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Karur Vysya Loan Against Property

Karur Vysya Bank Mortgage Loan Interest Rates 2022

Last Updated 21st Mar 2022

Karur Vysya Bank is one of the largest Private Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 9.25% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of Karur Vysya Bank Loan against property are mentioned below: Check Best Offers

Interest Rates 9.25% to 9.25%
Processing Fee Upto 0.50%
Max Tenure 9 years
Lowest EMI per lakh ₹ 1,368
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
    Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Voucher

    Karur Vysya Bank Loan Against Property Fees and Other Charges

    Along with Karur Vysya Loan against Property Rates, Karur Vysya also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Karur Vysya Loan against Property Loan is 0.50%. This fee is charged by Karur Vysya to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in Karur Vysya Bank for Salaried Employees

    The mortgage loan interest rates in Karur Vysya Bank for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 9.25%
    ₹ 30 Lakh - ₹ 75 Lakh 9.25%
    ₹ 75 Lakh - ₹ 1 Cr 9.25%
    Above ₹ 1 Cr 9.25%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 9.25%
    ₹ 30 Lakh - ₹ 75 Lakh 9.25%
    ₹ 75 Lakh - ₹ 1 Cr 9.25%
    Above ₹ 1 Cr 9.25%

    Karur Vysya Bank Property Loan Interest Rate for Business Man or Self-Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 9.25%
    ₹ 30 Lakh - ₹ 75 Lakh 9.25%
    ₹ 75 Lakh - ₹ 1 Cr 9.25%
    Above ₹ 1 Cr 9.25%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 30 Lakh 9.25%
    ₹ 30 Lakh - ₹ 75 Lakh 9.25%
    ₹ 75 Lakh - ₹ 1 Cr 9.25%
    Above ₹ 1 Cr 9.25%

    Steps to Apply for Karur Vysya Bank Loan Against Property

    Apply With MyLoancare

    To get the best offers on SBI Loan against Property, you can apply for a Loan against Property at MyLoanCare. The online marketplace helps you compare the best offers, check eligibility, calculate EMI. To apply for a loan against property click here

    Apply With SBI Website

    • You can also apply for SBI Loan against Property with SBI through online and offline modes.
    • To apply for a loan offline, visit the official SBI bank branch and fill out the application form along with the required documents for a loan against property.
    • The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.
    • To apply online for SBI Loan against Property online, visit the official website of SBI and navigate to Loan Against Property.
    • Before applying, now check your eligibility for SBI Loan against Property. If you are satisfied and have cross verified all the details, fill out the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Compare Karur Vysya Bank Loan Against Property Interest Rate with Top Banks

    Karur Vysya Bank offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars Karur Vysya Bank SBI HDFC
    Interest Rate 9.25% - 12.50% 8.80% - 13.10% 7.65% - 8.80%
    Processing Fees Upto 0.50%
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.50%
    Min ₹ 7,500
    Loan Tenure 9 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 5 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 21 and Max 65 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,368 per lakh ₹ 1,256 per lakh ₹ 936 per lakh
    Karur Vysya Bank Floating Rate on Loan Against Property

    As on 17 May, 2022, Karur Vysya offers the lowest rate starting at 9.25%. Karur Vysya Loan against property rates have been dropped by 2.9%, from the earlier rate of 12.15% with effect from 01 Apr, 2021.

    Karur Vysya Bank Mortgage Loan Interest Rates
    Karur Vysya Bank Loan Against property Floating 12.50%
    Karur Vysya Bank Loan Against property Floating
    Loan AmountCurrent Loan against Property Rates
    Upto ₹ 30 Lakh 9.25%
    ₹ 30 Lakh - ₹ 75 Lakh9.25%
    ₹ 75 Lakh - ₹ 1 Cr9.25%
    Above ₹ 1 Cr 9.25%
    special offer for female borrower
    Loan Amount Rate
    Upto ₹ 30 Lakh 12.50%
    Above ₹ 30 Lakh - ₹ 75 Lakh 12.50%
    Above ₹ 75 Lakh - ₹ 1 Cr 12.50%
    Above ₹ 1 Cr 12.50%
    with OD Facility
    Loan Amount Rate
    Upto ₹ 30 Lakh 12.95%
    Above ₹ 30 Lakh - ₹ 75 Lakh 12.95%
    Above ₹ 75 Lakh - ₹ 1 Cr 12.95%
    Above ₹ 5 Cr 12.95%

    Factors Affecting Karur Vysya Loan against Property Interest Rates

    Some of the factors that impact Karur Vysya Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Karur Vysya depend upon the loan amount you apply. You can get a minimum loan of ₹ 10 Lakh from Karur Vysya.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for a higher loan amount.
    • Type of loan opted for: Karur Vysya offers differential rates for customers' different profiles, for fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties can be availed easily at the lowest rates compared to loans against commercial and industrial properties.
    • Your profession: Karur Vysya may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    Karur Vysya Loan Against Property Eligibility Criteria

    Karur Vysya has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 21 to 60 years
    Minimum Income ₹ 15,000
    Loan Amount ₹ 10 Lakh to ₹ 5 Cr
    Minimum years of business existence 3 years
    Minimum work experience 3 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    Karur Vysya Bank Mortgage Loan Interest Rate and EMI Calculator

    You can use an online Karur Vysya Bank Loan against property EMI Calculator to calculate loan EMIs at different rates of interest and check and compare the lowest EMI per lakh on Loan against Property. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan.

    Loan Against Property Top up, Transfer in Karur Vysya Bank

    Karur Vysya Bank offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Karur Vysya Bank at an affordable interest rate, higher loan amount and convenient loan tenure. Karur Vysya Bank loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Karur Vysya Bank are 9.25%. Along with that, you can also avail of additional top-up on your loan against property.

    Karur Vysya Bank Loan Against Property Documents Required

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 3 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
    For Salaried employee
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 3 years
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
    Property documents
    • Registered Sale Deed/ Conveyance/ Lease Deed
    • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
    • Latest House Tax Return/ Receipt
    • Approved Building Plan from Municipal Corporation

    Check Loan Against Property Interest Rate in Major Banks

    FAQs

    What is Karur Vysya Banks loan against property interest rate?

    Karur Vysya Bank offers loan against property at a rate of 9.25% with the lowest EMI of ₹ 1,368. If you are currently paying a higher interest rate than the Karur Vysya Bank rate, you can opt for a balance transfer of loan to Karur Vysya Bank.

    Did Karur Vysya Bank Loan against property rates drop?

    Yes, Karur Vysya Bank loan against property rates has decreased by 2.9% from the previous rate of 12.15% to 9.25%. The lowest mortgage rates of Karur Vysya Bank are effective from 01 Apr, 2021.

    How to increase my eligibility on Karur Vysya Bank Mortgage loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

    Can I foreclose my Mortgage loan? What are the charges applicable?

    Yes, you can foreclose your Karur Vysya Bank loan against property anytime you want with 2% of amount pre paid foreclosure charges.

    What is the maximum loan tenure I can opt under Karur Vysya Bank Property loan?

    Karur Vysya Bank offers a maximum tenure of 9 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

    What is the benchmark rate applicable for Mortgage loan?

    The benchmark rate applicable for property loans in Karur Vysya Bank is RLLR

    Can I transfer my Loan against Property from another bank to Karur Vysya Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Loan balance transfer to Karur Vysya Bank offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Karur Vysya Bank are 9.25%.

    What is Karur Vysya Bank mortgage loan processing fees?

    The loan processing fee charged is 0.50% of the total loan amount.

    What security do I need to provide for Karur Vysya Bank Mortgage Loan?

    Karur Vysya Bank requires a registered mortgage of the property against which the bank will provide you a loan.

    • Property on which you intend to take a loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
    • Your total EMIs on all loans and credit cards (from Karur Vysya Bank and other banks) are no more than 60 - 70% of your net monthly income.
    • You have not defaulted on loans or credit card dues to Karur Vysya Bank and other banks and all EMI's have been paid. Note that Karur Vysya Bank can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to Karur Vysya Bank in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
    • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
    • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

    Are prepayment or foreclosure charges applicable on Karur Vysya Bank loan against property?

    You can prepay a loan against property without any penalty or charges in case:

    • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
    • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

    Karur Vysya Bank Loan Against Property Reviews 4/5  by 1 customers
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    4/5.0
    Banks Service
    4/5.0
    Vivek, Ghaziabad
    Reviewed on 15th Apr 2015
    4 / 5 stars
    Karur Vysya Bank Loan Against Property Availed in Feb-17

    I am a business man and very interested in taking an overdraft facility on my property. I approachedRead more...

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    Karur Vysya Loan Against Property News - May 2022
    • 2021-06-02 : 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.
    • 2020-01-07 : 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.
    • 2019-03-14 : Karur Vysya Bank raises Rs. 487 crore through Basel-III bonds
      In a bid to fund its growth plans, Karur Vysya Bank has said that it has raised Rs. 487 crore through the issuance of the Basel-III compliant bonds. The bank has allotted 48,700 BASEL-III compliant unsecured, redeemable, non-convertible tier-II bonds in the nature of debenture of Rs. 1,00,000 each aggregating to Rs. 487 crore. The capital was raised on a private placement basis.
    • 2017-09-20 : Karur Vysya Bank inaugurates new branch at Poonamallee
      Private sector lender, Karur Vysya Bank (KVB) has inaugurated its bank branch in Tiruvallur district at Poonamallee. With this inauguration, the bank has a total of 730 branches across India and 44 branches in the city. The branch will offer a comprehensive range of facilities including accounts, deposits and loans including home, gold, personal and loan against property along with the facility of credit cards.
    *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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