Karur Vysya Bank Home Loan

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

About Karur Vysya Bank Home Loan

An Indian Private-Sector Bank, headquartered in Karur, Tamil Nadu, it would not be wrong to say that Karur Vysya Bank is a name you can trust. This prestigious Bank with its wide range of unique products and customer-friendly services ensures to cater the diverse needs of one and all. Being founded in the year 1916 , there is no denying the fact that since then this bank has been delivering the best financial services and products to all its esteemed customers around the world. Moreover, if we talk about the diverse product range being offered by the bank, it is into everything, ensuring that all its customers always get nothing but the best.

But, if we specially talk about home loan, the bank offers this credit facility to those individuals who want to own a beautiful home of their dreams. You can avail this credit facility from the bank at competitive rates along with flexible tenures of 25 years. Not only this, with minimal fee and charges along and easy documentation, this lender makes sure that all your needs can easily be fulfilled without any hassle. This is the reason that this bank has created its own niche in the industry and has become the favorite of many when it comes to availing the home loan. In case you are interested to know more about Karur Vysya Bank Home Loan, this page is worth reading for you.

Karur Vysya Bank Home Loan Interest Rates November 2023

Particulars Details
Interest Rates 9.23% - 12.13%
Loan Amount Up to INR 50 Lakhs
Tenure 25 Years
Processing Fee INR 3,750 - INR 12,500 of the loan amount

Eligibility Criteria for Karur Vysya Bank Home Loan

If you want to avail a home loan from Karur Vysya Bank, knowing about the eligibility norms set by the bank is also important. So kindly read the below points to know the eligibility criteria of the bank for home loan.

  • If you are an Indian Resident, you are eligible to apply for the home loan being offered by the bank.
  • Individuals belonging to HUF (opening through kartas) are also eligible to apply for a home loan.
  • The minimum age required of an individual should be 21 years.

Karur Vysya Bank Home Loan EMI Calculator

If you are curious to know the exact calculations of the monthly installments of your home loan, with the help of an EMI Calculator you can easily do the same. Yes, this smart, time -saving and effective device helps in knowing your monthly installments in the least time frame. This device works on a simple and easy phenomenon, where you only need to feed few credential into the device. Yes, all you need to do is just feed the credentials- Loan Amount, Tenure and Interest Rate.

With the help of entering these values into the device, it will give you the results in the least time frame. Within a fraction of a second, this tool churns out the results for you, hence allows you to know the exact calculations of your Karur Vysya Bank home loan EMIs, Interest Outgo and Total Amount Payable. However, to have better clarity on the same, just take a look at the example below.

Suppose, Rashmi Bansal, a 28-year-old SEO Manager by profession is looking to avail a home loan of INR 30 Lakh. This bank has agreed to offer her the same loan amount at an interest rate of 9.50% per annum for a tenure of 10 years. Now, what would be the EMIs, interest outgo and total amount payable on her overall home loan journey? Find out the same by just looking at the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 30,00,000 9.50% 1 ₹ 2,63,051 ₹ 1,56,606 ₹ 31,56,606
₹ 30,00,000 9.50% 2 ₹ 1,37,743 ₹ 3,05,843 ₹ 33,05,843
₹ 30,00,000 9.50% 3 ₹ 96,099 ₹ 4,59,559 ₹ 34,59,559
₹ 30,00,000 9.50% 4 ₹ 75,369 ₹ 6,17,732 ₹ 36,17,732
₹ 30,00,000 9.50% 5 ₹ 63,006 ₹ 7,80,335 ₹ 37,80,335
₹ 30,00,000 9.50% 6 ₹ 54,824 ₹ 9,47,333 ₹ 39,47,333
₹ 30,00,000 9.50% 7 ₹ 49,032 ₹ 11,18,683 ₹ 41,18,683
₹ 30,00,000 9.50% 8 ₹ 44,733 ₹ 12,94,336 ₹ 42,94,336
₹ 30,00,000 9.50% 9 ₹ 41,428 ₹ 14,74,233 ₹ 44,74,233
₹ 30,00,000 9.50% 10 ₹ 38,819 ₹ 16,58,312 ₹ 46,58,312

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 1,88,916 ₹ 2,76,915 ₹ 28,11,083
2 ₹ 2,07,665 ₹ 2,58,165 ₹ 26,03,417
3 ₹ 2,28,276 ₹ 2,37,555 ₹ 23,75,141
4 ₹ 2,50,932 ₹ 2,14,899 ₹ 21,24,209
5 ₹ 2,75,836 ₹ 1,89,995 ₹ 18,48,372
6 ₹ 3,03,212 ₹ 1,62,619 ₹ 15,45,160
7 ₹ 3,33,305 ₹ 1,32,525 ₹ 12,11,854
8 ₹ 3,66,385 ₹ 99,446 ₹ 8,45,468
9 ₹ 4,02,748 ₹ 63,083 ₹ 4,42,720
10 ₹ 4,43,025 ₹ 23,111 ₹ 0

Documents Required for Karur Vysya Bank Home Loan

Both salaried as well as self-employed individuals are free to apply for the home loan being offered by the bank. But when it comes to availing the same is concerned, you need a list of complete documentation ready at your end. So to know about the required documents, just go to the page below.

Proofs Salaried Self-employed
Identity Proof Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License
Address Proof Passport/Aadhar Card /Utility Bill Passport/Aadhar Card /Utility Bill
Residence Ownership Proof Property Documents/Maintenance Bill/Electricity Bill Property Documents/Maintenance Bill/Electricity Bill
Income Proof Salary certificate for the last 6 Months to be submitted along with certificate from the Employer Latest ITR/Income Statement to be submitted
Bank Statement Latest 1 year statement where your salary is getting credited Latest 1 year statement where your salary is getting credited
Job Continuity Proof Current Employment Certificate /Current Job Appointment letter (if it is more than 2 years) /Experience Certificate (including your previous job certificate or appointment and relieving letter) NA

Features and Benefits of Karur Vysya Bank Home Loan

There are several features of Karur Vysya Bank Home Loan that an applicant can enjoy. We are providing the details about them below. Have a look!

  • Minimal Documentation – Worried about the tiring and long documentation process? With the help of Karur Vysya Bank Home Loan, you can apply for the loan amount with minimum documents. The documentation process is easy and hassle-free.
  • Quick Processing – Karur Vysya believes in fast service when it comes to the processing of your loan application. This makes sure the application authentication and other related processes happen quickly, saving your precious time.
  • Easy Repayment Options – Repayment is one important part of the loan and Karur Vysya Bank understands this thing very well. That’s why you can choose from a range of repayment options according to your convenience.
  • Fastest Disbursals – As soon as you submit your application and the overall documentation and authentication process is done, the loan amount will be disbursed into your account and you can purchase the home you wanted.
  • Doorstep Service – With the Karur Vysya Bank Home Loan, you can opt for the doorstep service too, with which your overall loan procedure will be done at your doorstep. You just need to get in touch with the customer care service of the Bank.