Karnataka Bank Home Loan Interest Rate Calculator - Oct 2016

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Karnataka Bank Home Loan Interest Rates

Last Updated 27th Oct 16
Karnataka Bank Home Loan Interest Rate 9.7%
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Lowest EMI Rs. 855 per lakh
Max Tenure 30 years
Processing Fee Upto 0.25%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan Online
 Salaried   Self Employed - Professional   Self Employed - Business 

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Karnataka Bank Home Loan

Karnataka Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan Karnataka Bank

Karnataka Bank home loan interest rate is the rate which you pay over the loan amount that you have borrowed from the bank. Home loan interest rates offered by Karnataka Bank depends upon MCLR.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
Karnataka Bank offers home loan based on 1 Year MCLR rates which is currently 9.20%.
Karnataka Bank home loan interest rate depends upon
  • Karnataka Bank home loan amount: Home loan rate in Karnataka Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Karnataka Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Karnataka Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Karnataka Bank Home Loan Charges

  • Karnataka Bank Home Loan foreclosure charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Karnataka Bank allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - Karnataka Bank asks for a processing fee of 0.25% of loan amount with applicable service tax

Karnataka Bank Home Loan EMI Calculator

    Home Loan EMI of Karnataka Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
  • Karnataka Bank home loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Karnataka Bank Home Loan EMI?
  • EMI calculator of Karnataka Bank Home Loan helps you to calculate your monthly EMI at different rate of interest
  • Karnataka Bank Home Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Karnataka Bank Home Loan Eligibility Calculator

Home Loan eligibility criteria Karnataka Bank
Eligibility of House loan in Karnataka Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. Karnataka Bank offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, Karnataka Bank Home Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Karnataka Bank asks for net monthly income of minimum 10,000. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your eligibility for Home loan from Karnataka Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Karnataka Bank eligibility. If you are working with a reputed company, probability of getting home loan from Karnataka Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: Karnataka Bank gives you Home loan depending upon your income. Karnataka Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 50,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Estimated eligibility online by using Karnataka Bank Home Loan Eligibility Calculator.

    Karnataka Bank Floating Rate Home Loans

    Karnataka Bank Home Loan Floating
    Upto Rs. 2,500,000 - 9.7%
    Rs. 2,500,001 - 10,000,000 - 9.7%
    Rs. 10,000,001 - 30,000,000 - 9.7%
    Above Rs. 30,000,000 - 9.95% linked to 1 Year MCLR
    KBL Home Comfort
    Upto Rs. 2,500,000 - 11.2%
    Rs. 2,500,001 - 5,000,000 - 11.2%
    Rs. 5,000,001 - 7,500,000 - 11.2%
    Above Rs. 7,500,000 - 11.2% linked to 1 Year MCLR
    KBL Ghar Niveshan
    Upto Rs. 1,000,000 - 13.95%
    Rs. 1,000,001 - 2,000,000 - 13.95%
    Rs. 2,000,001 - 3,500,000 - 13.95%
    Above Rs. 3,500,000 - 13.95% linked to 1 Year MCLR

    Karnataka Bank Home Loan Top up, Transfer

    Transfer of Home Loan from another bank to Karnataka Bank?
    Karnataka Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Karnataka Bank
    You can avail additional top-up home loan from Karnataka Bank, subject to your eligibility

    Housing Loan Karnataka Bank documents required

    Home Loan for Salaried employee Karnataka Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Home Loan for Self-Employed Karnataka Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions – Karnataka Bank Home Loan

    Why to take home loan from Karnataka Bank?
    Karnataka Bank offers home loan at lower rate of interest i.e. at % with the lowest EMI of Rs. 855 per lakh which is lesser than other banks. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Karnataka Bank.
    What is the maximum loan tenure I can opt under Karnataka Bank home loan?
    Karnataka Bank offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.
    Do I get tax benefit on home loan from Karnataka Bank?
    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
    Can I foreclosure my home loan? What are the charges applicable?
    Yes, you can foreclose your home loan with Nil.
    Can I transfer my home loan from another bank to Karnataka Bank?
    Yes, Karnataka Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Karnataka Bank offers you to pay lower EMIs and save money.
    Can I club the income of my spouse with mine and apply for joint home loan?
    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
    What is the benchmark applicable for home loan in Karnataka Bank?
    The benchmark applicable for home loan in Karnataka Bank is 1 Year MCLR.
    What is the effect of part payments on Karnataka Bank housing loan EMI ?
    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
    How to increase my eligibility on Karnataka Bank housing loan?
    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
    How will interest rate on Karnataka Bank housing loan change in future?
    • Floating interest rate on Karnataka Bank home loan is linked to its MCLR Rate, which is currently at 9.20%. So, when Karnataka Bank offers a home loan at 9.20%, it applies a 4.75 premium to its MCLR Rate to arrive at this home loan interest rate.
    • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
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Karnataka Bank Home Loan Interest Rate 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)