Lakshmi Vilas Bank Home Loan 2020 | |
| 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 |
Lakshmi Vilas Bank (LVB) offers home loans at an attractive interest rate starting from 8.95%. The bank extends home loan facility to salaried and non-salaried borrowers which can be used for purchase/construction/extension/repair/renovation of a house or flat. Special Top-Up Home Loan and Overdraft schemes are also available.
Features and Benefits of Lakshmi Vilas Bank Home Loan
- Flexible repayment tenure of up to 20 years
- Home loan scheme for various needs
- No prepayment penalty
- No foreclosure charges
- No hidden charges
- Fast and transparent loan processing
- Attractive interest rate
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. |
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.
LVB Home Loan EMI Calculator
LVB Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Lakshmi Vilas Bank home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Lakshmi Vilas Bank home loan EMI.
Lakshmi Vilas Bank Home Loan EMI Calculation
The table below shows Lakshmi Vilas Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
| Loan Amount | Interest Rate | EMIs as per Different Loan Tenures | ||
| 10 years | 15 years | 20 years | ||
| Rs. 30 lakh | 8.95% | Rs. 37,922 | Rs. 30,339 | Rs. 26,895 |
| Rs. 60 lakh | 9.20% | Rs. 76,656 | Rs. 61,572 | Rs. 54,758 |
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Lakshmi Vilas Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Lakshmi Vilas Bank.
| Eligible Profiles | Salaried and Non-Salaried Individuals |
| 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
Following are the documents required to successfully apply for Lakshmi Vilas Bank Home Loan.
| Salaried Individuals | Self Employed Individuals |
| Duly filled in and signed the application form with photographs | Duly filled in and signed application form with photographs |
| Identity, address and age proof | Identity, address and age proof |
| Salary slip of last 3 months | ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA) |
| Bank statement of the past 6 months | Bank statement of the past 12 months |
| Form-16 and Income Tax Returns (ITR) details | 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 documents of the property | Title document of the property along with business address proof |
Click here to check list of documents required for Home Loan providers
LVB Home Loan Schemes
Following are the Details of LVB Schemes:-
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.
Apply for Lakshmi Vilas Bank Home Loan on Paisabazaar.com
Customers can apply online for Lakshmi Vilas Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
LVB 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.
