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Karnataka Bank is a leading ‘A’ class commercial bank in India, Karnataka Bank Limited is an Indian private sector bank based in Mangalore, Karnataka Bank has not only survived but also thrived in the country for the past 94 years.
Karnataka Bank offers the highest home loan at manageable interest rates so that maximum number of people can benefit from decades of experience in the business, The bank, which has emerged as one of the leading financial services providers in India, currently offers some of the best interest rates in the Indian market.
Karnataka Bank Home Loan
Karnataka Bank Limited provides business and personal banking products and services in India, Karnataka Bank has four business segments that provide treasury, corporate/wholesale banking, retail banking and other banking activities, Karnataka Bank has a dedicated team of well-experienced employees who provide personalized service.
Karnataka Bank has a dedicated team of well-experienced employees who provide personalized service, Karnataka Bank offers a variety of home loan schemes designed to suit the various needs of customers, The interest rate is very competitive and affordable with minimal documentation, offering flexible repayment options to borrowers, Tax benefit on home loan for repayment of interest on home loan is allowed as deduction under Section 24(1) of Income Tax Act.
Karnataka Bank Home Loan Eligibility
Buying a home is the most expensive purchase you will ever make. Everyone wants to own a house, but for owning a house you may need a home loan, Instead of paying house rent monthly pay the same house rent as EMI and move into your own house, Karnataka Bank offers home loan to all eligible, salaried or self-employed individuals.
The eligibility criteria followed by the bank are very simple and customer-friendly, the parameters mentioned below are only the first step in a long list of verification protocols to be followed by the borrower, Salaried persons should have minimum monthly salary of Rs.10,000 Self Employed should have minimum annual income of Rs.1,20,000 Age should be between 21 to 60 years.
Karnataka Bank lends to individuals and their claims only after verification, as long as you meet the above-mentioned eligibility, your home loan application process can go ahead, which includes submission of various proofs of common documents required for any official verification like housing loan application.
| Eligibility Criteria | Karnataka Bank home loan |
|---|---|
| Age Limit | Minimum Age 21 years Maximum Age 60 years |
| Minimum income requirement | Salaried – The minimum required gross monthly income is Rs. 10,000. Self-employed – The minimum required gross annual income is Rs. 1,20,000. Agriculturists – The minimum required net annual income is Rs. 1,20,000. NRI Salaried – The minimum gross monthly salary is Rs. 40,000. NRI Self-employed – The minimum gross annual income required is Rs.4,80,000. |
| Loan amount eligibility | The amount ranges from 15 lakhs to 5 crores. |
| Max loan amount as a percentage of property value | Not more than 80 % |
| Max EMI as a percentage of income | Not more than 65 % |
Documentation Required for Karnataka Bank Home Loan
Karnataka Bank has a different application form for each home loan offered by the bank, which needs to be filled and submitted for your application, along with the application form, you need to provide documents proving your age, residence and income to proceed with the application form verification process, Karnataka Bank takes the process of home loan documents very seriously, so many times applicants face difficulties while submitting documents for home loan.
Keep your PAN card, telephone bill and past salary slip with you, these documents will prove your identity and without doubt your home loan application will go ahead, Karnataka Bank makes the process of home loan documents very orderly and transparent from the very beginning, to pass your home loan application Check out below which home loan documents are required in detail.
- Identity Proof – Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License
- Address Proof – Passport/Aadhar Card /Utility Bill.
- Residence Ownership Proof – Property Documents/Maintenance Bill/Electricity Bill.
- Income Proof For Salaried – Latest 3 months’ Salary Slips and Form 16, Bank Statement 3 months.
- Income Proof For Self-Employed –
- We need to file Income Tax Returns (ITR) for both our individual and business entities, and calculate the income for the past few assessment years.
- We provide Balance Sheet and Profit & Loss Account Statements along with Annexures and Schedules.
- Please provide the current account statements for the business entity and the savings account statements for the individual.
- Property documents – Sale Deed / Property Agreement / eEncumbrance Statement etc.
Karnataka Bank Home Loan Processing Fee
When you apply for a Karnataka Bank home loan, the lending bank or institution charges a certain amount for the services they provide you, this amount is called the Karnataka Bank Home Loan Processing Fee,
Karnataka Bank Home Loan Processing Charges is one percent of the total home loan amount you are applying for, if the application is rejected the amount will not be refunded to you.
Applicants should remember that the Karnataka Bank Home Loan Processing Fee is not the only amount you have to pay, there are other charges too, so it is advisable for everyone to know the details of the Karnataka Bank Housing Loan Processing Fee in advance so that you understand the costs involved before applying for a home loan.
| Particulars | Charges |
| Charges for switching from Base Rate / PLR to MCLR | (1) For home loans with exposure ranging from above Rs. 5 lakh up to and including Rs. 1 crore, the fee is 0.10% of the principal outstanding plus the undisbursed amount, with a minimum charge of Rs. 500. (2) For home loans with a balance higher than Rs. 1 crore, fees will be charged at a rate of 0.10% of the outstanding principal amount plus any undisbursed funds. The minimum fee is Rs. 500, while the maximum fee is Rs. 25,000. |
| Foreclosure Charges | 2% of the outstanding balance |
| Processing Charges | For loans above Rs. 25,000 – 0.50% with a minimum of Rs. 250 for Priority Sector and Rs. 500 for Non-Priority Sector and Maximum of Rs. 25 lakh |
| CIBIL/CRIF Charges | Rs. 100 per consumer report |
| EMI Bounce Charges | If the EMI is delayed by more than Rs. 10,000 (if not paid within 30 days from the EMI due date), a penalty of Rs. 500 will be charged per occurrence. |
CIBIL Score Eligibility for Karnataka Bank Home Loan
While applying for a Karnataka Bank Home Loan, one of the first things a bank looks at is your CIBIL score, this CIBIL score information helps banks and lending institutions to assess the creditworthiness and repayment capacity of a person applying for a loan.
It is not necessary to have a high CIBIL score to be eligible for a loan. Even if you have a low score or no score at all, lenders may still consider offering you a loan. A score between 650 and 749 is considered good, and your eligibility for a home loan will be determined based on your overall financial details. However, having a high CIBIL score can increase your chances of being approved for a loan.
Karnataka Bank Home Loan EMI Calculator
When you want to take a Karnataka Bank Home Loan click here Take an informed decision with Karnataka Bank Home Loan EMI Calculator, Home Loan Total Amount and Home Loan Interest Rates, Karnataka Bank helps you to know about Home Loan Tenure and many other important details.
Karnataka Bank Home Loan Interest Rate
Emerging as one of India’s leading financial services banks, the bank currently offers some of the best interest rates in the Indian market, Karnataka Bank offers the highest home loan at manageable interest rates so that maximum number of people can benefit from 10 decades of experience in the business.
It is very important to know the interest rate when you apply for Karnataka Bank Home Loans, the home loan interest rate affects the total EMI you have to pay on how much you borrow Karnataka Bank Home Loan, so it is good to keep in mind about the interest rate whenever you apply for Home Loan, Karnataka Bank can get Home Loan Interest Rate, see more Home Loan Interest Rates here.
| Home Loan Schemes | Interest Rate |
| KBL Apna Ghar | 8.75% p.a. to 10.43% p.a. |
| KBL Home Comfort | 10.96% p.a. to 11.36% p.a. |
| KBL Ghar Niveshan | 12.75% p.a. to 13.88% p.a. |
NOTE – Karnataka Bank Home Loan Rate are subject to change at the discretion of the bank, the information given here is only the current interest rates given by the bank, when you want to take a home loan in the bank, you should visit the https://karnatakabank.com/personal/loans/interest-rates official website of the bank and confirm.