Karur Vysya Bank Home Loan

The key benefits and features of KVB Home Loan are:

• All Indian Residents can avail the loan
• The purpose for which an individual can avail the loan is as below:
  • The construction of Independent Houses
  • The purchase of Independent Houses & Flats that are not older than 15 years
  • The purchase of Plots on which you will construct a house
  • The improvement, repair, extension or renovation of existing houses/flats owned by you
  • The purchase of plots or flats developed by the Government Authorities
• Low interest rate starting from 8.90%
• Longer loan tenure of upto 25 years
• No loan processing charges
• No loan prepayment / foreclosure fees
• Home loan balance transfer facility available
• Insurance coverage available for all home loan borrowers

Karur Vysya Bank offers different home loan schemes to its customers. Some of them are discussed as follows:

Karur Vysya Happy Home Loan

Happy Home Loan is a multi-purpose loan that can be availed for the purchase of independent houses, flats, plots of construction or renovation or extension of one’s’ existing home.

KVB – NRI – Gruhapravesh

KVB – NRI – Gruhapravesh home loans are directed towards Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs). This loan is specifically designed for Indians residing outside India who wish to own a house in India. The loan can be availed to buy a ready-built house/plot in India, construct a new house in India or extend and improve the existing home. It can also be used to purchase a land and construct a house thereon within 6 months. The bank also offers home loan balance transfer facility under the loan scheme.

Eligibility Criteria for KVB NRI Home Loan 

• The loan applicant’s age should minimum 23 years
• He/she must have a valid Indian Passport (For NRIs) / Foreign Passport (for PIOs)
• A steady source of income
• The applicant must has a work experience abroad for at least 2 years
• Must have a valid job contract or work permit
• Must have net monthly income of at least US$ 1500 or net annual income of US$ 18000 (or its equivalent in any other foreign currency)

Home loans are expensive and have long loan tenure usually extending upto 30 years. To ensure your upcoming loan EMIs does not saddle your monthly budget, plan your finances before you apply for the loan. To make your financial planning easier, use Paisabazaar.com’s Home Loan EMI Calculator. It is an online tool that gives you an estimate of your home loan EMI as per the information given. It is easy to use and gives quick results.

To use Paisabazaar.com’s Home Loan EMI Calculator, follow these steps:

• Click here to visit the page
• Fill up the required details such as Loan Amount, Rate of Interest and Loan Tenure
• As you enter the details, the results will appear

Karur Vysya Home Loan Document Requirement – Salaried/Non Salaried Professionals

The documents required to apply for Karur Vysya Bank Happy Home Loan are:

• Duly filled and signed home loan application form with an self-attested photograph
• Proof of Residence (such as Aadhaar, Passport, Voter ID Card or Driving License)
• Proof of Age (such as Aadhaar, PAN, Passport, Voter ID Card or Driving License)
• Proof of Identity (such as Aadhaar, PAN, Passport, Voter ID Card or Driving License)
• Proof of Income (salary slips, current dated salary certificate, bank statement of the last 3 months or latest ITR/ Form 16)
• Two passport size photographs
• A cheque for the payment of the required processing fees.

Karur Vysya Bank Home Loan Document Requirement – NRI

The documents required to apply for KVB NRI Gruhapravesh are:

• Duly filled and signed home loan application form with an self-attested photograph
• Proof of Residence (such as Aadhaar, Passport, Voter ID Card or Driving License)
• Proof of Age (such as Aadhaar, PAN, Passport, Voter ID Card or Driving License)
• Proof of Identity (such as Aadhaar, PAN  or Foreign (for PIOs)/Indian Passport (for NRIs))
• Proof of Income
• Proof of Employment & Work Experience
• Job contract or work permit
• Two passport size photographs
• A cheque for the payment of the required processing fees.

How to apply for Karur Vysya Bank Home Loan Online?

The easiest way to apply for Karur Vysya Bank Home Loan is through Paisabazaar.com. It is an online lending platform that allows customers to compare home loan offers from various banks and NBFCs. To apply for Karur Vysya Bank Home Loan online at Paisabazaar.com, follow these steps:

• Click here to get started with the home loan application process
• Fill out the required details
• A few home loan offers as per your loan eligibility will appear
• Compare and apply for home loan offer that suits your requirements the best

• An applicant must have attained a minimum of 21 years in order to apply for Karur Vysya Bank home loans
• An applicant below the age of 60 years is eligible for the KVB Limited Home loan.
• A salaried individual or a self-employed professional who earns a regular income can take the KVB Limited Home loan. A non-salaried professional can also apply if the earnings are more than the minimum requirement.

However, an individual also has to option to increase his/her eligibility of obtaining the KVB Housing loans by following any of the below-mentioned steps:

• The applicant can add his/her spouse as a co-applicant for the loan. If done so, the spouse’s net income will also be taken into consideration while confirming the applicant’s income eligibility criteria.
• The longer the repayment period, the higher is the eligibility of the applicant for availing a loan with the bank.
• The applicant can also add their parents as co-applicants under the KVB Home loan

The net take home pay of the individual after deducting the House loan installment should be at least 40% of the applicant’s gross pay.

What are the types of KVB Home Loans available?

The Karur Vysya Bank offers two types of Home Loans Happy Home Loans and KVB – NRI – Gruhapravesh. Happy Home Loans are offered to Resident Individuals and Hindu Undivided Families (HUFs) and the Gruhapravesh Home Loan is specifically designed to meet the home loan requirements of NRIs and PIOs.

What is the maximum loan repayment tenure for Karur Vysya Bank Home Loans?

The bank keeps fixed loan tenure of 25 years for both of its home loan schemes. The maximum loan tenure also includes the Maximum Holiday Period, which is of 24 months.

What is a Holiday Period?

Karur Vysya Bank provides a home loan repayment holiday period under the home loan scheme for its customers. This period is also called the moratorium period as it depicts the gap after the loan disbursement and before the commencement of the loan repayment. For both the loan schemes, the holiday period is of upto 24 months.

What are the other charges that applicants need to pay to avail KVB Home Loans?

To avail KBV home Loans, loan applicants need to pay processing fee among other applicable charges. The processing fee applicable to KVB Home Loan varies from Rs. 2,500 to Rs. 7,500 (+GST). The amount of processing fee payable depends on the loan amount you avail from the bank.

What rate of interest is applicable to Karur Vysya Bank Home Loans?

Karur Vysya Bank Home Loans are linked to MCLR (a lending benchmark). Therefore, change in MCLR also changes the Karur Vysya Bank home loan interest rate. Currently, the Happy Home Loan interest rate is 8.90% onwards. The KVB Gruhapravesh interest rate is 9.65% onwards