Karnataka Gramin Bank offers several home loan schemes at attractive interest rates. Depending on the scheme, the repayment tenure may be up to 30 years.Loans are offered to buy a house, construct a flat or house, buy a site and construct a house on it, and renovation/expansion of a house. Mortgage loans are also provided by the bank for hospital, education, and marriage expenses.
Karnataka Gramin Bank Home Loan Interest Rates
Type of Loan
Rate of Interest (p.a.)
Housing Loans
8.00% onwards
Mortgage Loans
Non-Salaried:10.75% onwards
Salaried:11.00% onwards
Karnataka Gramin Bank Home Loan Schemes
The different home loans that are offered by Karnataka Gramin Bank are given below:
Housing Loan
Loans can be used to buy a house (less than 25 years old), buy a site and build a house on it, construct a flat or house, and renovate your own house.
Take over liability is permitted.
The borrower cannot be above 55 years of age.
The repayment tenure is up to 30 years (moratorium period is included).
The borrower cannot be more than 70 years old when the loan matures.
Mortgage Loan
Loans can be availed for hospital, education, and marriage expenses.
The maximum loan amount that will be provided is Rs.2 crore.
The maximum margin is 40%.
The repayment tenure is 10 years.
Housing Loan Plus (HL +)
Loans can be availed for educational and medical expenses.
Only individuals who have taken a Housing Loan from the bank earlier can avail the loan.
Individuals between the ages of 18 years and 65 years can avail the loan.
The maximum loan amount that can be availed is Rs.10 lakh.
The repayment tenure is up to 70 years.
Home Cash Scheme
Loans can be availed to furnish the house, renovation, repairs, healthcare expenses, marriage expenses, and education expenses.
The minimum and maximum loan that can be availed are Rs.1 lakh and Rs.15 lakh.
The repayment tenure is up to 10 years.
All Purpose Mortgage Loan
Salaried individuals can avail the loan for speculative purposes.
The repayment tenure is up to 7 years.
Eligibility Criteria
The eligibility criteria that must be met in order to avail the different loans offered by the bank are mentioned in the table below:
Type of Loan
Eligibility Criteria
Housing Loan
Borrower cannot be above 55 years.
Mortgage Loan
Salaried employees, individuals with regular income, professionals, and businessmen can avail the loan.
Three years Income Tax Assessment Orders must be provided.
Housing Loan Plus
Individuals between the ages of 18 years and 65 years can avail the loan.
The existing housing loan must not have any overdue amount.
At least one year of the current Housing Loan must be repaid and the repayment record must be satisfactory.
Home Cash Scheme
The repayment record should be satisfactory.
EMI repayment must have started at least 1 year before opting for the loan.
All Purpose Mortgage Loan
Loans are provided only for A Khata properties.
ECS mandate must be set up in case salary is not credited to Karnataka Gramin Bank.
The net yearly income must be at least Rs.2 lakh.
The borrower cannot be above the age of 55 years when the loan is being availed.
Employees who work for a reputed Public Limited Company, Central Government, or State Government can avail the loan.
Documents Required
The basic documents that must be submitted in order to avail a home loan from Karnataka Gramin Bank are mentioned below:
Proof of address.
Proof of identity.
Property documents.
Income proof.
Business existence proof.
Bank account statement.
Any other documents that are requested by the bank must be provided as well.
FAQ
Will collateral/security need to be provided in case I opt for a Housing Loan?
Yes, collateral/security will need to be provided if you opt for a Housing Loan.
Can I provide an open plot as collateral for a Mortgage Loan?
No, an open plot cannot be provided as collateral for a Mortgage Loan.
Where should the property be situated in the case of a Mortgage Loan?
The property should be situated at Dist HQ, Taluka, or Hobli in the case of a Mortgage Loan.
What collateral must be provided for the Home Cash Scheme?
The house that has already been mortgaged will continue to remain the collateral for the Home Cash Scheme.
Is it mandatory to provide a third-party guarantee in the case of an All Purpose Mortgage Loan?
No, it is not mandatory to provide a third-party guarantee for an All Purpose Mortgage Loan.
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I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. For submission of documents i have to run up and down apart from that it was fine.But it would have been good if the procedure is little short and not to deduct any installment from account without clearing the check first.
Before 4 years ago, purchased my home loan from LIC Housing finance. Due to the low interest rates, i have selected LIC Housing. Taken the loan amount of Rs. 14 lakhs and i am paying the EMI amount of Rs. 12940 per month. Total duration of the loan is 15 years.
I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online . The service was average according to my concern.
I have taken home loan directly through SYNDICATE BANK. The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.They gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan.
At an Initial I took home loan from DHFL on sudden from their end transferred the process to INDIA BULLS without any intimation. But one issue was faced that my documents not submitted to INDIA BULLS hence I have submitted again. The amount sufficient was fine. EMI need to pay of 36K. The rate of interest is started with 8.35% gradually increased hence on last months was 8.90%. Their service is not good coordination with me.
Hi All,
If any of the builder suggest to go for this bank don't ever go for it... For every 6 months they increase the ROI even RBI is decreasing... Pre closer is a hell for me ...bi have provided a cheque after 15 days they started processing the request to close... From my pocket I paid 30000 rs extra for closing...
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Ashok Kumar NV
, bangalore
Reviewed on Mar 11, 2020
I took home loan from INDIA BULLS, some people suggested to take a loan from this bank so chosen it. They have sanctioned the loan amount of 15L with tenure period of 15 years. Rate of interest is nominal. EMI need to pay of 17K. The processing fee is applicable. Since I am going to buy a plot so taken this loan offer.
My home loan was taken from LIC Housing because their processing time and charges are less but interest rate is little bit high when i compared to other Government banks. They have taken 1 week to sanctioned the loan. Documentation process is as usual like other banks. They have provided me a interest rate of 8.45%.
I have taken home loan directly through Union Bank Of India .The rate of interest and the processing fee was nominal and submitted documents through the agent ,This loan is still active and i have taken this loan for home construction. There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened.
HDFC people guided to take Pradhan Mantri scheme for the home loan. The amount was sanctioned of 25L and subsidiary amount of 2.67L. The tenure period of 20 years. An interest rate was fine of 8.5%. Pre closure is applicable with nominal charge. The process was good hence they have sanctioned the loan within 20 days. EMI need to pay of 22413 rupees.
From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC have a good customer service.
I got home loan offer from HDFC Limited on one year back. I applied via online, the amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay of 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
I have taken home loan directly through Hdfc Ltd.The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.The agent gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
I took home loan from MAGMA HOUSING FINANCE on 6 months back , the loan duration of 20 years for the amount of 18L. The amount was sanctioned by one month. To buy the flat taken this loan. EMI need to pay of 15,600 rupees. There is pre closure is applicable. The customer service is good.
I bought my home loan from Fullerton but an interest rates are high. In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time.
In HDFC, they were forcing me to taking a home insurance when i availed my home loan. Its just because of my landlord person since he was having their existing loan with HDFC hence have continued the same. They have offered me an interest rate of 9.25% and i need to pay the EMI amount of Rs. 10000 for the loan amount of Rs. 10 lakhs.
I purchased a home loan from Axis bank in the year of 2011 Just because of my salary account is with them. I have taken the loan amount of Rs. 7.5L and I have chosen the tenure period of 20 years. To sanctioned this loan almost they took 10 to 15 days. Since I'm a salary account holder, the documentation process was quite high. I pay EMI amount of Rs. 7000 on a monthly.
I have taken yes bank home loan directly through bank. The rate of interest and processing fee was nominal and the loan got sanctioned on proper time .This loan is still active and documents submitted through agent and the loan process was clearly shared by the agent .
