Interested in financial products
Processing
Karur Vysya Bank Home Loan

Apply Karur Vysya Bank Home Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.00%

Currently not available! Check Eligibility for similar products

Sorry! We couldn't find any offer matching this category.

About Karur Vysya Bank(KVB)

Karur Vysya Bank was started in the year 1916 in Karur, then a small textile town with a vast agricultural background. What started as a venture with a capital of Rs. 1 lakh has grown into a leading financial institution that offers a multitude of financial services, under one roof, to millions of its customers. It has 735 branches and network of 1748 ATM's and around 446 cash deposit machines.

CreditMantri Youtube

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Karur Vysya Bank(KVB) Home Loans

Being one of the largest bank in India, Karur Vysya Bank(KVB) offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Karur Vysya Bank(KVB) Home Loans are tailor made catering to the needs of various customers.

Advantages of Karur Vysya Bank(KVB) Home Loans

  • Low interest rate
  • No hidden costs and administrative charges
  • Low processing fees
  • No security needed
  • Less paperwork
  • No prepayment penalties

Features of Karur Vysya Bank(KVB) Home Loans

Key Highlights

Interest Rate9.00%
Processing FeesRs. 3750 to Rs. 12500 plus applicable GST
Loan Tenure25 years
Pre-closureNil
Guarantor RequirementRequired

Objective

  • For construction of Independent Houses
  • For outright purchase of Independent Houses, Flats (not older than 15 years)
  • For purchase of plots and construction there on.
  • For takeover of Loans from another Bank / FI’s
  • For Improvement/ Repairs/ Additional construction/Renovation of existing houses or flats owned by you.
  • For purchase of Plots or Flats developed by Government Authorities.

Eligibility Criteria

To avail the personal loan from Karur Vysya Bank(KVB), you need to have the following eligibility criteria.

  • You should be 21 years old or above
  • Steady income
  • Salary slip of last 3 months
  • Proper Address Proof and Identity proof

Loan Amount

There is no cap, based on repayment capacity

Loan Tenure

25 Years (Including Holiday Period) - EMI

Prepayment Charges: Nil

Processing Fees

- Loans upto Rs. 25.00 lakhsRs. 2500/- + GST
- Loans between Rs. 25.00 lakhs & Rs. 50 lakhRs. 5000/- + GST
- Loans above Rs. 50.00 lakhsRs. 7500/- + GST

Interest Rates:

Housing loanOne-year MCLR + 0.85%
Housing Loan under CRE normsOne-year MCLR + 1.60%
Karur Vysya Bank Home Loans
Apply for Karur Vysya Bank Home Loans

Documents Required to Apply for Karur Vysya Bank(KVB) Home Loans

Important documents to be submitted while applying for personal loans with Karur Vysya Bank(KVB)

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Primary Security

Equitable Mortgage of Land & building

Collateral Security

Optional (NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc.,)

Guarantee

A suitable Guarantor with sufficient net worth, acceptable to the Bank (preferably spouse or family members or friends)

Insurance Coverage for the Borrower

Available to the extent of Loan amount with LIC, Karur Vysya Bank(KVB) Life and BSLI as SINGLE PREMIUM payable by the Borrower.

(Available if the borrower is interested)

Other Terms & conditions

  • In case of Salaried Persons: Salary certificate for the last 6 Months to be submitted along with certificate from the Employer.
  • In case of Self Employed: Latest ITR/Income Statement to be submitted.
  • The Net Take Home pay after deducting the proposed Loan Instalments shall be at least 40% of gross pay.
  • For the purpose of Maximum loan eligibility Income of the SPOUSE may be added.
  • Agriculturist may also avail the loan with proper proof of income (IT Return)
  • Loan may be granted to purchase vacant land provided they should begin construction within 6 months from the date of availing the loan.
  • No prepayment charges will be levied.

Karur Vysya Bank(KVB) NRI Home Loan

Margin: 20.00% 

Maximum Repayment Tenor

25 Years –EMI (Subject to liquidation of loan by the age of 65 years or the age of retirement whichever is earlier).

Maximum Holiday Period

New Houses- 18 months from the date of first disbursement or 2 months after completion, whichever is earlier.

Other Cases: 2 months after last disbursement

Primary Security

Equitable mortgage by deposit of title deeds, Registered mortgage when considered necessary.

Collateral Security

Additional security by way of lien over credit balances in deposit accounts, NSCs, life insurance policies, third party guarantees, if security is either inadequate or not free from encumbrances.

Guarantee

A suitable Guarantor with sufficient net worth, acceptable to the Bank.

Processing charges

  • 0.25% + ST of loan amount for Loans up to Rs.25.00 Lakhs
  • Rs.10000.00 + ST For loans between Rs.25.00- Rs.75.00 Lakhs
  • Rs.20000.00 + ST for loans above Rs.75.00 Lakhs

Other Terms & conditions

  • Repayment of loan by way of Remittances from abroad through normal banking channels.
  • Funds transfer from NRE / FCNR / NRO accounts.
  • Housing loan in INR availed of by NRIs / PIOs can be repaid by close relatives of the borrower in India
  • Repayment of the loan can be from local sources after returning to India permanently.
  • Interest is applied on the basis of daily diminishing balance.

Interest Rate: 9.00% p.a. (One-year MCLR)

Processing Fees

- Loans upto Rs. 25.00 lakhsRs. 2500/- + GST
- Loans between Rs. 25.00 lakhs & Rs. 50 lakhRs. 5000/- + GST
- Loans above Rs. 50.00 lakhsRs. 7500/- + GST

EMI Payment Methods

Your Karur Vysya Bank(KVB) personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Karur Vysya Bank(KVB), Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Karur Vysya Bank(KVB) account you specify.

lectronic Clearing Service (ECS):

This mode can be used if you have a non-Karur Vysya Bank(KVB) account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Karur Vysya Bank(KVB) account at your nearest Karur Vysya Bank(KVB) Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Karur Vysya Bank(KVB) Home Loan?

You can either apply online or visit a nearby Karur Vysya Bank(KVB) branch for the application. You can also download the home loan application form from the Karur Vysya Bank(KVB) official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Karur Vysya Bank(KVB) Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

Karur Vysya Bank(KVB) Home Loan FAQs

1. What are processing fees on Karur Vysya Bank(KVB) Home Loans?

0.50 % of the amount sanctioned with minimum of Rs.1000 and Maximum of Rs.20000

2. Is there penalty for prepaying the Karur Vysya Bank(KVB) Home Loan?

No penalty is levied for prepaying the Karur Vysya Bank(KVB) Home Loan?

3. Can I get Karur Vysya Bank(KVB) Home Loan without a Guarantor?

Guarantor is required in some cases

4. What is the maximum loan repayment period for Karur Vysya Bank(KVB) home loans?

The maximum repayment period is 30 years

5. How Can I apply for an Karur Vysya Bank(KVB) home loan?

You can either apply online or visit a nearest Karur Vysya Bank(KVB) branch and take the help of the bank’s representative.

×Thank you! Your comment will be reviewed and posted shortly.

Write a review

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.