Karur Vysya Bank

Karur Vysya Bank Home Loan

Apply Karur Vysya Bank Home Loan

About Karur Vysya Bank Home Loan

Karur Vysya Bank is one of the oldest commercial banks in India can that carries a tradition of over 100 years with it. Set up in the year 1916 in Karur by the Late Shri Athi Krishna Chettiar and the Late Shri M A Venkatarama Chettiar, the bank has adapted itself to the country's rapidly changing banking scenario.

The bank was started with a seed capital of just 1 Lakh with the aim of providing financial support to the agriculturists and traders in and around Karur (a textile town of Tamil Nadu). Today, it has grown into a leading financial institution of Indian that offers a gamut of financial services under one roof to its millions of customers. Since its inception, the bank has been earning profits and declaring dividend uninterruptedly.

If you are in search of one of the best Home Loans available in the financial market, you can apply for a Home Loan at Karur Vysya Bank without any hassles. The housing loans schemes of the bank such as Happy Home Loan and KVB Gruhapravesh for NRI are designed to cater to all your housing finance needs.

Karur Vysya Bank Home Loan

Interest rate

8.90 %

Loan tenure

25 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

832 Per Lakh

Why Karur Vysya Bank Home Loan?

Below are some of the important reasons why you should apply for a Home Loan with Karur Vysya Bank:

  • Hassle-free Home Loan application process
  • Housing loans schemes for resident Indians as well as non-resident Indians (NRI) and Persons of Indian Origin (PIO): Happy Home Loan and KVB Gruhapravesh for NRI.
  • The entirely paperless loan process
  • In principle loan approval in just 15 minutes (for select customers) subject to the satisfying the CIBIL and rating scores.
  • NIL charges on loan prepayment
  • Low interest rates

Features and Benefits of Karur Vysya Bank Home Loan

  • Purposes for taking a loan:
    • To construct independent houses
    • To purchase independent houses or flats (that are not older than 15 years)
    • To purchase a plot and construct a house thereon
    • To transfer an existing housing loan from another bank or financial institution to Karur Vysya Bank.
    • To improve/ repair/ renovate or construct an additional space to your own existing houses or flats.
    • To purchase plots or flats that are developed by Government Authorities
  • Minimum age required: The applicant must be at least 23 years of age at the time of applying for the loan.
  • Minimum income required (only for NRI/PIO customers): USD 1,500 Net Monthly Income or Minimum Net Annual Income of USD 18,000 (or its equivalent to any other foreign currency).
  • Margin required for housing loans: 10% to 30%
  • Maximum repayment tenure: Up to 25 Years or the liquidation of loan by the age of 70 years (whichever is earlier).
  • Maximum holiday period: 24 months for construction and 3 months for an outright purchase of flat.
  • A suitable guarantor can be brought with sufficient net worth

Karur Vysya Bank Home Loan Interest Rates

The interest rates for Karur Vysya Bank Home Loans are linked to its 1-year Marginal Cost of fund based Lending Rate (MCLR), which is 9.65% per annum w.e.f 07.11.2018. The current rates of interest for Karur Vysya Bank Home Loans are as follows:

Type of Loan Interest Rate

Happy Home Loans

8.90% to 12.50%

KVB Gruhapravesh for NRI

9.65% to 12.50%

* Interest rates are updated as on 31.12.2018

Types of Home Loan Offered by Karur Vysya Bank

Karur Vysya Bank offers the following types of Home Loans:

Happy Home Loans

These Home Loans are for resident Indians or members of Hindu Undivided Family (HUF) who want to purchase their own house. The process is entirely paperless and the bank provides in principle approval in 15 minutes (subject to the satisfaction of CIBIL/ credit rating scores).

Key Highlights of the Scheme

Purposes

  • To construct independent houses
  • To purchase independent houses or flats (that are not older than 15 years)
  • To purchase a plot and construct a house thereon
  • To transfer an existing housing loan from another bank or financial institution to Karur Vysya Bank.
  • To improve/ repair/ renovate or construct an additional space to your own existing houses or flats.
  • To purchase plots or flats that are developed by Government Authorities

Who can apply

All resident individuals (salaried and self-employed both)

Minimum age required to apply

23 years

Maximum repayment tenure

Up to 25 Years or the liquidation of loan by the age of 70 years (whichever is earlier)

Holiday period

Up to 24 months

Prepayment charges

NIL

KVB Gruhapravesh for NRI

This housing loan scheme caters the housing finance needs of NRI and PIO.

Key Highlights of the Scheme

Purposes

  • Purchasing a ready built house in India
  • Constructing a new house in India
  • Improvement, renovation, and/or extension of an existing house in India
  • Purchasing a land in India and constructing a house thereon within 6 months
  • For taking over of housing loans from other banks

Who can apply

NRI and PIO

Minimum age required to apply

23 years

Maximum repayment tenure

Up to 25 Years or the liquidation of loan by the age of 70 years (whichever is earlier)

Holiday period

Up to 24 months

Prepayment charges

NIL

PMAY(U)

Pradhan Mantri Awas Yojana (urban) or PMAY(U) is a flagship housing program launched on 25th June 2015 by the Government of India with an aim of providing housing for all urban poor by 2020. PMAY(U) provides the subsidy on housing loan interest rate for construction of houses with basic amenities.

Karur Vysya Bank Home Loan Eligibility Criteria

To avail Karur Vysya Bank Home Loan, the applicant has to meet the following eligibility criteria:

Eligibility Criteria for Indian Residents

  • Minimum age required at the time of loan application: 23 years
  • Applicant should be salaried/ self-employed professional/ self-employed non professional
  • The net take-home pay should be at least 25% of gross pay after deducting the equated monthly instalment (EMI) of the proposed housing loan.
  • Loan to purchase a vacant land and construction is subject to the commencement and completion of the construction within 24 months from the date of availing the loan.
  • A suitable Guarantor is required if a co-applicant is not available

Eligibility Criteria for NRIs and PIOs

  • Minimum age required at the time of loan application: 23 years
  • Applicant must hold a valid Indian Passport (if NRI) or foreign passport (if PIO)
  • Applicant must have a steady source of income
  • Applicant must be employed abroad for at least consecutive last 2 years
  • Applicant should have a valid job contract/ work permit
  • Applicant must be earning the minimum net monthly income of USD 1,500 or minimum net annual income of USD 18,000 (or its equivalent of any other foreign currency).
  • Repayment of loan should be done through remittances from abroad via normal banking channels or funds transfer from NRE/ NRO/ FCNR accounts
  • Housing loan in INR (Indian currency) availed of by NRIs or PIOs applicants can be repaid by their close relatives in India.
  • The applicant can make loan repayment from local sources after they return to India permanently
  • The interest rate on loan is applied on the daily diminishing balance method

Factors That Affect Your Eligibility for Karur Vysya Bank Home Loan

  • A regular and steady source of income
  • Applicant's repayment capacity
  • Applicant's age
  • Good CIBIL score (650 or above) with a clean repayment history
  • Availability of an eligible co-applicant

Ways to Improve Your Eligibility for Karur Vysya Bank Loan

  • Opt for a long tenure to reduce the EMI amount
  • Know the eligibility criteria of the bank
  • Apply for the loan with a co-applicant who has a steady income source
  • Pay off your existing short-term unsecured loans (if any) for better Fixed Obligations to Income ratio (FOIR).

Documents Required for Karur Vysya Bank Home Loan

Documents for Indian Residents

  • Completely filled and signed loan application form
  • Recent passport-sized photographs
  • KYC documents for self
    • Identity proof: Aadhaar Card/ Voter ID/ Passport/ PAN Card/ Driving License/ NREGA Job Card or Government ID Card
    • Address proof: Aadhaar Card/ Voter ID/ Driving License/ Passport/ NREGA Job Card or Government ID Card/ Telephone or Electricity Bill (not older than 2 months)
    • Age proof: Aadhaar Card/ Driving License/ PAN Card/ Passport/ Voter ID/ NREGA Job Card or Government ID Card/ Birth Certificate/ School Leaving Certificate/ Insurance Policy
  • Self-employed professionals and non-professionals: KYC documents are required for Partnership Firms/ Sole Proprietorship Firms/ Limited Liability Partnership (LLP)/ Trusts/ Association/ Companies/ Club/ Society/ HUF.
  • Property documents
    • Attested photocopy of an approved plan of the building that is to be purchased/ constructed/ improved/ extended.
    • Engineer-approved estimation
    • Purchase/sale agreement: In case of purchase of house/ flat/ plot
    • In case of takeover: Outstanding balance & confidentiality opinion with applicant's asset classification from the existing banker.
    • For Group Mortgage Redemption Assurance Scheme (GMRA): Acceptance letter to cover
    • For purchase of the built up house/ flat: A completion certificate
    • Declaration from applicant through an affidavit cum undertaking that the house is being constructed as per the sanctioned plan/ building bye laws.
    • Certificate by panel engineer mentioning that the built up house has been constructed as per approved plan/ building bye laws.
  • Income documents for salaried applicants: Average 2 years ITR, last 6 months' salary certificate along with a certificate from the employer.
  • Income documents for self-employed applicants: Last 2 years ITR, and income statement

Documents for NRIs/ PIOs

  • Completely filled and signed loan application form
  • Recent passport-sized photographs
  • KYC documents
  • Property documents
    • Attested photocopy of an approved plan of the building that is to be purchased/ constructed/ improved/ extended.
    • Engineer-approved estimation
    • Purchase/sale agreement: In case of purchase of house/ flat/ plot
    • In case of takeover: Outstanding balance & confidentiality opinion with applicant's asset classification from the existing banker.
    • For Group Mortgage Redemption Assurance Scheme (GMRA): Acceptance letter to cover
    • For purchase of the built up house/ flat: A completion certificate
    • Declaration from applicant through an affidavit cum undertaking that the house is being constructed as per the sanctioned plan/ building bye laws.
    • Certificate by panel engineer mentioning that the built up house has been constructed as per approved plan/ building bye laws.
  • Valid Indian passport (for NRI) and valid foreign passport (for PIO)
  • Valid job contract or work permit

Other Products by Karur Vysya Bank

In addition to Home Loans, Karur Vysya Bank also offers the following products and services:

Bon Voyage

Swarnamitra

Insta Loan

Personal Loan (Secured/Unsecured)

Quick Loan

IPO Funding

Flexi Mobile Loan

Two Wheeler Loan

Education Loan

Mortgage Loans

Commercial Loans

MSME Loans

Jewel Loans

Loan Against Deposits

Agriculture Loans

Credit Cards

Debit Cards

Corporate Credit Cards

Prepaid Cards

Arogya Cards for Senior Citizens

Savings Accounts

Current Accounts

Recurring Deposits

Senior Citizen Deposits

Fixed Deposits

FCA Deposits

NRE Deposits

NRO Deposits

Reinvestment Plans

KVB Tax Saving Deposits

Loan Against Property

Insurance

Investments

Digital Products

Locker

Government Schemes

How to Calculate Karur Vysya Bank Home Loan EMI?

Calculating equated monthly instalment (EMI) for Karur Vysya Bank Home Loan is extremely easy and instant with MyMoneyMantra's online EMI Calculator. The calculator helps you in determining the most suitable EMI for the proposed housing loan.

You just have to follow the below mentioned three simple steps to get the EMI with a complete amortisation schedule:

  • Go to Financial Tools tab on MyMoneyMantra and select EMI Calculator
  • Enter the three basic loan parameters, i.e., Loan Amount, Rate of Interest, and Tenure (in months or years)
  • After entering the loan details, click on the Calculate button to get the EMI

Karur Vysya Bank Home Loan - Processing Fees and Other Charges

Apart from interest rates, Karur Vysya Bank Home Loans also involve following fees and charges:

Type of Charges Details of Charges

Processing fees

  • Loans up to 25 Lakhs: 2,500 + GST
  • Loans above 25 Lakhs and up to 50 Lakhs: 5,000 + GST
  • Loans above 50 Lakhs: 7,500 + GST

Primary security

Equitable mortgage of building and land

Collateral security

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

Guarantee

A suitable Guarantor is needed is a co-applicant is not available

Repayment charges

NIL

Karur Vysya Bank Home Loan - Customer Care

You can contact the bank at their below-mentioned numbers:

  • Domestic Helpline Number: 1860 200 1916
  • Outside India Helpline Number: +91 44 - 30721916

You can write an email at:

customersupport@kvbmail.com

Registered & Central Office Address:

THE KARUR VYSYA BANK LIMITED

Post Box No. 21, Erode Road, Karur - 639002.

Phone: 04324 - 269000

Karur Vysya Bank Home Loan - FAQs

What is the current 1-Year MCLR of Karur Vysya Bank?

The 1-year Marginal Cost of Fund Based Lending Rate (MCLR) of the bank is 9.65% per annum (w.e.f 07.11.2018).

Can I transfer my existing Home Loan from another bank to Karur Vysya Bank?

Yes, Karur Vysya Bank allows the takeover of housing loan from another Bank or Financial Institution.

What are the current interest rates applicable on Karur Vysya Bank Home Loans?

The bank applies 8.90% to 12.50% interest rate per annum on its housing loans, depending on the scheme chosen and eligibility of the borrower.

What is the margin on Karur Vysya Bank Home Loan?

The borrower has to arrange for a margin anywhere between 10% to 30% for Karur Vysya Bank Home Loan, depending on the loan amount and the value of the property.

Does the bank offer housing loans to NRIs?

Yes, NRIs and PIOs can avail housing loans from Karur Vysya Bank under the KVB Gruhapravesh for NRI scheme.

Can I prepay my Karur Vysya Bank Home Loans?

Yes, you can opt to prepay your Home Loan with Karur Vysya Bank Home Loan without paying any prepayment charges.

What is the maximum repayment tenure available for Karur Vysya Bank Home Loan?

The Karur Vysya Bank Home Loan can be repaid in maximum tenure of up to 25 years.

Does the bank offer any holiday period for loan repayment?

Yes. You can get a holiday period of 24 months for construction and 3 months for an outright purchase of flat under Karur Vysya Bank Home Loans.

What is the minimum age required to be eligible to apply for Karur Vysya Bank Home Loan

The applicant must be minimum 23 years old at the time of applying for the Karur Vysya Bank Home Loan.

Which types of Home Loans does the bank offer?

The Karur Vysya Bank offers two types of housing loans named:

  • Happy Home Loans: For Indian Residents
  • KVB Gruhapravesh for NRI: For NRIs and PIOs

Karur Vysya Bank Home Loan Latest News

12.02.2019: Q3 profit of Karur Vysya Bank drops 70% as its bad loans spike

Karur Vysya Bank said on Tuesday that quarter ending on December saw a decline of over 70% in net profit to 21.20 Crores as bad loans spiked. The bank had clocked a profit of 71.49 Crores in October-December 2017-18. The total income of the bank went up at 1,702.65 Crores in the latest quarter as against 1,647.17 Crores in the same period of 2017-18.

04.09.2018: Karur Vysya Bank launched its tab-based loan processing system

The Karur Vysya Bank has rolled out a tab-based digital initiative named KVB Next. The initiative is aimed at helping eligible retail and business customers of the bank to get in principle loan sanction within 15 minutes. Business customers can complete the loan application process by entering their details through a self-service web portal while retail customers can sales team's help. After verification, loans will be disbursed in 2-3 days. The system will enable customers to get home, personal, property, vehicle, and working capital loans for their businesses through a tab-based app. The bank will extend the facility to term-loans in future.

04.09.2018: Karur Vysya Bank has taken to digital technology

Karur Vysya Bank has taken to digital technology by launching two digital products viz. KVB-Next and KVB-Dlite. The products will simplify the process for retail and corporate loan application and account opening for customers. KVB-Next, would be the first such facility launched in the Indian banking sector that will be processing retail and business loans requests with a tab-based application, offering in-principle sanction to eligible applicants within 15 minutes and disbursing loans in 2-3 days.

27.07.2018: New headache arises for Karur Vysya Bank in Q1 FY19

Karur Vysya Bank, the old mid-sized private-sector bank headquartered in Tamil Nadu, faces new trouble in the beginning of the year, as the last leg of corporate slippages emerges on expected lines. However, technology implementation is gathering some steam under new CEO PR Sheshadri. The first quarter's decline in profitability was attributed to a spike in provisioning keeping the slippages high. The growth of the bank's advances was a tad better than the system and interest margin was softer resulting in 8.4% growth in net interest income.

Why Apply for Karur Vysya Bank Home Loan on MyMoneyMantra?

Applying for Karur Vysya Bank Home Loan through MyMoneyMantra has several benefits including the following ones:

  • Find all the details of related to the various housing loan offers, such as their interest rates, processing fees and other associated charges, eligibility norms, documentation requirement, terms and conditions, and so on, on our website.
  • You can easily browse, analyse, and compare all the housing loan offers and choose the best deal among them.
  • We have an association with 70+ leading banks and non-banking financial companies (NBFCs) to provide you with the best deals available in the financial market.
  • Once you fill up your details online on our Home Loan page, our Mortgage Specialists will assess your profile and assist you in selecting the best product based on your requirement and eligibility.
  • Applying online through our platform is easy and instant
  • You can also calculate the EMI for the proposed housing loan using our EMI Calculator
  • We offer free documents pick-up service
  • We provide end-to-end support throughout the loan process

How to Apply for Karur Vysya Bank Home Loan on MyMoneyMantra?

Follow the below steps to apply for Karur Vysya Bank Home Loan at MyMoneyMantra:

  • Visit our official website
  • Go to Loans section and select Home Loan
  • Follow the instructions and enter the details required to complete the online application
  • You will receive an OTP on your mobile, enter it at the given space to verify your loan request
  • As soon as you fill up and submit the form, you will be directed to our Home Loans page where you can choose Karur Vysya Bank.
  • After your housing loan application is approved, our loan experts will help you with arranging and submitting the documents. They will visit at your doorstep for documents pick-up, so keep your documents ready in order.
  • On receiving your documents via us, the officials of Karur Vysya Bank will contact you. They will carry on the verification process which includes the following three important phases:
    • Inspection: The bank officials will visit your residence, office, as well as the property you wish to purchase for inspection.
    • The authenticity check of the Title Deed and evaluation: Bank's advocates and engineers under this stage, will verify the title of the property to be purchased and will also evaluate the property.
    • Appraisal: After verification and evaluation process the bank officials will take a look at your credit rating and repayment history for appraising your application. If your housing loan application is approved, the bank will then provide you the sanction letter containing the terms and conditions for the sanction.
  • On accepting the terms and conditions mentioned by the bank in the sanction letter, you have to sign the loan agreement, after which, the loan amount is disbursed into your bank account within a few days' time.

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