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Karur Vysya Bank provides home loans with great tax benefits and less paperwork. Transparent application process. Get interest rates that start from 9.00%. No prepayment penalties and less documentation. Apply now!
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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.
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.
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.
To avail the personal loan from Karur Vysya Bank(KVB), you need to have the following eligibility criteria.
There is no cap, based on repayment capacity
25 Years (Including Holiday Period) - EMI
Prepayment Charges: Nil
Important documents to be submitted while applying for personal loans with Karur Vysya Bank(KVB)
Equitable Mortgage of Land & building
Optional (NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc.,)
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
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
Equitable mortgage by deposit of title deeds, Registered mortgage when considered necessary.
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.
A suitable Guarantor with sufficient net worth, acceptable to the Bank.
Interest Rate: 9.00% p.a. (One-year MCLR)
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.
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.
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.
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.
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