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Karur Vysya Home Loan

Karur Vysya Housing Loan 2021

Last Updated 02nd Jun 2021

Karur Vysya Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 7.45% with quick approval and online process. Home Loan in Karur Vysya Bank is quite popular with its special features and attractive rates under various Karur Vysya Bank home loan schemes for different income and occupation groups. Some of the key features of Karur Vysya Bank housing loan are:

  • Karur Vysya Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Karur Vysya 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 Karur Vysya Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Karur Vysya Home Loan Details

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

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 25 years
Interest Rate 7.45%
Interest Rate Linked To RLLR
Processing Fee Minimum ₹ 5,000
Lowest EMI Per Lakh ₹ 736
  • Purpose of Loan: Karur Vysya house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Karur Vysya 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%.
    • Loan Tenure can range from 5 to 25 years.
    • Interest rates in the range of 7.45% to 9.55%.
    • Karur Vysya home loan EMI per lakh starts from ₹ 736. However, you can calculate your home loan EMI using Karur Vysya home loan calculator 2021.
  • Special schemes: Karur Vysya offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Karur Vysya Home Loans

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

  • Karur Vysya Bank Home Loan Interest Rate starts from 6.75%.
  • Karur Vysya Bank charges a processing fees of Minimum ₹ 5,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Karur Vysya Bank is per lakh offered at the lowest interest rate of 6.75% at the longest loan tenure of 30 years.
  • Karur Vysya Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Karur Vysya Bank has an average customer rating of 3/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Karur Vysya?

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

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Karur Vysya 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 Karur Vysya 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 Karur Vysya’s representative will visit your home or office to collect your documents.
  • Step 4: Karur Vysya 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 Karur Vysya and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Karur Vysya Home Loan Documents Required

To apply for a home loan in Karur Vysya, the bank asks you to submit the following Karur Vysya 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 Karur Vysya 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.

Karur Vysya Home Loan EMI Calculator

Karur Vysya 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. Karur Vysya Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Karur Vysya Home Loan Eligibility Calculator

Karur Vysya Bank Home loan eligibility calculator is an online tool that helps the Karur Vysya home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator 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 Karur Vysya Home Loan with Other Banks

FAQs

What are the documents required for home loan Karur Vysya?

To apply for Karur Vysya Bank Home Loan, you will be required to submit Karur Vysya 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 Karur Vysya Bank ?

Below-mentioned is the reason why you must avail a home loan from Karur Vysya

Can I apply for an Karur Vysya home loan online?

Yes, you can apply for a Karur Vysya 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 Karur Vysya home loan scheme?

Choosing the best Karur Vysya 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 Karur Vysya home loan scheme is based on one’s needs.

Is Karur Vysya good for a home loan?

Karur Vysya is one of the best home loan lenders in the country. Currently, Karur Vysya home loan interest rate 2021 starts at 6.65%.

How can I check my Karur Vysya home loan status?

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

What is the eligibility for a Home Loan of Karur Vysya 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 Karur Vysya Bank Home Loan procedure?

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

  • Apply online at Karur Vysya 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 Karur Vysya Bank house loan?

Karur Vysya Bank offers you a longer tenure of 25 years to repay your loan with the benefit of paying less EMI per month.

Does Karur Vysya Bank check CIBIL for home loan?

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

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

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Karur Vysya 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 Karur Vysya 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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Karur Vysya Home Loan News - Jun 2021
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
  • 2020-07-30 : Karur Vysya Bank reported a net profit of Rs. 105.50 crore
    Karur Vysya Bank reported a 45% increase in net profit at Rs 105.50 crore in the first quarter ended June. The company has reported total income bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans of Rs.1693.23 crores during the period ended June 30, 2020, as compared to Rs.1803.15 crores during the period ended March 31, 2020.
  • 2020-01-07 : Karur Vysya Bank revised MCLR
    The overnight, one-month, three-months MCLR of Karur Vysya Bank is kept unchanged and stands at 8.30%, 8.40%, 8.55%, respectively. While six-months and 1 year MCLR is cut by 10 bps to 9% and 9.30%. The revised rates are in effect from 7 January 2020. The cut in MCLR will impact home loans and loans against property.
  • 2019-05-09 : Karur Vysya Bank keen to adopt digital innovation for ensuring customer satisfaction
    Karur Vysya Bank concentrates on accepting digital innovation for ensuring maximum customer satisfaction. Following this, the lender has implemented booking of all retail loans including housing loans and car loans under digital technologies wherein the loan borrowers can book a loan on their own in less than a minute. So far, the bank has launched nearly 24 products under retail loans category and five products under commercial category purely online including documentation.
  • 2018-10-31 : Karur Vysya Bank clocks 11% rise in Q2 net profit
    Karur Vysya Bank has clocked 11% in its standalone net profit at Rs 84 crore for the quarter ended September against Rs 76 crore in the previous year. Net interest income stood at Rs 579 compared to Rs 555 crore in the same period last fiscal with a slow loan growth of 7% year on year. Provisions and contingencies fell sharply at Rs 213 crore.
*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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