Karur Vysya Bank is one of the top home loan lenders in India, with a pan-India presence. The bank offers two home loans:
- Happy Home Loans – Offered to all resident Indians and Hindu Undivided Families (HUFs)
- KVB Gruhapravesh – Offered to NRIs (Non-Resident Indians)
Why you’ll love Karur Vysya Bank home loans?
There are several reasons why borrowers prefer KVB home loans over other banks. Here are the standout features:
- Completely paperless loan application – This eliminates the need for lengthy paperwork, multiple branch visits. Applying for a home loan at KVB is easy and hassle-free.
- Fast Approval – KVB promises in-principle loan approval within 15 minutes, provided you satisfy the various eligibility criteria of the bank and have good credit scores and rating.
- No Prepayment Charges – KVB doesn’t charge any foreclosure penalty for pre-closing the loan ahead of tenure.
- 24-month EMI holiday period – You can also opt to delay the repayment by a maximum of 24 months once the loan is sanctioned.
- Home loans for a variety of construction purposes – The KVB Easy home loan is offered for several purposes, including:
- Construction of independent houses
- Purchase of independent houses/flats (not older than 15 years)
- Purchase of residential plots
- For home repairs/renovation/improvement
- For purchase of flats/plots developed by government bodies
- Long Repayment Tenure – For a maximum of 25 years
- Home loans for NRIs – Karur Vysya Bank is one of the few lenders in India that offers home loans to NRIs.
What’s the downside of a home loan from KVB?
- Co-applicant is a must for home loans from KVB. If a co-applicant is not available, you’ll have to provide a guarantor.
- The interest rate is linked to external repo rates and currently starts from 7.35%. This is higher than interest rates offered at other leading public sector banks like SBI.
Next Read: Check your home loan eligibility at Karur Vysya Bank.
Final Thoughts: Is Karur Vysya Bank Good for Home Loans?
KVB home loans have several positives – easy application, the digital application process, quick disbursal, no prepayment charges, long tenure and a 24-month EMI holiday period.
However, the downside is that the interest rate offered by KVB is slightly higher than that provided by public sector banks like SBI. So, make sure to compare the interest rate you’re eligible for at various leading home loan lenders to make the right choice. Keep in mind that even a slight reduction in the interest rate can help you lower the loan repayment amount significantly.