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Karnataka Bank Home Loan Balance Transfer

Home Loan Transfer to Karnataka Bank: Details

Last Updated 16th Nov 2021

Interest Rate8.55%
Processing Fee₹ 250
Lowest EMI per lakh₹ 772
Loan Tenure30 years
  • Karnataka Bank offers a home loan balance transfer facility at low interest rates starting at 8.55% for a tenure of upto 30 years.
  • You can transfer your home loan to Karnataka Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from Karnataka Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Karnataka Bank Home Loan Transfer

Karnataka Bank, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Karnataka Bank at the lowest interest rates. To transfer your housing loan to Karnataka Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Karnataka Bank.

Karnataka Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Karnataka Bank, compare and calculate all the costs of loan transfer. The table below mentions Karnataka Bank home loan transfer interest rate and other home loan transfer charges of Karnataka Bank.

Karnataka Bank Home Loan Transfer Rates 8.55%
Processing Fees Upto 0.25% Minimum ₹ 250
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Karnataka Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Karnataka Bank offers lower home loan rates starting at 8.55% along with ₹ 250 processing on home loans. Thus, you can save on your home loan by transferring your loan to Karnataka Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Karnataka Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Karnataka Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Karnataka Bank Home Loan Transfer

To transfer your home loan to Karnataka Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for Karnataka Bank.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Karnataka Bank.
  • You must be an Indian resident within the age criteria of Karnataka Bank. The minimum & maximum age to avail a Karnataka Bank home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Karnataka Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Karnataka Bank

The home loan balance transfer process to Karnataka Bank is smooth and quick. To transfer your existing home loan to Karnataka Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Karnataka Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Karnataka Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Karnataka Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Karnataka Bank will be completed.

Document Required for Karnataka Bank Home Loan Transfer

To avail of home loan balance transfer from Karnataka Bank, you need to submit the following documents to Karnataka Bank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Karnataka Bank?

Yes, transferring your home loan to Karnataka Bank is a good idea for home loan borrowers as Karnataka Bank provides lower home loan rates starting at 8.55%, and minimal processing fee Of ₹ 250.

How can I transfer my Karnataka Bank home loan from one branch to another?

To transfer your Karnataka Bank home loan from one branch to another, you can request through net banking/mobile banking. Karnataka Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for Karnataka Bank home loan balance transfer?

Yes, Karnataka Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a Karnataka Bank home loan balance transfer?

If you apply for a home loan transfer to Karnataka Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my Karnataka Bank home loan balance transfer?

To know your Karnataka Bank home loan status, you can call Karnataka Bank home loan customer care number or visit Karnataka Bank official website to check the status.


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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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