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Lakshmi Vilas Loan Against Property EMI Calculator

Lakshmi Vilas Bank Mortgage Loan EMI

Last Updated 12th Feb 2021

Get monthly EMI as low as ₹ 1,378 per lakh on Lakshmi Vilas Bank loan against property. Mortgage loan EMI in Lakshmi Vilas Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan10 Year loan
₹ 20 Lakh₹ 43,485₹ 34,245₹ 27,550
₹ 30 Lakh₹ 65,227₹ 51,367₹ 41,325
₹ 50 Lakh₹ 1,08,712₹ 85,612₹ 68,875
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    Loan Against Property EMI Calculator Lakshmi Vilas Bank

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Lakshmi Vilas Bank Loan Against Property.

    Lakshmi Vilas Loan Against Property Amortization Calculator

    The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

    Illustration: How to read an amortization schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from Lakshmi Vilas for 15 years at an interest rate of 11.00%, the EMI calculated for this loan amount would be ₹ 17,049 and the total annual EMIs to be paid annually is ₹ 2,04,587. The Lakshmi Vilas Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 15 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 1,22,638 ₹ 30,803 ₹ 1,53,441 ₹ 14,69,197
    2022 ₹ 1,59,377 ₹ 45,210 ₹ 2,04,587 ₹ 14,23,987
    2023 ₹ 1,54,146 ₹ 50,442 ₹ 2,04,587 ₹ 13,73,545
    2024 ₹ 1,48,309 ₹ 56,279 ₹ 2,04,587 ₹ 13,17,267
    2025 ₹ 1,41,796 ₹ 62,791 ₹ 2,04,587 ₹ 12,54,475
    2026 ₹ 1,34,530 ₹ 70,057 ₹ 2,04,587 ₹ 11,84,418
    2027 ₹ 1,26,423 ₹ 78,164 ₹ 2,04,587 ₹ 11,06,254
    2028 ₹ 1,17,378 ₹ 87,209 ₹ 2,04,587 ₹ 10,19,044
    2029 ₹ 1,07,286 ₹ 97,301 ₹ 2,04,587 ₹ 9,21,743
    2030 ₹ 96,027 ₹ 1,08,561 ₹ 2,04,587 ₹ 8,13,182
    2031 ₹ 83,464 ₹ 1,21,123 ₹ 2,04,587 ₹ 6,92,059
    2032 ₹ 69,448 ₹ 1,35,140 ₹ 2,04,587 ₹ 5,56,919
    2033 ₹ 53,810 ₹ 1,50,778 ₹ 2,04,587 ₹ 4,06,141
    2034 ₹ 36,362 ₹ 1,68,226 ₹ 2,04,587 ₹ 2,37,916
    2035 ₹ 16,895 ₹ 1,87,692 ₹ 2,04,587 ₹ 50,223
    2036 ₹ 924 ₹ 50,223 ₹ 51,147 ₹ 0

    Each Lakshmi Vilas Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

    As you assess the amortization table, you will find that by the end of 1st year 20.36% of your EMI has been used to repay the principal amount. This means that the remaining 79.64% of the EMI went into interest payment. Thus, you end up paying only 2.78% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Lakshmi Vilas.

    In year 15, the interest component of Lakshmi Vilas EMI is around 5.71%, while the principal component is around 94.29%. Upto 15 years, you have cumulatively repaid 100% of your total Lakshmi Vilas Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Lakshmi Vilas Bank?

    After the announcement of RBI on 22nd May 2020, Lakshmi Vilas Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Lakshmi Vilas Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Lakshmi Vilas Bank customer care or its nearest branch.

    FAQs

    Will the Lakshmi Vilas Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    Lakshmi Vilas Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Lakshmi Vilas Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, Lakshmi Vilas Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Lakshmi Vilas Bank, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that Lakshmi Vilas Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Lakshmi Vilas Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Lakshmi Vilas Bank?

    You can avail of a maximum loan of ₹ 5 Cr, depending on the value of the property. However, the loan amount cannot be more than 60% of the property value. Lakshmi Vilas Bank assesses the property before approving your mortgage loan application.


    Lakshmi Vilas Loan Against Property News - Apr 2021
    • 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.
    • 2019-05-30 : 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.
    *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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