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Lakshmi Vilas Home Loan Interest Rates 2021

Lakshmi Vilas Bank Housing Loan Interest Rate -Today

Last Updated 25th Jun 2021

Current Lakshmi Vilas Bank Home Loan interest rates Jul 2021 starts at 9.70% p.a. for a maximum tenure of 20 years. The processing fee on its housing loans is Upto 0.40%, Minimum ₹ 10,000 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%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current Lakshmi Vilas Bank Home Loan Rate

Today 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%.

Below-mentioned are Lakshmi Vilas Bank home loan rates for multiple housing schemes.

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

Lakshmi Vilas Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Lakshmi Vilas for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 9.70%
₹ 25 Lakh - ₹ 1 Cr 9.70%
₹ 1 Cr - 3 Cr 9.70%
Above ₹ 3 Cr 9.70%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 9.70%
₹ 25 Lakh - ₹ 1 Cr 9.70%
₹ 1 Cr - 3 Cr 9.70%
Above ₹ 3 Cr 9.70%

Lakshmi Vilas Bank Home Loan Processing Fee and Other Charges

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. Lakshmi Vilas Bank charges a minimum processing of ₹ 10,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to 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.

Processing Fees Upto 0.40% of the loan amount; minimum processing fee of ₹ 10,000 to maximum fee of ₹ 20,000
Foreclosure Charges Nil for floating rate home loans

Lakshmi Vilas Home Loan Balance Transfer Interest Rates

Lakshmi Vilas Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Lakshmi Vilas Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Lakshmi Vilas Bank offers the lowest home loan balance transfer rate of 9.70%.

Illustration on Home Loan Interest Rate Lakshmi Vilas Bank
Maximum Annual Percentage Rate (APR) 9.72% to 9.72%
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: ₹ 1,00,000
  • Time period: 5 Years to 20 Years
  • Lakshmi Vilas Bank Home Loan Interest Rate: 9.70% to 9.70%
  • Processing Fee payable to: Upto ₹ 400
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 945 for 20 Years ₹ 1,00,000 loan at 9.70% (lowest rate, longest time period) to ₹ 2,110 for 5 Years ₹ 1,00,000 loan at 9.70% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.72% to 9.72%
  • Total cost payable over loan tenure: ₹ 1,26,998 for 5 Years loan to ₹ 2,27,255 for 20 Years loan

FAQs

What is Lakshmi Vilas Home Loan Interest Rate?

Lakshmi Vilas Home Loan interest rate ranges between 9.70% to 9.70%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Lakshmi Vilas reduced home loan rates?

Presently, Lakshmi Vilas offers personal loans at an interest rate starting at 9.70%. There has been no change in personal loan rates of Lakshmi Vilas for a long time and continue to stand at 9.70%.

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

Lakshmi Vilas Bank offers lowest Home Loan EMI of ₹ 945 per lakh availed at the lowest interest rate 9.70% for a maximum tenure of 20 years. 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.

  • Lakshmi Vilas Bank offers RBI Repo Rate linked Home Loan which starts at 9.70%. Current Repo Rate of RBI is 4.00%. The 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 the 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.Lakshmi Vilas housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Lakshmi Vilas offers different home loan rates for different home loan products.

Can Lakshmi Vilas Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Lakshmi Vilas to lower the home loan rates.

What are the interest rates of home improvement loans in Lakshmi Vilas?

You can avail of Lakshmi Vilas home loans for home improvement at regular home loan rates starting at 6.65%.

Can Lakshmi Vilas revise the home loan interest rates for their existing customers?

Lakshmi Vilas home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Lakshmi Vilas offer a concessional home loan interest rate for women?

Yes, Lakshmi Vilas offers special home loan interest rates for women. As against Lakshmi Vilas home loan rates for male which is 9.70%, the home loan interest rate for women starts at %.

What is the Lakshmi Vilas home loan rate of ₹ 25 Lakh for 15 years?

Lakshmi Vilas home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Lakshmi Vilas provides home loan interest rate starting at 6.65%.

At what interest rate does an Lakshmi Vilas employee get a home loan?

Lakshmi Vilas offers concessional home loan rates of about 1% than the current home loan rates to Lakshmi Vilas employees.

Is Lakshmi Vilas Bank home loan a floating rate loan or fixed-rate loan?

Lakshmi Vilas home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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Lakshmi Vilas Home Loan News - Jul 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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