Lakshmi Vilas Bank Loan Against Property

About Lakshmi Vilas Bank Loan Against Property

Lakshmi Vilas Bank Loan Against Property is a facility of Secured Term Loan that is repayable in a maximum period of 10 years. An applicant can make use of this facility for a variety of financial needs. This credit facility can be used for meeting any requirement based on a financial urgency such as a marriage, a medical emergency, expenses related to education, tours and vacations or requirement of funds for business or professional needs. This facility can be availed by providing EM of land and residential/ commercial building property as a security. The bank provides easy and flexible repayment options along with a relaxed loan tenure to its customers. Also, the interest rates provided by the bank are highly competitive and economically priced. Know more about this product down below!

Loan Against Property

    Personal Details

    Lakshmi Vilas Bank Loan Against Property Details:

    Particulars Details
    Interest rates10.20%
    Loan amountAs per Bank's norms
    TenureUp to 10 years
    Processing feeAs per Bank's norms
    Prepayment chargesAs per Bank's norms

    Eligibility Criteria for Lakshmi Vilas Bank Loan Against Property

    • The applicant must bear Indian Nationality to be able to avail for this credit facility.
    • Individuals including salaried individuals as well as self-employed and agriculturists can apply for this facility. The applicant must be an Income Tax Assesses for at least a period of last three years.
    • The applicant must be older than 21 years of age. The maximum age limit for the salaried professionals is 60 years and for other individuals is 65 years by the time of loan maturity.
    • Apart from individuals, organisations such as existing business enterprises including Proprietary concerns, Partnership Firms, Private Limited Companies, Public Limited Companies and Deemed Limited Companies can avail this facility.
    • Also, closely held Limited Companies who have 90% shareholding within family and/or relatives can also apply for this credit facility.

    Lakshmi Vilas Bank Loan Against Property Eligibility

    Lakshmi Vilas Loan Against Property Eligibility is ascertained by the bank using the previously set eligibility criteria. Through this criteria, it becomes easier for the bank to determine the repayment capacity of the applicants, thereby throwing light on their financial responsibility and capacity to avail the loan. This could be a little confusing, hence let us take an example for a clearer picture.

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    Consider that you earn about ₹ 1,00,000 every month. On assuming that you succeed in saving about 40% of your earning on a monthly basis, we establish your monthly savings to be close to ₹ 40,000. It is essential for the applicants to prove their monthly savings and justify that they would be using this money towards the repayment of the loan amount. This brings us to the conclusion that your monthly saving of up to ₹ 40,000 would be kept aside for your LAP EMIs. This would prove your financial sturdiness and credit repayment capability. On knowing your eligibility, it would easier for the bank to entrust you with the credit facility and the process would not take longer to get approved.

    However, before you get on with the procedure of application, it is important for you to have a precise idea of what your monthly expenditure is going to look like. Also, you must know your total interest payable to the bank and the total credit amount including the total interest that is payable by you. To get an idea of all these figures, take a look at the calculations given below!

    Amount- ₹ 1 Lakh

    Loan Tenure- 10 years

    Rate of Interest- 10% p.a.

    Your monthly EMI will be ₹ 1,322

    So your calculation for LAP would be

    ₹ 1 Lakh x 40000/1,322 = ₹ 30.25 Lakhs approx

    Hence, your loan amount eligibility is ₹ 30.25 Lakhs approx.

    Lakshmi Vilas Bank Loan Against Property EMI Calculator

    Lakshmi Vilas Loan Against Property EMI Calculator is one of the most beneficial facilities provided by the bank. Using this tool, the applicant can easily assess his/her monthly installment that he/she will be be paying towards the repayment of the loan. Calculation of monthly installments via manual methods and calculations can be time taking and confusing. Hence, this tool is used by a majority of people so as to make these calculations conveniently and without any hassles. The Equated Monthly Installments consists of the principal amount along with the interest payable by the credit bearer. The calculator takes all the major factors of the loan into consideration and derives the EMI amount. You just need to feed in the basic details of your credit such as the total loan amount, the interest rate offered by the bank and the complete tenure for which the credit is availed and the tool will derive the amount of monthly installments in almost no time. Another feature of this tool that makes it highly preferred is that it not only gives the monthly installments but also lets the applicant know the totla interest outgo during the complete tenure and the total amount that the credit bearer will have to pay during the tenure of the credit. Understanding the functions of this tool without an example could be difficult. Hence, let us consider an example for a better understanding.

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    For instance, you decide to take a loan worth ₹ 1,00,000 against your property from Lakshmi Vilas Bank. You plan to take this credit for a tenure of 10 years at an interest rate of 10%. Apart from the monthly EMI, it is also important to know about the interest that you will be paying throughout the tenure. You must have an idea about the total loan amount that you will be paying by the end of the complete tenure including the interest and the principal amount. If we consider the above given values and feed them in the calculator, then the monthly installment would be ₹ 1,322, the total interest amount would be ₹ 58,581 and the total amount inclusive of principal and interest would be ₹ 1,58,581.

    For reference, take a look at this table given below. Here, you can know your EMI, interest amount and total amount payable on the amount of loan throughout the loan tenure.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 1,00,00010%1₹ 8792₹ 5499₹ 1,05,499
    ₹ 1,00,00010%2₹ 4614₹ 10,748₹ 1,10,748
    ₹ 1,00,00010%3₹ 3227₹ 16,162₹ 1,16,162
    ₹ 1,00,00010%4₹ 2536₹ 21,740₹ 1,21,740
    ₹ 1,00,00010%5₹ 2125₹ 27,482₹ 1,27,482
    ₹ 1,00,00010%6₹ 1853₹ 33,386₹ 1,33,386
    ₹ 1,00,00010%7₹ 1660₹ 39,450₹ 1,39,450
    ₹ 1,00,00010%8₹ 1517₹ 45,672₹ 1,45,672
    ₹ 1,00,00010%9₹ 1408₹ 52,050₹ 1,52,050
    ₹ 1,00,00010%10₹ 1322₹ 58,581₹ 1,58,581

    Documentation Required for Lakshmi Vilas Bank Loan Against Property

    Income Documents

    • Salaried Professionals:
      • Payslip for the last 3 years,
      • Bank statement of the salary account for the last 6 months
      • Latest Form 16
    • Self-employed Individuals:
      • Latest 2 years ITR,
      • Financial Documents which would include P & L account, Balance Sheet, Schedules to Balance Sheet and Tax Audit Report
      • 6 months Company Primary Current account statement
    • Other financial obligations such as
      • other installments (EMIs) that are being paid
      • number of credit cards owned and their credit limits

    KYC Documents

    • Pan Card, Secondary ID Proof which includes Driving License, Adhaar Card and Voter’s ID
    • Passport size photo

    Proof of Employment/Business Continuity

    • Salaried Professionals:
      • Form 16 and/or Appointment letter not older than last 2 years
    • Self-employed Individuals:
      • Sales/Service Tax registration certificate and/or ITR not older than last 2 years

    Property Documents 

    • Under construction property –
      • Allotment letter
      • Proof of payment of booking amount and
      • Proof of Payment Schedule
    • Ready Property –
      • Deed of Sale
      • Parent Documents
      • Latest Property tax paid certificate
      • Khatha (7/11 extract) and
      • Latest EC
    • Plot & Self-construction –
      • Deed of Sale
      • Parent Documents
      • Khatha (7/11 extract) and
      • Latest EC

    Features & Benefits of Lakshmi Vilas Bank Loan Against Property

    • Convenient process of documentation
    • Online access to the loan account
    • Economical and nominal interest rates
    • Faster loan approval
    • Availability of higher loan amount
    • Acceptance of residential and commercial building property as collateral security

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