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Karur Vysya Loan Against Property Eligibility Calculator

Loan Against Property Eligibility Karur Vysya Bank

Last Updated 21st Mar 2022

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 9 years 9 years
Eligible Monthly Income ₹ 15,000 ₹ 15,000
  • Karur Vysya 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 Karur Vysya 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

Karur Vysya Bank Loan Against Property Eligibility

Karur Vysya Bank allows you to fund immediate or urgent needs with a loan against property. Karur Vysya 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. Karur Vysya 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:

Karur Vysya Bank Loan Against Property Eligibility Based on Age

    Karur Vysya Bank considers your age as one of the important parameters to calculate your Karur Vysya Bank property loan eligibility. To be eligible for availing a loan from Karur Vysya Bank, one has to be of 21 years of age. The maximum age for loan from Karur Vysya can be 60 years. Karur Vysya 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.

Karur Vysya 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. Karur Vysya 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 Karur Vysya 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 Karur Vysya Bank loan against property eligibility.
  • Nature of Employment: Karur Vysya Bank requires minimum income history and job stability of more than 3 years for salaried individuals and of 3 years for self-employed individuals.

Karur Vysya Bank Property Loan Eligibility Based on Value of Property

  • Value of Property: Karur Vysya 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 40% 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 ₹ 8 Lakh. The percentage of Karur Vysya Bank loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 40% ₹ 20 Lakh ₹ 8 Lakh
    Residential Property 40% ₹ 20 Lakh ₹ 8 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Karur Vysya 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 Karur Vysya Bank.

Karur Vysya 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. Karur Vysya Bank requires a minimum credit score of 650 to be eligible for a property loan.

Karur Vysya Bank Mortgage Loan Eligibility Based on FOIR

Karur Vysya 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 Karur Vysya Bank. Always calculate your eligibility with the Karur Vysya 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 Karur Vysya 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 Karur Vysya Bank Loan on Property

To avail Karur Vysya 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 Karur Vysya?

The factors that determine the eligibility criteria of Karur Vysya 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 Karur Vysya 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 Karur Vysya Bank mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 15,000 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 Karur Vysya property loan?

Karur Vysya Bank offers property loans for a tenure upto 9 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 Karur Vysya Bank mortgage loan can be availed by the applicant?

You can avail mortgage loan from Karur Vysya Bank up to 40% of the market value of the property against an residential property whereas you can avail up to 40% of the market value if you decide to pledge a commercial property.

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

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


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Karur Vysya Loan Against Property News - Jun 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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