Karur Vysya Bank offers home loans at an affordable rate of interest and starts at 8.90%. The processing fee charged by the lender ranges between Rs.2,500 and Rs.7,500 plus GST. The repayment tenure for the availed loan can go up to 25 years.
Karur Vysya Bank is a private-sector Indian bank, headquartered in Karur in Tamil Nadu. The bank also offers Internet Banking and Mobile Banking facilities to its customers. the bank that carries with it a tradition of 96 years and yet is young enough to adapt itself to the rapidly changing scenario in the banking industry. KVB offers several deposit and loan products, tailor-made to cater to the specific needs of customers.KVB offers you home loan if you are a resident Indian or HUF and want to purchase a house we have an exclusive Happy Home Loan scheme to cater your needs. Read on to learn about the eligibility and documentation requirements for the loan you avail.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Minimum Income Required
40% of gross pay
Earn more than the minimum
Loan capped @ 60% 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 25 years
Alternatively add your parents
|Processing Fee||Rs. 3750 to Rs. 12500 plus applicable GST|
|Loan Tenure||25 years|
Established in 1961 in Karur, Karur Vysya Bank started with a capital of Rs.1 lakh and grew into one of the top financial institutions providing numerous banking services to millions of customers. Karur Vysya Bank or KVB became one of the first few banks to achieve networking in all its branches and offer core banking solutions through its technological advancements. KVB is spread across the country with 1645 ATMs and 629 branches.
Karur Vysya Bank provides home loans for resident Indians or HUFs who want to buy a house or flat. The bank offers the Happy Home Loan Scheme that offers many attractive features to customers availing it. The Happy Home Loan Scheme from KVB can be availed for the following purposes:
KVB requires its applicants to fulfil the following criteria to be eligible for a home loan from the bank:
The following documents need to be submitted along with the duly filled application form when applying for a home loan at Karur Vysya Bank:
Karur Vysya Bank offers another loan to its customers, which is similar to the Happy Home Loan. The special home loan comes with different repayment tenures of minimum 5 years to a maximum of more than 10 years. This loan can be availed by both resident and NRI Indians as well as HUF who are KVB’s existing customers and have been associated with the bank for a continuous period of 2 years as on the application date.
The interest rates levied on the special home loans offered by the bank are:
|Home Loan Amount||Rate of Interest (9.50% P.A.)|
|Upto 25 Lacs||Rs. 3750/- + ST|
|25 Lacs to 50 lacs||Rs. 7500/- + ST|
|50 Lacs and above||Rs. 12500/- + ST|
Loan repayment is done via EMIs (Equated Monthly Installments) and if there is a change in interest rates, KVB increases or decreases the EMI accordingly.
Prepayment is allowed by the bank till a certain amount of time and it can be paid in part or full within that time. However, if borrowers make a loan prepayment, the charges are as follows:
KVB – Gruhapravesh:
Karur Vysya Bank also offers a home loan scheme for NRIs (Non-resident Indians) and PIO (Persons of Indian Origin), known as the NRI - Gruhapravesh.
The following eligibility criteria should be met in order to get an approval for the NRI - Gruhapravesh loan from KVB:
Features of NRI – Gruhapravesh:
The Marginal Cost of Funds-based Lending Rate (MCLR) announced by Karur Vysya Bank with effect from April 7, 2017, are as given in the table below:
|One Month||9.10% P.A.|
|Three Months||9.10% P.A.|
|Six Months||9.30% P.A.|
|One Year||9.50% P.A.|
You can avail 25% loan margin if you take a home loan for a new flat, from the bank.
Yes, Karur Vysya Bank will charge Rs.5000 plus GST on a home loan of Rs.40 lakh.
If you are a resident Indian, an NRI or HUF and have been using the bank’s services for at least two years continuously as on the home loan application day, you are eligible for the KVB Special Home Loan.
No, you should be employed for a minimum of two years abroad in order to be eligible for the NRI – Gruhapravesh loan.
The bank will levy a processing fee of Rs.20,000 plus GST on a loan amount of Rs.80 lakh under the NRI – Gruhapravesh loan.
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