Karnataka Bank Home Loan

Home loans are granted by banks to eligible customers who want to buy their dream houses in the future. Different banks offer different home loan schemes as per their policies. Karnataka bank home loan is known for offering reasonable interest rates and long tenures to their customers.

Building a house can be intimidating for many people for several reasons. Not making a solid financial strategy to manage your expenses during the repayment tenure can be one of the major reasons that can affect you financially. However, if you make the right choice while choosing your bank home loan, it can prevent a lot of botheration later. 

Karnataka Bank offers amazing home loan schemes to customers that help them construct their dream home without any hassle.

If you are planning to soon build your dream home and are looking for different home loan schemes, here are all the details that will help you make informed decisions in the future.

Also Check - Home Loan Tax Benefits

The major benefits and features of the Karnataka Bank Home loan that you need to keep in mind are listed below:

Karnataka Bank offers low-interest rates, and long tenure to customers when it comes to home loan schemes. No prepayment fees and very less processing fee is applied when you take a home loan from the bank. The loan amount goes up to 5 crores, and the bank allows you to pay the amount for up to 30 years. These are the major reasons why you must consider applying for the Karnataka Bank Home Loan.

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Karnataka bank home loan interest rates deferred from one scheme to the other depending on various factors. Take a look at the chart to compare and analyse which scheme suits your demands the best.

Depending on the scheme you select, a particular interest rate will be applied to you after your loan is granted by the bank. KBL home comfort loan schemes have the highest interest rates. On the other hand, KBL Apna Ghar home loan schemes have the lowest interest rates of around 8.19%. Compare and analyse different schemes before you select which one you will choose. The plan you select will have an immense effect on your repayment rates.

Also Check - SBI Bank Home Loan Interest Rates

Make sure you check their eligibility criteria properly before you apply for the Karnataka bank housing loan so that there are no issues during the application process.

Here are the details that you need to keep in mind before you apply for the home loan:

• Indian residents and non-resident Indians are allowed to apply for the home loan.
• Both salaried and self-employed people are allowed to apply for a home loan.
• You must be at least 18 years old to be able to apply for the home loan.
• Retired salaried people are not eligible to apply for the Karnataka Bank Home Loan.
• Your monthly salary needs to be 25,000 and above.
• For non-resident Indians, the monthly minimum gross salary must be 40,000 and above.
• Non-resident Indians need to have a valid Indian passport to be a way to apply for a home loan.
• You can have a co-applicant show me your family to apply for the loan. If they have good credit scores, it will help the bank approve your loan sooner.

Also Check - SBI Bank Home Loan Eligibility

There are different kinds of home loans offered by the Karnataka bank. Before you apply for any particular scheme, it is important to know the details of the other schemes as well. It will help you make sure you are making the right decision.

The home loan schemes offered by the Karnataka Bank are listed below:

KBL Apna Ghar

• An interest rate of 8.19% is applied
• These loans are offered to customers to repair, remodel, or renovate their existing homes.
• Agriculturists are also allowed to apply for this loan.
• 10% to 30% of the entire cost is covered by the bank.

KBL Ghar Niveshan

• These loans are granted to customers who want to purchase a house or flat.
• The interest rate remains around 11.28% to 12.48%.
• The bank covers up to 75% of the entire construction cost.

KBL Home Comfort 

• The interest rate remains around 9.56% to 9.96%.
• These loans are granted for furnishing, interior works, lighting systems, and renovation purposes of your existing homes.
• The bank covers up to 75% of the entire cost used to purchase assets by the customers.

Also Check - Types of Home Loans Offered by SBI

If you are intending to apply for the Karnataka bank home loan soon, make sure you note all the documents that are essential for the application review purposes. It will help you save a lot of time and make informed plans while you apply for the loan.

• A duly filled application form with proper details and attested photographs.
• Identity proof –  voter ID, telephone bill, electricity bill, international passport, PAN card.
• Income proof – bank statements from the last six months, proof of your income amount, and reliability details.
• For self-employed individuals, proof of your business, income tax returns from the last three years, balance sheets that show your profits and losses from the last 3years.
• Your property papers – registered agreement for sale, stamped agreement papers.
• Two passport size photographs
• Processing fee cheques

Also Check - Documents Required for SBI Home Loan

The Karnataka Bank Home Loan EMI Calculator gives you the exact amount that you will have to pay during your repayment tenure till the end of the period. Visit the bank's official page and put your loan amount, interest rate, and preferred tenure to check the monthly instalments. The calculator follows the method [P x R x (1+R)^N] / [(1+R)^N-1] to give you the exact EMI amount. The P here stands for the principal amount, R stands for rate of interest, and N stands for the selected tenure.

Make sure you try different combinations with different loan amounts, tenures, and interest rates to figure out which scheme fits your budget the most.

You can also compare these rates with other interest rates offered by other banks to determine which loan scheme you should choose.

Also Read - 5 Tips to Manage Your Home Loan EMI

In order to apply for the Karnataka bank housing loan, you need to follow a few simple steps online.

• Visit the official MyMoneyMantra website to proceed with your application.
• Go to the home loan option.
• Select your email address and your name
• Inter other personal details such as per the instructions.
• Add your phone number and wait for the MyMoneyMantra team to contact you with the available details.

Also Read - 5 Benefits of Taking a Home Loan

Dial their toll-free number 18004251444 or 18005728031. You can also dial their landline number- 0802 202 1500.

You can also send your queries to info@ktkbank.com

Also Check - SBI Home Loan Customer Care