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Lakshmi Vilas Loan Against Property Eligibility

Lakshmi Vilas Loan Against Property Calculator India Jun 2021

Last Updated 12th Feb 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 10 years 10 years
  • Lakshmi Vilas offers Loan Against Property Rates at 11.00% p.a.
  • Lakshmi Vilas Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Lakshmi Vilas mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan
Loan Against Property Eligibility Calculator

Lakshmi Vilas Bank Loan Against Property Eligibility Based on Age

  • Age: Lakshmi Vilas Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Lakshmi Vilas Bank, one has to be of atleast 21 years of age. The maximum age for loan from Lakshmi Vilas can be 60 years for salaried and 65 years for self employed. Lakshmi Vilas Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 10 Years 10 Years
30 Years 10 Years 10 Years
40 Years 10 Years 10 Years
50 Years 10 Years 10 Years
60 Years - 5 Years

Lakshmi Vilas Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Lakshmi Vilas Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Lakshmi Vilas Bank loan against property eligibility.

  • Nature of Employment: Lakshmi Vilas Bank will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Lakshmi Vilas Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Lakshmi Vilas Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Lakshmi Vilas Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 12 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 60% ₹ 20 Lakh ₹ 12 Lakh
    Residential Property 60% ₹ 20 Lakh ₹ 12 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Lakshmi Vilas Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Lakshmi Vilas Bank.

Lakshmi Vilas Bank Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Lakshmi Vilas Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Lakshmi Vilas Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Lakshmi Vilas Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Lakshmi Vilas Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

Lakshmi Vilas Bank Mortgage Loan Eligibility Based on FOIR

Lakshmi Vilas Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Lakshmi Vilas Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Lakshmi Vilas Bank. Always calculate your eligibility with Lakshmi Vilas Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from Lakshmi Vilas?

The factors that determine the eligibility criteria of Lakshmi Vilas Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Lakshmi Vilas Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for Lakshmi Vilas Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from Lakshmi Vilas.

What is the tenure of Lakshmi Vilas property loan?

Lakshmi Vilas Bank offers property loan for a tenure upto 10 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Lakshmi Vilas Bank up to 60% of the market value of the property.

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Lakshmi Vilas Loan Against Property News - Jun 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, 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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