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Lakshmi Vilas Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Lakshmi Vilas Bank 2021

Last Updated 16th Nov 2021

Eligibility CriteriaLakshmi Vilas Bank Home Loan
Eligible Age of Borrower21 - 65 years
Home Loan Eligibility Calculator

What is Lakshmi Vilas Home Loan Eligibility?

Lakshmi Vilas offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Lakshmi Vilas home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Lakshmi Vilas home loan using the Lakshmi Vilas home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Lakshmi Vilas?

Lakshmi Vilas Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Lakshmi Vilas Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Lakshmi Vilas Bank home loan age limit to get a Lakshmi Vilas Bank home loan is 21 years at the time of loan commencement and maximum age limit is 65 years. Lakshmi Vilas Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 65 of tenure.

Lakshmi Vilas Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Lakshmi Vilas Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Lakshmi Vilas Bank, the loan amount that you will be eligible for would be ₹ 30,76,700 to ₹ 34,38,316 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 61,53,399 to ₹ 68,76,632 for the same property at the same rate depending on your age at the time of loan application. However, Lakshmi Vilas Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years34.38 Lakh51.57 Lakh68.77 Lakh
30 years34.38 Lakh51.57 Lakh68.77 Lakh
35 years34.38 Lakh51.57 Lakh68.77 Lakh
40 years34.38 Lakh51.57 Lakh68.77 Lakh
45 years34.38 Lakh51.57 Lakh68.77 Lakh
50 years30.77 Lakh46.15 Lakh61.53 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Lakshmi Vilas Bank home loan eligibility.

  • Nature of employment: Lakshmi Vilas Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Lakshmi Vilas Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Lakshmi Vilas Bank based on Value of Property

  • Value of property: Lakshmi Vilas Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Lakshmi Vilas Bank's legal team.

The housing loan eligibility calculator of Lakshmi Vilas Bank can be a useful tool to assess your eligibility for the loan.

Lakshmi Vilas Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Lakshmi Vilas Bank to determine your home loan eligibility. Lakshmi Vilas Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Lakshmi Vilas Bank home loan is 0.65. Calculate your eligibility with the Lakshmi Vilas Bank home loan calculator and apply for the eligible loan amount hassle-free.

Lakshmi Vilas Bank Home Loan Eligibility for Women

Lakshmi Vilas Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Lakshmi Vilas Home Loan

Lakshmi Vilas considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Lakshmi Vilas. However, a low CIBIL score reduces your chances to get a home loan. Lakshmi Vilas requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Lakshmi Vilas Home Loan Eligibility?

You can enhance the Lakshmi Vilas home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Lakshmi Vilas’s Home Loan Eligibility Calculator?

To check Lakshmi Vilas Bank home loan eligibility perform the following steps:-

  • Go to the Lakshmi Vilas Bank website
  • Now navigate to the option Lakshmi Vilas Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get Lakshmi Vilas Bank home loan?

The basic criteria to get a home loan from Lakshmi Vilas Bank are as following:

Age21 - 65 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Lakshmi Vilas Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Lakshmi Vilas Bank?

The minimum salary required to avail home loan from Lakshmi Vilas Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Lakshmi Vilas Bank.

Is Lakshmi Vilas Bank good for home loan?

The lowest interest rate provided by Lakshmi Vilas Bank is 9.70% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Lakshmi Vilas Home Loan News - Nov 2021
  • 2020-07-30 : Lakshmi Vilas Bank reported a net loss of Rs 112 crore
    Lakshmi Vilas Bank reported a net loss of Rs 112 crore for the June quarter. The Bank reported total income backed by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans of Rs.538.83 crores during the period ended June 30, 2020, as compared to Rs.629.75 crores during the period ended March 31, 2020.
  • 2020-02-18 : Lakshmi Vilas Bank reported a Q3 net loss of Rs. 334.47 crores
    Lakshmi Vilas Bank posted a net loss of Rs. 334.47 crores for the October- December quarter. The total income of the bank is Rs. 585.76 crores, which was Rs. 762.47 crores in the same period a year ago. The bank is now expected to increase retail loans like personal and home loans and business loans to avert the current slump and earn a profit.
  • 2020-01-02 : Lakshmi Vilas Bank revised its MCLR by 5bps
    Lakshmi Vilas Bank revised its MCLR on January 1, 2020. One-year MCLR stands at 10.60% which was earlier set at 10.55%. One month, 3 months and 6-month MCLR is reduced to 10.25%, 10.30%, and 10.40%, respectively. For an overnight period, MCLR stands at 10.20%. The rate changes will impact the home loans and loan against property.
  • 2019-08-01 : Lakshmi Vilas Bank loans to become cheaper by 5 basis points from today
    Lakshmi Vilas Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 9.95% as against 10.00% earlier. For one-month and three months, the rate has been revised to 9.75% and 9.80% respectively, which is also down by 5 basis points from earlier rates. The rates are effective from August 1, 2019.
  • 2019-06-21 : CCI approves the merger of Indiabulls Housing Finance with Lakshmi Vilas Bank
    The Competition Commission of India (CCI) has approved the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank. After the merger, both the companies are aiming for a more extensive capital base, wider geographical reach, and steady growth across their retail loan book, which currently stands at Rs. 1.23 lakh crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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