Karnataka Bank - 8.90% for Home Loan - Takeover Loan

Karnataka Bank Home Loan

Karnataka Bank Home Loan interest rate starts from 8.90% p.a. for tenures up to 30 years and for loan amounts of up to Rs. 5 crore. Existing home loan borrowers of other banks and HFCs can avail Karnataka Bank Home Loan to transfer their existing home loans to Karnataka Bank at lower interest rates.
 

Interest Rate

8.90% – 10.62% p.a.

Loan Amount

Subject to the market value of the property and repayment capacity of the customer

Loan Tenure

Up to 30 years

Processing Charges

NIL

 

 

Karnataka Bank Home Loan Interest Rates

 

Karnataka Bank home loan interest rates start from 8.60% p.a. However, the rate of interest at which Karnataka Bank will approve the home loan will depend on various parameters such as Credit score, loan amount, type of employment, etc.

 

Karnataka Bank Home Loan:

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Apply for a Karnataka Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Karnataka Bank Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

Karnataka Bank Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two 2 Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit, and loss account, balance sheets certified by CA,

copy of the partnership deed, and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

 

Types of Karnataka Bank Home Loan

1. KBL – Xpress Home Loan

Individuals can avail this home loan construction and purchase of a new house. KBL Xpress Home Loan can be also availed by those seeking renovation or Improvement repair and remodelling purposes.

The loan amount is up to Rs. 5 Crore for purchase/construction and Up to Rs. 30 lakh for renovation/ remodelling/ extension/ repair

Loan tenure for loans taken for construction is of up to 30 years

Loan tenure for loans taken for house renovation/repair is 7 years

Individuals can apply for this loan through digital mode and get instant in-principle sanction

 

2. KBL – Xpress Home Comfort

This home loan scheme can be availed for furnishing house interior works, acquiring furniture-fixtures and solar heating/lighting systems

This loan is for all those who have already availed loan under KBL (Apna Ghar/Elite/KBL XPRESS HOME Loan scheme) and have not availed any loan from any financial institution for their Residential property/ closed the housing loan already availed

The loan amount can go up to Rs. 1 crore subject to 75% of the estimated cost of assets to be purchased/works to be carried out

Loan tenure can go up to 20 years

 

3. KBL – Xpress Ghar Nivesh

Individuals can avail this home loan plot purchase & construction thereon

The loan amount is up to 80% of the registration value of the plot site, subject to multiple factors such as the property’s location

Loan tenure can go up to 7 years

 

FAQs on Karnataka Bank Home Loan

1. Who can be my co-applicant for Karnataka Bank Home Loan?
Ans. Karnataka Bank much like other banks allow close members of the family as co-applicants. It is also compulsory for all co-owners of the property to be home loan co-applicants.

2. Karnataka bank home loan interest rate is linked to which external benchmark?
Ans. With effect from 01.10.2019, Karnataka bank has linked its floating rate home loans to 10-year G-Sec (Government Security) as the external benchmark.

3. Can I prepay my outstanding Karnataka Bank Home Loan?
Ans. Yes, you can partly prepay or foreclose your Karnataka bank home loan before the actual completion of the loan tenure. Karnataka Bank does not levy part prepayment or foreclosure charges on home loans availed at floating interest rates.

4. Can the tenure of my existing Karnataka Bank Home Loan be extended?
Ans. Karnataka Bank is yet to reveal anything on extending the term of an existing home loan. Most banks and HFCs allow their borrowers to extend the term of their existing home loans as long as the revised repayment period remains within the maximum term offered by the lender or the maximum age allowed at the time of loan maturity.

Before extending the loan tenure, borrowers must know that increasing their loan period would lead to reduction in their credit score by a few numbers. The reduced credit score would also reduce your chances of getting a new loan or credit card in future. All of this could happen because the request for tenure extension is considered as loan restructuring, which is seen negatively by credit bureaus. Hence, opting for it would lead credit bureaus to reduce your credit score.

An alternative that would help in reducing borrowers’ loan EMIs without hurting their credit scores is the home loan balance transfer facility. As the name suggests, this loan facility allows home loan borrowers to transfer their outstanding balances to a new lender offering lower home loan rates, leading to lower EMIs and interest cost. Depending on the lender and the determining factors, the balance transfer customers can also be able to choose longer tenures on their home loans.