Lakshmi Vilas Bank Home Loan Interest Rate

Lakshmi Vilas Bank Home Loan Interest Rate and Other Charges

The home loan interest rate provided by Lakshmi Vilas bank starts from 10%. The rate might vary with the loan amount, occupation, income and type of loan availed.

• Specific category of borrowers such as women are giver lowest interest rates of 10%.
• Lakshmi Vilas Bank housing loan interests depend on a few factors:

Loan amounts: The housing loan rates depend on the amount you borrow. For instance, if you opt for a higher loan, the interest rates will decrease.

Your salary: Lakshmi Vilas Bank will take into account your income for identifying the rate of interest. The rate will vary with your monthly income. The higher your salary, the less interest you’ll be charged.

Type of loan you have opted for: Rate of interest may be higher or lower while opting for special or popular loan product offers.

Existing bank customers: Lakshmi Vilas Bank will give the lowest interest rates if you are an existing customer of the bank.

Lakshmi Vilas Bank Home Loan Eligibility

Individuals and HUF that have sufficient income and people who are able to produce legitimate and satisfactory proof of their incomes by the way of submitting salary certificates, income tax certificates, etc., can avail to the loans under the scheme.

What are the purposes for getting a home loan?

• Construction of new houses or flats.
• Purchase of a new flat or a new house constructed by a reputed promoter or contractor.
• Additional constructions or alterations that are carried out by the owner of the house.
• Repairs that are to be made on the house.
• Purchasing old houses.
• Buying approved residential plots.

Lakshmi Vilas Bank Home Loan Facts

• Interest rates of 10% onwards.
• There is a processing fee of up to 0.40%
• The borrower would have to pay the money back in 240 months from acquiring the loan and before the borrower turns 65 for purchase of a new house or flat.
• If the loan is sanctioned for repairs, renovations or for the purchase of residential plots maximum of 60 months is to be taken to pay back to the bank.
• The lowest EMI to be paid per lakh is Rs. 965.
• Eligible age group to apply for a home loan:

For both salaried and self-employed customers, the minimum age for applying for a loan is 21 years and the maximum age to apply is 65 years.

• For construction loans and finance taken for purchasing a new flat or a new house loan margin is 20 %, while old houses and residential plot loans have a load margin of 25%.

Documents Needed to Avail Lakshmi Vilas Bank Home Loan

For Salaried Employees:

• The loan application form should be filled up.
• 2 passport size photos.
• Income Tax Returns of last 2 years.
• An identity proof of either passport/driving license/voter’s ID/PAN will be needed.
• Residential address proof of either registered rent agreement/utility bill (up to 3 months old), passport will also be needed.
• Income documents of 6 months payslip,2 years Form 16, 6 months bank statements showing salary credit and any EMI debit.
• Property documents like conveyance deed, sales deed, allotment letter is needed.

For Self-Employed:

• The loan application form should be filled up.
• 2 passport size photos
• An identity proof of either passport/driving license/voter’s ID/PAN will be needed.
• Residential address proof of either registered rent agreement/utility bill (up to 3 months old), passport will also be needed.
• Business proof such as VAT/ service tax registration.
• Property documents like conveyance deed, sales deed, allotment letter is needed.

FAQs: Lakshmi Vilas Bank Home Loan

1. Can I avail a loan for renovating my house and is there a tenure for it?

Yes, loans are sanctioned for renovating homes and the tenure is for 60 months. The 60 months will not include the holiday periods

2. Is there an eligibility criterion to avail a home loan from Lakshmi Vilas Bank?

Individuals and HUF that have sufficient income and people who are able to produce legitimate and satisfactory proof of their incomes by the way of submitting salary certificates, income tax certificates, etc., can avail to the loans under the scheme.

3. Are there any loan margins I’m supposed to be aware of?

For construction loans and finance taken for purchasing a new flat or a new house, the loan margin is 20 %, while old houses and residential plot loans have a load margin of 25%.

4. Is there a minimum age from when I can avail for a loan?

The minimum age for applying for a loan is 21 years and the maximum age for applying is 65 years.

5. How much do the home loan interest rates start from?

The home loan interest rates start from 10% and depend on a few factors like the amount of loan being borrowed, the salary of the borrower or the type of loan being borrowed.