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Lakshmi Vilas Home Loan EMI Calculator

Lakshmi Vilas Home Loan Calculator

Last Updated 12th Feb 2021

  • Lakshmi Vilas Bank home loan EMI per ₹ 1 Lakh is ₹ 945, which is one of the lowest EMI offered by banks.
  • Housing loan EMI in Lakshmi Vilas Bank is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for Lakshmi Vilas Bank home loan before applying. For this you can use, home loan emi calculator Lakshmi Vilas Bank. Check Best Offers
  • Check Lakshmi Vilas Bank home loan EMI for different tenures at current Lakshmi Vilas Bank home loan interest rate of 9.70%
  • Loan Amount10 Year Loan15 Year loan20 Year loan
    ₹ 20 Lakh₹ 26,099₹ 21,127₹ 18,905
    ₹ 30 Lakh₹ 39,149₹ 31,690₹ 28,357
    ₹ 50 Lakh₹ 65,248₹ 52,816₹ 47,262
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Lakshmi Vilas Home Loan EMI Calculator Online

When you take a home loan from Lakshmi Vilas Bank you have to pay an Equal Monthly Installment (EMI) against the borrowed loan amount, to repay the loan and the interest to the bank. Every month, the EMI is due on a fixed day of the month till your loan is fully paid back.

To calculate your Lakshmi Vilas Bank housing loan EMI you can use a home loan calculator Lakshmi Vilas Bank online to check how much you will have to pay every month. The Lakshmi Vilas Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm to give accurate results based on loan requirements that you enter, such as loan amount, tenure and rate. You can easily calculate EMI online and get reliable results without any hassle.

Lakshmi Vilas Bank Housing Loan EMI Calculator at Different Tenures

Lakshmi Vilas Bank home loan EMI for different Loan amounts and tenures @ 9.70% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 26,408 ₹ 23,631 ₹ 21,387
₹ 50 Lakh ₹ 52,816 ₹ 47,262 ₹ 42,774
₹ 75 Lakh ₹ 79,225 ₹ 70,892 ₹ 64,161
₹ 1 Cr ₹ 1.06 Lakh₹ 94,523 ₹ 85,548
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest as offered by Lakshmi Vilas Bank, EMI differs by loan tenure at 15, 20 and 30. Your EMI is higher when you take a loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30years.
  • Your EMI consists of both interest payment and principal repayment. Though the Lakshmi Vilas Bank home loan EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.You can check this based on your requirement using Lakshmi Vilas Bank housing loan emi calculator.

How can Lakshmi Vilas Bank Home Loan EMI Calculator be Beneficial?

  • Lakshmi Vilas Bank Home Loan EMI calculator is a quick and straightforward solution to pre-plan and balance your inflow and outflow of money so that you don’t run short of money at any point of time. It is an online device to compute the home loan EMI payments.
  • Emi calculator home loan Lakshmi Vilas Bank is easily accessible and can be availed without bearing any cost. It is user friendly and calculates the EMIs in a matter of seconds and thus helps in saving time.
  • As the Lakshmi Vilas Bank home loan generally involves a long tenure and high amount you need to be extra cautious in the selection of home loan. The Lakshmi Vilas Bank emi calculator provides you with an option to change the various factors of the home loan like tenure, rate of interest and loan amount.
  • The accuracy of the home loan calculator is 100%, and it can also be helpful in computing the interest amount and EMIs in case of Lakshmi Vilas Bank home loan prepayment.

Factors Affecting Lakshmi Vilas Bank Home Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Lakshmi Vilas Bank. If you apply for a higher loan amount, your EMI will be high. Lakshmi Vilas Bank gives a minimum home loan of ₹ 15,00,000 upto an amount of ₹ 5,00,00,000.
  • Interest rate - Interest rates is the rate charged by Lakshmi Vilas Bank on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. Lakshmi Vilas Bank current home loan interest rate starts at 9.70%. Do a complete market research and compare rates and calculate EMI online using Lakshmi Vilas home loan calculator before you apply for a home loan.
  • Loan tenure – This is the period in which you can repay your home loan in Lakshmi Vilas Bank. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, Lakshmi Vilas Bank offers house loans for a maximum tenure of 30 years.

Lakshmi Vilas Home Loan EMI Calculator Formula

Lakshmi Vilas Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Lakshmi Vilas Bank Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Lakshmi Vilas Bank home loan amount can range from ₹ 15,00,000 to ₹ 5,00,00,000
  • r = Rate of interest per month. Current Lakshmi Vilas Bank housing loan rate 9.70%.
  • n = tenure in month. For Lakshmi Vilas Bank, maximum home loan tenure is 360 months

Tips to Decide the Right Amount of Lakshmi Vilas Bank Home Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Lakshmi Vilas Bank for a loan, you are aware of the loan amount you need to borrow. House loan is a long term loan, and hence it is advisable to minimise your loan amount to the extent possible.
  • Review your current obligations: Before taking a home loan from Lakshmi Vilas Bank it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably.
  • Calculate your Lakshmi Vilas Bank home loan eligibility: Your home loan eligibilityis a function of the value of the property and assessment of your repayment capacity based on your monthly income. Lakshmi Vilas Bank provides a LTV upto 80% and expects the borrower to fund the remaining value of the property by their own money. For example, at its lowest LTV 80%, Lakshmi Vilas Bank would expect its borrowers to provide margin money of 20%.
  • Lakshmi Vilas Bank will also estimate your Fixed Income to Obligations Ratio to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations.Lakshmi Vilas Bank’s assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.

Lakshmi Vilas Bank Home Loan Details

  • Purpose of Loan: Lakshmi Vilas house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Lakshmi Vilas Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 65 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 Years years.
    • Interest rates in the range of 9.70% to 9.70%.
    • Lakshmi Vilas home loan EMI per lakh starts from ₹ 945. However, you can calculate your home loan EMI using Lakshmi Vilas home loan calculator 2021.
  • Processing Fees: 0.40% of loan amount Minimum ₹ 10,000 Maximum ₹ 20,000
  • Special schemes: Lakshmi Vilas offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Lakshmi Vilas are:
    • Lakshmi Home Loan
    • Loan for Purchase of new house/flat
    • Home Extension Loan

Lakshmi Vilas Home Loan Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Home Loan of ₹ 25 Lakh from Lakshmi Vilas for 25 years at an interest rate of 9.70%, the EMI calculated for this loan amount would be ₹ 22,191 and the total annual EMIs to be paid annually is ₹ 2,66,292. The Lakshmi Vilas Home Loan EMI schedule for 25 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 25 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 1,41,117 ₹ 14,220 ₹ 1,55,337 ₹ 24,85,780
2022 ₹ 2,39,971 ₹ 26,321 ₹ 2,66,292 ₹ 24,59,459
2023 ₹ 2,37,301 ₹ 28,991 ₹ 2,66,292 ₹ 24,30,469
2024 ₹ 2,34,361 ₹ 31,931 ₹ 2,66,292 ₹ 23,98,538
2025 ₹ 2,31,122 ₹ 35,170 ₹ 2,66,292 ₹ 23,63,368
2026 ₹ 2,27,554 ₹ 38,737 ₹ 2,66,292 ₹ 23,24,630
2027 ₹ 2,23,625 ₹ 42,666 ₹ 2,66,292 ₹ 22,81,964
2028 ₹ 2,19,298 ₹ 46,994 ₹ 2,66,292 ₹ 22,34,970
2029 ₹ 2,14,531 ₹ 51,761 ₹ 2,66,292 ₹ 21,83,209
2030 ₹ 2,09,281 ₹ 57,011 ₹ 2,66,292 ₹ 21,26,198
2031 ₹ 2,03,498 ₹ 62,794 ₹ 2,66,292 ₹ 20,63,404
2032 ₹ 1,97,129 ₹ 69,163 ₹ 2,66,292 ₹ 19,94,241
2033 ₹ 1,90,114 ₹ 76,178 ₹ 2,66,292 ₹ 19,18,063
2034 ₹ 1,82,387 ₹ 83,905 ₹ 2,66,292 ₹ 18,34,159
2035 ₹ 1,73,876 ₹ 92,415 ₹ 2,66,292 ₹ 17,41,743
2036 ₹ 1,64,503 ₹ 1,01,789 ₹ 2,66,292 ₹ 16,39,954
2037 ₹ 1,54,178 ₹ 1,12,114 ₹ 2,66,292 ₹ 15,27,840
2038 ₹ 1,42,806 ₹ 1,23,486 ₹ 2,66,292 ₹ 14,04,355
2039 ₹ 1,30,281 ₹ 1,36,011 ₹ 2,66,292 ₹ 12,68,344
2040 ₹ 1,16,485 ₹ 1,49,806 ₹ 2,66,292 ₹ 11,18,538
2041 ₹ 1,01,290 ₹ 1,65,001 ₹ 2,66,292 ₹ 9,53,536
2042 ₹ 84,554 ₹ 1,81,738 ₹ 2,66,292 ₹ 7,71,799
2043 ₹ 66,120 ₹ 2,00,171 ₹ 2,66,292 ₹ 5,71,627
2044 ₹ 45,817 ₹ 2,20,475 ₹ 2,66,292 ₹ 3,51,152
2045 ₹ 23,454 ₹ 2,42,838 ₹ 2,66,292 ₹ 1,08,314
2046 ₹ 2,641 ₹ 1,08,314 ₹ 1,10,955 ₹ 0

Each Lakshmi Vilas Home Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 9.34% of your EMI has been used to repay the principal amount. This means that the remaining 90.66% of the EMI went into interest payment. Thus, you end up paying only 1% of the loan amount of ₹ 25 Lakh after paying 12 EMIs in the first year to Lakshmi Vilas.

In year 25, the interest component of Lakshmi Vilas EMI is around 5.06%, while the principal component is around 94.94%. Upto 25 years, you have cumulatively repaid 100% of your total Lakshmi Vilas Home Loan.

Lakshmi Vilas Bank Home Loan Interest Rate Calculator

EMI calculator home loan Lakshmi Vilas Bank can also be used as an Lakshmi Vilas Bank interest rate calculator to determine the total interest you will pay on a housing loan at different loan tenure.

Home Loan EMI for ₹ 1 Lakh loan amount at lowest 9.70% interest rate offered by Lakshmi Vilas Bank for different tenures
Calculated Results for Lakshmi Vilas Bank Home Loan EMI 5 years 10 years 15 years 30 Years years
Lakshmi Vilas Bank EMI for a loan amount ₹ 1 lakh at 9.70% ₹ 2,110 ₹ 1,305 ₹ 1,056 ₹ 856
Total amount you pay back to the bank including principal and interest ₹ 1.27 Lakh ₹ 1.57 Lakh ₹ 1.90 Lakh ₹ 3.08 Lakh
Interest you have to pay during the loan tenure ₹ 26,600 ₹ 56,600 ₹ 90,080 ₹ 2.08 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 30, you pay the lowest EMI of ₹ 855 . However, you pay an interest of ₹ 2,07,800 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Lakshmi Vilas Bank at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of ₹ 2,110 and pay an interest of only ₹ 26,600 which is less than half of what you paid in a 30 Years years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. Calculation of Lakshmi Vilas Bank name home loan interest payout can be done using emi calculator home loan Lakshmi Vilas Bank

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FAQs

Will the Lakshmi Vilas home loan EMI remain constant or change in future?

Typically, the home loan EMI remains unchanged unless you request for a change in tenure or prepay your loan amount. This however is subjected to approval by the bank. Lakshmi Vilas Bank home loan emi can also change in case you opt for a floating rate of interests.

What happens in case of increase or decrease in Lakshmi Vilas Bank interest rate?

In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your Lakshmi Vilas Bank home loan. For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement. You can plan your EMIs with Lakshmi Vilas Bank Home loan EMI calculator 2021.

Will Lakshmi Vilas Bank home loan EMI change in case of prepayment?

Lakshmi Vilas Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Lakshmi Vilas Bank home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Lakshmi Vilas Bank home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Lakshmi Vilas Bank home loan calculator.

Why should I calculate Lakshmi Vilas Bank loan EMI before taking a loan?

It is advised to calculate Lakshmi Vilas Bank home loan EMI before taking a home loan. There are several benefits of calculating your Lakshmi Vilas Bank housing loan EMI which can be done using Lakshmi Vilas Bank loan calculator Lakshmi Vilas Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Lakshmi Vilas Bank EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Lakshmi Vilas Bank.

What is the EMI for home loan in Lakshmi Vilas Bank?

The Lakshmi Vilas Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Lakshmi Vilas Bank home loan calculator. Based on the lowest rate of 9.70% and maximum tenure of 20 years, the Lakshmi Vilas Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 9,452
₹ 12 Lakh ₹ 11,343
₹ 15 Lakh ₹ 14,178
₹ 30 Lakh ₹ 28,357
₹ 50 Lakh ₹ 47,262

You can compare Lakshmi Vilas Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Lakshmi Vilas Bank Housing Loan EMI calculator?

Online Lakshmi Vilas Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Lakshmi Vilas Bank home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Lakshmi Vilas Bank Home loan EMI Online?

To pay the EMI of Lakshmi Vilas Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Lakshmi Vilas Bank home loan EMI calculated?

The Lakshmi Vilas Bank Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 lakhs home loan in Lakshmi Vilas Bank?

You can use a 10 lakh home loan emi calculator Lakshmi Vilas Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 9.70% 10 years loan ₹ 13,050
₹ 10 Lakh 9.70% 15 years loan ₹ 12,676
₹ 10 Lakh 9.70% 20 years loan ₹ 14,178

What is the EMI for a 25 lakhs home loan in Lakshmi Vilas Bank and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Lakshmi Vilas Bank:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 9.70% 10 years loan ₹ 32,624
₹ 25 Lakh 9.70% 15 years loan ₹ 26,408
₹ 25 Lakh 9.70% 20 years loan ₹ 23,631

What is the EMI for 12 lakhs home loan in Lakshmi Vilas Bank?

A borrower will pay ₹ 14,134 if he/she takes loan for 12 years at an interest rate of 9.70%. The 12 lakh home loan emi Lakshmi Vilas Bank may vary across Lakshmi Vilas Bank home loan interest rate.

How to check my home loan balance in Lakshmi Vilas Bank?

To check the home loan balance in Lakshmi Vilas Bank, a borrower should log in to the Lakshmi Vilas Bank net banking portal, click on ‘Loans’. Select Know balance or a borrower can use MISSED CALL BANKING or SMS Banking to know the status. You can also contact the Lakshmi Vilas Bank customer care at .

How can I avail income tax benefits on a Lakshmi Vilas Bank home loan?

You can avail income tax benefits on a Lakshmi Vilas Bank home loan under Section 24B, you can claim deduction for upto #&8377; 2 Lakh for the accrual and payment of interest on Lakshmi Vilas Bank housing loan. Under Section 80EEA, you can claim deduction for upto #&8377;1.50 Lakh for the interest payment of home loan availed during the financial year. You can declare all the information in income tax returns form and you will be able to get the benefits.

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Lakshmi Vilas Home Loan News - Jun 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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