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Karur Vysya Loan Against Property Eligibility

Karur Vysya Loan Against Property Calculator India Jun 2021

Last Updated 02nd Jun 2021

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 offers Loan Against Property Rates at 9.25% p.a.
  • Karur Vysya Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Karur Vysya mortgage loan eligibility by adding earning family members, business firms and companies owned 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 Based on Age

  • Age: Karur Vysya Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Karur Vysya Bank, one has to be of atleast 21 years of age. The maximum age for loan from Karur Vysya can be 60 years for salaried and 65 years for self employed. Karur Vysya Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 9 Years 9 Years
30 Years 9 Years 9 Years
40 Years 9 Years 9 Years
50 Years 9 Years 9 Years
60 Years - 5 Years

Karur Vysya Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Karur Vysya Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% 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 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 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 will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. 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 Loan Against Property 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. 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.
    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, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers 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 Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. 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.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Karur Vysya Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Karur Vysya Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Karur Vysya Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

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. Karur Vysya Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. 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 Karur Vysya Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

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

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

The minimum income for salaried employee to get loan against property should be ₹ 15,000 per month.

What is the minimum and maximum age required for Karur Vysya Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from Karur Vysya.

What is the tenure of Karur Vysya property loan?

Karur Vysya Bank offers property loan for a tenure upto 9 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Karur Vysya Bank up to 40% of the market value of the property.

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Karur Vysya Loan Against Property News - Jun 2021
  • 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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