Highlights
- KVB Home Loans Start from 9.00% p.a to a maximum of 11.05% p.a
- Avail KVB Home Loan Balance Transfer
Are you resting your home dream on a Karur Vysya Bank Home Loan? But have you checked the rates? No! Do that now to get an idea of the cost you will bear on availing the best home loan from the bank to buy a property. Interest rates are one of the critical elements influencing the amount of EMI on a loan.
Karur Vysya Bank Home Loan Interest Rates January 2025
| Particulars | Details |
|---|---|
Home Loan Interest Rate | 9.00% p.a to 11.05% p.a |
Loan Amount | Upto INR 50 Lakhs |
Loan Tenure | As per the applicant’s profile |
Processing Fee |
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KVB Gruhapravesh for NRI
KVB offers a specialized home loan product, KVB - NRI Gruhapravesh, designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). This loan can be availed for purchasing a ready-built house, constructing a new house, home improvements or extensions, purchasing land with construction to be completed within 6 months, and balance transfer from other banks.
Charges of KVB Gruhapravesh for NRI
Margin | 10% to 25% |
Maximum Repayment Tenor | 30 Years (Including Holiday Period) - EMI. |
Maximum Holiday Period | 24 months for construction and 3 months for a flat buy in full. |
Primary Security | Title deeds deposited for an equitable mortgage, a Mortgage that is registered when deemed appropriate |
Collateral Security | Optional (NSC / KVP / LIC Policies, Bank Deposits, Land & Building, etc). |
Guarantee | The bank accepts a suitable guarantor who has sufficient net worth. |
KVB Gruhapravesh for NRI Personal Criteria
- Minimum age: 23 years.
- Valid Indian passport for NRIs or valid foreign passport for PIOs.
- A stable source of income.
- Minimum 2 years of overseas employment.
- A valid job contract or work permit.
- Minimum Net Monthly Income (NMI) of USD 1,500 or Minimum Net Annual Income (NAI) of USD 18,000 (or equivalent in other foreign currencies).
Other Loan Repayment Options for KVB Gruhapravesh for NRI
Here are some other loan repayment options available for KVB Gruhapravesh for NRI
- Remittances from abroad through regular banking channels.
- Transfers from NRE, FCNR, or NRO accounts.
- INR housing loans availed by NRIs/PIOs can also be repaid by their close relatives in India.
- After returning to India permanently, repayment can be made from local sources.
- Interest is calculated on a daily diminishing balance basis.
Calculate EMI with the KVB Home Loan Calculator
Here is an example of a different EMI with a loan tenure of up to 25 years with a home loan of Rs. 15,00,000 and interest rates ranging from 9.00% to a maximum of 11.05% p.a. You can take help with Wishfin Karur Vysya Bank Home Loan EMI Calculator.
You can simply put the following details -
- Loan Amount
- Tenure
- Interest Rate
| Tenure (In Years) | EMI (at 9% interest rate) | EMI (at 11.05% interest rate) |
|---|---|---|
5 | Rs. 51,895.89 | Rs. 54,418.42 |
10 | Rs. 31,668.94 | Rs. 34,508.30 |
15 | Rs. 25,356.66 | Rs. 28,493.47 |
20 | Rs. 22,493.15 | Rs. 25,889.83 |
25 | Rs. 20,979.91 | Rs. 24,593.25 |
Documents Required for Karur Vysya Bank Home Loan
Here are the KVB Home loan documents that are required while applying for the Home Loan -
- For Salaried Individuals:
- Submit the last 2 years Income Tax Returns (ITR).
- Provide a salary certificate for the past 6 months along with an employer's certificate.
- For Self-Employed Individuals:
- Submit the latest 2 years' ITR or income statement.
- Income Requirement:
- The take-home pay, after deducting the proposed loan installment, must be at least 25% of the gross salary.
- Loan for Land Purchase & Construction:
- Loans for purchasing vacant land are subject to the condition that construction must commence and be completed within 24 months from the loan disbursement date.
- Prepayment:
- No prepayment charges will be applicable.
Other Charges and Limits of Karur Vysya Bank Home Loan
Margin | 10% to 25% |
Maximum Repayment Tenor | 30 Years (Including Holiday Period) - EMI |
Maximum Holiday Period | 24 months for construction and 3 months for a flat purchase outright |
Processing Charges | |
Loans up to Rs. 25 Lakhs | Rs. 2,500/- + GST |
Loans between Rs. 25 Lakhs & Rs. 50 Lakhs | Rs. 5,000/- + GST |
Loans above Rs. 50 Lakhs | Rs. 7,500/- + GST |
Primary Security | Equitable Mortgage of land & building. |
Collateral Security | Optional (bank deposits, land and buildings, NSC, KVP, and LIC policies, among others). |
Guarantee | Whenever a co-applicant is unavailable, a suitable guarantor can be found. |
Insurance Coverage for the Borrower | LIC, SBI Life, and BSLI are accessible up to the loan amount with them as a SINGLE PREMIUM that the borrower must pay (available if the borrower is interested). |
Other Terms & Conditions |
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How to Apply for Karur Vysya Bank Home Loan Online?
Now it’s time to apply, right? So, go online and do the needful.
- Visit the official website of Karur Vysya Bank, and find the application form.
- Fill out and submit it to the lender for further processing.
- As soon as the bank receives your application, it will start checking the authenticity of the details submitted.
- After successful verification, KVB will approve your home loan application.
Conclusion
Karur Vysya Bank home loan interest rates cater to the diverse financial needs of both resident and non-resident applicants. With flexible repayment options, long loan tenure of up to 25 years, and no prepayment charges, the bank provides a customer-friendly approach to home financing. Additionally, applicants with a strong credit profile can benefit from lower interest rates, making it an attractive choice for individuals seeking affordable home loan solutions.
FREQUENTLY ASKED QUESTIONS
1. What is the Maximum Loan Tenure KVB Bank offers?
Karur Vysya Bank offers a fixed maximum loan tenure of 25 years for both of its home loan schemes. This tenure includes a maximum holiday period of 24 months, which is the moratorium period before the repayment starts.
2. What is the minimum credit score required to get a Karur Vysya Bank Home Loan?
Karur Vysya Bank has not specified a minimum credit score requirement for home loan applicants. However, individuals with a credit score of 750 or above are more likely to qualify for the loan and secure lower interest rates.
3. What is the home loan interest rate of KVB Bank?
The KVB Home Loans interest rate starts from 9.00% to a maximum of 11.05% p.a.
4. Is Karur Vysya Bank approved by RBI?
Yes, Karur Vysya Bank is approved by the Reserve Bank of India (RBI). The bank is recognized as a distinct financial entity authorized to conduct banking operations across India.
