The Karnataka Bank home loan interest rate starts from 8.60% per annum for loan tenures up to 30 years and loan amounts of up to Rs. 5 crore. Existing home loan borrowers from other banks and housing finance companies (HFCs) can transfer their existing home loans to Karnataka Bank to benefit from lower interest rates.
Karnataka Bank Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.60% – 10.60% p.a. |
| Processing Charges | Up to 0.25% of loan amount |
| Loan Tenure | Up to 30 years |
| Loan Amount | Depends to the market value of the property and repayment capacity of the customer |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
| Scheme | Rate of Interest (p.a.) |
|---|---|
| KBL – Ghar Niveshan: (Finance for purchasing a house site) | 9.30% – 11.45% |
| KBL – Home Comfort: (Finance for furnishing a house) for Individuals | 9.27% – 10.95% |
| KBL – Apna Ghar/Elite: (Finance for house purchase/renovation) | Up to Rs 750 lakh: 8.75% – 10.60% |
| KBL Home Top Up: (Finance for meeting personal requirements) | 9.27% – 10.95% |
| KBL HOME LOAN WINBACK SCHEME | 8.60% – 8.85% |
KBL – Xpress Ghar Nivesh
KBL Xpress Ghar Nivesh offered by Karnataka Bank has the following features:
- The loan tenure can extend up to 7 years.
- Individuals can use this loan for purchasing a plot and subsequently constructing a home on it.
- The loan amount can be up to 80% of the registration value of the plot site, depending on various factors such as the property's location.
KBL – Xpress Home Comfort
KBL Xpress Home Comfort offered by Karnataka Bank has the following features:
- The loan tenure can go up to 20 years.
- The loan can be used for interior furnishing, acquiring furniture-fixtures, and installing solar heating/lighting systems.
- The loan amount can go up to Rs. 1 crore, subject to 75% of the estimated cost of assets to be purchased or works to be carried out.
- It is available for individuals who have previously availed a loan under KBL (Apna Ghar/Elite /KBL XPRESS HOME Loan scheme) and have not taken any loan from any financial institution for their residential property or have closed the housing loan already availed.
KBL – Xpress Home Loan
KBL Xpress Home Loan offered by Karnataka Bank has the following features:
- For loans taken for construction, the loan tenure can extend up to 30 years.
- For loans taken for house renovation/repair, the loan tenure is 7 years.
- Individuals can avail this loan for the construction and purchase of a new house. It can also be used for house renovation, improvement, repair, and remodeling.
- Applicants can conveniently apply for this loan through digital modes and receive instant in-principle sanction.
- The loan amount can go up to Rs. 5 Crore for purchase/construction and up to Rs. 30 lakh for renovation/remodeling/extension/repair.
Also Read : Best Home Loan EMI Calculator
| Particulars | Charges |
|---|---|
| Processing Fees | For loans above Rs. 25,000, Karnataka Bank charges a processing fee of 0.50%, with a minimum of Rs. 250 for Priority Sector loans and Rs. 500 for Non-Priority Sector loans. The maximum processing fee is Rs. 25 lakh. |
| Foreclosure Charges | 2% of the outstanding balance |
| CIBIL/CRIF Charges | Rs. 100 per consumer report |
| EMI Bounce Charges** | If the EMI delay exceeds Rs. 10,000 (not paid within 30 days from the EMI due date), Karnataka Bank charges Rs. 500 per occasion. |
| Charges for switching from Base Rate/PLR to MCLR |
|
Also read: Best Home Loan Fees and Charges
To be eligible for a home loan from Karnataka Bank, applicants must meet the following criteria:
- The applicant should be a resident of India or an NRI holding an Indian passport.
- The applicant must be at least 18 years of age.
- Income criteria:
- For Resident Indians:
- Salaried Persons: Minimum gross monthly salary of Rs. 10,000.
- Agriculturist: Minimum annual net income of Rs. 1,20,000.
- Businessmen/Professionals/Self-Employed: Minimum annual gross income of Rs. 1,20,000.
- For Non-Resident Indians (NRIs):
- Salaried Person: Minimum gross monthly salary of Rs. 40,000.
- Businessmen/Professionals/Self-Employed: Minimum annual gross income of Rs. 4,80,000 (NRI applications processed manually).
Additionally, Karnataka Bank may also consider factors such as the applicant's credit score, EMI/NMI ratio, property features, and location while evaluating their home loan eligibility, similar to most lenders.
Also Read : Best Home Loan Eligibility
When applying for a Karnataka Bank Home Loan, you'll need to provide various documents to support your application. Some of the documents that the bank might request include:
- Duly filled and signed Karnataka Bank Home Loan Application Form.
- Cheque to pay processing fee in favor of Karnataka Bank.
- Proof of residence: Copy of any one proof of residence document such as Aadhaar, Passport, Voter ID, Driving License, etc.
- Proof of identity: Copy of any one proof of identity document such as Aadhaar, Voter ID, Driving License, PAN, Passport etc.
- Proof of income – A copy of the following documents:
- For Salaried
- Salary Slips
- Latest Form-16 and IT returns
- Bank Statements, showing salary credits
- For Self-Employed
- Current Account Statements of the business entity and Savings Account Statements of the individual.
- Income Tax Returns (ITR) for both the individual and the business entity, along with income calculation for past assessment years.
- Balance Sheet and Profit & Loss Account Statements with Annexures / Schedules.
- Property documents –
- Title Deeds of the Plot
- Allotment Letter or Buyer Agreement
- Construction estimate by an Architect or Civil Engineer
- Receipt(s) of payment(s) made to the developer
- Copy of the plans approved by the Local Authorities
- Proof of no encumbrances on the property
Also Read : Best Home Loan Documents Required
1. Karnataka bank home loan interest rate is linked to which external benchmark?
Since October 1, 2019, Karnataka Bank has linked its floating rate home loans to the 10-year G-Sec (Government Security) as the external benchmark.
2. Can I prepay my outstanding Karnataka Bank Home Loan?
Yes, you can make partial prepayments or fully foreclose your Karnataka Bank home loan before the scheduled completion of the loan tenure. Karnataka Bank does not impose any charges for partial prepayment or foreclosure on home loans availed at floating interest rates.
Also read: Best Home Loan Balance Transfer
3. Who can be my co-applicant for Karnataka Bank Home Loan?
Karnataka Bank, like other banks, allows close family members to be co-applicants for home loans. Additionally, it is mandatory for all co-owners of the property to also be co-applicants for the home loan.