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Lakshmi Vilas Loan Against Property

Lakshmi Vilas Bank Mortgage Loan Interest Rates 2022

Last Updated 13th May 2022

Lakshmi Vilas Bank is one of the largest Private Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 11.00% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of Lakshmi Vilas Bank Loan against property are mentioned below: Check Best Offers

Interest Rates 11.00% to 11.00%
Processing Fee Upto 1.20%
Max Tenure 10 years
Lowest EMI per lakh ₹ 1,378
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
    Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Voucher

    Lakshmi Vilas Bank Loan Against Property Fees and Other Charges

    Along with Lakshmi Vilas Loan against Property Rates, Lakshmi Vilas also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Lakshmi Vilas Loan against Property Loan is 1.20%. This fee is charged by Lakshmi Vilas to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in Lakshmi Vilas Bank for Salaried Employees

    The mortgage loan interest rates in Lakshmi Vilas Bank for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 11.00%
    ₹ 30 Lakh - ₹ 75 Lakh 11.00%
    ₹ 75 Lakh - ₹ 1 Cr 11.00%
    Above ₹ 1 Cr 11.00%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 11.00%
    ₹ 30 Lakh - ₹ 75 Lakh 11.00%
    ₹ 75 Lakh - ₹ 1 Cr 11.00%
    Above ₹ 1 Cr 11.00%

    Lakshmi Vilas Bank Property Loan Interest Rate for Business Man or Self-Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 11.00%
    ₹ 30 Lakh - ₹ 75 Lakh 11.00%
    ₹ 75 Lakh - ₹ 1 Cr 11.00%
    Above ₹ 1 Cr 11.00%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 11.00%
    ₹ 30 Lakh - ₹ 75 Lakh 11.00%
    ₹ 75 Lakh - ₹ 1 Cr 11.00%
    Above ₹ 1 Cr 11.00%

    Steps to Apply for Lakshmi Vilas Bank Loan Against Property

    Apply With MyLoancare

    To get the best offers on SBI Loan against Property, you can apply for a Loan against Property at MyLoanCare. The online marketplace helps you compare the best offers, check eligibility, calculate EMI. To apply for a loan against property click here

    Apply With SBI Website

    • You can also apply for SBI Loan against Property with SBI through online and offline modes.
    • To apply for a loan offline, visit the official SBI bank branch and fill out the application form along with the required documents for a loan against property.
    • The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.
    • To apply online for SBI Loan against Property online, visit the official website of SBI and navigate to Loan Against Property.
    • Before applying, now check your eligibility for SBI Loan against Property. If you are satisfied and have cross verified all the details, fill out the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Compare Lakshmi Vilas Bank Loan Against Property Interest Rate with Top Banks

    Lakshmi Vilas Bank offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars Lakshmi Vilas Bank SBI HDFC
    Interest Rate 11.00% - 11.00% 8.80% - 13.10% 7.65% - 8.80%
    Processing Fees Upto 1.20%
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.50%
    Min ₹ 7,500
    Loan Tenure 10 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 5 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,378 per lakh ₹ 1,256 per lakh ₹ 936 per lakh
    Lakshmi Vilas Bank Floating Rate on Loan Against Property

    As on 18 May, 2022, Lakshmi Vilas offers the lowest rate starting at 11.00%. Lakshmi Vilas Loan against property rates have been dropped by 0.65%, from the earlier rate of 11.65% with effect from 14 Apr, 2021.

    Lakshmi Vilas Bank Mortgage Loan Interest Rates
    Lakshmi Vilas Bank Loan Against Property Floating 11.00%
    Lakshmi Vilas Bank Loan Against Property Floating
    Loan AmountCurrent Loan against Property Rates
    Upto ₹ 30 Lakh 11.00%
    ₹ 30 Lakh - ₹ 75 Lakh11.00%
    ₹ 75 Lakh - ₹ 1 Cr11.00%
    Above ₹ 1 Cr 11.00%

    Factors Affecting Lakshmi Vilas Loan against Property Interest Rates

    Some of the factors that impact Lakshmi Vilas Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Lakshmi Vilas depend upon the loan amount you apply. You can get a minimum loan of ₹ 10 Lakh from Lakshmi Vilas.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for a higher loan amount.
    • Type of loan opted for: Lakshmi Vilas offers differential rates for customers' different profiles, for fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties can be availed easily at the lowest rates compared to loans against commercial and industrial properties.
    • Your profession: Lakshmi Vilas may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    Lakshmi Vilas Loan Against Property Eligibility Criteria

    Lakshmi Vilas has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 60 years
    Loan Amount ₹ 10 Lakh to ₹ 5 Cr
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    Lakshmi Vilas Bank Mortgage Loan Interest Rate and EMI Calculator

    You can use an online Lakshmi Vilas Bank Loan against property EMI Calculator to calculate loan EMIs at different rates of interest and check and compare the lowest EMI per lakh on Loan against Property. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan.

    Loan Against Property Top up, Transfer in Lakshmi Vilas Bank

    Lakshmi Vilas Bank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Lakshmi Vilas Bank at an affordable interest rate, higher loan amount and convenient loan tenure. Lakshmi Vilas Bank loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Lakshmi Vilas Bank are 11.00%. Along with that, you can also avail of additional top-up on your loan against property.

    Loan Against Property Lakshmi Vilas Bank Products

    Lakshmi Vilas Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Loan Against Property for Residential Use

    • Lakshmi Vilas Bank offers loan against property for residential use to fulfil requirements like renovation or construction of a residential building. A maximum amount of Rs 10 lakhs can be borrowed that is to be repaid within 120 months.
      • The property mortgaged must not be older than 40 years.
      • The loan can be taken by individuals, salaried professionals, agriculturalists, partnership firms, and private and public limited companies.

      Property Mortgage Loan for Commercial Use

      • Lakshmi Vilas Bank offers property mortgage loan for commercial use to business owners. The loan can be taken up to Rs 10 lakhs by keeping a residential property, commercial property, land or building as collateral.
        • The property mortgaged as collateral must not be older than 40 years.
        • The loan can be taken by business owners, whether individuals, partnership firms, or private or public limited companies.

        Lakshmi Vilas Bank Loan Against Property Documents Required

        For Self-Employed

        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 0 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 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
        For Salaried employee
        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 0 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 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
        • Registered Sale Deed/ Conveyance/ Lease Deed
        • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
        • Latest House Tax Return/ Receipt
        • Approved Building Plan from Municipal Corporation

        Check Loan Against Property Interest Rate in Major Banks

        FAQs

        What is Lakshmi Vilas Banks loan against property interest rate?

        Lakshmi Vilas Bank offers loan against property at a rate of 11.00% with the lowest EMI of ₹ 1,378. If you are currently paying a higher interest rate than the Lakshmi Vilas Bank rate, you can opt for a balance transfer of loan to Lakshmi Vilas Bank.

        Did Lakshmi Vilas Bank Loan against property rates drop?

        Yes, Lakshmi Vilas Bank loan against property rates has decreased by 0.65% from the previous rate of 11.65% to 11.00%. The lowest mortgage rates of Lakshmi Vilas Bank are effective from 14 Apr, 2021.

        How to increase my eligibility on Lakshmi Vilas Bank Mortgage 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 a loan.

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

        Yes, you can foreclose your Lakshmi Vilas Bank loan against property anytime you want with Nil foreclosure charges.

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

        Lakshmi Vilas Bank offers a maximum tenure of 10 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

        What is the benchmark rate applicable for Mortgage loan?

        The benchmark rate applicable for property loans in Lakshmi Vilas Bank is RLLR

        Can I transfer my Loan against Property from another bank to Lakshmi Vilas Bank?

        Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Loan balance transfer to Lakshmi Vilas Bank offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Lakshmi Vilas Bank are 11.00%.

        What is Lakshmi Vilas Bank mortgage loan processing fees?

        The loan processing fee charged is 1.20% of the total loan amount.

        What security do I need to provide for Lakshmi Vilas Bank Mortgage Loan?

        Lakshmi Vilas Bank requires a registered mortgage of the property against which the bank will provide you a loan.

        • Property on which you intend to take a loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
        • Your total EMIs on all loans and credit cards (from Lakshmi Vilas Bank and other banks) are no more than 60 - 70% of your net monthly income.
        • You have not defaulted on loans or credit card dues to Lakshmi Vilas Bank and other banks and all EMI's have been paid. Note that Lakshmi Vilas Bank can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to Lakshmi Vilas Bank in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
        • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
        • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

        Are prepayment or foreclosure charges applicable on Lakshmi Vilas Bank loan against property?

        You can prepay a loan against property without any penalty or charges in case:

        • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
        • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

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        Lakshmi Vilas Loan Against Property News - May 2022
        • 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, 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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