Vijaya Bank is a public sector bank that offers a number of banking products to the customers. And, to support the housing fund it provides home loans at an attractive rate of interest. The bank offers home loan to the customer with a flexible payment duration up to 30 years. You can borrow your desired loan amount for construction, purchase, renovation and extension of your house. Vijaya Bank home loan interest rate based on the bank Marginal Cost Of Fund Based Lending Rate (MCLR). To know the current interest rate of Vijaya Bank home loans read the given article.
How Vijaya Bank home loan interest rate is determined?
The bank charges the interest rate on the borrowed loan amount depending on the customer’s credit capacity. And, the bank estimates the credit capacity of the user by checking their credit report. If the user has a bad payment record then a high interest rate would be charged on the loan amount. Otherwise, if your credit score is good and you meet all the eligibility criteria then you can negotiate with the bank for a lower Vijaya Bank home loan interest rate.
Customers get an option of two types of Vijaya Bank home loan interest rates fixed and flexible. You can get benefit on both the interest rate as they depend on the bank MCLR. And customers can choose a suitable type of interest rate according to their payment compatibility. Because, If you choose a flexible home loan interest rate then your interest rate will be changed annually and you may get the benefit of lower EMIs. On the other hand, a fixed home loan interest rate will remain the same during the loan repayment tenure.
Use Vijaya Bank home loan EMI calculator to compute the loan interest rate
With the help of an online calculator device, users can determine the loan installment of their borrowed amount. To use Vijaya Bank home loan EMI calculator you just need to enter your loan details. The details that you need to insert inside the calculator is the borrowed amount, interest rate and the number of installments. Because the Vijaya Bank home loan EMI calculator generates the installment using the mathematical formula [P x R x (1+R)^N]/[(1+R)^N-1].
To understand the working of EMI calculator suppose you borrow a loan amount of INR 50 lakh for home construction at an interest rate of 9.55% on a 30 years tenure. Then to estimate the equated monthly installment (EMI) insert the details inside the Vijaya bank home loan EMI calculator. It will generate approx. EMI of the mentioned amount that would be INR 42,225.
Get home loan from Vijaya Bank and finance your house
You can apply for the Vijaya bank home loan by going to the nearest bank branch or through online banking services. Vijaya Bank home loan interest rate ranges from 8.40% to 9.40% and changes annually depending on the bank base rate. You can pay the borrowed loan amount in EMIs and estimate it using Vijaya Bank home loan EMI calculator. So, finance your property with Vijaya Bank home loans that come at an attractive rate and with a longer repayment tenure. You just have to pay a minimal processing fee for the home loan that is 0.50% of the borrowed amount. And, Vijaya Bank doesn’t charge further any hidden charges after the home loan sanction.