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Lakshmi Vilas Home Loan Interest Rate

Last Updated 01st Aug 2019

Lakshmi Vilas Bank Home Loan Rate Aug 2019

7th August 2019 – RBI cuts repo rate by 35 bps to 5.40%

Lakshmi Vilas Bank's home loan interest rate starts from 10.10%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountLakshmi Vilas Bank Home Loan Floating Interest RateRate for Female BorrowerOD
Upto ₹ 25 Lakh10.10%N/A10.15%
₹ 25 Lakh - ₹ 1 Cr10.10%N/A10.15%
₹ 1 Cr - ₹ 3 Cr10.10%N/A10.15%
Above ₹ 3 Cr10.10%N/A10.15%
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Lakshmi Vilas Bank Home Loan

Lakshmi Vilas Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

    Compare Home Loan Rates of All Banks in India
    Lakshmi Vilas Home Loan Details
    Interest Rate10.10% onwards
    Compare with Other Banks
    Processing Fee Upto 0.40%
    Minimum ₹ 10,000 Maximum ₹ 20,000
    Max Tenure20 years
    Lowest EMI₹ 972 per lakh
    Prepayment ChargesAllowed with Nil charges for floating rate loans
    Check Prepayment Rules
    AgeMin 21 and Max 65 years for Salaried
    Min 21 and Max 65 years for Self Employed

    Home Loan Interest Rates Lakshmi Vilas Bank

    Lakshmi Vilas Bank home loan interest rates are in the range of 10.10% to 10.10%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 10.10%.

    ProductsInterest Rates
    Lakshmi Vilas Bank Home Loan Floating10.10%

    Latest Lakshmi Vilas home loan rate starts from 10.10% , as applicable based on the 1 Year MCLR, last announced on 01st Aug 19. Any change in Lakshmi Vilas Bank benchmark 1 Year MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if Lakshmi Vilas Bank slashes 1 Year MCLR rate by 0.15%, its current home loan rate will be cut from 10.10% to 9.95%

    Lakshmi Vilas Bank housing loan interest depends upon
    • Loan amount: Housing loan rate in Lakshmi Vilas Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: Lakshmi Vilas Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
    • Existing bank customers: Lakshmi Vilas Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

    Lakshmi Vilas Bank Home Loan Processing Fee and Other Charges

    In addition to interest rates, home loan from Lakshmi Vilas Bank also carry some other charges which include:

    • Processing Fee - Lakshmi Vilas Bank applies 0.40% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
    • Technical and Legal Charges - Lakshmi Vilas Bank also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on Lakshmi Vilas Bank rules.
    • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Lakshmi Vilas Bank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Lakshmi Vilas Bank at Nil charges.

    Lakshmi Vilas Housing Loan: Apply

    If you want to get a housing loan from Lakshmi Vilas Bank, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Lakshmi Vilas Bank’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from Lakshmi Vilas Bank.

    You can also do a comparison of HDFC Bank Lakshmi Vilas Bank’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

    Lakshmi Vilas Home Loan 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
    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
    Illustration on Home Loan Lakshmi Vilas Bank
    Maximum Annual Percentage Rate (APR)10.1% to 10.1%
    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: Rs. 1 Lakh
    • Time period: 5 years to 20 years
    • Lakshmi Vilas Bank Home Loan Interest Rate: 10.10% to 10.10%
    • Processing Fee payable to Lakshmi Vilas Bank: Upto Rs. 10,000. Current offer for processing fee is Upto 0.40%
      Minimum Rs. 10,000 Maximum Rs. 20,000
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 972 for a 20 years Rs. 1 Lakh loan at 10.10% (lowest rate, longest time period) to Rs. 2,130 for a 5 years Rs. 1 Lakh loan at 10.10% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 10.1% to 10.1%
    • Total cost payable over loan tenure: Rs. 37,778 for 5 years loan to Rs. 1.43 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.

    Frequently Asked Questions

    What is Lakshmi Vilas Bank home loan procedure?

    You can apply for a Lakshmi Vilas Bank home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your Lakshmi Vilas Bank home loan status by logging in your customer account with MyLoanCare.

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

    Lakshmi Vilas Bank offers competitive home loan rates with best EMI of ₹ 972 per lakh availed at low interest rate of 10.10% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 972 per lakh, you should consider option for a loan transfer to Lakshmi Vilas Bank from your existing bank.

    What is the maximum loan tenure I can opt under Lakshmi Vilas Bank house loan?

    Lakshmi Vilas Bank offers you a longer tenure of 20 years to repay your loan with a benefit of paying less EMI per month.

    Do I get tax benefit on home loan from Lakshmi Vilas Bank?

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

    Can I foreclose my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

    Can I transfer my house loan from another bank to Lakshmi Vilas Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to Lakshmi Vilas Bank can allow you to save interest, pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in Lakshmi Vilas Bank is 1 Year MCLR.

    What is the effect of part prepayments on Lakshmi Vilas Bank housing loan 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 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 loan.

    How will interest rate on Lakshmi Vilas Bank housing loan change in future?
    • Floating rate on Lakshmi Vilas Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 9.95%. When Bank offers a home loan at 10.10%, it applies a premium of 0.15% to its MCLR Rate to arrive at this home loan rate.
    • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
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    Lakshmi Vilas Home Loan News - Aug 2019
    • 2019-08-01 : Lakshmi Vilas Bank loans to become cheaper by 5 basis points from today news
      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.
    • 2019-05-30 : Lakshmi Vilas Bank aims to raise Rs. 1,000 crore in FY20
      Lakshmi Vilas Bank is planning to raise between Rs. 700-1,000 crore to meet its working capital requirements. The lender is trying to raise the capital following preferential allotment or qualified institutional placement in FY20. The money would help the lender to improve its banking services and products, including retail loans like home loans and mortgage loans and also to lower down its bad loans and NPAs.
    • 2018-04-03 : Lakshmi Vilas Bank hikes MCLR by up to 10 bps
      Lakshmi Vilas Bank hiked its MCLR by up to 10 basis points in all tenors. These rates will be effective from April 1, 2018. Consequently, the MCLR is now is the range of 8.95% and 9.40%.
    • 2018-03-05 : Laxmi Vilas Bank hikes MCLR by upto 15 basis points
      Laxmi Vilas Bank hiked its MCLR by upto 15 basis points in all tenors. These rates will be effective from March 1. Consequently, the MCLR is now is the range of 8.90% and 9.30%.
    *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
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