Lakshmi Vilas Home Loan EMI Calculator

Lakshmi Vilas Home Loan - Lowest EMI is Rs. 955 per lakh

Last Updated 28th Feb 2017
  • Get monthly EMI as low as Rs. 955 per lakh with Lakshmi Vilas Bank now offering home loans with loan tenure upto 20 years.
  • Lowest home loan interest rate currently offered by Lakshmi Vilas Bank is 9.85%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,065 for a 15 year loan and Rs. 955 for a 20 year loan. Check the EMI for other tenures using the Lakshmi Vilas Bank home loan EMI calculator on this page.

Home Loan EMI Calculator Lakshmi Vilas Bank

Lakshmi Vilas Bank Home Loan EMI Calculator
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Lakshmi Vilas Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Lakshmi Vilas Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Lakshmi Vilas Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 955 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Lakshmi Vilas Bank on Home Loan is 9.85%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 26,63623,87821,663
    5,000,000 53,27247,75543,325
    7,500,000 79,90971,63364,988
    10,000,000 106,54595,51086,651
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Lakshmi Vilas Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Lakshmi Vilas Bank Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000
r = Rate of interest per month. Current rate is 9.85%, which is linked to Lakshmi Vilas 1 Year MCLR, which is currently 9.75%. Last revised on 09th Feb 17
n = tenure in month. For Lakshmi Vilas Bank, this can be 360 months

Will the Lakshmi Vilas home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Lakshmi Vilas Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Lakshmi Vilas Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Lakshmi Vilas Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Lakshmi Vilas Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
Lakshmi Vilas Home Loan EMI Calculator News - Feb 2017
28th Feb 17 Amansa sells its 2.56 percent stake in Cholamandalam for Rs. 388 crore
Foreign fund Amansa Holdings has offloaded its 2.56 percent stake in financial arm of Murugappa Group, Cholamandalam Investment and Finance Company for Rs. 388 crore via open market transaction. Cholamandalam is an investment firm that primarily deals in home loans, home equity loans and SME loans.
27th Feb 17 Private Equity Firm True North plans to buy major stake in Home First Finance Company for Rs. 600 crore
Private equity firm, True North is likely to buy a major stake in a mortgage firm Home First Finance Company (HFFC) for Rs. 600 crore. True North is expected to invest half of the amount in the company and remaining funds will be paid to the existing shareholders of the company. HFFC primarily deals in providing affordable home loans to low and middle income customers who are first time home buyers.
25th Feb 17 SEBI eases norms for Debt Mutual Funds to invest in Indian Housing Finance Companies
Securities Exchange Board of India has eased the norms for Debt Mutual Funds for investing in Indian HFCs. Debt Mutual Funds can now invest up to 15 percent of their total net assets in housing finance companies as compared to 10 percent earlier. The norms have been relaxed with a view to attract more funds for affordable housing activities. As a result, shares of housing finance companies rose by 4 percent on 23rd February, 2017.
21st Feb 17 Kissandhan loan facilities extended to Asia’s largest grain mandi in Narela
Kissandhan Agri Financial Services Pvt. Ltd, NBFC regulated by RBI has announced the launch of its loan products to the farmers of largest grain mandi of India in Narela, Delhi. The NBFC is currently offering loans in Haryana, Maharashtra, Madhya Pradesh, Rajasthan, Delhi, Uttar Pradesh and Uttrakhand and plans to expand to the states of West Bengal and Bihar. The company has disbursed cumulative loans of Rs. 772 crore to farmers across India, since its inception in April, 2014.
18th Feb 17 ESAF Microfinance to launch small finance bank operations
ESAF Microfinance and Investment Pvt. Ltd plans to launch its small finance bank on 11th March, 2017 in Kerala by running a pilot at five branches. The bank intends to initiate its banking operations from 18th March, 2017 and expects to open 70 branches over the next three months. The bank has a target to garner 20 percent of its loan portfolio from MSME borrowers with the rest 10 and 70 percent from home loan and microfinance respectively.
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