Karnataka Gramin Bank Home Loan Interest Rate at 8.45% Onwards
| INTEREST RATE | 8.45% Onwards |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | Up to 0.50 % of the loan amount |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | Nil |
Calculate Karnataka Gramin Bank Home Loan EMI Calculate EMI Now
About Karnataka Gramin Bank
Karnataka Gramin Bank is a gramin bank in india established on 04-01-2019. It has headquarter in Ballari and address is 32, Sanganakal Rd, KHB Colony, Basaveshwar Nagar, Gandhi Nagar, Ballari, Karnataka 583103. it has 7 branches across the state.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Karnataka Gramin Bank Home Loan Interest Rates, Housing Loan at and 8.45% Updated on February 2024. Apply for Home Loan Online. Find Karnataka Gramin Bank Home loan purpos, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why Karnataka Gramin Bank Home Loan?
- Karnataka Gramin 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 Gramin Bank offers timely assistance to the customers
Karnataka Gramin Bank Home Loan Purpose
- Construction of house and purchase of flat
- Purchase of Site & construction of house
- Purchase of ready built house (not more than 25 years old)
- Expansion/ Renovation/ Up gradation/ Additional amenity for own house
Karnataka Gramin 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 Gramin 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 Gramin 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 Gramin Bank Home Loan Amount
- Salaried class: 60 times of last drawn Gross salary (25% net take home)
- Non-salaried class: 4 years Gross annual income (40% net take home)
- 75% of the estimation/ value of the building (maximum of 4 years gross annual income)
Margin
Age of the building less than 10 years: 15%Age of the building above 10 years 7 upto less than 25 years: 25%
Karnataka Gramin Bank Home Loan Repayment
Maximum 30 years (Including moratorium period)However, repayment should be fixed in such a way that the entire loan should be recovered before the main borrower (Income earning) attains the age of 70 years
Security
Co-obligation/guarantorCollateral security of mortgage of House to be constructed/ purchased
In Case of Prepayment of Karnataka Gramin Bank Home Loan, will EMI change?
One can pre-pay Karnataka Gramin 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
Contact details of Karnataka Gramin Bank, Karnataka Gramin Bank SMS balance check number SMS banking, Karnataka Gramin Bank mobile banking, Karnataka Gramin Bank toll free number,Karnataka Gramin Bank toll free number 24*7, Karnataka Gramin Bank miss call number.
- CONTACT NUMBERS - 1800 10 25250
Karnataka Gramin Bank Contact Details
- BANK OFFICIAL WEBSITE - https://karnatakagraminbank.com/
- CONTACT NUMBERS - 1800 10 25250
- EMAIL ID - [email protected]
- TOTAL BRANCHES - 7
- HEADQUARTER - Ballari
- BANK ADDRESS - 32, Sanganakal Rd, KHB Colony, Basaveshwar Nagar, Gandhi Nagar, Ballari, Karnataka 583103
Karnataka Gramin Bank Home Loan FAQs Home Loan Document Required
