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Karnataka Bank Loan Against Property EMI Calculator

Karnataka Bank Mortgage Loan EMI

Last Updated 04th May 2021

Get monthly EMI as low as ₹ 1,125 per lakh on Karnataka Bank loan against property. Mortgage loan EMI in Karnataka Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan15 Year loan
₹ 10 Lakh₹ 21,653₹ 17,028₹ 11,253
₹ 25 Lakh₹ 54,132₹ 42,570₹ 28,133
₹ 40 Lakh₹ 86,611₹ 68,112₹ 45,013
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    Loan Against Property EMI Calculator Karnataka Bank

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Karnataka Bank Loan Against Property.

    Karnataka Bank Loan Against Property Amortization Calculator

    The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

    Illustration: How to read an amortization schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from Karnataka Bank for 20 years at an interest rate of 10.82%, the EMI calculated for this loan amount would be ₹ 15,299 and the total annual EMIs to be paid annually is ₹ 1,83,594. The Karnataka Bank Loan Against Property EMI schedule for 20 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 20 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 1,07,744 ₹ 14,652 ₹ 1,22,396 ₹ 14,85,348
    2022 ₹ 1,59,545 ₹ 24,049 ₹ 1,83,594 ₹ 14,61,299
    2023 ₹ 1,56,810 ₹ 26,784 ₹ 1,83,594 ₹ 14,34,515
    2024 ₹ 1,53,764 ₹ 29,830 ₹ 1,83,594 ₹ 14,04,685
    2025 ₹ 1,50,371 ₹ 33,223 ₹ 1,83,594 ₹ 13,71,463
    2026 ₹ 1,46,593 ₹ 37,001 ₹ 1,83,594 ₹ 13,34,462
    2027 ₹ 1,42,385 ₹ 41,209 ₹ 1,83,594 ₹ 12,93,253
    2028 ₹ 1,37,698 ₹ 45,896 ₹ 1,83,594 ₹ 12,47,357
    2029 ₹ 1,32,478 ₹ 51,116 ₹ 1,83,594 ₹ 11,96,241
    2030 ₹ 1,26,665 ₹ 56,929 ₹ 1,83,594 ₹ 11,39,312
    2031 ₹ 1,20,190 ₹ 63,404 ₹ 1,83,594 ₹ 10,75,909
    2032 ₹ 1,12,980 ₹ 70,614 ₹ 1,83,594 ₹ 10,05,294
    2033 ₹ 1,04,948 ₹ 78,645 ₹ 1,83,594 ₹ 9,26,649
    2034 ₹ 96,004 ₹ 87,590 ₹ 1,83,594 ₹ 8,39,059
    2035 ₹ 86,042 ₹ 97,552 ₹ 1,83,594 ₹ 7,41,507
    2036 ₹ 74,948 ₹ 1,08,646 ₹ 1,83,594 ₹ 6,32,861
    2037 ₹ 62,592 ₹ 1,21,002 ₹ 1,83,594 ₹ 5,11,859
    2038 ₹ 48,830 ₹ 1,34,764 ₹ 1,83,594 ₹ 3,77,095
    2039 ₹ 33,503 ₹ 1,50,091 ₹ 1,83,594 ₹ 2,27,004
    2040 ₹ 16,433 ₹ 1,67,161 ₹ 1,83,594 ₹ 59,843
    2041 ₹ 1,355 ₹ 59,843 ₹ 61,198 -₹ 0

    Each Karnataka Bank Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

    As you assess the amortization table, you will find that by the end of 1st year 12.19% of your EMI has been used to repay the principal amount. This means that the remaining 87.81% of the EMI went into interest payment. Thus, you end up paying only 1.49% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Karnataka Bank.

    In year 20, the interest component of Karnataka Bank EMI is around 5.62%, while the principal component is around 94.38%. Upto 20 years, you have cumulatively repaid 100% of your total Karnataka Bank Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Karnataka Bank?

    After the announcement of RBI on 22nd May 2020, Karnataka Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Karnataka Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Karnataka Bank customer care or its nearest branch.

    FAQs

    Will the Karnataka Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    Karnataka Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Karnataka Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, Karnataka Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Karnataka Bank, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that Karnataka Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Karnataka Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Karnataka Bank?

    You can avail of a maximum loan of ₹ 1 Cr, depending on the value of the property. However, the loan amount cannot be more than 50% of the property value. Karnataka Bank assesses the property before approving your mortgage loan application.


    Karnataka Bank Loan Against Property News - May 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.
    • 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.
    • 2019-07-03 : Karnataka Bank announces the launch of a web tool for NPA recovery process
      In a bid to digitalize the NPA (non-performing asset) recovery process of the bank, Karnataka Bank has announced the launch of a web tool ‘Vasool So Fast.’ The tool will provide an end-to-end digital solution to recover stressed assets. Using this digital tool, the lender aims to improve its overall performance to offer enhanced services to its customers related to retail loans, including home loans and mortgage loans and deposits (fixed deposits).
    • 2019-05-08 : Karnataka Bank revises housing loan rates
      Private sector lender, Karnataka Bank has revised its home loan rates. For loan amount up to Rs. 25 lakh to 75 lakh, the rate has been revised to 8.90%. While for a loan amount of up to Rs. 3 crore, the rate has been revised to 9.25% and for a loan amount of up to Rs. 5 crores, the rate stands at 9.60% now. The new housing loan rates are effective from May 1, 2019.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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