Vijaya Bank Home Loan Interest: Loan Against Property
I am planning to approach Vijaya Bank for a home Loan. Do you know if this is a good option? What is the interest rate that they charge?
Does Vijaya Bank offer loans against property?
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Vijaya Bank Housing Loan Interest
Vijaya bank does offer housing loans for various activities such as: construction or acquisition of house or apartment, renovating your existing apartment.
The housing loan plan from Vijaya Bank also covers buying a property that is not more than 30 years old. Loans also provide for home improvement such as repairs, renovation (including cost of kitchen Cabinet, racks, wardrobes, and electrical/solar power fittings) of existing house of age 50 years and below.
The loan amount offered by Vijaya Bank ranges from Rs. 1 Lakhs to Rs. 20 Lakhs and the duration ranges from 5 to 20 years. These are subject to change so you must contact the bank for the most current information.
The interest rates ranged from 9.5% to 12% depending on the duration and the type of interest: floating or fixed.
Vijaya Bank Loan Against Property
Vijaya Bank does provide loan against property depending on the client records. Client must have good references from other bank and credit institutions. The maximum amount of loan granted was about Rs. 25 Lakhs and this was for a duration of 5 years with a interest of about 14% per annum.
What kind of properties does Vijaya Bank accept s collateral? Will they take my automobile, I have a Maruti Swift that I can pledge as security. If the value of that is Rs. 3 Lakhs, how much loan can I get for my home renovation?