Vijaya Bank

• Vijaya Bank was established in 1931. It is government owned and today has 1,512 branches and 1,528 ATMs in 28 Indian states.
• It has 12,000 employees who offer banking services to individual and business customers.
• The range of products that are available includes savings accounts, current accounts, term deposits, recurring deposits, fixed deposits, loans, overdrafts, NRI services, credit cards, and remittances.

Features

• To buy a piece of land for the purpose of constructing a house. The blueprint of the land must be authorized by a Competent Authority
• the applicant needs to be of age 18 and above and must not be above age 60 at the time of maturity.
• You can apply for a sum 30 times of Gross Monthly Income. Indian bank has fixed the cap on Land Loan based on several factors: To buy a property in Rural Locations: INR 50.00 lacs To buy a plot in Semi-urban Places: INR 1 Cr To buy land in Urban/ metro cities: INR 2 Cr to INR 3 Cr
• 25 percent of plot cost
• The customer should start constructing the house in two years from the day he/ she availed the loan. They can also start the construction from the day possession is handed over by the Government Housing Development Agency. In case of non-compliance with the above, a higher interest rate could be levied for the late period.
• Maximum EMIs allowed is 180, without any Holiday Period
• Equitable Mortgage of Property bought out of loan money. This has to be registered (Applicant should bear the expenses) if there is a provision for the same in the State where the plot is.

List of the Services Offered by Vijaya Bank