Karur Vysya Home Loan Interest Rate
Buying a home has become easier with the presence of eminent banks like Karur Vysya Bank, which offers hassle-free home loans. If you are an eligible applicant with a good CIBIL score, you can even expect instant home loan approval from KVB within 15 minutes. Karur Vysya Bank home loan interest rate begins at 8.95% per annum. KVB home loan interest rate for a top-up plan starts at 9.20% per annum. The bank charges a processing fee of Rs. 2,500 for home loans up to Rs. 25 lakhs and Rs. 5,000 for loan amounts between Rs. 25 lakhs and Rs. 50 lakhs, and Rs. 7,500 for loan amounts over Rs. 50 lakhs. KVB home loan borrowers can easily repay the home loan amount in 25 years.
Karur Vysya Home Loan EMI Calculator
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Karur Vysya Bank Home Loan Key Highlights
| Amount of Loan | Up to 90% of the property value |
|---|---|
| Rate of Interest | 8.95% p.a. onwards |
| Processing Fees |
Rs. 2,500 - Rs. 7,500 + GST |
| Max Tenure for Loan Repayment | 25 years |
Karur Vysya Bank Home Loan Interest Rates in 2024
KVB home loan interest rate starts at 8.95% per annum. No matter whether you are self-employed or salaried, you can easily apply for a home loan at Karur Vysya Bank with minimum documentation and easy eligibility criteria. For your quick reference, we are now highlighting the Karur Vysya Bank home loan interest rate 2024:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 8.95% per annum onwards |
| Self-Employed Applicants | 8.95% per annum onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.95% per annum onwards |
Karur Vysya Gruhapravesh Home Loan Interest Rates for NRIs
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.95% - 11.00% per annum |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Customers | 9.20% - 10.55% per annum |
Interest rates were last updated on 19th January 2024
Karur Vysya Bank Home Loan Interest Rates for All Schemes in India
Keeping in mind the varied needs of customers, KVB offers three types of home loan schemes. The rate of interest for these plans may vary from each other. Have a look at the table below to understand these 3 popular housing loan schemes offered by Karur Vysya Bank:
| Rates of Interest for Each Plan | Rates of Interest for Each Plan |
|---|---|
| Karur Vysya Bank Happy Home Loan | 8.95% - 11.00% per annum |
| Karur Vysya Bank Gruhapravesh Home Loan for NRI | 8.95% - 11.00% per annum |
| Karur Vysya Bank Top-Up Loan | 9.20% - 10.55% per annum |
Karur Vysya Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
Karur Vysya Bank knows how to make it more convenient for the customers applying for home loans, and for this, it offers three flexible options mentioned below:
Karur Vysya Bank Home Loan Balance Transfer
The Karur Vysya Bank Balance Transfer home loan scheme allows existing home loan borrowers to switch to KVB at a lower interest rate. It is a scheme that comes with improved loan terms and cost savings. The rate of interest for Karur Vysya balance transfer housing loan starts at 8.95% p.a.
Karur Vysya Bank Home Loan Top-Up
Karur Vysya Bank offers an additional loan facility in the form of a top-up plan to existing home loan customers. Through these plans, customers can easily borrow some more money on top of their existing loan amount. KVB top-up home loan interest rate starts at 9.20% per annum.
Karur Vysya Bank Home Loan Overdraft Option
The third interesting and useful option comes in the form of the Karur Vysya Bank overdraft facility. It is an excellent way to extract more funds apart from the home loan amount to manage other financial expenses. The KVB OD scheme also comes with an interest rate starting at 8.95% per annum.
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Compare Karur Vysya Bank Home Loan Interest Rate with Top Banks
If you have already decided to apply for a Karur Vysya Bank home loan, go ahead. In case you are still not so sure, then we suggest you compare the interest rate of KVB and its processing fee with other competitor banks and non-banking financial companies to make an informed decision:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Karur Vysya Bank | 8.95% p.a. onwards | Rs. 2,500 - Rs. 7,500 + GST |
| Bank of Baroda | 8.40% p.a. onwards | Nil |
| LIC HFC | 8.50% p.a. onwards | Up to 0.25% (Maximum: Rs. 25,000) |
| Bajaj Housing Ltd. | 8.50% p.a. onwards | Up to 7.00% of the loan amount + GST |
| Kotak Mahindra | 8.75% - 9.60% p.a. | 0.5% - 1.0% of the loan amount + taxes |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Maximum: Rs. 3,540) |
Karur Vysya Bank Home Loan Balance Transfer Interest Rates
KVB is a customer-centric bank that aims to offer financial assistance to new and existing customers. One such scheme through which the bank tries to help these customers is by providing them with a flexible option to shift their existing home loan amount to KVB at a better interest rate under its home loan balance transfer scheme.
Karur Vysya Bank's home loan transfer interest rate begins at 8.95% per annum. It is a brilliant opportunity to secure a lower interest rate on a home loan. Please go through the following steps to apply for a KVB balance transfer loan scheme:
- Visit the Repay Right Section on the official website of the BASIC Home Loan - Repay Right
- Fill in the key details asked in the form, such as the accurate information about the outstanding loan amount, the ongoing loan repayment tenure and rate of interest per annum, the existing new EMI you pay on the home loan amount, and the new rate of interest per annum
- Proceed ahead by clicking on “Next” by entering the essential details in the online form
- The next page on display will acquaint you with your overall savings on the Karur Vysya Bank Home Loan Balance Transfer Scheme
- The other easy option is to contact the BASIC Home Loan team to learn in detail about the KVB home loans and apply for one
Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan
How to Calculate Karur Vysya Bank Home Loan Interest Rates?
By calculating the applicable interest rate one can find out the EMI that is payable every month on a Karur Vysya Bank home loan. Simply use the shortcut that comes in the form of an online EMI calculator available at EMI. Plan your finances better using this online EMI calculator. Have a look at the detailed table below to understand the monthly EMI for different tenure for a KVB housing loan:
Karur Vysya Bank Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.95% p.a. | Rs. 12,641 | Rs. 8,965 | Rs. 8,010 |
| Rs. 20 lakh | 8.95% p.a. | Rs. 25,281 | Rs. 17,930 | Rs. 16,021 |
| Rs. 30 lakh | 8.95% p.a. | Rs. 37,922 | Rs. 26,895 | Rs. 24,031 |
| Rs. 40 lakh | 8.95% p.a. | Rs. 50,562 | Rs. 35,861 | Rs. 32,041 |
| Rs. 50 lakh | 8.95% p.a. | Rs. 63,203 | Rs. 44,826 | Rs. 40,051 |
| Rs. 60 lakh | 8.95% p.a. | Rs. 75,843 | Rs. 53,791 | Rs. 48,062 |
| Rs. 70 lakh | 8.95% p.a. | Rs. 88,484 | Rs. 62,756 | Rs. 56,072 |
| Rs. 80 lakh | 8.95% p.a. | Rs. 1,01,124 | Rs. 71,721 | Rs. 64,082 |
| Rs. 90 lakh | 8.95% p.a. | Rs. 1,39,361 | Rs. 1,11,460 | Rs. 1,06,140 |
| Rs. 1 crore | 8.95% p.a. | Rs. 1,26,405 | Rs.89,651 | Rs. 80,103 |
You just went through an estimated EMI payable on home loan at 8.95% p.a. interest rate offered by the Karur Vysya Bank. Remember, this is subject to change depending on the change in the rate of interest and other market conditions.
FAQ's
Although Karur Vysya Bank has no specific credit score requirement for home loans. It would be easier for any applicant with a minimum credit score of 750 to get home loan approval from the bank.
The home loan repayment holiday period of the moratorium period refers to the time period between the loan disbursement and the commencement of the loan repayment. Karur Vysya Bank's repayment holiday period is up to 24 months.
The maximum loan repayment period offered by Karur Vysya Bank on housing loans is up to 25 years.
Karur Vysya Bank home loans are available on a floater and fixed rate basis. Floater rate basis means fluctuating interest rates and fixed rate basis means the interest rate is fixed throughout the tenure.
To apply for a home loan from Karur Vysya Bank, an applicant must be between the ages of 23 and 65 and an Indian citizen with a decent credit score. A person has to be either salaried or self-employed when applying for a home loan from Karur Bank. KVB also offers home loans to NRIs and PIOs.
To check the KVB home loan status, a person can call their toll-free number 1860 200 1916. Alternatively, you may also check the status online by visiting the official website of Karur Vysya Bank.