Karnataka Bank Limited Home Loan Interest Rate at 8.95% - 10.22%
|INTEREST RATE||8.95% - 10.22%|
|LOAN TENURE||30 Years|
|PROCESSING FEE||0.25% of the loan amount, subject to a minimum of Rs 250|
|PRE CLOSURE CHARGES||As decided by the bank from time to time|
Calculate Karnataka Bank Home Loan EMI Calculate EMI Now
About Karnataka Bank
Karnataka Bank Limited is a private sector bank in india. Karnataka Bank Limited was founded on 1924. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Karnataka Bank Limited which includes Karnataka Bank Limited Official Website, Karnataka Bank Limited ATMs accross the India, Karnataka Bank Limited Branches accross the India, Karnataka Bank Limited Contact Numbers, Karnataka Bank Limited official EmailID, Karnataka Bank Limited Headquarter and Karnataka Bank Limited Headquarter Address. Find Karnataka Bank Limited Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Other Products of Karnataka Bank Limited:
|Home Loan||Personal Loan|
|Education Loan||Business Loan|
|Car Loan||Two Wheeler Loan|
|Gold Loan||FD Interest Rates|
|RD Interest Rates||Bank ATMs|
Why Karnataka Bank Home Loan?
- Karnataka Bank provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 24/7 customer care service of Karnataka Bank offers timely assistance to the customers
Karnataka Bank Home Loan PurposeConstruction | purchase of house | flat. Renovation | remodelling | repair to existing house | flat.
Karnataka Bank Home Loan Eligibility
- The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
- The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
- The applicant must be salaried or self-employed with a regular income.
- The applicant must earn more than the minimum required income.
Karnataka Bank Home Loan Document Required
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- For Construction/ Renovation case, cost estimate from the Architect
Tax Benefits of availing Karnataka Bank Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
Karnataka Bank Home Loan AmountFor Purchase/Construction: Max. Rs 5 Crore
For Renovation,Remodelling,Extension or Repair: Max. Rs 30 Lakhs
MarginNew construction : 10% to 25%
Houses | Flat above 10 years: 30%
Karnataka Bank Home Loan RepaymentConstruction: up to 30 years
Renovation|Repair: 7 years
SecurityMortgage of house property to be constructed | purchased | repaired | remodelled | renovated. Guarantee of the spouse wherever feasible in the absence of which third party solvent guarantor.
In Case of Prepayment of Karnataka Bank Home Loan, will EMI change?
One can pre-pay Karnataka Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
How to reduce your Home Loan EMI?
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Note : KBL APNA GHAR|ELITE (Finance for purchase|renovate house), KBL HOME COMFORT (Finance for furnishing house), KBL GHAR NIVESHAN (Finance for purchase of house site) and KBL HOME TOP UP (Finance for meeting personal requirements) schemes are available.
Contact details of Karnataka Bank Limited, Karnataka Bank Limited SMS balance check number SMS banking, Karnataka Bank Limited mobile banking, Karnataka Bank Limited toll free number,Karnataka Bank Limited toll free number 24*7, Karnataka Bank Limited miss call number.
- MISSED CALL NUMBERS - 18004251445
- CUSTOMER CARE NUMBERS - 18004251444, 18005728031, 080-22021500
- CONTACT NUMBERS - 18004251444, 18005728031, 080-22021500
Karnataka Bank Limited Contact Details
- BANK OFFICIAL WEBSITE - https://www.karnatakabank.com
- CONTACT NUMBERS - 18004251444, 18005728031, 080-22021500
- EMAIL ID - firstname.lastname@example.org
- MISSED CALL NO. - 18004251445
- CUSTOMER CARE NO. - 18004251444, 18005728031, 080-22021500
- TOTAL BRANCHES - 940
- HEADQUARTER - Mangaluru
- BANK ADDRESS - Post Box No. 599.Mahaveera Circle, Kankanady, Mangaluru-575002, Karnataka
Karnataka Bank Home Loan FAQs Home Loan Document Required
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