At least 21 years old

Less than 65 years old

Salaried or self-employed
with regular income

Earn more than the minimum
income required

Earn more than the minimum
income required

Loan capped @ 75% to 80% of property value

EMIs of other loans lower
your eligibility

Make your spouse a co-applicant,
and her income will add
to your eligibility

Choose longer tenure loan up to 20 years

Alternatively add your parents

Lakshmi Vilas Bank Home Loan Overview:

It goes without saying, but housing is one of the basic requirements in life along with food and clothing. While it's not a big deal to obtain the latter, owning a home comes with years of savings and meticulous planning. Having a house or a property has multiple benefits since it not only ensures roof over the head of our loved ones, but also acts as an investment option, promising attractive returns over a period of time.

On the flipside, owning a home or a property is not an easy task primarily owing to the monetary commitment involved in the process. It is often fulfilled with the aid of a housing loan which offers to fund the larger share in the project costs and lets you pay back in monthly installments. Lakshmi Vilas Bank is one of the leading banks in the country which offer housing loans for a wide range of requirements. With a pan-India presence, the home loans are offered to qualified individuals as well as HUFs under the aegis of a Karta. Home loan from LVB is available for the following purposes.

• For construction of a new house or a flat
• For purchasing a new house of a flat
• Towards home improvement services such as renovation, extension and furnishing
• To carry out major repairs to an existing unit
• For purchasing old houses
• To purchase residential plot from reputed government and private agencies

Feature & Benefits of Lakshmi Vilas Bank Home Loan:

Loan margin:

The primary concern of a homebuyer is the extent of financing provided by the bank since it has the potential to influence the borrower’s share in the project cost. With LVB, the loan margin is quite pleasing. For construction loans and finance taken for purchasing a new house/flat, the margin is 20 percent while loans for purchase of old houses or residential plots (approved) come with a margin of 25 percent.

Repayment period:

With LVB, you’re largely free to choose a repayment term on the basis of your repayment capacity and convenience. You can repay the loan in up to 240 monthly installments (20 years) on EMI basis for loans procured for construction of a new house/flat or purchase.

For loans taken for repair or renovation of an existing house, a maximum of 60 months (5 years) is the term offered. The same quantity is offered for loan taken for buying a residential plot as well.

* The loan repayment period is exclusive of the holiday period on the loan, to be offered on case to case basis.

Access to convenient banking tools:

Post availing, loan servicing is a lot more easier with LVB. With a massive footprint across the country and various centers, you can walk into the designated branch anytime during the operating hours for any queries or changes on your loan account.

LVB can also be reached via toll free number where the calls are handled by the centralized customer service department, well equipped to handle any type of query/change to your loan account. Plus, you also have the convenience of accessing your account at the click of a button by using the Net Banking tool on the official web portal.

Lakshmi Vilas Bank Home Loan Interest Rates:

The rates for home loan from LVB are uniform for all types of loan ailments and term options. The effective rate of interest is determined on the basis of MCLR (Marginal Cost Based Lending Rate) as mandated by the Reserve Bank of India (RBI).

The present rate of interest is 9.60% (MCLR + 0.10%)

Since the fixed and variable component of the rate is subject to periodic revision, make sure to check with the nearest branch to confirm the prevailing rate.

Frequently Asked Questions:

1. Please list the basic eligibility criteria to avail a home loan from Lakshmi Vilas Bank.

   Individuals and HUFs with regular income from established sources are welcome to apply. As proof of income, the applicant should be able to produce salary certificates, Income Tax Returns etc.

2. I am looking forward to avail a loan for renovation of my house. What is the maximum term available?

   The maximum term available for home renovation loan is 60 months. This does not include the holiday period.

3. Can you provide the toll free phone number to reach LVB?

   The bank can be reached at centralized customer service on 1800 - 425 - 2233, operational during regular banking hours.

4. Is there a cap on the age of the borrower before which the loan should be liquidated?

   The home loan should be liquidated before attaining the age of 65 years. The repayment term chosen should not exceed this limit.

5. I am looking forward to getting a loan against my existing property. Does LVB have anything matching my requirement?

   The Lakshmi Loan against Property Scheme matches your requirement. Further details can be obtained by calling the toll free number provided in question 3 of this page.