A "low interest" loan shouldn't mean you have very little interest in paying it back!
Some of the details about the KSFE or Kerala State Financial Enterprise Limited (KSFE) Home Loan has been given below:
| Interest Rate |
|
| Maximum Repayment Tenure | 30 years or till you attain 70 years of age, whichever is earlier |
| Maximum Loan Amount | Limited to an amount such that the corresponding EMI is not more than 45% of the monthly income |
| Penal Rate | 18% p.a. on EMI |
Let’s Compare: Home Loan Interest Rate all Banks
Before you avail a KSFE home loan, it is a good idea to calculate how much amount you need to pay as equated monthly instalments (EMIs) towards its repayment. Calculating the EMI on your home loan helps you to assess if you can afford to repay the loan while also helping you in planning your monthly budget better.
To calculate the EMI on your home loan, you will just need to enter the loan amount, tenure, and the interest rate on the EMI Calculator tool available on the BankBazaar website. Once you enter these details, the EMI amount will be calculated and displayed to you, along with the total interest and total amount payable.
The below-mentioned individuals are eligible to avail a home loan from KSFE:
To avail a home loan from KSFE, you may be required to furnish the below-given documents:
| Application Form | Filled and duly signed |
| Identity Proof | Aadhar Card/Passport/Driving License/PAN Card |
| Address Proof | Passport/Aadhar Card/Voter’s ID/Driving License |
| Bank Statements | Last 6 months’ bank statements |
| Income Proof | Form 16 or Income Tax Returns |
| Other Documents | Self-employed professionals and non-professionals – Proof of business existence, audited balance sheet, profit and loss account, etc. |
KSFE is a non-banking financial company (NBFC) backed by the Government of Kerala and is one of the companies in Kerala to make the most profit for the state. KSFE is headquartered in Thrissur, Kerala.
If you do not make your EMI payments on time, you will be liable to pay 18% of the EMI amount as a penalty. Failure to make EMI payments on time will also affect your credit score negatively and hamper your chances of securing a loan in the future.
For any concerns related to KSFE home loan, you can register on the KSFE’s web portal and submit an enquiry/complaints/grievance. Once you do that, it will be forwarded to the relevant department for immediate investigation. You can also visit the nearest branch/regional office/head office of KSFE to get resolution for your issues related to KSFE home loan.
A yearly diminishing interest rate means that the interest rate will be calculated on the reduced principal at the end of every year. This means that the principal is reduced every month when you pay the EMIs and the interest rate on the original amount is computed for 12 months, post which the repayments towards the principal will be considered.
Yes. The home loan from KSFE can be availed by NRIs provided they meet the other eligibility criteria set by KSFE.
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