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Karnataka Bank Loan Against Property Eligibility Calculator

Loan Against Property Eligibility Karnataka Bank

Last Updated 27th Jun 2022

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 60 years
Maximum Loan Tenure 15 years 15 years
  • Karnataka Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Use MyLoanCare Loan against property eligibility calculator to calculate your eligibility for SBI loan against property online without any hassles.
  • You can increase your Karnataka Bank mortgage loan eligibility by adding earning family members, business firms and companies' owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Karnataka Bank Loan Against Property Eligibility

Karnataka Bank allows you to fund immediate or urgent needs with a loan against property. Karnataka Bank loan against property is a secured loan that does not have any end usage restrictions. The bank offers different types of mortgage schemes at affordable rates to eligible salaried and self-employed individuals. Karnataka Bank loan against property eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:

Karnataka Bank Loan Against Property Eligibility Based on Age

    Karnataka Bank considers your age as one of the important parameters to calculate your Karnataka Bank property loan eligibility. To be eligible for availing a loan from Karnataka Bank, one has to be of 21 years of age. The maximum age for loan from Karnataka Bank can be 60 years. Karnataka Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. For instance, if your current age is 25 years, you can avail the maximum loan for 15 years and if your age is near retirement, say 60 years, you can avail the loan for lesser tenure.

Karnataka Bank Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Karnataka Bank typically applies a multiplier of up to 60 times on the monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Karnataka Bank to approve a property loan is ₹70,000. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.40% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    30 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    35 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    40 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    50 years 26.33 Lakh 39.49 Lakh 52.65 Lakh
  • You may consider repaying any loans with short tenure and high EMI in order to increase your Karnataka Bank loan against property eligibility.
  • Nature of Employment: Karnataka Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Karnataka Bank Property Loan Eligibility Based on Value of Property

  • Value of Property: Karnataka Bank does not finance the entire property value. The maximum loan against property eligibility would depend upon the value of the property. You can get a maximum of 80% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 16 Lakh. On the other hand an industrial property of ₹ 20 Lakh might allow you to take a lower loan amount of ₹ 16 Lakh. The percentage of Karnataka Bank loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Industrial Property 80% ₹ 20 Lakh ₹ 16 Lakh
    Commercial Property 80% ₹ 20 Lakh ₹ 16 Lakh
    Residential Property 80% ₹ 20 Lakh ₹ 16 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Karnataka Bank, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the loan amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Karnataka Bank.

Karnataka Bank Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Karnataka Bank requires a minimum credit score of 650 to be eligible for a property loan.

Karnataka Bank Mortgage Loan Eligibility Based on FOIR

Karnataka Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Karnataka Bank. Always calculate your eligibility with the Karnataka Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan and reduce the chances of getting your loan application rejected.

How to Calculate Karnataka Bank Loan Against Property Eligibility?

You can check SBI Loan against Property eligibility online using MyLoanCare Eligibility calculator using the steps mentioned below:

  • Fill in the required details like name, mobile number, income etc in Loan against property eligibility calculator form and click on ‘Check Eligibility’.
  • Complete OTP authentication by entering OTP received on the entered mobile number.
  • Enter additional details about your profession, the reason for taking a home loan, and your current work experience.
  • Verify all the details and click ‘Get Offers’.
  • You can now view the multiple banks for which you are eligible based on the details filled in by you.
  • You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.

Documents Required for Karnataka Bank Loan on Property

To avail Karnataka Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

Compare the Eligibility Criteria of Top Banks

FAQs

What factors determine the eligibility criteria of property loan from Karnataka Bank?

The factors that determine the eligibility criteria of Karnataka Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

Am I eligible for Karnataka Bank loan against property if my salary is 20000?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. It is difficult to get approval for the loan, however if your CIBIL is high, you may negotiate with the bank or add an co-applicant to improve your eligibility.

What should be the minimum net monthly income of the customer to get Karnataka Bank mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 0 per month. If you do not meet the eligibility criteria you can increase income eligibility by adding a co-applicant and maintaining a good cibil score above 650.

What is the tenure of an Karnataka Bank property loan?

Karnataka Bank offers property loans for a tenure upto 15 years. However, the longer the loan tenure, the higher will be the eligibility. Also, higher loan tenure means a higher rate of interest.

How much Karnataka Bank mortgage loan can be availed by the applicant?

You can avail mortgage loan from Karnataka Bank up to 80% of the market value of the property against an residential property whereas you can avail up to 80% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Karnataka Bank if I am not an Karnataka Bank customer?

Yes, you can get a loan against property from Karnataka Bank if you are not an Karnataka Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.


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Karnataka Bank Loan Against Property News - Jun 2022
  • 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, 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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