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List of home loan interest rates across all banks in India
A home loan is also called mortgage loan, it is a type of secured loan. The borrower provides the home to be purchased or built as collateral against the amount borrowed. Borrowers are required to apply for a home loan with any financial institution (Banks or NBFCs). An application form along with required documents will be submitted. The bank will check for eligibility and based on qualification would approve the loan. The borrower is required to repay the loan amount in the form of monthly installments called the equated monthly installments (EMI). The EMI constitutes both interest and principal. The bank will evaluate the credibility of the borrower before granting the loan. The interest rate is purely dependent on the credit score of the individual. Applicant with a higher credit score will be in a better position to negotiate a lower interest rate. Home loans tenure typically ranges between 10 – 30 years. The interest rates on home loan is lower than that of other types of loan. Home loans can be used for a variety of proposes, the bank products with respect to home loan are named based on the purpose for which they are borrowed.
About Karur Vysya Bank Home Loan Interest Rate
There are basically 2 types of interest rates – Fixed interest rate and floating interest rate. Fixed interest rate refers to the interest rate which is determined at the time of loan approval and stays constant till the end of the loan tenure (unless, the bank has a policy of revising the interest rate based on any drastic market interest rate movement – this clause will be duly mentioned in the loan approval documents).
Floating interest rate refers to interest rate which will align itself from time to time with market interest rate. The interest rates in the case of floating interest rate is linked to the prime lending of the bank. This prime lending rate is affected by repo rate. Repo rate is the rate at which the bank borrows money from the central bank. This fluctuates based on the macro economic scenario of the economy. The advantage of the floating interest rate is that it tends to be a bit lower than the fixed interest rates.
Both these interest rates have their own pros and cons, citing this, most banks offer a third variant in interest rates which is the hybrid rate. Hybrid interest rate is a combination of fixed interest rate and floating interest rate. A part of the interest rate will be held constant over the loan tenure which is the fixed interest rate component. The other part will align itself at regular intervals with market interest rate, thus becoming the floating interest rate component.
The interest rates applicable on home loans by Karur Vysya Bank are as mentioned below –
Note: Rate of Interest linked to MCLR. Rates will change based on prevalent MCLR.
Marginal Cost of fund-based Lending Rate (MCLR)
Finding the right home loan with attractive interest rate can be quite a daunting task, CreditMantri helps individuals compare the interest rates across various lenders and choose the one that offers the most favorable terms. They help shortlist only those vendors where the applicant is eligible. This reduces the chance of rejection, thereby preventing lowering of credit score. Creditmantri can also help the applicant with the entire application and documentation process.
The processing charges applicable on various home loan values are as mentioned below -
Amongst the multiple factors which influence the interest rate of home loan offered by Karur Vysya Bank, the important ones are listed below –
Individual with higher credit score is a better position to negotiate favorable interest rate.
Higher income level creates an impression of good credit history and also the ability to repay the loan is higher. The bank prefers to provide loan at competent rates to such applicants since the risk of default is lower.
Long standing employment history indicates stability of income, this increases the chances of negotiating for a favorable interest rate
Being employed with a reputed employer increases the chances of negotiating a favorable interest rate. Many times, corporates tie-up with banks to enable employees to borrow at competent rates or preferential rates (rates lower than those offered to other customers).
Typically, banks prefer salaried applicants to self–employed professionals or businessmen. Salaried applicants who have a long-standing employment history and those employed with reputed employers are likely to gain favorable terms.
If the quantum of loan is higher, the bank prefers to provide the loan at competent rates. This provides the bank visibility of revenue for the longer tenure and for a significant amount.
Often banks prefer existing customers with a history of decent credibility. This lowers the risk for the bank significantly. Hence, the customer may be offered favorable interest rates as compared to a new applicant (with good credit history), since the bank is unaware of the conduct of the new applicant and hence, places its trust on existing customer.
Karur Vysya Bank offer happy home loans to resident Indians and for NRI’s it offers home loan product under the name KVB Gruhapravesh. The features of both the products are similar.
1. Who can apply for home loans from Karur Vysya Bank?
Salaried individuals, self–employed professionals, self–employed businessmen, HUF can apply for home loans. Both resident Indians and NRIs can apply for home loans from Karur Vysya Bank.
2. What are the types of interest rates available on home loans from Karur Vysya Bank?
Home loans can either be fixed interest rate home loans or floating interest rate home loans. There is a third variant which is the hybrid interest rate home loan which combines the features of fixed and floating interest rate home loans.
3. What factors influence the interest rate on home loans from Karur Vysya Bank?
Credit score, income level, stability of income, property value, loan quantum, market interest rate etc., influence the interest rate on home loans.
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