Karnataka Bank Plot Loan, also called KBL-Ghar Niveshan, gives individuals access to funds required to buy a residential plot of their choice, as per their eligibility requirements.
The loan is characterised by quick sanctioning time and hassle-free processing. Interest rates are competitive with flexible repayment tenures. Both resident Indians and Non Resident Indians (NRIs) can avail this loan.
Karnataka Bank Plot Loan Interest rate
The interest rate for the plot loan from Karnataka Bank lies in the range of 10.89% p.a to 12.09% p.a.
Karnataka Bank Plot Loan Eligibility Criteria
The eligibility criteria for the KBL-Ghar Niveshan plot loan are as follows:
Resident Indian individuals
Non-Resident Indians with an Indian passport.
Minimum age: 21
The income criteria for resident Indians are as follows:
Self-employed individuals: Rs.4.8 lakh gross annual income
Application Process for Karnataka Bank Plot Loan
To apply for the KBL-Ghar Niveshan plot loan, visit the nearest branch of Karnataka Bank.
Guarantee Required for Karnataka Bank Plot Loan
The guarantee required for the plot loan is the mortgage of the residential plot that is to be acquired through the loan. In the absence of a third-party solvent guarantor, guarantee of the spouse wherever feasible is required.
Maximum Loan Amount
The maximum loan amount that will be sanctioned is 80% of the residential site's registration value.
For land located in urban and metro areas, it is Rs.75 lakh whereas for land in non-urban and non-metro areas, the maximum loan amount that will be sanctioned is Rs.50 lakh.
Loan Repayment Term
The maximum repayment tenure is 5 years or 60 months. While it is repaid on an Equated Monthly Instalment basis for the general populace, for agriculturists it is repaid on a yearly basis, including the interest which is paid yearly.
Margin of Loan
The margin of loan for the KBL Ghar Niveshan is 20%.
FAQs
Can I use Karnataka Bank's KBL Ghar Niveshan plot loan to buy a house or apartment?
The Karnataka Bank KBL Ghar Niveshan plot loan is sanctioned exclusively to buy a residential plot only. To avail a home loan to buy a house or apartment, you can apply for the bank's KBL Apna Ghar home loan.
Can I use the KBL Ghar Niveshan plot loan to buy a plot of land in a rural area?
Yes, you can use Karnataka Bank's Ghar Niveshan plot loan to buy a plot of residential land in a rural area too.
Can the Karnataka Bank plot loan be used to buy a plot of land for commercial purposes?
No, the Karnataka Bank Ghar Niveshan plot loan can only be used to buy a residential plot of land.
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I have taken home loan directly through Karnataka Bank.The rate of interest was 8.37% it was very less and there was no processing fee.This loan was sanctioned within 20 days .They have collected few documents like id proof address proof and income proof only since have salary account here.
I have taken a home loan in KARNATAKA bank before 2 months ago. The process was smooth and good at an initial verification. The amount was sufficient as per my expectation for the duration of 20 years. The rate of interest is nominal. The processing fee was applicable and nominal.
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7
PALI YASHODHARA AKSHAY KUMAR
, bangalore
Reviewed on May 14, 2019
The services are really good in Karnataka Bank. The interest rate is fine and have no issues. The processing fee was nominal. I have purchased a residential property. They took almost one month to complete the process. The tenure is 20 years.
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7
MOHAN KUMAR R
, bangalore
Reviewed on Apr 30, 2019
Karnataka bank has done justice to me . Though I maintaining a salary account and saving account with other bank . They processed my housing loan in shorter period of time . I didn't face any problem with their interest rate and processing fees .
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6
SUDHIR RAMNATH AROTE
, mumbai
Reviewed on Apr 29, 2019
I am fine with the Karnataka Bank for providing a housing loan . Satisfied with the interest rate and processing fees . No complaints on their fees and interest charges . But their processing takes almost one month of time .It is slow process comparing with other banks .
karnataka bank take some extra amount of time in sanctioning my home loan . Since it is public sector bank I am not able to say anything about their customer service .
Very slow in their process and sluggish work of almost one month . But at the same time , I got my expectation amount from them .
There is no reason for taking the housing loan with the KARNATAKA BANK. The documentation process was simple and it took 1 month to get the loan home loan. The loan amount was good and the rate of interest was 8.85% which is nominal. The duration for repaying the loan is for 15 years approx.
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6
RAJESH KUMAR BASNA
, chennai
Reviewed on Apr 03, 2019
I have applied or the housing loan and i have taken it through the KARNATAKA BANK since i am an staff in that bank i get the rate of interest with this loan is 7% and the duration for repaying the loan is for 28 years. The documentation process was quick.
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5
VARAPRASAD RAO MENA
, bangalore
Reviewed on Mar 13, 2019
We (me and my husband) approached Karnataka Bank for Home loan at Karwar Branch (in Karnataka) on October 2018 and our experience was terrible. It took them 2 long months to just decide on legal opinion which any other bank takes maximum a week's time. The bank directly asked us to contact the advocate and the bank was least involved in the whole process. The advocate for killing the time kept demanding for one after another document which delayed the process and at the end we were fed up with their tedious process and decided to back out. Finally, we got home loan from other bank within 2 weeks as we were both salaried person with proper property documents.
Better think twice before approaching Karnataka Bank for home loan. You might not get it on the required time you need and the process is very tiring. Its simply a waste of time.
I got my housing loan from Karnataka bank . Am satisfied with rate of interest of 8.5%which is nominal one The customer service and response is good. It instant approval process just they took 10 days but they assured for the loan They gave good tenure period which i make the payment through ecs . Their customer service is good and responsive. There is no processing fees.
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10
SAURABH MALIK
, new delhi
Reviewed on Sep 04, 2018
I have taken a home loan from Karnataka Bank and my loan experience was good. the loan amount was for Rs 17 lakhs with nominal interest rate when compared to other banks. There are no charges on preclosure and the customer service was good. The tenure period of this loan is 15 years.
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9
SURYA PRAKASH PANDEY
, new delhi
Reviewed on Apr 17, 2018
I had a worst experience with Karnataka Bank. From Karnataka bank i have taken a home loan for 8 lakh with a high rate of interest. Actually I visited the bank for my status regarding the home loan . It had taken so much of time to get processed. I paid 10800 as EMI for 15 years. The processing fees for the approval was around 4000 and last 6 years there is no communication form bank side as well if they levied any additional charges.
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7
AARTI PANKAJ SHRIVASTAV
, ahmedabad
Reviewed on Sep 06, 2017
Long back I had taken a housing loan from Karnataka bank. The loan amount is 75 lakhs with tenure of seven years. I almost completed the loan in 4 years and the pending amount is for 2.72, it will be done early. The current interest rate is 9.23%. The bank supported me a lot as I am a long term customer of them.
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4
RAJESH LOGANATHAN
, chennai
Reviewed on May 22, 2017
I had taken a mortgage home loan from Karnataka bank, I pledged my property and got the principal amount of Rs.9 lakhs for a tenure of five years, but their interest rate was not competitive. Apart from that everything else is good and my loan would get compelted by July.
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8
PANDURANG ANANDRAO JOSHI
, bangalore
Reviewed on Apr 27, 2017
I have my salary account with Karnataka bank. It was okay with them.. I availed my home loan from this bank. Interest rate was marginally high, service was okay. They collected more documents since the bank was near to my office I was easy for me to submit all the required documents hence I had no issues. It took a months time to approve . They have to rationalize their interest rate and it should be competitive as per the market.
I got the housing loan with the karnataka bank.The rate of interest is really too high as 10.75%. The rate of interest is also fixed and I had it for the last 3 to 4 years.I would like to transfer the loan to the other financial institution.Apart from the rate of interest am happy with that.
I have an account with Karnataka Bank so thought of going with the same bank for home loan as well. As compared to private banks interest rate is very low in Karnataka bank and figure of the rate is 10.15%, which is floating starts from first EMI. Moreover fee and charges are low as just I paid 2k.
Karnataka bank offers home loan with interest rate 10.75% which is at higher end. Processing fees is quite nominal Customer service is quite ok. It would be better if they could reduce interest rate it would be fine.
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8
ADARSH GAONKAR
, bangalore
Reviewed on Jan 28, 2015
Karnataka bank offers home loan with interest rate 10.75% which is at higher end. Processing fees is quite nominal Customer service is quite ok. It would be better if they could reduce interest rate it would be fine.
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16
ADARSH GAONKAR
, bangalore
Reviewed on Jan 28, 2015
