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Karnataka Bank Home Loan

Karnataka Bank Housing Loan 2021

Last Updated 16th Nov 2021

Karnataka Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 8.55% with quick approval and online process. Home Loan in Karnataka Bank is quite popular with its special features and attractive rates under various Karnataka Bank home loan schemes for different income and occupation groups. Some of the key features of Karnataka Bank housing loan are:

  • Karnataka Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Karnataka Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Karnataka Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Karnataka Bank Home Loan Details

Karnataka Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Karnataka Bank

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 8.55%
Interest Rate Linked To RLLR
Processing Fee Upto 0.25%, Minimum ₹ 250
Lowest EMI Per Lakh ₹ 772
  • Purpose of Loan: Karnataka Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Karnataka Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 75% to 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.55% to 12.10%.
    • Karnataka Bank home loan EMI per lakh starts from ₹ 772. However, you can calculate your home loan EMI using Karnataka Bank home loan calculator 2021.
  • Special schemes: Karnataka Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Karnataka Bank Home Loans

Some of the features and benefits of Karnataka Bank Home Loans are listed as follows:-

  • Karnataka Bank Home Loan Interest Rate starts from 6.70%.
  • Karnataka Bank charges a processing fees of Upto 0.25%, Minimum ₹ 250.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Karnataka Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Karnataka Bank allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from Karnataka Bank?

Getting a home loan from Karnataka Bank is fairly easy with an online application process. 5 Steps for Karnataka Bank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Karnataka Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Karnataka Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Karnataka Bank’s representative will visit your home or office to collect your documents.
  • Step 4: Karnataka Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Karnataka Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Karnataka Bank Home Loan Documents Required

To apply for a home loan in Karnataka Bank, the bank asks you to submit the following Karnataka Bank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Karnataka Bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Karnataka Bank Home Loan EMI Calculator

Karnataka Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Karnataka Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Karnataka Bank Home Loan Eligibility Calculator

Karnataka Bank Home loan eligibility calculator is an online tool that helps the Karnataka Bank home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Karnataka Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Karnataka Bank?

To apply for Karnataka Bank Home Loan, you will be required to submit Karnataka Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Karnataka Bank ?

Below-mentioned is the reason why you must avail a home loan from Karnataka Bank

Can I apply for an Karnataka Bank home loan online?

Yes, you can apply for a Karnataka Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Karnataka Bank home loan scheme?

Choosing the best Karnataka Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Karnataka Bank home loan scheme is based on one’s needs.

Is Karnataka Bank good for a home loan?

Karnataka Bank is one of the best home loan lenders in the country. Currently, Karnataka Bank home loan interest rate 2021 starts at 6.50%.

How can I check my Karnataka Bank home loan status?

One can check their Karnataka Bank home loan status on Karnataka Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Karnataka Bank mobile app

What is the eligibility for a Home Loan of Karnataka Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Karnataka Bank Home Loan procedure?

There are two methods to complete the application for Karnataka Bank Home Loan Process online:

  • Apply online at Karnataka Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does Karnataka Bank check CIBIL for home loan?

Yes, to avail home loan from Karnataka Bank, you must fulfill Karnataka Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to Karnataka Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Karnataka Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Karnataka Bank Home Loan News - Dec 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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