- Lakshmi Vilas Bank Home Loan Interest Rates starting at 8.55%*
Planning to buy a home to kick out the hassles a rental life brings to the fore? You are planning a right thing at the right time. Just go online and apply for Lakshmi Vilas Bank Home Loan whose interest rates have declined to 8.25% Onwards per annum. As the rates are softening, it’s time to avail a home loan and prevent the outflow of extra interest repayments.
Lakshmi Vilas Bank Home loan Interest Rates February 2024
|Home Loan Interest Rate
|As Applicable by the Bank
Lakshmi Vilas Bank Home loan Balance Transfer Rates
Already servicing a home loan somewhere? Is your present lender charging an interest rate higher than that of Lakshmi Vilas Bank (LVB)? Why don’t you then switch over the unpaid portion of the loan to LVB and save on the interest repayments. Of late, many borrowers are availing this option at the face of falling rates and giving their wallet a much-needed protection against the raging inflation.
How can you Apply for Lakshmi Vilas Bank Home Loan Balance Transfer Facility?
Every lender charges specified fees from customers willing to opt for the Home Loan balance transfer facility. The balance transfer fees for the Balance Transfer scheme will depend on the outstanding amount of your existing home loan.
Apart from this, the bank will also check if your repayment behavior is good during your home loan tenure. The balance transfer application may get rejected if you have missed your payments for long. Your CIBIL Score is the other important factor that will play a crucial role. Individuals with high credit scores have higher chances of getting the balance transfer at low-interest rates. The lender will also verify your property to make sure that you are eligible to get this facility.
How much Money Can You Save by Using the Lakshmi Vilas Bank Home Loan Balance Transfer Facility?
If your existing home loan is in the initial years, having a balance transfer now will mean a significant reduction in interest payments over time. You could ask, how? The interest portion in the initial years of the home loan is generally higher than the principal amount. So, if you have taken a home loan for 20 years, and if you opt for the Balance Transfer facility within the initial 10 years of your tenure, you can save substantially on EMI and total interest outgo.
As we told you that you can transfer your outstanding loan amount with the help of the Lakshmi Vilas Bank Balance Transfer facility. We are providing you an example to show the amount you can save with this seamless facility.
Suppose an applicant already has a 15-year home loan of INR 40 lakh at 10.50% per annum. With this loan amount, the applicant must be paying an EMI of INR 33,776. Let’s say that after paying EMIs for six years without any delay, the applicant wants to opt for a Home Loan Balance Transfer facility at an interest rate of 8.95% per annum and get the same at Lakshmi Vilas Bank. You can see that this interest rate is lower than the interest rate on the current loan facility. How much will you save on the said transaction? Let’s find out in the table below.
|Existing Loan Amount
|EMI at the current interest rate of 10.50% per annum
|Estimated Interest Outgo at 10.50% per annum
|Interest Paid till now ( 6 Years )
|Outstanding Balance at the end of 6 years
|EMI at the new interest rate of 8.95% per annum
|Interest Outgo at the new interest rate of 8.95% per annum
|Interest Paid till now + Interest for the remaining 14 years
|Estimated EMI Saving
|INR 2,571 per month
|Estimated Interest Savings
So, from the above table, you can clearly see how you can save a huge amount on both EMI and Total Interest Outgo by opting for the Balance Transfer Facility of Lakshmi Vilas Bank. The low home loan interest rates of Lakshmi Vilas Bank will ensure the EMIs are lower and you can save around INR 2,500 per month while repayment. When it comes to interest outgo, the savings will be around INR 3 lakh for your total tenure. So, you can see how choosing this facility can prove to be a deciding factor in saving you a huge chunk of money.