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Karur Vysya Bank Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest7.95% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 730 Per Lakh
Processing fee0.25%
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

You can also Apply for 50 Lakh Home Loan

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

Additional Info: Also check DDA Housing Scheme

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 7.95% per annum w.e.f 09.06.2022. The current rates of interest for Karur Vysya Bank Home Loans are as follows:

Type of LoanInterest Rate
Home Loans / NRI Gruhapravesh8.05% to 10.25%
Housing Loan Top up8.95% to 9.15%

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 ChargesDetails 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 securityEquitable mortgage of building and land
Collateral securityNSC/ KVP/ LIC Policies/ Bank Deposits/ Land & Building, etc. (optional)
GuaranteeA suitable Guarantor is needed is a co-applicant is not available
Repayment chargesNIL

Additional Info: Also check AnyRoR Gujarat Land Record

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 home loans are 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 home loan 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

Additional Info: Also check Documents Required For Home Loan

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 applyAll resident individuals (salaried and self-employed both)
Minimum age required to apply23 years
Maximum repayment tenureUp to 25 Years or the liquidation of loan by the age of 70 years (whichever is earlier)
Holiday periodUp to 24 months
Prepayment chargesNIL

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 applyNRI and PIO
Minimum age required to apply23 years
Maximum repayment tenureUp to 25 Years or the liquidation of loan by the age of 70 years (whichever is earlier)
Holiday periodUp to 24 months
Prepayment chargesNIL

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.

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 Karur Vysya Bank Home Loan 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

Additional Info: Also check SBI Home Loan EMI Calculator

Karur Vysya Bank Home Loan Comparison with Other Lenders

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
Karur Vysya BankUp to 90% of property cost25 years7.95%0.25% + GST
ICICI Bank Home LoanUp to 90% of property cost30 years7.60% - 8.45%0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
HDFC LtdUp to 90% of property cost30 years7.55% - 8.05%Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes
Axis Bank Home LoanRs. 5 Crores30 years7.60% - 8.05%Up to 1%, minimum Rs.10,000
Kotak Mahindra Home Loan75% to 90 % of property value30 years7.50% - 8.10%O.5% to 2.0 % + GST 

Additional Info: You can also avail Navi Home Loan

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

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Karur Vysya Bank Home Loan FAQs

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

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The 1-year Marginal Cost of Fund Based Lending Rate (MCLR) of the bank is 7.95% per annum.

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

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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?

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The bank applies 7.95% to 9.15% 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?

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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?

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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?

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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?

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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?

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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

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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?

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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