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Calculate Karnataka Bank Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 8.55%
  • ₹0
  • 30
Updated:

Karnataka Bank Home Loan Details

Karnataka Bank is a Scheduled Commercial Bank and is listed as the 12th largest private sector bank. The headquarters of the bank is in Mangalore. At present the bank is operating through 843 branches across the country. There are 1540 ATMs of Karnataka Bank operating all over the country. All branches of Karnataka Bank are fully computerised. The Bank offers Corporate/Retail Banking products. Home Loan is one such retail product that is popular for the competitive offers provided.

The following are the different types of home loans provided by the bank.

  • KBL Apna Ghar
  • KBL Home Comfort
  • KBL Ghar Niveshan

Different categories of home loan for construction/purchase and repairs are provided. You can now either purchase a plot and construct a house thereon or purchase a ready house/flat or simply upgrade the existing house with the home loans provided by the bank.

Additional Info: Apply SBI MaxGain Home Loan @6.70%

What is an EMI?

Equated Monthly Instalment i.e., EMI is a steady amount that has to be paid towards the loan on a monthly basis. It is based on the quantum of the loan availed, the rate of interest applied, and the loan tenure opted. EMI contains both the interest and the principal component. During the first few years, though you are paying the EMI regularly, you do not see considerable decrease in the principal which makes you perplexed. The reason is during the first few years a large portion of the EMI will be adjusted towards the interest and the amount adjusted towards the principal will be considerably low. But as the period progresses a large portion will be adjusted towards the principal. You can study this in the amortization schedule that will be displayed in the EMI calculator when you calculate the EMI before applying for the loan.

Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.

Features of Karnataka Bank Home Loan

Karnataka Bank offers home loan for the purchase of house/flat, construction of a house, purchase of a plot and construction thereof and for home furnishing and interiors

Name of the productEligibilityQuantumInterestTenureSecurityCharges
KBL Apna Ghar

Resident Indians and NRIs.

Salaried/self-employed individuals, professionals, and businessmen.

Minimum age 18 years.

Minimum monthly income for resident salaried individuals 10,000/- and for salaried NRIs 40,000/-

Minimum annual income for the self-employed Indian s- 1,20,000 and for the self-employed NRIs- 480000/-

60 times of the latest monthly net income for salaried individuals.

5 times the average net profit plus depreciation as per the profit and loss account for the last 2 years for the self-employed.

5 times the current net annual income for agriculturists

The maximum quantum for the purchase/

construction is 500.00 lakhs and for furnishing and interiors it is 30.00 lakhs

8.55% p.a. for a loan up to 75.00 lakhs and 9% p.a. for a loan above 75.00 lakhs

Maximum tenure of 30 years for construction/

purchase and 7 years for home furnishing and interiors

EMT of property acquired out of the loanFor details regarding the processing charges and pre-payment charges contact the nearest branch of Karnataka Bank.
KBL Home ComfortCustomers who have already availed a loan under KBL Apna Ghar and customers who do not have an existing loan against their residential property75% of the estimated cost of the project with a maximum of 100.00 lakhsRanging between 9% p.a. and 10% p.a.10 years maximum repayment periodContinuing EMI of the property mortgaged for KBL Apna Ghar or EMI of the property for which the loan is availed.Contact the nearst Karnataka Bank branch for the details regarding charges for the loan.

Additional Info: Also check Rs. 80 Lakh Home Loan EMI

Home Loan EMI

The lowest EMI as on date is 772/- per lakh.

The rate of interest varies between 8.55% p.a. to 9.15% p.a. for Karnataka Bank Home Loans and the table below will give details of EMI for different loan amounts for different tenure and rate of interest.

EMI for a loan at 8.55% p.a. interest.

Loan amount5 years10 years15 years20 years
10,00,00020,54112,4259,8778,710
25,00,00051,35231,06324,69221,775
50,00,0001,02,70362,12749,38443,550

With the table showing EMI for various home loan interest rates you can get an idea that even a small difference of 0.30% in the rate of interest can have a great impact on the cost of the loan if the tenure is longer. You would have paid more than double the actual loan borrowed if you have chosen a longer tenure.

Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.

What is an EMI calculator?

It is always better to calculate the EMI for the loan amount you intend avail in order to make adjustments in the monthly budget if required. You can use an Home Loan EMI calculator which is by all loan providers on their website. EMI calculator is a financial tool which is user-friendly and easy to operate. It will calculate the EMI instantly on providing the required data i.e., the loan amount, loan tenure and the rate of interest. If you use MyMoneyMantra EMI calculator you will have the advantage of comparing the deals from various loan providers and make a choice that is perfect for you.

EMI is calculated by applying the formula mentioned below.

P*r* (1+r) ^n/([(1+r) ^n]-1)

P stands for Principal

R stands for rate of interest

N stands for the loan tenure

Additional Info: Also check SBI Home Loan EMI Calculator

Factors that affect the EMI

EMIs that are fixed at the time of availing a loan do not remain constant throughout the repayment tenure. There are various factors that amount to the fluctuation in the EMI.

Change in rate of interest: If you have opted for a floating rate of interest, the EMI will change as and when there is a change in the rate of interest. If the rate of interest is higher then, the EMI will be higher. If there is a decrease in the rate of interest, then there will be a decline in the EMI level.

If you have opted for a fixed rate of interest, then the EMI will change when the rate of interest is reset over a period of time that differs from bank to bank.

If you have opted for a combination of fixed and floating rates of interest, the rate of interest will be fixed initially and then it is converted to floating after a pre-set period. When the transition happens, the EMI automatically will change.

Pre-payment of the loan amount: When you make a pre-payment for the home loan, the principal amount reduces correspondingly. You can then either opt for a reset in the EMI or opt for lowering the tenure of the loan. If you intend to balance your monthly budget, then you can go for an EMI reset, else you can opt for reducing the tenure.

Change in tenure: Sometimes you would want to go for a change in the loan tenure. Assume that you have opted for a shorter tenure initially based on your affordability at the time of availing the loan and later due to other commitments you may not be able to pay the same EMI. If you negotiate with your bank for the change in tenure, there will a change in the EMI as well.

When you opt for achange in loan tenure along with the balance transfer, then the EMI will automatically change.

Step-up EMIs: In step-up EMIs, initially the EMIs will be kept low and will increase periodically through the tenure of the loan.

Additional Info: Best Home Loan Interest Rates @6.70%

Tips to decide the right EMI

While deciding the right EMI the basic things you have to consider are your affordability and the compliance of EMI to Net Monthly Income ratio.

  • You make a list of all your present commitments and assess the residual amount available to provide for the home loan EMI.
  • Once you have the affordable amount, use the EMI calculator and try several variations till you arrive at the interest and the loan amount that would match your affordable amount.
  • If you have any additional sources of income like the rent, dividends and deposit interest include these while arriving at the affordable amount.
  • The loan amount is based on the value of the project. There will be a percentage of margin set for which you will have to provide.
  • You should have an idea of how you would arrange for the margin amount before applying for the loan. If you are able to make a higher down payment you can reduce the loan amount and the EMI.
  • Choose a tenure based on the loan amount and your age. If income from all the sources will enable you for a higher monthly payout, choose the shortest tenure that will match the available funds to provide for the EMI.
  • If you need a higher amount and your income is not sufficient for the kind of amount, then your family members with regular income and a good credit score can be co-borrowers for the loan and their income will be considered to arrive at the loan eligibility.

In a nutshell, you try various options to choose an EMI that will not put you into a financial crisis later in your life.

Additional Info: Also Check LRD Loan

Change in EMI with a change in interest rates

The EMI changes every time there is a change in the rate of interest which may happen several times during the loan tenure.

  • If you have opted for a floating rate of interest the EMI will be higher when the rate of interest increases and will be lower when the rate of interest reduces.
  • If you have opted for a fixed rate of interest, the EMI will be constant until the period the interest remains fixed. After a pre-decided period, which varies from lender to lender, the rate will be re-fixed according to the prevailing rate. If the prevailing rate is higher the EMI will be higher and if it is lower, then the EMI will be lower.
  • In the case of step-up EMI, the EMI will be lower initially and will increase periodically through the loan tenure.
  • If you have opted for a combination of fixed and floating rates of interest, the rate of interest will be fixed initially and will change to floating after a pre-decided period. With this change, the EMI will change.

Additional Info: Also check ICICI Home Loan EMI Calculator

Change in EMI with pre-payment

With the pre-payment of loan, the principal amount will reduce in proportion to the repaid amount. At this time, you will have two options. You can either choose to reset the EMI or choose to reduce the loan tenure.

If you choose for a reset in EMI, the EMI will be reduced keeping the loan tenure constant.

If you choose to keep the EMI constant, then the loan tenure will reduce.

Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Karnataka Bank Home Loan EMI Calculator FAQs

What are the different types of home loans that Karnataka Bank provides?

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Karnataka Bank provides the following types of home loans

  • Vastu Siddi Home Loan
  • Home Loans for NRIs
  • Home Loan Top-up

What is the rate of interest charged for Karnataka Bank Home Loan?

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Karnataka Bank charges slab interest for the home loans.

 For a loan up to  28.00 lakhs the rate of interest is 8.50% p.a.

For a loan above  28.00 lakhs and up to  50.00 lakhs the rate of interest charged is 8.80% p.a.

For a loan above  50.00 lakhs and up to  70.00 lakhs, the rate of interest charged for salaried individuals is 9.05% p.a. and for the self-employed, it is 9.15% p.a.

A concession in rate of interest for women beneficiaries is provided up to 0.10% for a loan up to  28.00 lakhs provided the overall cost of the project does not exceed  35.00 lakhs and the project is completed within 24 months.

How does the EMI calculator work?

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The home loan EMI calculator calculates the monthly payout based on the loan amount, loan tenure and the rate of interest. You can get the exact EMI for the loan amount required.

You will have the benefit of comparing the best options based on the loan eligibility and your requirement so that you can make the right choice.

Is there an option to recalculate the EMI based on the pre-payments?

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Yes. In MyMoneyMantra EMI calculator, you have the option to calculate the pre-payment EMI using the pre-payment calculator. So, you can exactly understand the EMI change with the pre-payments made.

What is the loan tenure that is offered by Karnataka Bank for Home Loans?

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The maximum repayment provided by Karnataka Bank for the regular Home Loan is 20 years and for Home Loan Top Up it is 10 years.

What is Pre-EMI?

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Some banks give the option of paying the interest on the disbursed only during the construction or acquiring of the property. This payment of only interest prior to the commencement of regular EMI is pre-EMI.

Will there be a difference in the EMI calculated by the EMI calculator and the bank EMI?

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Yes. There will be a slight difference in the EMI arrived by the EMI calculator and the bank EMI. You would have calculated the EMI for a loan amount that you desire to avail but when the loan is actually sanctioned, if the loan amount varies, then the EMI arrived at by you beforehand and the bank EMI will vary.