Karur Vysya Bank Home Loan

You can also Apply for Bank of India Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

• 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

You can also check DDA Housing Scheme

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% - 10.90% per annum w.e.f 07.03.2025. The current rates of interest for Karur Vysya Bank Home Loans are as follows:

Check Best Home Loan Interest Rates starting @7.35% from different banks and NBFCs.

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

KVB Gruhapravesh for NRI

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

Key Highlights of the Scheme

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.

You can Also check How to Apply for Pradhan Mantri Awas Yojana

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

If you are looking to Apply for Rs. 1 Crore Home Loan EMI? Compare interest rates and Apply Online.

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).

You can also check SBI Home Loan Eligibility Online through MyMoneyMantra.

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

You can also Check Pan Numbers for Home Loan of All Banks Online

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

You can also check Home Loan Customer Care Number of all Banks