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Lakshmi Vilas Home Loan

Lakshmi Vilas Housing Loan 2021

Last Updated 12th Feb 2021

Lakshmi Vilas Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 9.70% with quick approval and online process. Home Loan in Lakshmi Vilas Bank is quite popular with its special features and attractive rates under various Lakshmi Vilas Bank home loan schemes for different income and occupation groups. Some of the key features of Lakshmi Vilas Bank housing loan are:

  • Lakshmi Vilas Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Lakshmi Vilas Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Lakshmi Vilas Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Lakshmi Vilas Home Loan Details

Lakshmi Vilas offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Lakshmi Vilas

Age Min 21 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 20 years
Interest Rate 9.70%
Interest Rate Linked To RLLR
Processing Fee Upto 0.40%, Minimum ₹ 10,000 and Maximum ₹ 20,000
Lowest EMI Per Lakh ₹ 945
  • 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 20 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.
  • Special schemes: Lakshmi Vilas offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Lakshmi Vilas Home Loans

Some of the features and benefits of Lakshmi Vilas Bank Home Loans are listed as follows:-

  • Lakshmi Vilas Bank Home Loan Interest Rate starts from 6.75%.
  • 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 30 years.
  • Lowest EMI per lakh on home Loan from Lakshmi Vilas Bank is per lakh offered at the lowest interest rate of 6.75% at the longest loan tenure of 30 years.
  • Lakshmi Vilas Bank allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from Lakshmi Vilas?

Getting a home loan from Lakshmi Vilas is fairly easy with an online application process. 5 Steps for Lakshmi Vilas Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Lakshmi Vilas and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Lakshmi Vilas or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Lakshmi Vilas’s representative will visit your home or office to collect your documents.
  • Step 4: Lakshmi Vilas will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Lakshmi Vilas and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Lakshmi Vilas Home Loan Documents Required

To apply for a home loan in Lakshmi Vilas, the bank asks you to submit the following Lakshmi Vilas Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Lakshmi Vilas account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Lakshmi Vilas Home Loan EMI Calculator

Lakshmi Vilas home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Lakshmi Vilas Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Lakshmi Vilas Home Loan Eligibility Calculator

Lakshmi Vilas Bank Home loan eligibility calculator is an online tool that helps the Lakshmi Vilas home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Lakshmi Vilas Home Loan with Other Banks

FAQs

What are the documents required for home loan Lakshmi Vilas?

To apply for Lakshmi Vilas Bank Home Loan, you will be required to submit Lakshmi Vilas home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Lakshmi Vilas Bank ?

Below-mentioned is the reason why you must avail a home loan from Lakshmi Vilas

Can I apply for an Lakshmi Vilas home loan online?

Yes, you can apply for a Lakshmi Vilas home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Lakshmi Vilas home loan scheme?

Choosing the best Lakshmi Vilas home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Lakshmi Vilas home loan scheme is based on one’s needs.

Is Lakshmi Vilas good for a home loan?

Lakshmi Vilas is one of the best home loan lenders in the country. Currently, Lakshmi Vilas home loan interest rate 2021 starts at 6.65%.

How can I check my Lakshmi Vilas home loan status?

One can check their Lakshmi Vilas home loan status on Lakshmi Vilas’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Lakshmi Vilas mobile app

What is the eligibility for a Home Loan of Lakshmi Vilas Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Lakshmi Vilas Bank Home Loan procedure?

There are two methods to complete the application for Lakshmi Vilas Bank Home Loan Process online:

  • Apply online at Lakshmi Vilas Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does Lakshmi Vilas Bank check CIBIL for home loan?

Yes, to avail home loan from Lakshmi Vilas Bank, you must fulfill Lakshmi Vilas Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Lakshmi Vilas Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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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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