ING Vysya Loan Against Property Interest Rate Calculator - Dec 2016

ING Vysya Bank Loan Against Property Interest Rates

Last Updated 31st Dec 1969
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Interest Rate %
Check Special Offers
Lowest EMI Rs. 0 per lakh
Max Tenure years
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 





I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry
X

ING Vysya Bank Loan Against Property

ING Vysya Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto % of the market’s value for tenure of 18 years.

Loan Against Property ING Vysya

Loan Against Property interest rates offered by ING Vysya Bank depends upon
  • Floating rates changes with a single change in ING Vysya Bank rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
ING Vysya Bank offers Property Loan based on which is currently %
ING Vysya Bank mortgage loan interest rate depends upon
  • Loan amount: ING Vysya Bank mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: ING Vysya Bank has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. ING Vysya Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. ING Vysya Bank allows prepayment of loan against property with prepayment charges

ING Vysya Loan Against Property EMI Calculator

Loan Against Property EMI of ING Vysya Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • ING Vysya Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating ING Vysya Loan Against Property EMI?
  • ING Vysya Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • ING Vysya Bank EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

ING Vysya Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria ING Vysya Bank
Eligibility of Loan Against Property in ING Vysya Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: ING Vysya Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above years for salaried and years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: ING Vysya Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. ING Vysya Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. ING Vysya Bank gives maximum LTV of % for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. ING Vysya Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. ING Vysya Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, ING Vysya Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.0 with a minimum spread of % over . Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
Estimated eligibility online by using Eligibility Calculator.

ING Vysya Bank Floating Rate Loan Against Property

ING Vysya Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to ING Vysya Bank?
ING Vysya Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of ING Vysya Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property ING Vysya documents required

Loan Against Property for Salaried employee ING Vysya Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed ING Vysya Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from ING Vysya Bank

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of of ING Vysya Bank
Date
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
29th Jan 13: 0.25% repo cut by RBI
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
26th Jul 11: 0.5% repo hike by RBI
16th Jun 11: 0.25% repo hike by RBI
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
25th Jan 11: 0.25% repo hike by RBI
02nd Nov 10: 0.25% repo hike by RBI
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI

ING Vysya Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in ING Vysya ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from ING Vysya Bank and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to ING Vysya Bank and other banks and all EMI's have been paid. Note that ING Vysya Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to ING Vysya Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will ING Vysya mortgage loan interest rate remain fixed or will it change in future?

    • Floating interest rate on ING Vysya Bank loan against property is linked to its , which is currently %. So, when ING Vysya Bank offers a loan against property at %, it applies a 0% discount to its PLR to arrive at this rate
    • In case the interest rates in the market move up by 0.50%, ING Vysya Bank may increase its PLR by 0.50% to 0.5%, thereby increasing the applicable rate for both old customers and new customers to 0.5%
    • In case the interest rates in the market trend down by 0.50%, it may do one of the following. It may choose to reduce the PLR by 0.50% from % to -0.5%, thereby reducing the applicable interest rate for both new and old customers to -0.5%. Alternatively, it may choose to keep the PLR unchanged at % and increase the discount for new customers to 0.5% instead of 0% for old customers. So, the old customers will continue to pay the old interest of % while the new customers will get loan against property at -0.5%. The decision whether to pass on the benefit on lower rates to both new and old customers or only to new customers is that of the lender and cannot be predicted in case of PLR benchmarked loans
    • It has been observed that customers often complain that applicable rate of interest on PLR benchmarked loans tends to go up in line with market rates but rarely goes down when rates go down. However, since there is no prepayment or foreclosure charge on floating rate loan against property, customers may choose to transfer the loan to a new lender and thus save interest cost. MyLoanCare has helped customers save Rs. 98556874 so far by refinancing their loans at lower rates. Base rate benchmarked loans offer a more transparent mechanism for transmission of interest rates and appear to be more favorable option for the borrowers
    • Current of ING Vysya Bank, its past trend and comparison with RBI repo rate are given here for your reference

    Are prepayment or foreclosure charges applicable on ING Vysya loan against property?

      You can prepay loan against property (LAP) without any penalty or charges in case:
    • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
    • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

    For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

    Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

ING Vysya Bank Loan Against Property in India

ING Vysya Bank Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
ING Vysya Loan Against Property News - Dec 2016
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.