Vijaya Bank offers housing loan for the people in india at very low rates of interest with minimal documentation in speedy process, The Indian People can avail of housing loans from Vijaya Bank for the construction/acquisition of house/flat as well as for repair/renovation of the existing house/flat.
Purpose
The scheme covers financing
- For construction of a house building in the plot/site already purchased /owned
- For purchase of a plot/site and a house building thereon.
- For purchase of a new house/flat.
- For purchase of old house /flat of age of 30 years and below.
- For Repairs, Renovation (including cost of kitchen Cabinet, racks, wardrobes, electrical/solar power fittings) of existing house of age 50 years and below (HOME IMPROVEMENT LOAN).
- For extending the existing house building HOME EXTENSION LOAN.
- Short term Bridge Finance for the interim period between sales of the existing/ old house and purchase of a new house (HOME BRIDGE LOAN) to the extent of 80% of market price of the existing house or 80% of cost of the new house to be purchased whichever is less but invariably against the Security of new house.
- For taking over of the existing Housing loans availed from other Banks/Other lending Companies/Agencies
Eligibility
- Individuals with minimum age of 21 years and Maximum age of 55 years are eligible.
- The applicant/beneficiary shall have sufficient income to repay the loan along with the interest within sanctioned period.
- In case of salary income alone is considered for deciding the quantum of loan, such salaried persons should be in permanent service and not probationers: Persons nearing superannuation getting retirement benefits sufficient to cover the Loan applied can also be considered.
- Ex- Staff members family and relatives of staff members / Ex – Staff members who have independent income are also eligible.
Quantum of Loan
- Minimum loan amount – Rs. 1.00 lakh
- Maximum loan amount – Rs. 100 lakhs
Loan entitlement
- Salaried Person : Up to 60 months gross salary For Others : Up to 60 times of Monthly average income (Monthly average of past 24 months)
Margin
- 20% of the cost in general. The cost shall include Land cost, Stamp duty, Registration charges, Fixtures like Ward Robes, Pelmets, Dressing Mirror, Kitchen cabinets / racks, Geysers etc.
Repayment
1) For Salaried Persons:
A maximum repayment period of 20 years or up-to the date of superannuation (including a moratorium /repayment holiday of maximum of 18 months for construction of houses and 6 months for repair of houses) whichever is earlier may be allowed. In case of outright purchases of ready built house/flat, no repayment holiday shall be granted.
2) For others (Other than Salaried class)
Same guidelines as applicable to Salaried class subject to maximum repayment period of 20 years or 65 years of age of the applicant whichever is earlier (inclusive of maximum repayment holiday of 18 months in case of loans for construction and 6 months for repairs to existing houses).18 months: generally in equated Monthly Instalments (EMI).
Flexible / Variable EMIs may also be fixed
- In cases of availability of higher liquid collateral securities like FDs, SV of LICs, NSCs / KVPs, EMI will be fixed by reducing total value of such securities from the total loan amount sanctioned.
- In case of considerable increase in salary/ income if any in future, the EMI may be re-calculated if the borrower so requests.
Security: The branches shall obtain the security of the site and building / flat constructed / to be constructed / to be purchased for which the finance is being extended, subject to satisfactory valuation and applicants clear marketable title / free from encumbrance the property.
Guarantor: The guarantee from spouse / major children to be insisted. If the property is in joint names, the co-owner should be taken as co-applicant. If the income of the spouse is reckoned for computation of loan amount and repayment, the spouse to join as co-applicant.
IncentivesL As an incentive a personal loan (V Cash) equivalent to 12 months EMIs repayable in 36 months will be extended against the continuing security of House property already mortgaged to the Bank, in cases of track record of prompt repayment of 12 EMIs.
