Karnataka Bank Home Loan

The Karnataka Bank home loan interest rate starts from 8.60% per annum for loan tenures up to 30 years and loan amounts of up to Rs. 5 crore. Existing home loan borrowers from other banks and housing finance companies (HFCs) can transfer their existing home loans to Karnataka Bank to benefit from lower interest rates.

Karnataka Bank Home Loan Highlights
Interest Rate 8.60% – 10.60% p.a.
Processing Charges Up to 0.25% of loan amount
Loan Tenure Up to 30 years
Loan Amount Depends to the market value of the property and repayment capacity of the customer

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan offered by Karnataka Bank
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

Karnataka Bank Home Loan Interest Rates

Scheme Rate of Interest (p.a.)
KBL – Ghar Niveshan: (Finance for purchasing a house site) 9.30% – 11.45%
KBL – Home Comfort: (Finance for furnishing a house) for Individuals 9.27% – 10.95%
KBL – Apna Ghar/Elite: (Finance for house purchase/renovation) Up to Rs 750 lakh: 8.75% – 10.60%
KBL Home Top Up: (Finance for meeting personal requirements) 9.27% – 10.95%
KBL HOME LOAN WINBACK SCHEME 8.60% – 8.85%

Types of Karnataka Bank Home Loan

KBL – Xpress Ghar Nivesh

KBL Xpress Ghar Nivesh offered by Karnataka Bank has the following features:

  • The loan tenure can extend up to 7 years.
  • Individuals can use this loan for purchasing a plot and subsequently constructing a home on it.
  • The loan amount can be up to 80% of the registration value of the plot site, depending on various factors such as the property's location.

KBL – Xpress Home Comfort

KBL Xpress Home Comfort offered by Karnataka Bank has the following features:

  • The loan tenure can go up to 20 years.
  • The loan can be used for interior furnishing, acquiring furniture-fixtures, and installing solar heating/lighting systems.
  • The loan amount can go up to Rs. 1 crore, subject to 75% of the estimated cost of assets to be purchased or works to be carried out.
  • It is available for individuals who have previously availed a loan under KBL (Apna Ghar/Elite /KBL XPRESS HOME Loan scheme) and have not taken any loan from any financial institution for their residential property or have closed the housing loan already availed.

KBL – Xpress Home Loan

KBL Xpress Home Loan offered by Karnataka Bank has the following features:

  • For loans taken for construction, the loan tenure can extend up to 30 years.
  • For loans taken for house renovation/repair, the loan tenure is 7 years.
  • Individuals can avail this loan for the construction and purchase of a new house. It can also be used for house renovation, improvement, repair, and remodeling.
  • Applicants can conveniently apply for this loan through digital modes and receive instant in-principle sanction.
  • The loan amount can go up to Rs. 5 Crore for purchase/construction and up to Rs. 30 lakh for renovation/remodeling/extension/repair.

Also Read : Best Home Loan EMI Calculator

 

Karnataka Bank Home Loan Processing Fees & Other Charges

Particulars Charges
Processing Fees For loans above Rs. 25,000, Karnataka Bank charges a processing fee of 0.50%, with a minimum of Rs. 250 for Priority Sector loans and Rs. 500 for Non-Priority Sector loans. The maximum processing fee is Rs. 25 lakh.
Foreclosure Charges 2% of the outstanding balance
CIBIL/CRIF Charges Rs. 100 per consumer report
EMI Bounce Charges** If the EMI delay exceeds Rs. 10,000 (not paid within 30 days from the EMI due date), Karnataka Bank charges Rs. 500 per occasion.
Charges for switching from Base Rate/PLR to MCLR
  • For home loans with exposure* above Rs. 5 lakh and up to and inclusive of Rs. 1 crore, Karnataka Bank charges a fee of 0.10% of the principal outstanding plus undisbursed amount, with a minimum of Rs. 500.
  • For home loans with exposure above Rs. 1 crore, Karnataka Bank charges a fee of 0.10% of the principal outstanding plus undisbursed amount, with a minimum of Rs. 500 and a maximum of Rs. 25,000.

Also read: Best Home Loan Fees and Charges

Karnataka Bank Home Loan Eligibility Criteria

To be eligible for a home loan from Karnataka Bank, applicants must meet the following criteria:

  • The applicant should be a resident of India or an NRI holding an Indian passport.
  • The applicant must be at least 18 years of age.
  • Income criteria:
  • For Resident Indians:
    • Salaried Persons: Minimum gross monthly salary of Rs. 10,000.
    • Agriculturist: Minimum annual net income of Rs. 1,20,000.
    • Businessmen/Professionals/Self-Employed: Minimum annual gross income of Rs. 1,20,000.
  • For Non-Resident Indians (NRIs):
    • Salaried Person: Minimum gross monthly salary of Rs. 40,000.
    • Businessmen/Professionals/Self-Employed: Minimum annual gross income of Rs. 4,80,000 (NRI applications processed manually).

Additionally, Karnataka Bank may also consider factors such as the applicant's credit score, EMI/NMI ratio, property features, and location while evaluating their home loan eligibility, similar to most lenders.

Also Read : Best Home Loan Eligibility

Karnataka Bank Home Loan Documents Required

When applying for a Karnataka Bank Home Loan, you'll need to provide various documents to support your application. Some of the documents that the bank might request include:

Also Read : Best Home Loan Documents Required

  • Duly filled and signed Karnataka Bank Home Loan Application Form.
  • Cheque to pay processing fee in favor of Karnataka Bank.
  • Proof of residence: Copy of any one proof of residence document such as Aadhaar, Passport, Voter ID, Driving License, etc.
  • Proof of identity: Copy of any one proof of identity document such as Aadhaar, Voter ID, Driving License, PAN, Passport etc.
  • Proof of income – A copy of the following documents:
    • For Salaried
      • Salary Slips
      • Latest Form-16 and IT returns
      • Bank Statements, showing salary credits
    • For Self-Employed
      • Current Account Statements of the business entity and Savings Account Statements of the individual.
      • Income Tax Returns (ITR) for both the individual and the business entity, along with income calculation for past assessment years.
      • Balance Sheet and Profit & Loss Account Statements with Annexures / Schedules.
  • Property documents –
    • Title Deeds of the Plot
    • Allotment Letter or Buyer Agreement
    • Construction estimate by an Architect or Civil Engineer
    • Receipt(s) of payment(s) made to the developer
    • Copy of the plans approved by the Local Authorities
    • Proof of no encumbrances on the property

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.

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