Karur Vysya Bank Home Loan

Karur Vysya Bank (KVB) provides home loans starting at an interest rate of 8.95% per annum. You can borrow up to 90% of your property's value for a maximum tenure of 25 years. Additionally, if you already have a home loan from another bank or housing finance company (HFC), you can switch it to KVB for lower interest rates through their Home Loan Balance Transfer Facility.

Pre Approved Home loan | Check Eligibility & Apply Online

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Also read: Best Home Loan in India

Karur Vysya Bank Home Loan Interest Rates

Types of Karur Vysya Bank Home Loan

Karur Vysya Bank offers different home loan schemes to its customers. Some of them are discussed as follows:

Karur Vysya Happy Home Loan

• Purpose: Suitable for buying a new or resale house/flat/plot, house construction, renovation, repair, or extension. Also offers home loan balance transfer facility.
• Loan Tenure: Up to 25 years (including holiday period)
• Loan Amount: 70% – 90% of property value
• Maximum Holiday Period:
  • For house construction: 24 months
  • For outright purchase of a flat: 3 months
• Insurance Coverage: Available (optional) to the extent of the loan amount with SBI Life, LIC, and BSLI as Single Premium payable by the borrower.
• Borrower Type: All Resident Indians (including Hindu Undivided Families (HUFs)

KVB Gruhapravesh for NRI

• Purpose: NRIs/PIOs can use this loan to buy a ready-to-move house, build a new house in India, or improve/extend their existing homes. It's also for those who want to buy land for future construction. Existing home loan borrowers can switch to KVB for better rates.
• Loan Tenure: Up to 25 years (subject to the liquidation of the loan by the age of 70 years)
• Loan Amount: 70% – 90% of property value
• Maximum Holiday Period:
  • For house construction: 24 months
  • For an outright purchase of a flat: 3 months
• Insurance Coverage: Available (if the borrower is interested) to the extent of loan amount with SBI Life, LIC, and BSLI as Single Premium payable by the borrower
• Borrower Type: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)

Also Read : Best Home Loan EMI Calculator

Karur Vysya Home Loan Fees & Other Charges

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Karur Vysya Bank Home Loan Eligibility

Eligibility Criteria for KVB NRI Home Loan:

• The minimum age of the applicants should be 23 years.
• NRIs must have a valid Indian Passport, while PIOs must have a valid Foreign Passport.
• Applicants should have at least 2 years of work experience abroad.
• Must possess a valid job contract or work permit.
• Should have a steady source of income.
• Must have a Net Monthly Income (NMI) of at least US$ 1,500 or Minimum Net Annual Income (NAI) of US$ 18,000 (or its equivalent in any other foreign currency).

Eligibility Criteria for Karur Vysya Bank Home Loan:

• The take-home pay of the applicant after deducting the proposed loan installments should be at least 25% of the gross pay.
• The loan may be granted to buy vacant land and construction subject to commencing and completing construction within a 24-month period from the date of availing the loan.

Also Read : Best Home Loan Eligibility

Documents Required for Karur Vysya Bank Home Loan

The documents required to apply for the KVB NRI Gruhapravesh, the documents required are:

• Duly filled and signed home loan application form with a self-attested photograph
• Proof of Residence (e.g., Aadhaar Card, Passport, Voter ID Card, or Driving License)
• Proof of Age (e.g., Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
• Proof of Identity (e.g., Aadhaar, PAN Card, or Foreign (for PIOs)/Indian Passport (for NRIs)
• Proof of Income
• Proof of Employment & Work Experience
• Job contract or work permit
• Two passport size photographs
• A cheque for the payment of the required processing fees

The documents required to apply for the Karur Vysya Bank Happy Home Loan are:

• Duly filled and signed home loan application form with a self-attested photograph
• Proof of Residence (e.g., Aadhaar Card, Passport, Voter ID Card, or Driving License)
• Proof of Age (e.g., Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
• Proof of Identity (e.g., Aadhaar Card, PAN Card, Passport, Voter ID Card, or Driving License)
• Proof of Income (such as salary slips, current dated salary certificate, bank statement of the last 3 months, or latest ITR/ Form 16)
• Two passport size photographs
• A cheque for the payment of the required processing fees

Also Read : Best Home Loan Documents Required