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Home » Unlock Your Dream Home: Ultimate Guide to Home Loan in Karnataka

Unlock Your Dream Home: Ultimate Guide to Home Loan in Karnataka

INTRODUCTION

 

Karnataka is one of the most beautiful States of India with vibrant cities and calm and serene backdrops and it is fast evolving as a major hub for home loan products. If you are a home loan seeker in Karnataka whether you planning to secure a home in the giant city of Bangalore or a calm town like Mysore the above mentioned  organization helps you in having a clear picture of the opportunities available.

 

Home Loan in Karnataka

 

Karnataka bank home loan interest rate ranges from 8 percent. An interest rate of 50% per annum where tenures extend up to 30 years and for loan limits of up to Rs. 5 crore. Other banks’ existing home loan borrowers including other HFCs can also take Karnataka Bank Home Loan to switch their existing home loans to Karnataka Bank with lower rates of interest.

 

Type of  Home loan in Karnataka 

 

  1. KBL – Xpress Home Loan
  • Individuals can avail of this home loan for the construction and purchase of a new house. KBL Xpress Home Loan can be also availed by those seeking loans for house renovation/improvement, repair and remodeling purposes.
  • The loan amount is up to Rs. 5 Crore for purchase/construction and Up to Rs. 30 lakh for renovation/ remodeling/ extension/ repair
  • Loan tenure for loans taken for construction is 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

 

  1. 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

 

  1. KBL – Xpress Ghar Nivesh
  • Individuals can avail  of this home loan for plot purchase and 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

 

Karnataka Bank Limited Home Loan Schemes & Interest Rates

 

Schemes  Rate per Interest (p.a)
KBL – Apna Ghar/Elite Up to Rs 750 lakh: 8.60% – 10.62%
KBL HOME LOAN WINBACK SCHEME 8.50% – 9.15%
KBL – Home Comfort 9.27% – 10.95%
KBL – Ghar Niveshan 9.30% – 11.45%
KBL Home Top-Up 9.27% – 10.95%

 

Options for Loans / Banks / NBFCs

 

Banks / Nbfc R.O.I Processing Fees Loan Amount Cibil Score Apply Now
Bajaj Housing Finance Home Loan 8.45% – 10% (Reducing Per Annumn) 0.2% – 0.5% 5.00 Lacs – 75.00 cr 650 or above https://referloan.in/home-loan/bajaj-housing-finance
HDFC Bank Home Loans 8.45% – 10% (Reducing Per Annumn) 0.5% – 1% 5.00 Lacs and above 650 or above https://referloan.in/loans/hdfc-bank-home-loan
Mahindra Finance Home Loan 9% – 15% (Reducing Per Annumn) 1% – 3% 3.00 Lacs – 75.00 Lacs 650 or above https://referloan.in/loans/mahindra-finance-home-loan

 

General Eligibility and Document Required for This Type of Loan 

 

 Eligibility

  • The applicant should be either residents of India or should have an Indian passport which he holds as an NRI.
  • The age of the applicant should be at least above eighteen years

Income:

Resident Indian:

  • Salaried Persons: Apply for minimum gross monthly salary pay scale is Rs. 10,000.
  • Agriculturist: Minimum Annual net income less than Rs. 1, 20,000-it.
  • Business Men/Professionals/Self Employed: Minimum Annual gross income Rupees One lakh twenty thousand only.

Non Resident Indian (NRIs):

  • Salaried Person: Minimum Gross Monthly Wage Rs.45000
  • Business Men/Professionals/Self-Employed: The above requirement is for obtaining minimum savings bank account Annual gross income of Rs. 4,80,000; Manual processing of NRI applications only.
  • However, there are a few more criteria, that Karnataka Bank might require for home loan eligibility – The applicant’s credit score, the ratio of EMI/NMI or the applicant’s paying capacity, the features of the property and its location, standard with most of the other home loan eligibility criteria set by the lenders.

 

Documents Required:

 

  • Proof of Identity: PAN card, Aadhaar card.
  • Address Proof: any utility bill or rent agreement.
  • Business Proof: Registration certificate, the business license.
  • Bank Statements, Income Tax Returns, and Profit & Loss

 

How Referloan Can Help 

 

 ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients as per the need.

 

This is how ReferLoan can help!

 

  • Comparison of Loan Offers: You can use ReferLoan to make a comparison of home loan offers from different banks and other financial institutions, to get the best interest rates as well as the best possible conditions.
  • Expert Guidance: It delivers information on the kind of loan product to go for depending on one’s needs and ability when it comes to repaying the loans.
  • Documentation Assistance: Some important documents that ReferLoan assists you with include: Documentation assistance Whenever you need some documents prepared or maybe you lack some important documents then refer loan shall assist you in preparing the necessary document.
  • Application Support: Using ReferLoan as a mediator, a borrower will also get help with the application from starting filling it into final submission.
  • Follow-up and Updates: It is a self-sufficing application that informs you regarding the status of loan application and also chases the lenders for you.

 

Frequently Questions 

 

  1. Which is the most appropriate co-applicant for the Karnataka Bank Home Loan?

 

Ans. Co-applicants: Karnataka Bank much like other banks allowing close members of the family to be co-applicants. Everyone owning the property must be home loan co-applicants In addition, all the co-owners of the property must sign for the home loan.

 

  1. What is the external benchmark to which Karnataka bank home loan interest rate is to be developed?

 

Ans. With effect from 01. 10. Earlier in 2019 Karnataka bank has set its floating rate home loans to the 10 year G-Sec as the external benchmark.

 

  1. Is there possibility to prepay my remaining Karnataka Bank Home Loan amount?

 

Ans. Yes, it is possible in part prepayment or foreclosure of Karnataka bank home loan before the actual completion of the loan period. There are no part prepayment or foreclosure charges with respect to home loans that has been offered at floating rate of interest in Karnataka Bank.

 

  1. Is extension of my current Karnataka Bank Home Loan possible?

 

Ans. Like other home loan providing companies, Karnataka Bank is still silent about anything that has to do with the extension of the term of an existing home loan. All the banks and HFCs let the borrowers opt for reborrowing further extension in the existing home loan tenure it should fall with in the tenure allowed by the lending organization or the maximum age at the time of maturity.

 

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