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Karur Vysya Bank is a scheduled commercial bank headquartered in Karur, Tamil Nadu, India, the bank primarily operates in the treasury, corporate banking and retail banking segments, If you are resident Indians or NRIs and want to buy a home, Karur Vysya Bank Happy Home Loan is a unique scheme to meet your needs, home loan process is done online completely paperless, in principle, loan approval is provided subject to satisfaction of CIBIL score rating.
Karur Vysya Bank Home Loan
Karur Vysya Bank is primarily a channel for financing urban-based traders and agriculturists, providing customers across the board with innovative home loan solutions integrated with their wide range of retail products, Karur Vysya Bank plays its great role in making your home dream come true,
The bank has named their home loan scheme as Happy Home Loan and it is really happy for anyone who is hoping to buy a house, Karur Vysya Bank offers the following for their home loans, the home loan application process is very fast, see details below.
Karur Vysya Bank Home Loan Eligibility
Instead of offering several separate schemes, Karur Vysya Bank has bundled all properties requiring a home loan into one master scheme called the Happy Home Loan Scheme, a scheme designed specifically for resident Indians.
The bank has a special scheme called Grihapravesh Home Loan Scheme for the NRI segment of its client base which literally gives joy to the proud home owners who play it, age and employee or self-employed financial status are very important for Karur Vysya Bank Home Loan Eligibility see below table.
Eligibility Criteria for KVB Happy Home Loan Home Loan
| Name of the scheme | Type | Eligibility criteria |
|---|---|---|
| KVB Happy Home Loan | Persons | All Indian residents, whether employed or self-employed professionals. |
| Income | Salaried – To qualify for this opportunity, you must have a minimum take home pay of 25% or higher. Additionally, we require the last two years of your income tax return, a certificate from your employer, and a bank statement covering the last six months. Self-Employed – Please provide your income tax returns and statements for the past two years, as well as your income statement and bank statements for the previous six months. | |
| Purpose | The Karur Vysya Bank offers home loans for various purposes, including construction of independent dwelling units, purchasing a new or old house or flat (not more than 15 years old), taking over or transferring existing home loans from other financial institutions, improving and adding to existing residences (e.g. repairs, renovation, furnishing, and beautification), and purchasing a plot and constructing a house within 24 months. The bank also offers home loans for purchasing flats or plots promoted by government agencies. Check your eligibility for a home loan with Karur Vysya Bank. | |
| Tenor | Maximum of 25 years. | |
| Mode | Through EMIs | |
| Holiday | It takes 24 months for construction and 3 months for the purchase of a house or flat. | |
| Margin | 10% to 30% depending on the loan amount | |
| Security | Primary – Equitable mortgage Collateral – any government security or any other property. Guarantee -If one of the co-applicants is not present, a suitable guarantor who can cover the value of the property or more is required. | |
| Insurance | It is important to obtain insurance coverage for the property from a reputable insurer at your own expense. | |
| Prepayment | 10% to 30%, depending on the loan amount |
Eligibility Criteria for KVB Grihapravesh Home Loan
| Name of the Scheme | Type | All salaried NRI and PIO with valid respective passport. |
|---|---|---|
| KVB Gruhapravesh | Persons | All salaried NRI and PIO with valid respective passports. |
| Age | Minimum 25 years of age | |
| Income | Minimum Net Monthly Income of US$750 and Net Annual Income of US$9000 or its equivalent in other currencies | |
| Status | Steady source of income. Employed abroad for at least two years. Valid work permit or employment contract | |
| Purpose | This loan can be used for various purposes, such as building a new home, purchasing a house or apartment, transferring an existing home loan from another financial institution, making improvements or additions to existing property (including repairs, renovations, furnishing, and beautification), buying a plot of land and constructing a house on it within two years, or purchasing flats or plots advertised by government agencies. | |
| Loan Amount | Maximum Rs.300L | |
| Tenor | The loan must be paid off by the time the borrower reaches 65 years of age or within a maximum of 25 years, whichever comes first. | |
| Interest | Interest rates will be applied based on Happy Home Loan rates, whichever comes first. | |
| Mode | This loan is offered on a daily reducing balance basis. It is available in the following modes: EMIs that are suitable, remittance from abroad through banking channels, and transfer from NRE/NRO/FCNR accounts. The loan can be repaid by the borrower. | |
| Holiday | To apply for a loan from abroad through banking channels, transfer funds from NRE/NRO accounts. The borrower or close relatives in India can receive the transfer. The holiday period for the loan is 18 months from the first disbursal, which can be used for purchasing new houses. | |
| Margin | 20% of the loan amount | |
| Security | Primary – Equitable mortgage or registered mortgage if necessary Collateral – Any government security or any other property. Guarantee – A suitable guarantor acceptable to the bank. | |
| Processing Charges | Same as happy Home Loan |
Karur Vysya Bank Home Loan Documents Required
Karur Vysya Bank has a wide network of more than 600 branches in India to welcome you with home loan application, you can apply online on their portal with basic details expressing your interest authorizing their representative to get in touch with you.
Applicants for a home loan from Karur Vysya Bank should submit the required documents which are simple and hassle-free, any bank documentation will be strictly considered while approving the loan application.
Documents are one of the most important requirements for home loan, Banks take home loan documents process very seriously, but many times applicants face difficulties in not knowing what kind of documents to provide while submitting documents for home loan.
Karur Vysya Bank makes the home loan documents process very streamlined and transparent right from the start, see below which home loan documents are required to pass your home loan application in detail
- Identity proof – Aadhaar Card / Voter ID / Passport / PAN Card / Driving License / NREGA Job Card or Government ID Card.
- Address Proof – Aadhaar Card / Voter ID / Driving License / Passport / NREGA Job Card or Government ID Card / Telephone or Electricity Bill (not older than 2 months).
- Age Proof – Aadhaar Card / Driving License / PAN Card / Passport / Voter ID / NREGA Job Card or Government ID Card / Birth Certificate / School Leaving Certificate / Insurance Policy.
- Self-Employed Professionals and non-Professionals – KYC documents are required for Partnership Firms / Sole Proprietorship Firms / Limited Liability Partnership (LLP) / Trusts/ Association / Companies / Club / Society / HUF.
- Income Documents for Salaried Applicants – Average 2 years ITR, last 6 months’ salary certificate along with a certificate from the employer.
- Income Documents for Self-Employed Applicants – Last 2 years ITR, and income statement.
- Property Documents – Approved Plan, Sale Deed, Agreement of sale of property.
CIBIL Score for Karur Vysya Bank Housing Loan
Your credit score plays a vital role in determining your eligibility for a Karur Vysya Bank Home Loan as it is one of the primary factors that lenders consider while deciding whether to approve your application, while the bank considers your income, age, employment status, current liabilities and down payment while evaluating your home loan application. It is important to note that other factors such as.
Banks use your CIBIL score to assess your credit risk and decide whether to approve your loan application, so, even if your CIBIL score is low, you can still get a home loan approval if you have a strong credit history and other factors in your favor.
A high CIBIL Score indicates that you are a low-risk borrower and likely to repay the loan amount on time, a low CIBIL score means that you are a high-risk borrower and may not be able to repay the loan amount CIBIL score is a 3-digit number ranging from 300 to 900 that indicates your Reflects creditworthiness and loan repayment behavior.
Generally a score of 750 and above is considered good and increases your chances of getting a home loan approved, a CIBIL score between 650 and 749 is considered good and lenders can offer you a home loan after examining your other financial details.
Karur Vysya Bank Housing Loan Eligibility Calculator
It is what everyone wants and has plans or ideas for their dream home, these days the cost of housing is so high that many people cannot afford the full cost of a home without home loans from banks like Karur Vysya Bank (KVB).
The government also understands that the cost of buying a home and borrowing is a long-term liability, providing tax benefits and subsidized housing through schemes like PMAY that make housing affordable.
Home loans are a long-term investment and a huge amount is invested in the individual with the assurance that he/she will repay the home loan with interest, use our housing loan eligibility calculator to calculate the loan amount you are eligible for, you can enter the details of annual income, tenure, interest rate and existing EMI
Karur Vysya Bank Home Loan Processing Fee
When you apply for Karur Vysya Bank Home Loan, you will be charged a certain amount for the services provided, this amount is called Karur Vysya Bank Housing Loan Processing Fee, this Home Loan Processing Charge is non-refundable,
Home loan processing charges are a percentage of the total home loan amount you are applying for, applicants should remember that the 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 KVB Home Loan Processing Charges in advance so that you understand the costs involved before applying for a home loan.
| Type of Credit | Rate of Interest | Processing Fee |
|---|---|---|
| KVB Smart home Loan | 8.90% pa | Loan amount up to Rs.25 lakh – Fee is Rs.2500 + GST Loan Amount Rs.25 Lakh to Rs.50 Lakh – Fee Rs.5000 + GST Above Rs.50 Lakh – Processing Fee Rs.7500 + GST |
| Happy Home Loan | 9.65% to 11.65% pa | |
| KVB Gruhapravesh | 9.65% to 11.65% pa |
Karur Vysya Bank Housing Loan Interest Rate
It is very important to know the interest rate when you apply for Karur Vysya Bank home loans, the home loan interest rate affects the amount of home loan you borrow and the total EMI you have to pay, so it is good to keep the interest rate in mind whenever you apply for a home loan, Karur Vysya Bank Home Loan Interest Rate You can get attractive interest rate starting from 6.50%, see more home loan interest rates here
| Home Loan | Interest Rate |
|---|---|
| Happy Home Loan / NRI Gruhapravesh | Minimum 9.23% to Maximum 10.73% |
| Housing Loan Topup | Minimum 9.48% to Maximum 9.98% |
NOTE – Karur Vysya Bank Housing Loan Interest Rate varies according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you should go to the https://www.kvb.co.in/personal/loans/home-loans/happy-home-loans/ bank’s official website and confirm.