Laxmi Vilas Bank Plot Loan Interest rate 2020
| Loan Amount | Lakshmi Vilas Bank Repo Rate Home Loan Rate | OD |
| Up to ₹ 25 Lakh | 9.70% | 10.15% |
| ₹ 25 Lakh – ₹ 1 Cr | 9.70% | 10.15% |
| ₹ 1 Cr – ₹ 3 Cr | 9.70% | 10.15% |
| Above ₹ 3 Cr | 9.70% | 10.15% |
Eligibility Criteria For Laxmi Vilas Plot Loan:
Your net monthly income post all deductions like PF, ESI, gratuity determines your home loan servicing capacity. It determines how much plot loan you are capable of paying after meeting living expenses based on your standard of living. Lakshmi Vilas Bank will particularly check if you are salaried or self-employed and the company and field in which you are working.
Your age plays an important role in determining your eligibility and repayment capacity for a Plot loan. The lower your age, the higher will be the time period available to repay the loan, and hence higher your plot loan amount eligibility.
Benefits Of Laxmi Vilas Plot Loan:
Tax Benefits: A plot loan shall not produce any tax benefit when availed on its own. However, when you avail both Laxmi Vilas Bank plot Loan and construction loan, the borrower shall enjoy tax benefits on the construction loan. This simply means a plot loan produces benefits if availed together with a construction loan.
Precise to the borrower’s need: A plot loan will be beneficial to the borrower as it is very much specific to their needs in comparison to a home loan. By applying through Laxmi Vilas Bank plot Loan to avail the Plot loan, a borrower can design and make their own space as per the needs. Laxmi Vilas Bank plot Loan caters to the needs of the customer in comparison to an already constructed home.
Nominal: Another main benefit of the Laxmi Vilas Bank plot Loan is that it is very nominal in nature. Plot loan by Laxmi Vilas Bank plot Loa offers a low processing fee at Up to 1% and borrowers do not lose the loan amount in terms of processing fee. Also, the prepayment penalty is very low. It is even zero in the case of floating-rate for the people.
Laxmi Vilas Plot Loan: Quick View
| Age | Min 21 and Max 70 years for Salaried Min 21 and Max 70 years for Self Employed |
| Repayment Tenure | 30 years |
| Interest Rate | 8.05% |
| Interest Rate Linked To | RLLR |
| Processing Fee | Up to 0.25%, Minimum ₹ 1,000 and Maximum ₹ 15,000 |
Types of Laxmi Vilas Plot Loan: Plot Loans:
Plot Loan
A loan for purchasing a Plot can only be availed for the purchase of vacant residential space or a piece of land which later could be used to build a house or for purpose of investment. The property must be found within the municipal or corporate boundaries. This type of loan is worth of high-risk and no tax benefits
The bank plot loan interest rate differs for every bank; however, it is primarily dependent on factors such as employment type, the amount of bank plot loan purchase, and the variant of the loan. Some banks offer certain attractive rates of interest if women want to take a bank plot loan
Laxmi Vilas Plot Loan: +Construction plot Loan
Rates are similar to a Plot loan, but the bank plot + Construction Loan interest rates can be higher if you want the construction period to be longer. The loan is availed to purchase the residential plots and build a house on the property within a fixed time. If a borrower does not start construction within a given period, the bank can increase the interest rate on the loan. This article carries out information about Plot loan with construction and how this is different from the normal plot loan.
Plot Loan With Construction Vs Home Loan
| Parameters | Plot Loan with Construction | Regular Plot Loan |
| Plot + Construction loan interest rates | Rates are the same for a Plot loan, but the plot + Construction plot Loan interest rates can be higher if you want the construction period to be longer than usual | Interest rates are starting from @6.75%*. |
| LTV | Up to 70% of the property’s value | Up to 90% of the property’s value |
| Tenure | Up to 15 years | Up to 30 years |
| Tax Benefits | The plot Loan availed for construction and its benefits can be claimed post completion of the construction | On principal amount under section 80C and interest amount under section 24(b) |
| Prepayment Penalty | Nil for individuals on floating rates | Nil for individuals on floating rates |
1.Plot Loan Interest Rates
The rate of interest in case of a plot loan to buy land and home loans are the same. However, certain banks offer a few basis points higher rates for a loan for land purchase than that of home loans. Banks give a specific time for construction over the plot, and the borrower is required to give way a construction certificate with the bank. If the borrower does not make construction over the plot within the period from the date of the first payment, the land loan interest rates structure for the borrower changes from a home loan to a loan against the property.
2.Loan to Value Ratio (LTV)
Plot Loan to value or LTV means the amount of plot loan which a borrower will get against his property. LTV, in the case of a loan for land purchase with construction, is notably lower and could be round off at a maximum of 70% of the land value. In the case of home loans, LTV scale between 75% to 90%.
3.Lower Tenure
Plot loans have comparably a shorter tenure of up to 15 years, which is not the case of Plot Loans, which is companied by a longer tenure of 30 years. Therefore, the EMI in the case of a loan for plot purchase is more than that of regular home loans. The tenure for a land loan also varies with the age of the borrower, repayment capacity, etc.
4.Tax Benefits
Plot loans qualify for a tax subtraction on payment of the principal amount under Section 80C of the Income Tax Act as well as the interest component under Section 24(b) of the Income Tax Act. On the other hand, tax benefits on land loans are not available. However, borrowers could claim a tax deduction on a loan if the house is constructed on a plot purchased by the borrower. A borrower can claim a tax deduction against the loan amount taken for construction, after the accomplishment on the plot.
- Pre Payment penalty
Floating rate loans authorize to individual borrowers are free from the prepayment penalty if a borrower wants to foreclose the loan. However, a Plot loan like a home loan could bring prepayment charges of 2 to 4% of the prepaid amount if the non-individual borrower has availed it. A borrower should go through the loan agreement carefully and clarify the foreclosure charges of the loan before signing the agreement.
Type of Laxmi Vilas Plot Loan: self-employed:
Tru mounted loan – 2/3 Year mounted Rate Variant
Laxmi Vilas Plot Loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.
Adjustable-Rate Loan
The adjustable-rate plot loan is joined to Laxmi Vilas Plot Loan Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s an amendment within the RPLR, taking the date of the primary disbursement under consideration. an increase within the charge per unit can result in a rise within the EMI’s interest element that successively can cut back the principal element. this may extend the loan term, and contrariwise, in cases wherever the charge per unit drops.
Who will apply for a Laxmi Vilas Bank plot loan For Self-employed?
Individuals will apply for this loan on their own or together. The co-applicants for the Laxmi Vilas Bank plot Loa should be the planned homeowners of the plot. Co-applicants usually comprise of relations and want not to be co-owners of the property.
Loan term
- The maximum tenure up to that one will distribute his payments for his/her loan is fifteen years.
- The loan term depends on the compensation theme the individual has opted for.
- The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity conjointly play a job when deciding on the loan term.
Laxmi Vilas Plot Loan for salaried Individual
- Salaried people will apply for this loan if he/she is wanting to:
- Purchase a plot that’s being resold
- Purchase a plot through direct allotment in an exceedingly housing society or a developer project
- Transfer his/her outstanding loan quantity availed from another financial organization
- Customized reimbursement choices are offered to the receiver reckoning on the loan quantity, loan tenure, and interest rates provided by the bank.
- Attractive interest rates are offered on the plot loans to create it cheap for the candidates.
- No hidden prices are charged on the loan.
How to apply for Laxmi Vilas Plot Loan for salaried individuals?
The loan may be applied either on an individual basis or conjointly. The co-applicants for the plot loans should be the planned house owners of the plot. Co-applicants usually comprise of relations and wish not to be co-owners of the property.
Loan term
- The most tenure up to that one will distribute his payments for his/her loan is fifteen years.
- The loan term depends on the reimbursement theme the person has opted for.
- The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity additionally play a job choose the loan term.
Maximum loan amount
| Loan Amount | Maximum Funding |
| Up to Rs.30 lakh | 80% of the property price* |
| Rs.30.01 lakh to Rs.75 lakh | 80% of the property price* |
| Over Rs.75 lakh | 75% of the property price* |
The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits.
Type of Laxmi Vilas Bank plot loan for salaried individuals:
TruFixed Home Loan – 2/3 Year Fixed Rate Variant:
This loan provides customers a part adaptable rate term and a part fixed rate term. In this Tru Fixed home loan, there is an advantage of keeping the rate of interest fixed for 2/3 years later to which the loan changes to an adjustable rate of interest loan up to a total of 15 years loan term.
Adjustable-Rate Loan:
The adjustable-rate plot loan is linked to Laxmi Vilas Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once every three months. A rise in the interest rate will increase the EMI’s interest component which in turn will reduce the principal component. If the interest rates drop-down this will increase the loan term.
Laxmi Vilas Bank plot loan interest rates for salaried individuals
Adjustable Home Rate Loan
For salaried individuals, the Retail Prime Lending Rate is 16.20%
TruFixed Loan – 2 Year Fixed Rate Variant
the Retail Prime Lending Rate is 16.20%
Laxmi Vilas Bank plot loan fees for salaried individuals
Processing fees:
For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.
Prepayment charges:
| Adjustable-Rate Home Loans (ARHL) | Adjustable-Rate Loans (ARHL):· No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.· For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.· The customer will have to submit documents that Laxmi Vilas deems fit and proper to confirm the source of funds at the time of prepayment of the loan. |
| Fixed-Rate Home Loans (FRHL) | Fixed-Rate Loans (FRHL)· No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions· The customer should submit documents that Laxmi Vilas Bank sees fit and proper to determine the source of funds.· Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments. |
| Fixed and Variable Rate Loans (Combination rate) | Fixed and Variable Rate Loans (Combination rate)· During the Fixed Rate period:· The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinancing from financial institutions or any banks, and will apply to all partial/full prepayments.· The customer must submit documents that Laxmi Vilas approves to confirm the source of funds at the time of prepayment of the loan.· During the Variable Rate period:· No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.· For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable. The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of Laxmi Vilas Bank. |
Conversion fees:
| Name of the service/ product | Name of the charge/fee levied | When payable | Frequency | Amount in rupees |
| Switch to a lower rate in Variable Rate Loans (Housing/improvement/ extension) | Conversion fees | On conversion | On every spread change | Up to 50% of the principal outstanding and disbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower. |
| Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) | Conversion fees | On conversion | Once | Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower. |
| Switching from Trufixed Fixed Rate to Variable Rate Loan | Conversion fees | On conversion | Once | 1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%. |
| Switch to Lower Rate (Non-Housing Loans) | Conversion fees | On conversion | On every spread change | 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion. |
Laxmi Vilas Bank plot loan gives an advantage to its existing customers that are the conversion facility to pull down the rate of interest on the loan by interchanging schemes. This facility can be used by paying a fee or one can either reduce the loan amount time or EMI. Here are the options of conversions available for the existing Laxmi Vias Bank customers:
Cheque discredit charges:
The cheque discredit charges for the Laxmi Vilas Bank plot loan are Rs.200 (conditions apply).
Fees on account of external opinion:
The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the person in charge depending on the kind of help condensed.
Property insurance:
For keeping the policy active, the customer has to pay the premium amounts to the insurance provider on a regular basis without any fault.
Charges on account of delayed payments:
In case there has been a delay in paying the EMI or the interest then the customer has to pay an additional interest of 24% p.a
Incidental charges
Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.
Statutory/regulatory charges:
The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
List of documents:
Rs 500 is the cost for the list of documents taken for the Laxmi Vilas Bank plot loan.
Photocopy of documents
Rs 500 is the cost for the photocopy of documents taken for the Laxmi Vilas Bank plot loan.
Increase/decrease in loan term:
If there is a need where you want to increase or decrease loan term then you have to pay Rs 500 along with the application form.
Disbursement cheque cancellation charge post disbursement:
The cost for the Disbursement cheque cancellation Is Up to Rs.200 asper the Kotak Mahindra Bank plot loan.
PDC swap
The PDC swap charges a minimal amount of Rs 200.
Re-appraisal of the loan after 6 months from sanction:
If you want a re-appraisal of the Kotak Mahindra Bank plot loan after 6 months from its sanction then you may have to pay Rs 2000 along with the applicable taxes.
Laxmi Vilas Bank plot loan Charges
Laxmi Vilas Bank home equity credit Processing Fee
Laxmi Vilas Bank home equity credit processing charges are up to 0.50% of the loan amount from its home equity credit customers to hide its expenses of conducting a credit appraisal and technical evaluation of the property. The bank charges a minimum processing of ₹ 1,500 and has capped the utmost processing fees at ₹ 15,000.
The processing fees are typically non-refundable and need to be paid at the time of the application. Additionally to Laxmi Vilas Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the application proceeds further.
Laxmi Vilas Bank home equity credit Prepayment
Laxmi Vilas Bank charges Nil fees on prepayment of floating-rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with a floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from one bank to a different one. If you opt to foreclose or transfer your housing loan to a different bank, you would like to use an equivalent to Laxmi Vilas Bank for a foreclosure while processing your new home equity credit application with the new bank.
However, if you’ve got taken a hard and fast rate home equity credit from Laxmi Vilas Bank, you’ll get to pay a foreclosure fee to shut your account or transferring it to a different bank as per your loan agreement with Kotak Mahindra Bank
How To Apply For Plot Loan With Laxmi Vilas Bank Plot Loan
- You can easily apply for a Plot Loan with the Laxmi Vilas
- You just need to complete an online form with the appropriate details and required documents at the DialAbank website itself.
- Our relationship manager will contact you for any further assistance.
- We also provide document pick-up services from your home.
- Visit WWW.Dialabank.com for any inquiries.
- For more details or doubts you can call us on 9878981166
What documents Are Required To Avail Of Laxmi Vilas Plot Loan?
- Plot loan application form with three attested photographs.
- Identity proof: ANYONE AMONGST PAN, Passport, voter card, or driving license.
- The Address or residence proofs along with a recent copy of utility bills like telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
- Bank account statements for the last six months of all bank account held by the applicant.
- Loan A/C statement of previous one year if any loan is availed before from any other bank or another lender.
- The income proof for both salaried and of self-employed people.
- Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.
FAQs For Laxmi Vilas Plot Loans:
✅What is the Plot loan interest rate in Laxmi Vilas?
The interest rate is 6.75% for Laxmi Vilas Plot Loan.
✅What is Laxmi Vilas Plot Loan?
A loan for purchasing a Laxmi Vilas Plot can only be availed for the purchase of vacant residential space or a piece of land which later can be used to build a house or for investment purposes. The property should be found within the municipal or corporate limits. This type of loan is worth of high-risk and no tax benefits.
✅How much processing fee is applicable on the Laxmi Vilas Plot loan?
The processing fee is up to 0.5% of the loan amount or Rs. 10,000 Up to 0.5% of the loan amount or Rs. 10,000.
✅What is the loan tenure of the Laxmi Vilas Plot loan?
The loan tenure of the Laxmi Vilas Plot loan is up to 30 years
✅How can I avail plot loan from Laxmi Vilas?
You can conveniently apply for a Plot Loan with the Laxmi Vilas. You just need to fill an online form with the appropriate details and required documents at the DialAbank website itself. Our relationship manager will contact you for any further assistance.
✅How to Apply for Laxmi Vilas Plot Loan?
You can avail of the plot loan only once you are declared eligible by the Laxmi Vilas.
✅How to repay Laxmi Vilas plot loan earlier than the schedule?
Visit the Laxmi Vilas and check if you are eligible for the earlier payment.
✅Is it possible to repay my loan earlier than the schedule?
Yes, it is allowed by Laxmi Vilas to repay the loan amount earlier than the scheduled date.
✅How to check Laxmi Vilas + Plot Loan eligibility?
Rates are similar to a Plot loan, but the bank plot + Construction Loan interest rates can be higher if you want the construction period to be longer. The loan is availed to purchase the residential plots and build a house on the property within a fixed time. If a borrower does not start construction within a given period, the bank can increase the interest rate on the loan. This article carries out information about Plot loan with construction and how this is different from the normal home loan.
✅What is Laxmi Vilas Plot loan phone number?
For the Laxmi Vilas Plot loan, the borrower can call – 9878981166.
✅What is Laxmi Vilas plot loan interest rate for women?
For women, the Laxmi Vilas plot loan interest rate starts from 7.05%.
✅What is Laxmi Vilas plot loan interest rates for salaried individuals?
Laxmi Vilas plot loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.
✅What is Laxmi Vilas plot loan interest rates for self-employed individuals?
For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.
✅What is Laxmi Vilas plot loan interest rates for self-employed non-professionals?
8.05% is the interest rate for Laxmi Vilas plot loan for Self-Employed Non-Professionals.
✅How is a plot loan different from a home loan?
The basic difference is the time period of the plot loan which means the Laxmi Vilas plot loan tenure can go up to 15 years whereas the home loan tenure can go as high as 30 years.
✅Can I take a plot loan along with a Plot loan?
Yes, a Laxmi Vilas plot loan can be used to purchase a plot anywhere within the country.
✅What is the maximum amount that I can take as a loan?
The maximum loan amount depends upon the documents produced of the plot to the Laxmi Vilas.
✅Can a plot loan finance investment in any plot, anywhere?
Yes, a Laxmi Vilas plot loan can be used to purchase plots anywhere within the country.
✅What is a Balance Transfer on Plot Loan?
Balance Transfer for Laxmi Vilas plot loan helps you lower your EMIs by transferring your remaining loan to other financial institutions to one that offers a lower interest rate.
✅Do I get any tax benefits on a plot loan?
No, unfortunately, there are no tax benefits provided with the Laxmi Vilas plot loan.
✅How many years can I keep the plot of land before starting construction?
For the Laxmi Vilas plot loan with Construction, an applicant can either contact the bank for more information regarding the scheme or call Dialabank at 9878981166.
