Karur Vysya Bank Home Loan Highlights 2022 | |
Interest Rate | 7.15% – 9.35% |
| 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 | Min 2500 & Max. 7,500 (+GST) |
Table of Contents
KVB Home Loan Interest Rates 2022
| KVB Home Loan Schemes | Interest Rates (p.a.) |
| KVB Happy Home Loan | 7.15% – 9.35% |
| KVB Gruhapravesh for NRI | 7.15% – 9.35% |
| KVB Housing Top Up Loan | 8.05% – 8.25% |
Compare KVB Home Loan Interest Rates vs Other Lenders
| Interest Rates (% p.a.) | |||
| Name of Lender | Up to 30 Lakh | Above 30 Lakh & up to 75 Lakh | Above 75 Lakh |
| Karur Vysya | 7.15 – 9.35 | 7.15 – 9.35 | 7.15 – 9.35 |
| State Bank of India | 6.65-7.65 | 6.65-7.65 | 6.65-7.65 |
| HDFC | 7.00-8.45 | 7.00-8.60 | 7.00-8.70 |
| Axis Bank | 7.00-11.90 | 7.00-11.90 | 7.00-11.90 |
| ICICI Bank | 7.10-7.95 | 7.10-7.95 | 7.10-7.95 |
| Kotak Mahindra Bank | 7.00 onwards | 7.00 onwards | 7.00 onwards |
| PNB Housing Finance | 6.75-12.00 | 6.75-12.00 | 6.90-9.75 |
| Punjab National Bank | 6.95-8.35 | 6.90-8.05 | 6.90-8.00 |
| Bank of Baroda | 6.90-8.40 | 6.90-8.40 | 6.90-8.65 |
| Union Bank of India | 6.90-8.65 | 6.90-8.85 | 6.90-8.85 |
| IDFC First Bank | 7.10 onwards | 7.10 onwards | 7.10 onwards |
| L&T Housing Finance | 6.75 – 7.75 | 6.75 – 7.75 | 6.75 – 7.75 |
| Bajaj Housing Finance | 6.65 onwards | 6.65 onwards | 6.65 onwards |
| Godrej Housing Finance | 6.94-9.99 | 6.94-9.99 | 6.94-9.99 |
| Tata Capital | 7.15 onwards | 7.15 onwards | 7.15 onwards |
| LIC Housing Finance | 6.90-8.00 | 6.90-8.20 | 6.90-8.40 |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
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 |
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: To purchase a house/flat/plot, construct a house, renovate/repair/extend an existing house/flat and transfer the existing home loan account to Karur Vysya Bank
- 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
KVB Gruhapravesh for NRI
- Borrower Type: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
- Purpose: To buy a ready to move house in India, construct a new house in India, improve/ extend an existing house in India, purchase land in India for subsequent construction within 6 months and transfer existing home loan account from other financial institutions to Karur Vysya Bank
- 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 Eligibility Criteria
Eligibility Criteria for KVB 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)
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, 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.
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, 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
Karur Vysya Bank Home Loan EMI Calculator
Home Loan EMI Calculator
₹
%
Year(s)
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
Apply For Home Loan at Attractive Interest Rates Click Here
FAQs
Q1. 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.
Q2. 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.
