MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Lakshmi Vilas Home Loan Interest Rates 2020

Lakshmi Vilas Bank Housing Loan Interest Rate

Last Updated 09th Sep 2020

Current Lakshmi Vilas Bank Home loan interest rates for Sep 2020 starts at 9.70% p.a. for a maximum tenure of 20 years. Processing fee on its housing loans is Upto 0.40%, Minimum ₹ 10,000 and Maximum ₹ 20,000.

Loan AmountLakshmi Vilas Bank Repo Rate Home Loan RateOD
Upto ₹ 25 Lakh9.70%10.15%
₹ 25 Lakh - ₹ 1 Cr9.70%10.15%
₹ 1 Cr - ₹ 3 Cr9.70%10.15%
Above ₹ 3 Cr9.70%10.15%

Lakshmi Vilas Bank Home Loan Interest Rates

Lakshmi Vilas Bank offers various products on home loan. Lakshmi Vilas Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Lakshmi Vilas Bank Home Loan Interest Rate starts from 9.70%.
  • Lakshmi Vilas Bank charges a processing fees of Upto 0.40%, Minimum ₹ 10,000 and Maximum ₹ 20,000.
  • Loan Tenure of Home Loan ranges from 5 years to 20 years.
  • Lowest EMI per lakh on home Loan from Lakshmi Vilas Bank is ₹ 945 per lakh offered at the lowest interest rate of 9.70% at the longest loan tenure of 20 years.
  • Lakshmi Vilas Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Lakshmi Vilas Bank has an average customer rating of /5.0 from customers who have taken a home loan from the bank.

Lakshmi Vilas Bank Home Loan Rate

Current Lakshmi Vilas Bank home loan interest rates are in the range of 9.70% to 9.70%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 9.70%. The table below gives the interest rates on various housing finance schemes of Lakshmi Vilas Bank.

Lakshmi Vilas Bank Home Loan Scheme Interest Rates
Lakshmi Vilas Bank Repo Rate Home Loan9.70%

Lakshmi Vilas Bank Bank Home Loan Charges

Lakshmi Vilas Bank Home Loan Processing Fee

Lakshmi Vilas Bank home loan processing charges are upto 0.40% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 10,000 and has capped the maximum processing fees at ₹ 20,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Lakshmi Vilas Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Lakshmi Vilas Bank Home Loan Prepayment

Lakshmi Vilas Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Lakshmi Vilas Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Lakshmi Vilas Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Lakshmi Vilas Bank.

Lakshmi Vilas Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Lakshmi Vilas Bank Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Lakshmi Vilas Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Lakshmi Vilas Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)9.7% to 9.7%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 5 years to 20 years
  • Lakshmi Vilas Bank Home Loan Interest Rate: 9.70% to 9.70%
  • Processing Fee payable to Lakshmi Vilas Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 0.40%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 945 for a 20 years ₹ 1 Lakh loan at 9.70% (lowest rate, longest time period) to ₹ 2,110 for a 5 years ₹ 1 Lakh loan at 9.70% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 36,598 for 5 years loan to ₹ 1.37 Lakh for 20 years loan

Lakshmi Vilas Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Lakshmi Vilas Bank.

FAQs

What is Lakshmi Vilas Home Loan interest rate?

Lakshmi Vilas Home Loan interest rate ranges between 9.70% to 9.70%.

Why should I opt for balance transfer to Lakshmi Vilas Bank?

Lakshmi Vilas Bank offers competitive Home Loan rates with the best EMI of ₹ 945 per lakh availed at a low-interest rate of 9.70% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 945 per lakh, you should consider the option for a loan transfer to Lakshmi Vilas Bank from your existing bank. EMIs can be calculated through Lakshmi Vilas Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Lakshmi Vilas Bank?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Lakshmi Vilas Bank housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on Lakshmi Vilas Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

How will Lakshmi Vilas Bank housing loan rate of interest change in the future?

  • Lakshmi Vilas Bank offers RBI Repo Rate linked Home Loan which starts at 9.70%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Lakshmi Vilas Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 5.7% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Lakshmi Vilas Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Lakshmi Vilas Bank Repo Rate linked Home Loan rate will cut from 9.70% to 9.55%.

What is the current Lakshmi Vilas Bank Home Loan rate?

The current Lakshmi Vilas Home Loan rate starts from 9.70% with a processing fee of Upto 0.40%, Minimum ₹ 10,000 and Maximum ₹ 20,000

Related Topics
Latest Blogs

Lakshmi Vilas Home Loan News - Sep 2020
  • 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...