Vijaya Bank Loan Against Property Interest Rate Calculator - Feb 2017

Vijaya Bank Loan Against Property Interest Rates

Last Updated 28th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
Interest Rate 11.90% - 11.90%
Check Special Offers
Lowest EMI Rs. 1,429 per lakh
Max Tenure 10 years
Processing Fee Upto 0.55%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Loan Against Property Online @9.50%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Vijaya Bank Loan Against Property

Vijaya 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 70% of the market’s value for tenure of 18 years.

Loan Against Property Vijaya Bank

Loan Against Property interest rates offered by Vijaya Bank depends upon MCLR
  • Floating rates changes with a single change in Vijaya Bank MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Vijaya Bank offers Property Loan based on 1 Year MCLR which is currently 8.65%
Vijaya Bank mortgage loan interest rate depends upon
  • Loan amount: Vijaya 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: Vijaya 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. Vijaya 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. Vijaya Bank allows prepayment of loan against property with Nil prepayment charges
Processing Fee - Vijaya Bank asks for a processing fee of 0.55% of loan amount with applicable service tax

Vijaya Bank Loan Against Property EMI Calculator

Loan Against Property EMI of Vijaya Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • Vijaya 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 Vijaya Bank Loan Against Property EMI?
  • Vijaya Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Vijaya 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

Vijaya Bank Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Vijaya Bank
Eligibility of Loan Against Property in Vijaya 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: Vijaya Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 65 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Vijaya Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Vijaya 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. Vijaya Bank gives maximum LTV of 70% 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. Vijaya 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. Vijaya 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, Vijaya Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.50,000,000 with a minimum spread of % over 1 Year MCLR. 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.
Popular Products:
  • V Mortgage
  • Residential Loan Against Property
  • Property Mortgage Loan for Commercial Use

Vijaya Bank Floating Rate Loan Against Property

Vijaya Bank Loan Against Property Floating
Upto Rs. 2,500,000 - 11.90%
Rs. 2,500,001 - 7,500,000 - 11.90%
Rs. 7,500,001 - 15,000,000 - 11.90%
Above Rs. 15,000,000 - 11.90% linked to 1 Year MCLR

Vijaya Bank Loan Against Property Top up, Transfer

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

Loan Against Property Vijaya Bank documents required

Loan Against Property for Salaried employee Vijaya 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 Vijaya 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 Vijaya 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 MCLR of Vijaya Bank
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
08th Oct 15 9.65% decreased by 0.2%
29th Sep 15: 0.5% repo cut by RBI
04th Sep 15 9.85% decreased by 0.15%
02nd Jun 15: 0.25% repo cut by RBI
01st Jun 15 10.00% increased by 1.75%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
07th Apr 14 10.25%
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
05th Feb 13 10.20% decreased by 0.05%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.45% increased by 0.25%
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
01st Aug 11 10.65% increased by 0.2%
26th Jul 11: 0.5% repo hike by RBI
01st Jul 11 10.25% decreased by 0.4%
16th Jun 11: 0.25% repo hike by RBI
06th May 11 10.00% decreased by 0.25%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
01st Feb 11 9.50% decreased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
14th Dec 10 9.00% decreased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.50% decreased by 0.5%
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
01st Jul 10 8.25% decreased by 0.25%

Vijaya Bank MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in Vijaya Bank ?

  • 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 Vijaya 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 Vijaya Bank and other banks and all EMI's have been paid. Note that Vijaya Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Vijaya 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 Vijaya Bank mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on Vijaya Bank property loan is linked to its 1 Year MCLR, which is currently 8.65%. So, when Vijaya Bank offers a loan against property at 11.90%, it applies a 3.25% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Vijaya Bank, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on Vijaya Bank 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 in case you need any assistance or clarification on this subject.

Vijaya Bank Loan Against Property in India

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

City Customer Care Number
Agra 1800-425-4066
Ahmedabad 1800-425-4066
Ambala 1800-425-4066
Anand 1800-425-4066
Aurangabad 1800-425-4066
Bangalore 1800-425-4066
Bhilai 1800-425-4066
Bhilwara 1800-425-4066
Bhiwadi 1800-425-4066
Bhopal 1800-425-4066
Bhubaneswar Cuttack 1800-425-4066
Bikaner 1800-425-4066
Chandigarh 1800-425-4066
Chennai 1800-425-4066
Cochin 1800-425-4066
Coimbatore 1800-425-4066
Dehradun 1800-425-4066
Delhi 1800-425-4066
Durg 1800-425-4066
Faridabad 1800-425-4066
Gandhinagar 1800-425-4066
Ghaziabad 1800-425-4066
Goa 1800-425-4066
Greater Noida 1800-425-4066
Gurgaon 1800-425-4066
Guwahati 1800-425-4066
Gwalior 1800-425-4066
Hyderabad 1800-425-4066
Indore 1800-425-4066
Jabalpur 1800-425-4066
Jaipur 1800-425-4066
Jalandhar 1800-425-4066
Jodhpur 1800-425-4066
Kanpur 1800-425-4066
Karnal 1800-425-4066
Kolhapur 1800-425-4066
Kolkata 1800-425-4066
Kota 1800-425-4066
Kozhikode 1800-425-4066
Lucknow 1800-425-4066
Ludhiana 1800-425-4066
Madurai 1800-425-4066
Meerut 1800-425-4066
Mehsana 1800-425-4066
Mohali Sas Nagar 1800-425-4066
Mumbai 1800-425-4066
Mussoorie 1800-425-4066
Nagpur 1800-425-4066
Nashik 1800-425-4066
Noida 1800-425-4066
Noida Extn. 1800-425-4066
Panipat 1800-425-4066
Patna 1800-425-4066
Pondicherry 1800-425-4066
Pune 1800-425-4066
Raipur 1800-425-4066
Rajkot 1800-425-4066
Ranchi 1800-425-4066
Rohtak 1800-425-4066
Roorkee 1800-425-4066
Salem 1800-425-4066
Shimla 1800-425-4066
Sonepat 1800-425-4066
Surat 1800-425-4066
Trichy 1800-425-4066
Udaipur 1800-425-4066
Vadodara 1800-425-4066
Varanasi 1800-425-4066
Vijaywada 1800-425-4066
Vizag 1800-425-4066
Vijaya Bank Loan Against Property News - Feb 2017
28th Feb 17 Residential realty to witness weak sales whereas retail and commercial segment to record stable growth in 2017
Analysts at Care Ratings have opined that residential real estate sector sales of new house units is likely to slowdown in 2017 as the home buyers are deferring new home purchases and are expecting a further cut in interest rates from RBI. However, the experts have still maintained a stable outlook on commercial and retail segment of the realty sector and believe that these segments will be able to grow at reasonable rates.
27th Feb 17 Piramal ties up with CDPQ for realty investments in five major Indian cities
Piramal Enterprises have entered into strategic partnership with Ivanhoe Cambridge, subsidiary of CDPQ, to provide equity capital to residential developers across five major Indian cities. The funds will be invested in select developers with demonstrated execution track record, focus corporate governance and ability to generate strong returns. The investment fund is likely to be focused on the real estate projects in Mumbai, Delhi NCR, Bengaluru, Chennai and Pune.
25th Feb 17 Real estate sentiment index recorded worst score in third quarter of FY17
Real Estate Sentiment Index has dropped below 50 points during the third quarter of FY17, marking it the worst quarter during last three financial years. The real estate sentiment index, based on a survey of stakeholders including developers, banks and NBFCs and private equity firms, fell to 41 points during the quarter from 58 points, a year ago.
22nd Feb 17 Housing sales and launches dips by 31 and 40 percent in third quarter of FY17
A report by NDTV Profit has highlighted a fall in housing sales and launch of new housing units by 31 and 40 percent respectively during the third quarter of FY17 in eight major realty centres. The sale of new houses dropped to 26,718 units during third quarter as compared to 38,450 units for the corresponding period a year ago. Similarly, the launch of new home units dropped to 16,636 units in December, 2016 as compared to 27,696 units a year ago.
17th Feb 17 PNB Housing Finance launches EMI step up plan for self employed loan borrowers
PNB Housing Finance has launched a new EMI scheme called EMI Step up Plan for self employed loan borrowers across home loan and loan against property segment. Under the scheme, borrowers who have taken loan of Rs. 50 lakh and above can opt to pay a lower EMI initially and can gradually increase the EMI to match an increase in their income. This is expected to ease the loan burden on borrowers in the initial years of their career.
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