Karnataka Bank Home Loan EMI Calculator

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Karnataka Bank Home Loan EMI Calculator

Last Updated 20th Oct 16

Karnataka Bank Home Loan - Lowest EMI is Rs. 855 per lakh

  • Get monthly EMI as low as Rs. 855 per lakh with Karnataka Bank now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by Karnataka Bank is 9.7%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,056 for a 15 year loan and Rs. 945 for a 20 year loan. Check the EMI for other tenures using the Karnataka Bank home loan EMI calculator on this page.

Home Loan EMI Calculator Karnataka Bank

Karnataka Bank Home Loan EMI Calculator

Karnataka Bank Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Karnataka Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Karnataka Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 855 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Karnataka Bank on Home Loan is 9.7%. You can check EMI for other tenures using our Karnataka Bank Home Loan EMI calculator.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 26,40823,63121,387
    5,000,000 52,81647,26242,774
    7,500,000 79,22570,89264,161
    10,000,000 105,63394,52385,548
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Karnataka Bank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Karnataka Bank Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000
r = Rate of interest per month. Current rate is 9.7%, which is linked to 1 Year MCLR, last revised on 01st Apr 16
n = tenure in month. For Karnataka Bank, this can be 360 months

Will the Karnataka Bank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Karnataka Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Karnataka Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Karnataka Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Karnataka Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
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Karnataka Bank Home Loan EMI Calculator News - Oct 2016
17th Sep 16 Karnataka Bank launches retail loan portal
Karnataka Bank has launched an online retail loan web portal named KBL-Loan Junction. This will facilitate the customers to check their retail loan eligibility and submit their loan application online. The bank also offers credit proposal tracking system as part of the initiative.
06th Aug 16 Karnataka Bank launched a mobile app for POS merchants
Karnataka Bank launched KBL POS Manager mobile app to its POS merchants to enable ease and convenience to the merchants KBL POS Manager is an Android based mobile application launched to manage the activities around the POS installation like monitoring daily reports, to know latest settlement report value, to request statements from the app etc. With this initiative, merchants can manage their store sales through smart phone. Bank has taken this initiative to improve client satisfaction and support merchants to do more transactions.
28th Jul 16 Karnataka Bank Q1FY17 Net Profit increases by 11%
As per the results for Q1FY17, Karnataka Bank Ltd. has reported a 11.2 percent increase in Net Profit to Rs 121.5 crore, from Rs 109.3 crore in the same quarter last year. Net Interest Income(NII) increased by 10.1 percent to Rs 364.7 crore and other income increased by 46 percent to Rs 174.4 crore in the June quarter . The asset quality showed signs of weakening as Gross NPAs as a percentage of total advances, increased to 3.92 percent from 3.44 percent and Net NPA also increased to 2.61 percent from 2.35 percent in March quarter. The provision against bad debt also increased by 21.2 to Rs 136.3 crore from Rs 112.5 when compared on qoq basis.
22nd Jan 16 Karnataka Bank standalone net profit declines 9 per cent for third quarter ending Dec 2015
Karnataka bank net profit declined by 9.37% due to a decrease in spread and an increase in Net Interest Income (NII)