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Karnataka Bank Home Loan Interest Rate Calculator - Aug 2017

Last Updated 18th Aug 2017

Karnataka Bank Home Loan Interest Rates

Interest Rate 9.50% - 13.95%
Check Best Offers
Lowest EMI Rs. 841 per lakh
Max Tenure 30 years
Processing Fee Upto 0.25%
Minimum Rs. 250
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 @ 8.35%*
Rs.
Rs.
+91

Karnataka Bank Home Loan

Karnataka Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Karnataka Bank has the following benefits:

    Karnataka Bank Home Loan Interest Rates

    In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

    Karnataka Bank Floating Rate Home Loans

    Product Interest Rates
    Karnataka Bank Home Loan Floating 9.50% - 9.75%
    Details+
    KBL Home Comfort 11.20%
    Details+
    KBL Ghar Niveshan 13.95%
    Details+

    Karnataka Bank home loan interest rate depends upon

    • Loan amount: Housing loan rate in Karnataka Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: Karnataka Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

    Karnataka Bank Eligibility Criteria

    Karnataka Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. Some of the key criteria are:

    Karnataka Bank Home Loan Eligibility Criteria
    Age 21 - 60 years
    Minimum Income Rs. 10,000
    Minimum Credit Score 650 and above
    Loan Amount Rs. 1,500,000 to Rs. 50,000,000
    Loan to Value Ratio Upto 80%
    FOIR (Fixed Obligations to Income Ratio) Up to 0.65
    • Age: Age plays an important role to know your eligibility and repayment capacity. Karnataka Bank offers loan to salaried at the age of 21 to 60 years and self- employed individuals at 21 to 65 years. A borrower taking a home loan at the age of 50 cannot get a loan of more than 10 years, which may result in lower loan eligibility and monthly EMI given higher servicing burden on his existing income. A person taking a loan at the age of 25, can get loan of up to 30 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility
    • Income: In case of salaried person, 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 Rs. 10000. 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 status and eligibility for home loan. In case you are salaried, you must be in a full time job for at least years. In case you are self-employed, minimum turnover and minimum net income criteria may apply. Karnataka Bank also looks for business vintage (number of years a business has been in existence of years. 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 loan eligibility. If you are working with a reputed company, probability of getting house 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 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 house loan eligibility. Karnataka Bank looks for a minimum credit score of 650 and above
    • Loan Amount Bank gives you loan depending upon your loan eligibility. 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
    • Property Value: The value of the property to be purchased is used to calculate your maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 80%. Karnataka Bank will get a detailed property assessment done to establish that all legal titles are in place, the market is saleable or liquid and to get an estimate of the fair market value of the property. LTV is calculated based on the estimated fair market value or registered value, whichever is lower
    • Fixed Obligations to Income Ratio (FOIR): Karnataka Bank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the Fixed Obligations to Income Ratio, popularly known as FOIR. In summary, fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a Karnataka Bank home loan is 0.65

    Karnataka Bank Loan Eligibility Calculator and EMI Calculator

    Karnataka Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Karnataka Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    Further, you can also use the Karnataka Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

    • EMI calculator of Karnataka Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare 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 rate, higher will be the EMI
    • Loan tenure matters equally as higher tenure reduces your EMI

    What are the benefits of calculating Karnataka Bank Housing Loan EMI?

    • EMI calculator helps you to calculate your monthly EMI at different rate of interest
    • Karnataka Bank Housing 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

    Other Home Loan Charges

    In addition to interest rates, home loan also carry some other charges which include:

    • 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 house loan with prepayment charges
    • Processing Fee - Karnataka Bank charges a processing fee of 0.25% of loan amount Minimum Rs. 250 with applicable tax
    • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

    Home Loan Products

    Karnataka Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Housing Loan Karnataka Bank documents required

    For Salaried employee

    • 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

    For Self-Employed

    • 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

    Why to take home loan from Karnataka Bank?

    Karnataka Bank offers housing loan at 9.50% rate with the lowest EMI of Rs. 841 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Karnataka Bank.

    What is the maximum loan tenure I can opt under Karnataka Bank house loan?

    Karnataka Bank offers you a longer tenure of 30 years to repay your 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 loan with Nil charges.

    Can I transfer my house loan from another bank to Karnataka Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. 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 housing loan?

    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 rate on Karnataka Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.90%. When Bank offers a home loan at 9.50%, it applies a premium of 0.6% to its MCLR Rate to arrive at this home loan rate.
    • When RBI increases 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.

    Karnataka Bank Home Loan in India

    Karnataka Bank Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
    Agra 0824-2228154
    Ahmedabad 0824-2228154
    Ambala 0824-2228154
    Anand 0824-2228154
    Aurangabad 0824-2228154
    Bangalore 0824-2228154
    Bhilai 0824-2228154
    Bhilwara 0824-2228154
    Bhiwadi 0824-2228154
    Bhopal 0824-2228154
    Bhubaneswar Cuttack 0824-2228154
    Bikaner 0824-2228154
    Chandigarh 0824-2228154
    Chennai 0824-2228154
    Cochin 0824-2228154
    Coimbatore 0824-2228154
    Dehradun 0824-2228154
    Delhi 0824-2228154
    Durg 0824-2228154
    Faridabad 0824-2228154
    Gandhinagar 0824-2228154
    Ghaziabad 0824-2228154
    Goa 0824-2228154
    Greater Noida 0824-2228154
    Gurgaon 0824-2228154
    Guwahati 0824-2228154
    Gwalior 0824-2228154
    Hyderabad 0824-2228154
    Indore 0824-2228154
    Jabalpur 0824-2228154
    Jaipur 0824-2228154
    Jalandhar 0824-2228154
    Jodhpur 0824-2228154
    Kanpur 0824-2228154
    Karnal 0824-2228154
    Kolhapur 0824-2228154
    Kolkata 0824-2228154
    Kota 0824-2228154
    Kozhikode 0824-2228154
    Lucknow 0824-2228154
    Ludhiana 0824-2228154
    Madurai 0824-2228154
    Meerut 0824-2228154
    Mehsana 0824-2228154
    Mohali Sas Nagar 0824-2228154
    Mumbai 0824-2228154
    Mussoorie 0824-2228154
    Nagpur 0824-2228154
    Nashik 0824-2228154
    Noida 0824-2228154
    Noida Extn 0824-2228154
    Panipat 0824-2228154
    Patna 0824-2228154
    Pondicherry 0824-2228154
    Pune 0824-2228154
    Raipur 0824-2228154
    Rajkot 0824-2228154
    Ranchi 0824-2228154
    Rohtak 0824-2228154
    Roorkee 0824-2228154
    Salem 0824-2228154
    Shimla 0824-2228154
    Sonepat 0824-2228154
    Surat 0824-2228154
    Trichy 0824-2228154
    Udaipur 0824-2228154
    Vadodara 0824-2228154
    Varanasi 0824-2228154
    Vijaywada 0824-2228154
    Vizag 0824-2228154
    Karnataka Bank Home Loan Interest Rate
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