Karnataka Bank Limited is a private sector banking institution based in the coastal city of Mangalore in Karnataka, India. As a premier bank, we have developed comprehensive range of customized products & services suitable for every kind of market, trade or perceived need - Business or Personal. They include, borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions. The products we offer to you are honest in intent and quality in content. It offers you the individuality with respect to your needs and to your earnings. And most of all, it comes with understanding you and your special individual needs.Karnataka bank provide you home loan by understanding your changing financial needs, we have developed products that cater to your every step in life, be it luxury or providing quality standard of life to your family.All you have to do is to follow some simple steps to get attractive deals.
At least 21 years old
Less than 70 years old
Salaried or self-employed
with regular income
Gross monthly salary of Rs. 40,000/-
Earn more than the minimum
Loan capped @ 70% to 75% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Interest Rate (Floating)||9%|
|Loan Tenure||30 years|
|Processing fees||0.25% with a minimum of Rs 250|
|Guarantor Requirement||Guarantor required|
Karnataka Bank was established in the year 1924 and is now an ‘A’ class scheduled commercial bank. Over the last 88 years, Karnataka Bank has worked its way towards being the leading financial service provider in India and has been a trailblazer when it comes to providing innovative banking solutions for common people. Karnataka Bank serves over 6 million happy customers by offering products like loans, deposits and insurance services.
A leader in home loans portfolio, Karnataka Bank home loans will financially assist you in fulfilling your dream of owning a property. Quality customer service, nationwide presence and flexible options make Karnataka Home Loans, every borrower’s choice.
Do enquire with Karnataka Bank for the complete list of documents to be submitted before applying for a home loan.
The table below summarizes the interest rates applicable for home loans.
|Apna Ghar & Elite Home Loans||Interest Rates|
|Up to Rs.300 Lacs||9.00 %|
|Above Rs.300 Lacs to Rs.500 lacs||9.00 %|
|Home Comfort Loans||Interest Rates|
|Till 60 months||11.20 %|
|More than 60 months||11.45 %|
The interest rates are linked to the Prime Lending rate or the PLR. Any revision in the PLR will result in the revision of interest rates on home loans also. Depending on the change, interest rates will increase or decrease depending on the PLR change.
The Marginal Cost of Funds-based Lending Rate (MCLR) announced by Karnataka Bank are as given in the table below:
|Loan Tenure||MCLR Rate|
|1 month||8.45 %|
|3 months||8.55 %|
|6 months||8.70 %|
|1 year||8.90 %|
Before you commit yourself to a huge responsibility like a home loan, it is advisable to check your financial stand to see if the loan will be affordable. You should be aware of the EMI that you will be paying monthly and also the interest that you will be paying for the loan. This will not only help you plan your future budget properly but will also ensure that you are not buying a property that is beyond your financial capacity. You need not waste a minute of your precious time calculating the interest and other details. Just follow the steps below to see the amortization details.
Yes, borrowers can opt for foreclosure of loan. However, pre-closure penalty charges will be levied at a rate decided by the Bank.
A penalty of 2% of the amount not paid will be levied for missed instalments.
An amount which is the lowest of the following options will be offered as financing.
Up to 40% of the value of property or Rs.10 lakh, whichever is lower is offered as loan for renovation and repairs.
The borrower should offer either of the following as security.