LOANS & ADVANCES --> RETAIL LENDING SCHEME --> vijaya
home loan
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| Vijaya Home Loan |
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Purpose |
Rate of
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Eligibility |
Quantum of Loan |
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Repayment |
Loan entitlement |
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Security |
Margin |
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Guarantor |
Incentives |
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Processing Charges |
Pre - payment Charges |
Inspection Charges
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Download Forms -
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Fair
Practice Code On Lenders'Liability |
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| Individuals can avail of housing loans
for the construction/acquisition of house/flat as well as for repair/renovation of the existing
house/flat. |
| [this page is last updated on 01.12.2006] |
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Purpose
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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
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Eligibility
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- All individuals of 18 years and above age 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.
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Quantum of Loan
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Minimum loan amount is Rs. 1.00 lakh
Maximum – Any amount - on need based as per the cost less stipulated margin subject to loan
entitlement.
In case of Repairs/Renovation - maximum is Rs. 10 Lakhs
Housing loan of less than Rs. 1 lakhs can also be considered under Swarna Jayanti / Golden
Hublee Scheme in rural / Semi - Urban places. |
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Loan entitlement
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Salaried Person : Up to 60 month’s gross salary For Others : Up to 60 times of
Monthly average income (Monthly average of past 24 months) |
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Margin
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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. |
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Repayment
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Up to 20 years including repayment holiday of 6 to 18 months: generally in
equated Monthly Instalments (EMI).
The maximum repayment period should not exceed 20 years or the borrower reaching
70 years of age whichever is earlier
Flexible / Variable EMI’s may also be fixed
- In cases of availability of higher liquid collateral securities like FD’s, SV of LIC’s, NSC’s /
KVP’s, 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.
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Security
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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 applicant’s clear marketable title / free from encumbrance the
property. |
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Guarantor
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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. |
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Incentives
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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. |
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Processing Charges
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- Upto Rs. 2
lakhs --->
Rs. 112/-
- Above Rs. 2 lakhs to Rs. 1
Crore ---> Rs. 112./- per lakhs or
part thereof
- Above Rs. 1
Crore --->
Rs 11,224 for Rs. 1 Crore plus Rs. 140/- per Rs. 1 Lakhs or part thereof
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Pre-payment Charges
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Penalty of 1% of the amount for pre-closure switchover to other bank within 5
years of availing the loan is levied on the balance outstanding
Prepayment /Pre –Closure Charges:
Housing loans- Prepayment /Pre –Closure/Switch over to other Bank
within 5 years of availing the loan :
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Types of service /Details
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Individuals / Non-Corporates
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Corporates
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Special Category People (Pensioners, Senior Citizens and Individuals
in rural areas)
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Prepayment/ Pre-closure Charges/ Penalty
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@ 1% on the amount pe-paid or balance outstanding, whichever is
applicable
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@ 1.10% on the amount pe-paid or balance outstanding, whichever
is applicable
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@ 0.90% on the amount pe-paid or balance outstanding, whichever
is applicable
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Inspection Charges (p.a)
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For upto Rs. 10
lakhs
---> Rs. 500/-
for above Rs.10 lakhs
---> Rs. 1000/-
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