Karnataka Bank Home Loan Details

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

About Karnataka Bank Home Loan

Karnataka bank is one of the most reputed privately owned banks In India. It was established in 1924. It has grown a network of more than 843 branches across the country. We all have dreams of owning our own house one day. If you are planning a house purchase soon, consider checking out the perks and benefits offered by the Karnataka Bank.

Karnataka Bank Home Loan is offered to those who have a minimum salary of 25,000 per month and above. If you belong to the age group of 18-70 years, you are eligible to apply for the home loan. If your minimum CIBIL score is 650/700, you can easily apply for the Karnataka Bank Home Loan. 

Karnataka Bank Home Loan schemes have different interest rates and different perks and benefits for the customers as per their policies.

If you have crossed 18 and have a monthly income of 25,000 and above, you can easily apply for the home loan. Make sure you check the different loan plans before choosing one loan for yourself. It will help you make a solid financial strategy that will help you make informed decisions during your repayment tenure.

The tenure goes up to 30 years, depending on your details and demands. The current interest rate that is offered by the Karnataka bank remains around 8.55% when it comes to the home loan schemes.

However, the Karnataka bank home loan interest rate may vary from one scheme to the other based on a few factors.

Use the Karnataka bank home loan EMI calculator to calculate your monthly instalments. You can also use this calculator online to compare different loan offers and figure out which scheme suits your demands the best.

Features and Benefits of Karnataka Bank Home Loan

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

Loan amountThe maximum borrowable loan amount from Karnataka bank goes up to 5 crores.
TenureIf you want to repair or renovate your existing home, the tenure goes up to 7 years. However, for construction purposes, the tenure goes up to 30 years, depending on your demands.
Maximum ageThe maximum age for salaried individuals remains around 60.
Minimum ageYou must be at least 18-years-old in order to apply for the Karnataka bank home loan.
Interest rateThe usual interest rate for the home loan schemes remains around 8.9%.
Income eligibilityYour monthly income has to be at least 25,000 to apply for the home loan.
Pre-payment feesNil
Processing feesProcessing fee applied is up to 0.50% of the loan amount.

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.

Also Check - 15 Lakh Home Loan EMI

Karnataka Bank Home Loan Interest Rates

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.

Interest RatesHome Loan Schemes
7.50% to 8.85%KBL Apna Ghar home loan schemes
9.17% to 9.57%KBL Ghar Niveshan schemes
10.89% to 12.9%KBL Home Comfort Loans

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 7.5% to 8.85%. 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

Karnataka Bank Home Loan Eligibility Criteria

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

Types of Home Loans Offered by Karnataka Bank

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:

  1. KBL Apna Ghar
  • An interest rate of 7.50% to 8.85% 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.

         2. KBL Ghar Niveshan

  • These loans are granted to customers who want to purchase a house or flat.
  • The interest rate remains around 10.89% to 12.09%.
  • The bank covers up to 75% of the entire construction cost.

         3. KBL Home Comfort 

  • The interest rate remains around 9.17% to 9.95%.
  • 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

Documents Required for Karnataka Bank Home Loan

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

Karnataka Bank Home Loan EMI Calculator

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

How to Apply for Karnataka Bank Home Loan?

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

Karnataka Bank Home Loan - Customer Care

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

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FAQs

✅What are the factors that determine my eligibility for Karnataka Bank home loans?

The major factors that determine your eligibility are your monthly income details, your age, and your credit history.

✅How to Calculate Karnataka Bank Home Loan EMI?

You can visit the official page of the Karnataka bank and calculate your monthly instalments with the help of the online Karnataka bank home loan EMI calculator. Simply select your loan amount, tenure, and current interest rate to get the results. Try different combinations with different interest rates, tenures, and loan amounts to compare and analyse which plan you should go for.

✅What is the processing time for the Karnataka bank housing loan?

The processing time for Karnataka Bank housing loans can take up to 10 business days.

✅What is the down payment required for Karnataka Bank Home Loan?

You need to pay around 25% on invoice/ purchase/ estimated cost of assets in the beginning.

✅Does the bank offer housing loans to NRIs?

Yes. Non-resident Indians who have a valid passport and a monthly income of more than 40,000 can apply for the Karnataka Bank home loan.

✅Can I buy a plot of land using this Home Loan?

Home loans are granted to those who aim to buy a house, renovate, remodel, or reconstruct their apartments.

You need to apply for a plot loan in order to buy a plot of land to construct your home in the future.

✅What are the repayment methods for KB Home Loan?

There are different payment methods that the bank accepts.

You can either pay the monthly instalments through the Electronic Clearing System, or you can also issue post-dated cheques from your bank account. You can also opt for direct deductions of monthly instalments. It will be conducted by your employer.

✅What are the different ways to increase Karnataka Home Loan eligibility?

The first thing that you need to do in order to increase your home loan in jewellery must focus on improving your CIBIL score. Make sure you have it isn't monthly income if you want to apply for a home loan. The bills, I am ice, and other bills timely to maintain a go-to credit record that will be checked by the bank before they grant you a home loan.

✅Does Karnataka Bank offer Top Up on Home Loan?

Yes, you can get a top-up loan from the Karnataka Bank if you are in the middle of one of their home loan schemes. You can choose a different lender if you wish as well.