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Karnataka Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Karnataka Bank 2021

Last Updated 16th Nov 2021

Eligibility CriteriaKarnataka Bank Home Loan
Eligible Age of Borrower21 - 60 years
Minimum Eligible Income ₹ 10,000 and above
Home Loan Eligibility Calculator

What is Karnataka Bank Home Loan Eligibility?

Karnataka Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Karnataka Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Karnataka Bank home loan using the Karnataka Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Karnataka Bank?

Karnataka Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Karnataka Bank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Karnataka Bank home loan age limit to get a Karnataka Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Karnataka Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Karnataka Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Karnataka Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Karnataka Bank, the loan amount that you will be eligible for would be ₹ 26,15,625 to ₹ 42,07,339 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 52,31,251 to ₹ 84,14,677 for the same property at the same rate depending on your age at the time of loan application. However, Karnataka Bank asks for a net monthly income of ₹ 10,000 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years42.07 Lakh63.11 Lakh84.15 Lakh
30 years42.07 Lakh63.11 Lakh84.15 Lakh
35 years40.19 Lakh60.29 Lakh80.39 Lakh
40 years37.31 Lakh55.97 Lakh74.63 Lakh
45 years32.91 Lakh49.36 Lakh65.81 Lakh
50 years26.16 Lakh39.23 Lakh52.31 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Karnataka Bank home loan eligibility.

  • Nature of employment: Karnataka Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Karnataka Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Karnataka Bank based on Value of Property

  • Value of property: Karnataka Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Karnataka Bank's legal team.

The housing loan eligibility calculator of Karnataka Bank can be a useful tool to assess your eligibility for the loan.

Karnataka Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Karnataka Bank to determine your home loan eligibility. Karnataka Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Karnataka Bank home loan is 0.65. Calculate your eligibility with the Karnataka Bank home loan calculator and apply for the eligible loan amount hassle-free.

Karnataka Bank Home Loan Eligibility for Women

Karnataka Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Karnataka Bank Home Loan

Karnataka Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Karnataka Bank. However, a low CIBIL score reduces your chances to get a home loan. Karnataka Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Karnataka Bank Home Loan Eligibility?

You can enhance the Karnataka Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Karnataka Bank’s Home Loan Eligibility Calculator?

To check Karnataka Bank home loan eligibility perform the following steps:-

  • Go to the Karnataka Bank website
  • Now navigate to the option Karnataka Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get Karnataka Bank home loan?

The basic criteria to get a home loan from Karnataka Bank are as following:

Age21 - 60 years
Income ₹ 10,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Karnataka Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Karnataka Bank?

The minimum salary required to avail home loan from Karnataka Bank is ₹ 10,000.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Karnataka Bank.

Is Karnataka Bank good for home loan?

The lowest interest rate provided by Karnataka Bank is 8.55% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Karnataka Bank Home Loan News - Nov 2021
  • 2021-04-27 : Karnataka Bank targetting a growth of 12% in FY22
    Karnataka Bank stated that it is targeting to grow its business at 12% to over Rs 1.42 lakh crore in the current fiscal year. The Bank is planning to gradually increase the share of the retail loan which includes home, personal, LAP, two-wheeler, car, education and doctor loan.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
  • 2019-08-08 : Karnataka Bank transformation initiative ‘KBL Vikaas’ is gaining momentum
    Karnataka Bank’s transformation initiative ‘KBL Vikaas’ with Boston Consulting Group (BCG) has started giving profitable results, as per the lender. Under this initiative, the turnaround time for home loans has been reduced to 7 days from 30 days earlier under this initiative and thereby resulting in growth under home loans category to 26% from earlier 16%. Also, the bank has transformed its NPA recovery process through this initiative.
  • 2019-07-15 : Karnataka Bank registers profit at Rs. 175 crore during during Q1
    Public sector lender, Karnataka Bank has registered a profit of over 7 percent growth in the net profit at Rs. 175 crores in the first quarter of FY19-20 as against Rs. 163 crores during the previous year. The profit of the lender is driven by growth in interest income, deposits, and retail loans, including home loans and mortgage loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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