Karnataka Bank Home Loan Interest Rate
Karnataka Bank offers different home loan schemes to cater to all housing-related needs of customers. Whether you are planning to buy/construct a house, furnish your existing house, or buy a site for home construction, Karnataka Bank home loans are there to provide the much required financial aid. Karnataka Bank home loan interest rates start at just 8.19% p.a. and the loan can be repaid within a maximum tenure of 30 years. If you meet the Karnataka Bank home loan eligibility criteria, you can avail of this loan at an attractive interest rate with affordable EMIs starting from just Rs. 787 per lakh.
Current Karnataka Bank Home Loan Interest Rates
Currently, Karnataka Bank home loan interest rates vary between 8.75% to 10.43% p.a, depending on the borrower’s CIBIL score and other eligibility factors. Karnataka Bank home loan interest rates are linked to its External Benchmark Based Lending Rate (EBLR) for loans below Rs. 500 Lakhs.
KBL - Xpress Home Loan/ KBL - Apna Ghar/Elite (Finance for Purchase/Renovate House)
| Loan Amount | Rate of Interest |
| Up to & inclusive of Rs. 500 Lakhs | 8.75% - 10.43% p.a. |
KBL - Home Comfort (Finance for Furnishing House)
| Borrower Type | Rate of Interest |
| For individual | 9.07% - 10.50% p.a. |
KBL - Ghar Niveshan (Finance for Purchase of House Site)
| Name | Rate of Interest |
| KBL - Ghar Niveshan (Finance for Purchase of House Site) | 9.10% - 11% p.a. |
KBL Home Top Up (Finance for Meeting Personal Requirements)
| Name | Applicable Rate of Interest |
| KBL Home Top Up (Finance for Meeting Personal Requirements) | 9.07% - 10.50% p.a. |
Karnataka Bank Home Loan Interest Rates for All Schemes in India
Karnataka Bank offers different home loan schemes to cater to every housing need. The rate of interest of Karnataka Bank home loans starts from 8.75% p.a.
| Karnataka Bank Home Loan Schemes | Interest Rates |
| KBL - Xpress Home Loan/ KBL - Apna Ghar/Elite | 8.75% - 10.43% p.a. |
| KBL - Home Comfort | 9.07% - 10.50% p.a. |
| KBL - Ghar Niveshan | 9.10% - 11% p.a. |
| KBL Home Top Up | 9.07% - 10.50% p.a. |
Compare Karnataka Bank Home Loan Interest Rate with Top Banks
Being a long-term loan, taking a home loan is a huge responsibility. It is crucial to compare interest rates offered by other top banks before applying for a Karnataka Bank home loan.
| Bank/NBFC | Interest Rate | Processing Fee |
| Karnataka Bank | 8.19% | Up to 0.25%, maximum Rs. 25,000 |
| Bank of Maharashtra Home Loan | 7.10% to 9.15% | Nil |
| HDFC Bank Home Loan | 7.75% to 13.20% | Up to 0.50% or Rs. 3,000 whichever is higher + applicable taxes/ statutory levies |
| SBI Home Loan | 7.25% | 0.35% + GST; 50% waiver from 01.07.2023 to 31.08.2023 |
| ICICI Bank Home Loan | 8.10% | 0.50% - 2% + GST or Rs. 3,000 whichever is higher + applicable taxes & other statutory levies |
| Axis Bank Home Loan | 8.75% - 11.60% | Up to 1% +GST |
| Kotak Home Loan | 7.60% | 0.50% to 1% + GST |
Factors Affecting Karnataka Bank Home Loan Interest Rates
The Karnataka Bank home loan rates of interest depend on various factors as mentioned below:
- The loan amount: Loans up to Rs. 500 Lakhs have a lower rate of interest in comparison with loans above Rs. 500 Lakhs.
- The repayment tenures have a vital role to play. The rates of interest on loans with repayment tenure of less than 60 months come cheaper when compared with loans with extended tenures.
- The occupation, regularity of income and repaying capacity of the borrower have important roles as well.
- Borrowers with a lower CIBIL score end up getting a higher rate of interest and vice versa.
- Plot loans are expensive when compared to loans for the purchase of a readymade house or the construction of a home.
- The changes in EBLR is also a deciding factor.
How to Calculate Karnataka Bank Home Loan Interest and EMI?
You can use the Karnataka Bank Home Loan EMI Calculator by entering the following details to get the EMI and interest payable amount instantly.
- Principal loan amount
- Contracted interest rate
- Repayment tenure
FAQs
Karnataka Bank home loan interest rates are linked to External Benchmark Based Lending Rate (EBLR) for loan amounts less than Rs. 5 Crores.
Karnataka Bank does not charge any home loan foreclosure fees for a floating rate of interest loans of individual borrowers.
A salaried person can get up to 60 times of their latest monthly net salary as Karnataka Bank home loan amount.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
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