Karnataka Bank Home Loan 2022
|Loan Amount||Subject to the market value of the property and repayment capacity of the customer|
|Loan Tenure||Up to 30 years|
|Processing Charges||0.50% of the loan amount|
Note: The figures given in the table are indicative and are subject to change as per the loan scheme at the bank’s or RBI’s discretion without prior information.
Karnataka Bank Home Loan Interest Rates 2022
|Scheme||Rate of Interest (p.a.)|
|KBL – Apna Ghar/Elite: (Finance for purchase/renovate house)||Up to Rs. 75 lakh: 7.50% – 8.75%|
Above Rs. 75 lakh: 7.50% – 8.85%
|KBL – Home Comfort: (Finance for furnishing house)|
|9.17% – 9.57%|
|KBL – Ghar Niveshan: (Finance for purchase of house site)||10.89% – 12.09%|
|KBL Home Top Up: (Finance for meeting personal requirements)||9.17% – 9.57%|
Compare Home Loan Interest Rates for Top Banks & HFCs
|Interest Rates (% p.a.)|
|Name of Lender||Up to 30 Lakh||Above 30 Lakh & upto 75 Lakh||Above 75 Lakh|
|State Bank of India||6.70-7.65||6.70-7.75||6.70-7.85|
|Kotak Mahindra Bank||6.55 onwards||6.55 onwards||6.55 onwards|
|PNB Housing Finance||6.99-12||6.99-12||7.15-12|
|Punjab National Bank||6.55-7.95||6.50-7.65||6.50-7.60|
|Bank of Baroda||6.50-8||6.50-8||6.50-8.25|
|Union Bank of India||6.40-7.60||6.40-7.65||6.40-7.65|
|IDFC First Bank||6.90 onwards||6.90 onwards||6.90 onwards|
|L&T Housing Finance||6.75 – 7.75||6.75 – 7.75||6.75 – 7.75|
|Godrej Housing Finance||6.49 onwards||6.49 onwards||6.49% onwards|
|Tata Capital||6.70 onwards||6.70 onwards||6.70 onwards|
|LIC Housing Finance||6.75 – 7.85||6.70 – 8.05||6.70 – 8.05|
Types of Karnataka Bank Home Loan
To cater to the different home loan requirements of its customers, Karnataka Bank offers various home loan schemes customized to suit varied home loan requirements. Some of them are discussed briefly as follows:
- KBL – Xpress Home Loan
- Finance for purchase/renovating house
- The loan amount is up to Rs. 500 lakh for purchase/construction and Up to Rs. 30 lakh for renovation/ remodelling/ extension/ repair
- Loan tenure for loans taken for construction is of up to 30 years
- Loan tenure for loans taken for house renovation/repair is 7 years
- KBL – Xpress Home Comfort
- Finance for furnishing house interior works, acquiring furniture-fixtures, Solar heating/lighting systems
- The loan is for all those who have already availed loan under KBL and have not availed any loan from any financial institution for their Residential property/ closed the housing loan already availed
- The loan amount is up to Rs. 100 lakh
- Loan tenure is up to 20 years
- KBL – Xpress Ghar Nivesh
- Finance for the purchase of house site
- The loan amount is up to 80% of the registration value of the plot site, subject to multiple factors such as the property’s location
- Loan tenure is up to 84 months
Karnataka Bank Home Loan Eligibility Criteria
The eligibility criteria for the Karnataka Bank home Loan varies from one loan scheme to another. However, the common set of factors that a bank considers to evaluate an applicant’s home loan eligibility is:
- Individuals who are residents of India
- NRIs holding an Indian passport
- Minimum age Limit: 18 years
- Resident Indian:
- Salaried Persons: Minimum gross monthly salary Rs. 10,000
- Agriculturist: Minimum Annual net income Rs. 1,20,000
- Business Men/Professionals/Self Employed: Minimum Annual gross income Rs. 1,20,000
- Salaried Person: Minimum gross monthly salary Rs. 40,000
- Business Men/Professionals/Self Employed: Minimum Annual gross income of Rs. 4,80,000 (NRI applications processed manually)
- Resident Indian:
Karnataka Bank Home Loan Documents Required
When applying for Karnataka Bank Home Loan, you are required to provide a set of documents to support your home loan application. Some of the documents that the bank might request are:
- Duly filled and signed Karnataka Bank Home Loan Application Form.
- A cheque to pay processing fee favoring Karnataka Bank
- Proof of identity – A copy of any one proof of identity documents which includes Aadhaar, PAN, Passport, Voter ID, Driving License, etc.
- Proof of residence – A copy of any one of the proofs of residence documents which includes Aadhaar, Passport, Voter ID, Driving License, etc.
- Proof of income – A copy of the following documents:
- Salary Slips
- Bank Statements, showing salary credits
- Latest Form-16 and IT returns
- Income Tax Returns (ITR) with respect to both the individual and the business entity along with the calculation of income for the past few assessment years.
- Balance Sheet and Profit & Loss Account Statements with Annexures / Schedules.
- Current Account Statements of the business entity and Savings Account Statements of the individual
- The bank will also request property documents, which may vary from one Home Loan scheme to another. Some of the documents that might be requested to furnish at the time of home loan application are:
- A copy of the Allotment Letter / Buyer Agreement
- Receipt/(s) of payment/(s) made to the developer
- Title Deeds of the Plot
- Proof of no encumbrances on the property
- A copy of the plans, approved by the Local Authorities
- Construction estimate by an Architect / Civil engineer
Note: Besides the list of documents given above, the bank may ask for more or less.
Karnataka Bank Home Loan Processing Fees & Other Charges
|Particulars||Amount/Fee/ Charge Levied|
|Charges for switching from Base Rate/PLR to MCLR|
|Foreclosure Charges||2% of the outstanding balance|
|Processing Charges||For loans above Rs. 25,000 – 0.50% with a minimum of Rs. 250 for Priority Sector and Rs. 500 for Non-Priority Sector and Maximum of Rs. 25 lakh|
|CIBIL/CRIF Charges||Rs. 100 per consumer report|
|EMI Bounce Charges**||If the EMI delayed is more than Rs. 10,000 (If not paid within 30 days from the EMI due date) – Rs. 500 per occasion|
Note: The rates above are as given on the bank’s website.
*exposure = principal outstanding + undisbursed amount
** The EMI bouncing charges are in addition to the penal interest being charged for delayed payment.
Karnataka Bank Home Loan FAQs
Q. What is the maximum repayment tenure of the Karnataka Bank Home Loan?
Ans. The maximum loan tenure at which the Karnataka Bank can sanction Home Loan is 30 years. The loan tenure that an individual will get on Home Loan depends on various factors such as the applicant’s age, loan amount, loan repayment capacity, etc.
Q. What are the different ways to increase Karnataka Home Loan eligibility?
Ans. Some of the ways to improve your Karnataka Home Loan eligibility are:
- Add a co-applicant – Adding a co-applicant increase your total income, thus increasing your home loan eligibility.
- Apply for Joint Home Loan – By applying for Joint Home Loan, you can reduce the repayment burden and also get tax benefits individually.
- Add income from another source – Besides a job or a business, if you have another source of income, include it to increase your creditability. Increased income can get you an increased loan amount and a lower interest rate.
- Improve your credit score – Your credit score and credit history reflect your creditability. The closer it is to 900, the better it is. A good credit score shows you have responsibly dealt with your debt.
Q. Does Karnataka Bank offer Top Up on Home Loan?
Ans. Yes, Karnataka Bank offers Home Top Up to its customers. The KBL Home Top Up interest rate starts from 9.17% p.a. The loan can be availed for any business or personal purpose such as vacation, business expansion, etc.