Karur Vysya Bank Home Loan Interest Rate

Karur Vysya Bank offers home loans starting at 8.05% p.a. for terms of up to 25 years and loan amounts of up to 90% of the property's value. It also provides a balance transfer opportunity to existing home loan borrowers with reduced interest rates from other lenders. Read on for more information on KVB home loans.

Characteristics of the Karur Vysya Bank Home Loan

  • The Minimum age limit for the loan: The applicant must be at least 23 years old at the time of application.
  • Minimum necessary income (only for NRI/PIO customers): USD 1,500 net monthly income or USD 18,000 net annual income (or its equivalent to any other foreign currency).
  • Maximum vacation period: 24 months for construction and three months for outright apartment buying.
  • Mortgage margins range from 10% to 30%.
  • Maximum repayment period: up to 25 years, or loan liquidation at the age of 70 years (whichever is earlier).
  • A competent guarantor with sufficient net worth can be found.

KVB Home Loan Interest Rate 2022

Here is the table to show the Karur Vysya Bank home loan interest rates-

Types of Loan Schemes

Karur Vysya Bank Home Loan Interest Rate 2022

KVB Housing Top Up Loan

8.05% – 10.25%

KVB Happy Home Loan

8.05% – 10.25%

KVB Gruhapravesh for NRI

8.05% – 10.25%

 

Types of Karur Vysya Bank Home Loan Schemes

Here is the list of the types of home loans offered by the bank; you can derive the KVB home loan interest rate table above if you want to know the Karur Vysya Bank housing loan interest rates-

1) Karur Vysya Happy Home Loan Scheme

All of the residents can get this loan, including HUFs. The motive of this scheme is to buy a house, flat, or plot, construct, renovate, repair, extend, and more. This tenure will range to a period of 25 years. The loan amount for this loan will range from 70 per cent to 90 per cent of the value of the property. There is also insurance coverage available on this scheme.

2) KVB Gruhapravesh Scheme for NRI

The borrower of this loan can be an NRI or a PIO. This loan will serve the objective of buying a ready-to-move-in house within the country. It can also construct a new home within India, improve, extend an existing house in India, purchase land in the country for construction within six months and transfer the existing home loan account from the financial institutions to KVB Bank.

The tenure of this loan scheme is from 25 years, or it is subject to liquidation of the loan by the age attainment of 70. The amount of this loan will range from 70% to 90% of the value of the property. If the borrower is interested, there is also interest coverage over the loan. 

Who is Eligible for the Karur Vysya Bank Home Loan?

  • After subtracting the projected Loan payments, the applicant's take-home pay should be at least 25% of his or her gross income.
  • The loan may be provided to purchase unoccupied land and to begin and complete the building within 24 months of the date of loan approval.

Eligibility in the Case of NRI

  • The applicants must be at least 23 years old.
  • NRIs are required to possess a valid Indian passport.
  • PIOs are required to have a valid foreign passport.
  • Should have at least two years of international job experience.
  • A valid job contract or work permit is required.
  • Should have a consistent source of revenue
  • Net Monthly Income (NMI) of at least 1,500 is required.
  • Eighteen thousand in net annual income (NAI) (or it's equivalent in any other foreign currency).

Required Documents to Apply for the Home Loan

  • Fill out and sign a house loan application form, along with a self-attested photograph.
  • Proof of Address (it can be an Aadhaar, Passport, Voter ID Card, or Driving License).
  • Age Verification (such as Aadhaar, PAN, Passport, Voter ID Card, or Driving License).
  • Identity Documentation (such as Aadhaar, PAN, Passport, Voter ID Card, or Driving License).
  • Proof of Income (pay slips, current dated salary certificate, bank statement from the previous three months, or most recent ITR/ Form 16).
  • Two passport-sized photos
  • A check to cover the necessary processing expenses.

Charges with the KVB Home Loan

There is a processing fee for the home loan that you will apply for with the bank, and it is mentioned below.

Processing Fee - Min 2500 & Max. 7,500 (excluding GST)

How to Apply for a Home Loan from Karur Vysya Bank?

The process to apply online for a home loan from KVB is simple, and it is-

Step 1: You will have to go to the official KVB website.

Step 2: On the website, you will have to navigate to the loan section and click on home loans.

Step 3: Now, you will have to choose to apply for a home loan.

Step 4: The page will give you an eligibility test, and direct you towards completing the application where you will have to fill in all of your details.

Step 5: After filling in all the details and attaching the documents you can submit the application.

Once this has been done, you will be contacted by the bank regarding your application.

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