 

 

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