|
Lakshmi Vilas Bank Home Loan Highlights 2022 |
|
| Interest Rate | 8.95% onwards |
| Loan Tenure | Up to 20 years |
| Loan Amount | Minimum: Rs. 3 lakh Maximum: subject to the chosen loan scheme and customer’s repayment ability |
| Processing Charges | Up to 0.40% of the loan amount |
Table of Contents
Lakshmi Vilas Bank Home Loan Interest Rates
The rate of interest offered by Lakshmi Vilas Bank Home Loan is directly linked with the Repo Rate. The actual interest rate applicable on a home loan is Repo Rate + Operating Expenses + spread (basis the loan scheme). The table below shows the ROI offered by LVB against different home loan schemes.
| Scheme | Applicable ROI |
| Lakshmi Home Loan | Repo Rate + Operating Expenses + 1.85% = 8.95% p.a. |
| LHL-OD | Repo Rate + Operating Expenses + 2.10% = 9.20% p.a. |
| LHL-Top Up | Repo Rate + Operating Expenses + 2.10% = 9.20% p.a. |
Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
| HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
| Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
| Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
| Union Bank of India | 8.35% – 10.80% | 8.35% – 10.95% | 8.35% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
| Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |
Check interest rates on Home Loans for other Banks and HFCs Compare Now
Lakshmi Vilas Bank Home Loan Processing Fee and Other Charges
| Particulars* | Charges/Fee |
| Processing Fee | ● Up to Rs. 25lakh: 0.40% of the loan amount or Rs. 10,000, whichever is lower ● Above R. 50lakh: 0.25% of the loan amount or Rs. 20,000, whichever is lower |
| Part Prepayment Charges | NIL |
| Foreclosure Charges | NIL |
| Penal Interest | 18% per annum i.e. 1.5% per month on the overdue instalments |
| Cheque Bouncing Charges | NA (LVB doesn’t follow ECS) |
| Duplicate Statement issuance charges | Rs.250 per statement |
| Credit Report Issuance Charges | Rs.50 per report |
| Switching Fee ( Fixed to Floating) | 0.5% of POS |
| Switching Fee ( Higher to Lower floating rate) | 0.5% on POS or Rs. 5,000, whichever is lower |
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Types of Lakshmi Vilas Bank Home Loan
1. Lakshmi Home Loan
This is a regular housing scheme available to all the salaried and non-salaried borrowers who are in need of funds for purchase/construction/extension/repair/renovation of a house or flat.
2. LHL-Top Up
This scheme is specially designed to offer an additional loan amount to the existing housing loan borrowers having a successful repayment record of a minimum of 12 months. The Loan can be availed for taking care of personal expenses like children’s education, marriage, medical emergencies, etc.
3. LHL-OD
Customers who maintain CASA balance of Rs. 5,000 in their savings and current account are eligible for this scheme. The scheme is offered as an overdraft facility, and can be used for purchase/construction/extension/repair/renovation of a house or flat. It is similar to Lakshmi Home Loan scheme in terms of the loan amount, repayment tenure, and margin.
Lakshmi Vilas Bank Home Loan Eligibility Criteria
Maximum Repayment Tenure
- Lakshmi Home Loan: 20 years
- LHL-OD: 20 years
- LHL-Top Up: 10 years or residual tenor of existing home loan, whichever is higher
Quantum of Loan
- Lakshmi Home Loan
Minimum: Rs. 3 lakh
Maximum: subject to the chosen loan scheme and customer’s repayment ability - LHL-OD
Minimum: Rs. 5 lakh
Maximum: subject to the chosen loan scheme and customer’s repayment ability - LHL-Top Up
Minimum: Rs. 10 lakh
Maximum: Rs. 25 lakh
Age
- Minimum: 21 years
- Maximum: 65 years
Lakshmi Vilas Bank Home Loan Documents Required
Salaried Individuals
- Duly filled in and signed the application form with photographs
- Identity, address and age proof
- Salary slip of last 3 months
- Bank statement of the past 6 months
- Form-16 and Income Tax Returns (ITR) details of two years
- Title documents of the property
Self Employed Individuals
- Duly filled in and signed application form with photographs
- Identity, address and age proof
- ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)
- Bank statement of the past 12 months
- For partnership firms: Latest partnership deed
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement - Title document of the property along with business address proof
Lakshmi Vilas Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply for Home Loan at Attractive Interest Rates Click Here
Lakshmi Vilas Bank Home Loan Customer Care Details
Customers can reach out to Lakshmi Vilas Bank through the below-mentioned contact details to get their home loan-related queries addressed.
- Toll-free: 1800-425-2233
- For NRI queries: mail at nricell@lvbank.in.
FAQs
Q1. What is the security required to avail a home loan?
The security for the loan shall be first charged by way of equitable/registered mortgage of the property for which the loan is availed. The borrower must ensure that the title of the property is clear, marketable and free from encumbrance Details.
Q2. Are there any tax benefits offered by LVB?
Yes, resident Indian home loan customers are eligible for tax benefits under the relevant sections of the Income Tax Act. The tax deduction is subject to a maximum limit of Rs 2 lakh for interest payments and up to Rs 1.5 lakh for principal repayment.