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Karur Vysya Bank Home Loan Balance Transfer

Home Loan Transfer to Karur Vysya Bank

Last Updated 02nd Jun 2021

Interest Rate7.45%
Processing Fee₹ 5,000
Lowest EMI per lakh₹ 736
Loan Tenure25 years
  • Karur Vysya Bank offers home loan balance transfer facility at low interest rates starting at 7.45% for a tenure of upto 25 years.
  • Transfer home loan to Karur Vysya Bank to reduce EMIs and save more on interest.
  • Avail top up from Karur Vysya Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Karur Vysya Home Loan Transfer

Karur Vysya, 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 Karur Vysya Bank at lowest interest rates. To transfer your housing loan to Karur Vysya Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Karur Vysya.

Karur Vysya Bank Home Loan Balance Transfer Charges

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

Home Loan Rates 6.75%
Processing Fees Minimum ₹ 5,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Karur Vysya Bank Home Loan Transfer

To transfer your existing home loan to Karur Vysya 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 Karur Vysya 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 Karur Vysya Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Karur Vysya 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 Karur Vysya Bank will be completed.

Eligibility for Karur Vysya Bank Home Loan Transfer

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

  • You must have an existing home loan with any bank except for Karur Vysya.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Karur Vysya Bank.
  • You must be an Indian resident and fulfil the age criteria of Karur Vysya Bank. The minimum & maximum age to avail a Karur Vysya Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Karur Vysya Bank Home Loan Transfer

Here are key features of Karur Vysya Bank Home Loan Transfer:

  • Lower Interest Rates: Karur Vysya Bank offers lower home loan rates starting at 6.75% along with ₹ 5,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to Karur Vysya Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Karur Vysya Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Karur Vysya Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Karur Vysya Bank.

Document Required for Karur Vysya Home Loan Transfer

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

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
  • Aadhar 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 Karur Vysya?

Yes, transferring your home loan to Karur Vysya Bank is a good idea for home loan borrowers as Karur Vysya Bank provides lower home loan rates starting at 7.45%.

How can I transfer my Karur Vysya home loan from one branch to another?

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

Are there any charges while applying for Karur Vysya home loan balance transfer?

Yes, Karur Vysya Bank charges home loan transfer fees such as ₹ 5,000 for Karur Vysya Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Karur Vysya home loan balance transfer?

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

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

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


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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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