About Lakshmi Vilas Bank Home Loan
Lakshmi Vilas Bank offers home loan in the name of “ Lakshmi Home Loans” to Individuals and HUFs (operating through Kartas) having sufficient income and an ability to produce satisfactory proof such as income by way of Salary Certificates and Income Tax Certificates.
The bank offers home loan for the following purposes:
- Constructing a new house/flat
- Buying a new house/flat constructed by a reputed Promoter/Contractor
- Additional construction or alterations carried out by the owners of the house
- Repairs on the House
- Buying old houses
- Buying approved residential plots
Lakshmi Vilas Bank Home Loan Interest Rates November 2023
| Particulars | Description |
|---|---|
| Interest Rates | 8.25% Onwards |
| Loan Amount | -80% of the project cost in the case of loans for construction / purchase of new house / flat -75% of the purchase consideration in the case of purchase of old houses / approved residential plots |
| Tenure | 20 years (for purchase / construction of new house / flat based on the borrower attaining the age of 65 years whichever is earlier) -5 years, without holiday period (in case loan is sanctioned for repairs/renovation and for purchase of residential plot) |
| Processing Fees | Upto 1.20% of loan amount with applicable service tax |
| Pre-payment or Foreclosure | NIL |
Lakshmi Vilas Bank Home Loan Eligibility Criteria
Individuals and HUFs (operating through Kartas) having sufficient income and able to produce satisfactory proof such income by way of Salary Certificates, Income Tax Certificates, etc. can avail loans under the scheme
Lakshmi Vilas Bank Home Loan EMI Calculator
By using Lakshmi Vilas Bank Home Loan Eligibility Calculator, you can get the accurate estimate for your home loan. Just enter the basic details such as your monthly income, your fixed monthly obligation, your current age, your retirement age etc and submit the details. The result will show your affordability towards your home loan.
For example, you are interested in availing a loan amount of INR 30 lakhs repayable after 20 years at varying interest rate being 9.80% p.a. The following table gives you details on your calculated EMI along with interest and the total amount that costs you against your sanctioned home loan.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 30,00,000 | 9.80% | 1 | ₹ 2,63,469 | ₹ 1,61,624 | ₹ 31,61,624 |
| ₹ 30,00,000 | 9.80% | 2 | ₹ 1,38,158 | ₹ 3,15,792 | ₹ 33,15,792 |
| ₹ 30,00,000 | 9.80% | 3 | ₹ 96,520 | ₹ 4,74,724 | ₹ 34,74,724 |
| ₹ 30,00,000 | 9.80% | 4 | ₹ 75,800 | ₹ 6,38,397 | ₹ 36,38,397 |
| ₹ 30,00,000 | 9.80% | 5 | ₹ 63,446 | ₹ 8,06,779 | ₹ 38,06,779 |
| ₹ 30,00,000 | 9.80% | 6 | ₹ 55,275 | ₹ 9,79,830 | ₹ 39,79,830 |
| ₹ 30,00,000 | 9.80% | 7 | ₹ 49,494 | ₹ 11,57,503 | ₹ 41,57,503 |
| ₹ 30,00,000 | 9.80% | 8 | ₹ 45,206 | ₹ 13,39,740 | ₹ 43,39,740 |
| ₹ 30,00,000 | 9.80% | 9 | ₹ 41,912 | ₹ 15,26,479 | ₹ 45,26,479 |
| ₹ 30,00,000 | 9.80% | 10 | ₹ 39,314 | ₹ 17,17,646 | ₹ 47,17,646 |
| ₹ 30,00,000 | 9.80% | 11 | ₹ 37,221 | ₹ 19,13,164 | ₹ 49,13,164 |
| ₹ 30,00,000 | 9.80% | 12 | ₹ 35,507 | ₹ 21,12,949 | ₹ 51,12,949 |
| ₹ 30,00,000 | 9.80% | 13 | ₹ 34,083 | ₹ 23,16,911 | ₹ 53,16,911 |
| ₹ 30,00,000 | 9.80% | 14 | ₹ 32,887 | ₹ 25,24,953 | ₹ 55,24,953 |
| ₹ 30,00,000 | 9.80% | 15 | ₹ 31,872 | ₹ 27,36,975 | ₹ 57,36,975 |
| ₹ 30,00,000 | 9.80% | 16 | ₹ 31,005 | ₹ 29,52,874 | ₹ 59,52,874 |
| ₹ 30,00,000 | 9.80% | 17 | ₹ 30,258 | ₹ 31,72,540 | ₹ 61,72,540 |
| ₹ 30,00,000 | 9.80% | 18 | ₹ 29,610 | ₹ 33,95,862 | ₹ 63,95,862 |
| ₹ 30,00,000 | 9.80% | 19 | ₹ 29,047 | ₹ 36,22,728 | ₹ 66,22,728 |
| ₹ 30,00,000 | 9.80% | 20 | ₹ 28,554 | ₹ 38,53,020 | ₹ 68,53,020 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 50,896 | ₹ 2,91,754 | ₹ 29,49,103 |
| 2 | ₹ 56,114 | ₹ 2,86,536 | ₹ 28,92,988 |
| 3 | ₹ 61,868 | ₹ 2,80,783 | ₹ 28,31,120 |
| 4 | ₹ 68,211 | ₹ 2,74,440 | ₹ 27,62,909 |
| 5 | ₹ 75,204 | ₹ 2,67,447 | ₹ 26,87,704 |
| 6 | ₹ 82,914 | ₹ 2,59,736 | ₹ 26,04,790 |
| 7 | ₹ 91,415 | ₹ 2,51,236 | ₹ 25,13,374 |
| 8 | ₹ 1,00,787 | ₹ 2,41,863 | ₹ 24,12,587 |
| 9 | ₹ 1,11,120 | ₹ 2,31,530 | ₹ 23,01,466 |
| 10 | ₹ 1,22,513 | ₹ 2,20,138 | ₹ 21,78,953 |
| 11 | ₹ 1,35,073 | ₹ 2,07,577 | ₹ 20,43,879 |
| 12 | ₹ 1,48,922 | ₹ 1,93,729 | ₹ 18,94,957 |
| 13 | ₹ 1,64,190 | ₹ 1,78,461 | ₹ 17,30,767 |
| 14 | ₹ 1,81,023 | ₹ 1,61,628 | ₹ 15,49,744 |
| 15 | ₹ 1,99,582 | ₹ 1,43,068 | ₹ 13,50,161 |
| 16 | ₹ 2,20,044 | ₹ 1,22,606 | ₹ 11,30,116 |
| 17 | ₹ 2,42,604 | ₹ 1,00,046 | ₹ 8,87,512 |
| 18 | ₹ 2,67,477 | ₹ 75,174 | ₹ 6,20,034 |
| 19 | ₹ 2,94,900 | ₹ 47,751 | ₹ 3,25,134 |
| 20 | ₹ 3,25,365 | ₹ 17,517 | ₹ 0 |
Documentation for Lakshmi Vilas Bank Home Loan
| Salaried Individuals | Self-employed |
|---|---|
| Application form duly filled-up with photograph affixed on the space provided for the purpose. | |
| Identity Proof (Aadhaar Card, PAN Card or Election Identity Card), age proof, residence proof. | |
| Copies of the Bank Account Statements for the last six months of all the Bank Accounts including loan accounts/OD Accounts, if any. | |
| Salary slips for the latest three months along with CTC letter. | Business Vintage Proof for Self-employed customers |
| Current job appointment letter / Contract letter | Registration Certificate for Companies |
| Form No 16 along with IT returns and computation for total income for the last three years. | Partnership Deed and Registration Certificate issued by District Registrar |
| Trade License | |
| Shop & Establishment Certificate | |
| Vat Registration Certificate | |
| CST Registration Certificate | |
| Service Tax Registration Certificate | |
| Any other document issued by Government / Government Authority identifying the entity | |
Features and Benefits of Lakshmi Vilas Bank Home Loan
We are providing the details about several benefits and features of the home loan facility provided by the Lakshmi Vilas Bank. Do look at them!
- Loan schemes with simple terms – The first and foremost thing about the Lakshmi Vilas Bank Home Loan is that the scheme is free from any complex terms and conditions. All the aspects of this home loan are simple and easy to understand by any common individual. Even then, if you have any doubt regarding it, you can get in touch with the customer care of the bank. They will resolve all your doubts related to the loan facility.
- Customer friendly and transparent procedure – Every individual who wants to avail of the home loan facility wants to have a personalized and warm customer service experience too. Lakshmi Vilas Bank ensures the same by providing you the customer-friendly services at the time of home loan application. The representatives will explain to you about all the aspects of the loan facility. The whole procedure involving documentation, authentication, and loan disbursal will be swift and transparent.
- Quick sanction and disbursement of loans – People who are opting for a home loan often want it as soon as possible. At Lakshmi Vilas Bank, an individual gets the quickest sanction on his/her home loan application, and as soon as the overall procedure is done, the loan amount will be disbursed into one’s account.
- Personalized and warm customer service
- Income Tax Benefits
Lakshmi Vilas Home Loan Top Up Facility
If you are an existing home loan customer of Lakshmi Vilas Bank and need funds for some personal purposes, you can opt for the Top-up Loan facility. With this facility, you can opt for additional funds over your home loan amount. You can use this amount for your personal expenses like education, marriage, and other stuff.
There is one important thing you need to remember that the top-up loan amount can be given to you only if your last 12 months repayment track is good. So, it is important that you pay your home loan EMIs on time. The minimum loan amount that you can get is fixed at INR 10 lakh and it can go upto a maximum of INR 25 lakh.
If you are thinking about the repayment period, let us tell you that you can get a maximum of 10 years or the remaining home loan tenure, whichever is higher. Suppose you have a tenure of 12 years left in your home loan facility, you can get a maximum of 10 years as the repayment period for your top-up loan.
Lakshmi Vilas Bank Home Loan Customer Care Contact Number
Whether you want to know about the applicable interest rate, eligibility criteria, any other document to produce or the type of property which you want to mortgage? Speak to an experienced customer care representative of Lakshmi Vilas Bank Home Loan on +1800 – 425 – 2233 (Toll-free Helpline)