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Lakshmi Vilas Home Loan Balance Transfer

Home Loan Transfer to Lakshmi Vilas Bank: Details

Last Updated 16th Nov 2021

Interest Rate9.70%
Processing Fee₹ 10,000
Lowest EMI per lakh₹ 945
Loan Tenure20 years
  • Lakshmi Vilas Bank offers a home loan balance transfer facility at low interest rates starting at 9.70% for a tenure of upto 20 years.
  • You can transfer your home loan to Lakshmi Vilas Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from Lakshmi Vilas Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Lakshmi Vilas Home Loan Transfer

Lakshmi Vilas, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Lakshmi Vilas Bank at the lowest interest rates. To transfer your housing loan to Lakshmi Vilas Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Lakshmi Vilas.

Lakshmi Vilas Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Lakshmi Vilas Bank, compare and calculate all the costs of loan transfer. The table below mentions Lakshmi Vilas Bank home loan transfer interest rate and other home loan transfer charges of Lakshmi Vilas Bank.

Lakshmi Vilas Home Loan Transfer Rates 9.70%
Processing Fees Upto 0.40% Minimum ₹ 10,000 and Maximum ₹ 20,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Lakshmi Vilas Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Lakshmi Vilas Bank offers lower home loan rates starting at 9.70% along with ₹ 10,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to Lakshmi Vilas Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Lakshmi Vilas Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Lakshmi Vilas Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Lakshmi Vilas Bank Home Loan Transfer

To transfer your home loan to Lakshmi Vilas Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for Lakshmi Vilas.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Lakshmi Vilas Bank.
  • You must be an Indian resident within the age criteria of Lakshmi Vilas Bank. The minimum & maximum age to avail a Lakshmi Vilas Bank home loan takeover is 21 and 65 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Lakshmi Vilas Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Lakshmi Vilas Bank

The home loan balance transfer process to Lakshmi Vilas Bank is smooth and quick. To transfer your existing home loan to Lakshmi Vilas Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Lakshmi Vilas Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Lakshmi Vilas Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Lakshmi Vilas Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Lakshmi Vilas Bank will be completed.

Document Required for Lakshmi Vilas Home Loan Transfer

To avail of home loan balance transfer from Lakshmi Vilas, you need to submit the following documents to Lakshmi Vilas.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Lakshmi Vilas?

Yes, transferring your home loan to Lakshmi Vilas Bank is a good idea for home loan borrowers as Lakshmi Vilas Bank provides lower home loan rates starting at 9.70%, and minimal processing fee Of ₹ 10,000.

How can I transfer my Lakshmi Vilas home loan from one branch to another?

To transfer your Lakshmi Vilas Bank home loan from one branch to another, you can request through net banking/mobile banking. Lakshmi Vilas Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for Lakshmi Vilas home loan balance transfer?

Yes, Lakshmi Vilas Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a Lakshmi Vilas home loan balance transfer?

If you apply for a home loan transfer to Lakshmi Vilas Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my Lakshmi Vilas Bank home loan balance transfer?

To know your Lakshmi Vilas Bank home loan status, you can call Lakshmi Vilas Bank home loan customer care number or visit Lakshmi Vilas official website to check the status.


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Lakshmi Vilas Home Loan News - Dec 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.
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