| Karur Vysya Bank Home Loan Highlights |
|
| Interest Rate | 9.23% – 10.73% p.a. |
| Loan Amount | As per the applicant’s repayment capacity and market value of the property |
| Loan Tenure | Up to 25 years (including holiday period) |
| Processing Charges | Rs. 2,500 to Rs. 7,500 + GST |
Note: Rates as of 30 November 2023
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Table of Contents
Karur Vysya Bank Home Loan Interest Rates
| KVB Home Loan Schemes | Interest Rates (p.a.) |
| KVB Happy Home Loan | 9.23% – 10.73% |
| KVB Gruhapravesh for NRI | 9.23% – 10.73% |
| KVB Housing Top Up Loan | 9.48% – 9.98% |
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Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. |
| HDFC Bank Limited | 8.35% p.a. onwards | 8.35% p.a. onwards | 8.35% p.a. onwards |
| LIC Housing Finance | 8.40% – 10.35% p.a. | 8.40% – 10.55% p.a. | 8.40% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. |
| Punjab National Bank | 8.45%-10.25% p.a. | 8.40%-10.15% p.a. | 8.40%-10.15% p.a. |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. |
| Union Bank of India | 8.40% – 10.80% p.a. | 8.40% – 10.95% p.a. | 8.40% – 10.95% p.a. |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards |
Click to know home loan interest rates offered by different banks and HFCs.
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Karur Vysya Home Loan Fees & Other Charges
| Particulars | Applicable Charges |
| Processing Fee | For loans up to Rs. 25 Lakh: Rs. 2,500 For loans between Rs. 25 Lakh & Rs. 50 Lakh: Rs. 5,000 For loans above Rs. 50 lakh: Rs. 7,500 |
| Foreclosure Charges | Nil for floating rate home loans |
| Part Prepayment Penalties | Nil for floating rate housing loans |
Also Check: Processing fees for home loans charged by various lenders
Types of Karur Vysya Bank Home Loan
Karur Vysya Bank offers different home loan schemes to its customers. Some of them are discussed as follows:
Karur Vysya Happy Home Loan
- Borrower Type: All Resident Indians (including Hindu Undivided Families (HUFs))
- Purpose: This regular home loan scheme can be availed for buying a new or resale house/flat/plot. Individuals can also avail this scheme for house construction, renovation, repair or extension purposes. The loan also comes with home loan balance transfer facility, allowing existing home loan borrowers to transfer their home loan accounts from other banks and HFCs to Karur Vysya Bank at lower interest rates.
- Loan Tenure: Up to 25 years (including holiday period)
- Loan amount: 70% – 90% of property value
- Maximum Holiday Period:
- For house construction: 24 months
- For an outright purchase of a flat: 3 months
- Insurance Coverage: Available (if the borrower is interested) to the extent of loan amount with SBI Life, LIC, and BSLI as Single Premium payable by the borrower
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KVB Gruhapravesh for NRI
- Borrower Type: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
- Purpose: NRIs/PIOs can avail this home loan scheme to buy a ready-to-move house or construct a new house in India. NRIs and PIOs can also avail this loan for house improvement or extension purposes. Those seeking loans to buy a land in India for subsequent construction within 6 months can also apply for this loan. The loan is also best suited for existing home loan borrowers who wish to transfer their home loan accounts from other banks and HFCs to Karur Vysya Bank at lower interest rate.
- Loan Tenure: Up to 25 years (subject to the liquidation of the loan by the age of 70 years)
- Loan amount: 70% – 90% of property value
- Maximum Holiday Period:
- For house construction: 24 months
- For an outright purchase of a flat: 3 months
- Insurance Coverage: Available (if the borrower is interested) to the extent of loan amount with SBI Life, LIC, and BSLI as Single Premium payable by the borrower
Karur Vysya Bank Home Loan Eligibility
Eligibility Criteria for Karur Vysya Bank Home Loan
- The take home pay of the applicant after deducting the proposed Loan installments should be at least 25% of the gross pay
- The loan may be granted to buy vacant land and construction subject to commence and complete construction within 24 months period from the date of availing a loan
Eligibility Criteria for KVB NRI Home Loan
- The minimum age of the applicants should be 23 years
- NRIs must have a valid Indian Passport
- PIOs must have a valid Foreign Passport
- Should have at least 2 years of work experience abroad
- Must have a valid job contract or work permit
- Should have a steady source of income
- Should have Net Monthly Income (NMI) of at least US$ 1,500 or Minimum Net Annual Income (NAI) of US$ 18,000 (or its equivalent in any other foreign currency)
Karur Vyasa Bank has not stated the minimum credit score requirement for availing home loans. However, having credit scores of 750 and above can increase your home loan eligibility as lenders consider home loan applicants with such credit scores to be more creditworthy.
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Documents Required for Karur Vysya Bank Home Loan
The documents required to apply for Karur Vysya Bank Happy Home Loan are:
- Duly filled and signed home loan application form with a self-attested photograph
- Proof of Residence (such as Aadhaar Card, Passport, Voter ID Card, or Driving License)
- Proof of Age (such as Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
- Proof of Identity (such as Aadhaar Card, PAN Card, 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
The documents required to apply for KVB NRI Gruhapravesh are:
- Duly filled and signed home loan application form with a self-attested photograph
- Proof of Residence (such as Aadhaar Card, Passport, Voter ID Card, or Driving License)
- Proof of Age (such as Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
- Proof of Identity (such as Aadhaar, PAN Card, 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
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Karur Vysya Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
Q. What is the maximum loan repayment tenure for Karur Vysya Bank Home Loans?
A. 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.
Q. What is the minimum credit score required to avail Karur Vysya Bank Home Loan?
A. Karur Vysya Bank has not specified the cut-off credit score for its home loan applicants. However, the applicants with credit scores of 750 and above have higher chances of availing home loans at lower interest rates.
Read more: How to build/improve your credit score using Step UP Credit Card co-branded with SBM Bank India Ltd.
Q. What is a Holiday Period?
A. 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 up to 24 months.