Home Loans in Vijayawada

Strategically located in Andhra Pradesh, Vijayawada is a commercial, educational, political, and cultural hub. So, many are interested in buying a home and living in Vijayawada. You will get several popular banks and NBFCs offering easy home loans in Vijayawada to help you in this journey of owning a home in this vibrant city. The home loan interest rate in Vijayawada starts at 8.50% per annum for self-employed and salaried individuals. The maximum home loan repayment period offered by most of these lenders is 30 years & they charge a processing fee of up to 0.50% of the loan amount. 

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Home Loan Interest Rates in Vijayawada

The home loan rates in Vijayawada start at 8.50% per annum. Some banks and NBFCs also offer women borrowers concessions on home loan interest rates. At the same time, some also offer special subsidies to EWS of India through PMAY home loan schemes in Vijayawada. 

Have a look at the top 10 banks and NBFCs and their interest rates and processing fees for home loans in Vijayawada:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank LIC HFC 30 8.50% Up to 0.25% (Rs. 25,000 max) Enquire
bank Aavas Financiers Ltd. 25 8.50% onwards 1.00% Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Rs. 3,540 min) Enquire
bank Bank of Baroda 30 8.60% 0.50% (Rs. 8,500 min; Rs. 25,000 max) Enquire
bank PNB Housing 30 8.75% - 11.45% Up to 0.50% (Rs. 10,000 max) Enquire
bank Karur Vysya Bank 30 9.23% onwards Rs. 2,500 - Rs. 7,500 Enquire
bank Tata Capital Ltd. 30 8.95% - 12.00% Up to 0.25% (Rs. 3,540 max) Enquire
bank YES Bank 35 9.40% - 10.25% 1.5% of the loan amount or Rs. 10000, whichever is higher + GST Enquire
bank Federal Home Loan 30 10.15% - 10.30% Rs. 20,000 max Enquire
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Eligibility Criteria for Home Loans in Vijayawada

Applicants who meet the eligibility criteria set by the banks and NBFCs can easily get home loans to buy a dream home, construct one, or improve an existing home in Vijayawada. These are simple eligibility requirements in terms of age, professional experience, nationality, credit score, and minimum income of an applicant. 

The table below reveals the standard criteria for home loan eligibility in Vijayawada:

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian Indian
Professional Experience 2 years 2 years
Age

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum Rs. 10,000 per month

Minimum Rs. 10,000 per month

CIBIL Score 750+ 750+

Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.

  • Indian residents, NRIs, and PIOs can apply for home loans in Vijayawada
  • The age eligibility requirements for self-employed and salaried individuals range between 21 years - 65 years
  • The work experience expected from a salaried or a self-employed applicant applying for a home is 2 years
  • Popular banks and NBFCs prefer happily grant home loans to those with a good credit score of 750 and above

Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.

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Documents Requirement for Home Loans in Vijayawada

When considering applying for a housing loan in Vijayawada, ensure you know which documents to submit along with the processing fee cheque in favor of the lender. So, here is the list of documents for home loan in Vijayawada for salaried and self-employed borrowers:

1. For Salaried Loan Applicants

  • Common documents such as PAN card, Aadhaar Card, Voter ID Card, Driving License and Passport
  • Last 3 months' salary slips 
  • Latest Form 16
  • Last year's IT return
  • Last 3 months’ bank statements
  • Appointment letter
  • A cheque for the processing fee for the loan application
  • Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan

2. For Self-Employed Loan Applicants

  • Common documents such as  Voter ID Card, Aadhaar Card, PAN card, Driving License, and Passport
  • License of the company and the business profile
  • Latest Form 26AS
  • Last 6 months’ savings account statement 
  • ITR with computation of income for previous 3 years as proof of income
  • Last 3 years' profit and loss account statements and balance Sheets
Type of Document Required Examples of Documents that can be Submitted
Proof Of Residency Aadhaar Card, Valid Passport
Proof Of Income Bank Passbook, Bank statement, Last 3 years IT Return
Proof Of Age PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment
Proof Of Employment Certified Letter from Employee/Company Memorandum 
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Home Loan Options Available in Vijayawada

Whether it is a bank or a home loan company in Vijayawada, both financial institutions offer a wide range of housing loan schemes. Whether one wishes to buy a home or a plot, improve, extend, or renovate a home, or simply transfer the outstanding loan amount from one lender to another, these lenders will allow you to do so with their multiple housing loan offerings. 

The table below will enlighten you about the popular housing loan schemes offered in Vijayawada by top banks and non-banking financial companies:

Type of Document Required The Object of the Loan
Home Construction Loan To construct a home on an already purchased plot
Home Purchase Loan To purchase a residential property
Plot Purchase Loan To purchase land or plot, where construction will be completed within a specific time
Home Improvement Loan To renovate an existing house through services like wiring, painting, and other similar activities
Home Extension Loan To add an extra floor, room, or balcony in an already existing home
Balance Transfer Home Loan To transfer the outstanding loan amount to a new lender at a lower rate of interest
Top-Up Loan To help the borrower meet sudden personal and professional financial needs

Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.

Best Bank and NBFCs for Home Loans in Vijayawada

The most eminent banks and NBFCs in Vijayawada offer easy housing loan schemes to self-employed and salaried applicants. Here is a list of the best 5 banks and housing finance companies in  Vijayawada (partnered with BASIC Home Loan) that offer the most affordable and hassle-free home loans:

Top Banks for Home Loans in Vijayawada(BASIC Partner) Top NBFCs for Home Loans in Vijayawada (BASIC Partner)
Karur Vysya Bank LIC HFC
HDFC Bank Aditya Birla Capital
Bank of Baroda Aavas Financiers Ltd.
YES Bank PNB Housing
Axis Bank Tata Capital Ltd.

FAQs

Several banks offer easy home loans in Vijayawada, and the best ones are listed below:

  • HDFC Bank
  • YES Bank
  • Axis Bank
  • Bank of Baroda
  • Karur Vysya Bank

Eligible home loan borrowers can expect a home loan of up to 90% of the property cost in Vijayawada from the top lenders. 

A CIBIL score of 750 and above is considered ideal for getting a home loan in Vijayawada by the best banks and NBFCs. 

Yes, some banks and NBFCs offer the Pradhan Mantri Awas Yojana (PMAY) scheme, a government scheme aiming to provide affordable housing loans to EWS of the society. 

The maximum tenure to repay a home loan amount in Vijayawada is up to 30 years.