Karnataka Bank Loan Against Property

While in urgent need of funds, the first category of loan that comes to your mind is the personal loan. The reason being the easy availability of the loan without any security and at the quickest turnaround time. But have you ever tried to look at other options, especially if you have an unencumbered property which is not put to use?

Loan Against Property will be the best option since you get a very flexible repayment period up to 10 years, unlike a personal loan where the repayment period is restricted to 5 years. The rate of interest is also lower when compared to personal loans since a Loan Against Property is a secured loan. Here again, the end use of the loan is not restricted, and you can use it for any purpose similar to a personal loan.

Karnataka Bank, the 12th largest public sector bank in the country, offers a Loan Against Property at a very competitive rate and with speedy approvals. The vast presence of the branch in the country makes it convenient for you to approach any of the nearest branches of the bank or you can even apply for the loan online. The loan is granted against residential property with a structure and also against residential plots. Commercial/industrial properties are also accepted as collateral security. You can also check different features & benefits on Commercial Property Loan.

The parameters that have to be complied with to be eligible for the Karnataka Bank Loan Against Property are:

• The applicant should be a resident Indian or NRIs with an Indian Passport
• The minimum income for salaried individuals should be 10,000 p.m. and for the self-employed an annual income of 1,20,000.
• For salaried individuals who are NRIs, the minimum income should be 1 Lakh p.m. and for the self-employed who are NRIs, the minimum annual income should be 12 Lakhs.
• Pensioners should have other sources of income apart from the pension
• The applicant should be a bonafide owner of the property
• The minimum entry age of the applicant is 21 years
• The loan can be availed in joint names to supplement the income

The following are the interest rate details of Karnataka Bank Loan Against Property:

• The rate of interest on KBL-Mortgage is 12.73% -13.93% p.a. for a loan up to Rs.750.00 lakh.
• The rate of interest on KBL-Mortgage availed as an overdraft facility is 12.93% - 14.13% p.a.
• The rate of interest on KBL-Lease N Cash is 12.13% - 13.38% p.a.

The charges involved in availing the Karnataka Bank Loan Against Property are as mentioned below:

Following security will be required to avail the loan:

• Equitable Mortgage of the property against which the loan is sanctioned.
• Personal guarantee of the spouse wherever possible and in the absence of the guarantee of the spouse, personal guarantee of a third-party who is creditworthy.

The documents required to avail the Karnataka Bank Loan Against Property are as mentioned below:

Having knowledge of the addition to your monthly budget by way of the proposed EMI is very essential before you apply for a loan. If you apply for the loan without being aware of the additional burden, which may turn out to be more than expected, then you will be inviting stress on your monthly budget. With the EMI value on hand, you can plan your finances or limit your loan to the affordable EMI level without hurting your monthly budget.

You can calculate the EMI using the MyMoneyMantra EMI Calculator for which you will have to follow some simple steps:

• Log in to the website of MyMoneyMantra
• Choose the Loan Against Property EMI Calculator under the Financial Tools option available on the home page of the website.
• You will have to provide the required input like the loan amount, loan tenure, and the interest rate.
• Once the data is provided the EMI will be calculated and displayed immediately on clicking the Calculate button.
• The best quotes as per your requirement and income also will be available
• Use the EMI Calculator as many times as needed by varying the data as per the quotes available and choose the one that suits your budget.
• After choosing the loan provider, proceed to fill the application form
• The representatives of MyMoneyMantra will collect the application form and the required documents from your doorstep and will take the process further from handing over the application and the documents to the loan provider till the loan disbursement.
• All the services of the team can be availed free of cost

The bank also offers the loan products mentioned below:

• KBL Home Loan
• KBL Apna Ghar
• KBL Home Comfort
• KBL Ghar Niveshan
• KBL Home Top Up
• KBL Car Finance
• KBL Easy Ride
• KBL Vidya Nidhi
• Skill Loan Scheme
• KBL Xpress Cash Loan
• Gold Loan
• KBL Ravi Kiran Loan
• KBL Insta Cash