Karur Vysya Bank (KVB) provides home loans starting at an interest rate of 8.95% per annum. You can borrow up to 90% of your property's value for a maximum tenure of 25 years. Additionally, if you already have a home loan from another bank or housing finance company (HFC), you can switch it to KVB for lower interest rates through their Home Loan Balance Transfer Facility.
Karur Vysya Bank Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.95% – 11.00% p.a. |
| Loan Amount | Based on the applicant's ability to repay and the current market value of the property. |
| Loan Tenure | Up to 25 years (including holiday period) |
| Processing Fees | Rs. 2,500 to Rs. 7,500 + GST |
| 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
| KVB Home Loan Schemes | Interest Rates (p.a.) |
|---|---|
| KVB Happy Home Loan | 8.95% – 11.00% |
| KVB Housing Top Up Loan | 9.20% – 10.55% |
| KVB Gruhapravesh for NRI | 8.95% – 11.00% |
Karur Vysya Bank offers different home loan schemes to its customers. Some of them are discussed as follows:
Karur Vysya Happy Home Loan
- Purpose: Suitable for buying a new or resale house/flat/plot, house construction, renovation, repair, or extension. Also offers home loan balance transfer facility.
- Loan Tenure: Up to 25 years (including holiday period)
- Loan Amount: 70% – 90% of property value
- Maximum Holiday Period:
- For house construction: 24 months
- For outright purchase of a flat: 3 months
- Insurance Coverage: Available (optional) to the extent of the loan amount with SBI Life, LIC, and BSLI as Single Premium payable by the borrower.
- Borrower Type: All Resident Indians (including Hindu Undivided Families (HUFs)
KVB Gruhapravesh for NRI
- Purpose: NRIs/PIOs can use this loan to buy a ready-to-move house, build a new house in India, or improve/extend their existing homes. It's also for those who want to buy land for future construction. Existing home loan borrowers can switch to KVB for better rates.
- Loan Tenure: Up to 25 years (subject to the liquidation of the loan by the age of 70 years)
- Loan Amount: 70% – 90% of property value
- Maximum Holiday Period:
- For house construction: 24 months
- For an outright purchase of a flat: 3 months
- Insurance Coverage: Available (if the borrower is interested) to the extent of loan amount with SBI Life, LIC, and BSLI as Single Premium payable by the borrower
- Borrower Type: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
Also Read : Best Home Loan EMI Calculator
| Particulars | Applicable Charges |
|---|---|
| Processing fees |
For loans up to Rs. 25 Lakh: Rs. 2,500 For loans between Rs. 25 Lakh & Rs. 50 Lakh: Rs. 5,000 For loans above Rs. 50 lakh: Rs. 7,500 |
| Part Prepayment Penalties | Nil for floating rate housing loans |
| Foreclosure Charges | Nil for floating rate home loans |
Also read: Best Home Loan Fees and Charges
Eligibility Criteria for KVB NRI Home Loan:
- The minimum age of the applicants should be 23 years.
- NRIs must have a valid Indian Passport, while PIOs must have a valid Foreign Passport.
- Applicants should have at least 2 years of work experience abroad.
- Must possess a valid job contract or work permit.
- Should have a steady source of income.
- Must have a Net Monthly Income (NMI) of at least US$ 1,500 or Minimum Net Annual Income (NAI) of US$ 18,000 (or its equivalent in any other foreign currency).
Eligibility Criteria for Karur Vysya Bank Home Loan:
- The take-home pay of the applicant after deducting the proposed loan installments should be at least 25% of the gross pay.
- The loan may be granted to buy vacant land and construction subject to commencing and completing construction within a 24-month period from the date of availing the loan.
Also Read : Best Home Loan Eligibility
The documents required to apply for the KVB NRI Gruhapravesh, the documents required are:
- Duly filled and signed home loan application form with a self-attested photograph
- Proof of Residence (e.g., Aadhaar Card, Passport, Voter ID Card, or Driving License)
- Proof of Age (e.g., Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
- Proof of Identity (e.g., Aadhaar, PAN Card, or Foreign (for PIOs)/Indian Passport (for NRIs)
- Proof of Income
- Proof of Employment & Work Experience
- Job contract or work permit
- Two passport size photographs
- A cheque for the payment of the required processing fees
The documents required to apply for the Karur Vysya Bank Happy Home Loan are:
- Duly filled and signed home loan application form with a self-attested photograph
- Proof of Residence (e.g., Aadhaar Card, Passport, Voter ID Card, or Driving License)
- Proof of Age (e.g., Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
- Proof of Identity (e.g., Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
- Proof of Income (such as salary slips, current dated salary certificate, bank statement of the last 3 months, or latest ITR/ Form 16)
- Two passport size photographs
- A cheque for the payment of the required processing fees
Also Read : Best Home Loan Documents Required
1. What is the maximum loan repayment tenure for Karur Vysya Bank Home Loans?
The bank sets a fixed loan tenure of 25 years for both of its home loan schemes. This maximum loan tenure also incorporates the Maximum Holiday Period, which spans 24 months.
Also read: Best Home Loan Balance Transfer
2. What is the minimum credit score required to avail Karur Vysya Bank Home Loan?
Karur Vysya Bank does not explicitly state a cut-off credit score requirement for its home loan applicants. Nonetheless, individuals with credit scores of 750 and above are more likely to qualify for home loans with lower interest rates.