About Karnataka Bank Home Loan
A major banking institution based in the coastal city of Mangalore in Karnataka, India, it would not be wrong to say that Karnataka Bank is a name to reckon with. Well-designed by Reserve Bank of India as A1+ Class scheduled commercial bank, this reputed entity is here to offer the best financial products to one and all. Being founded in the year 1924 with a supervision to deliver the best financial services to all its esteemed customers, there is no denying the fact that this bank is here to stay. With a network of over 765 branches and more than 1334 ATMs in 21 states and two union territories, this reputed bank ensures that all your needs can easily be fulfilled. If we talk about its home loan, the bank offers the same credit facility with multiple features and benefits to choose from.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Right from buying a beautiful home to constructing the new one, it would not be wrong to say that Karnataka Bank home loan comes handy to meet all your dream home wishes. Being available for a tenure of up to 30 years along with offering the maximum loan amount of up to Rs. 500 Lakh, this reputed bank makes sure that you own a home of your dreams in the most hassle-free manner. The bank with its unique and well-designed financial products ensures that you get the best products and services in the best possible way. In order to know more about the same, just read the page further.
Karnataka Bank Home Loan Interest Rates
|Home Loan Interest Rate||8.08% - 8.85%|
|Loan Amount||Up to INR 500 Lakh|
|Processing Fee||0.50% of the loan amount|
Eligibility Criteria for Karnataka Bank Home Loan
- If you are interested in availing the home loan from this reputed bank, all you need to do is just read the page further to know about the eligibility criteria of availing this home loan.
- Individuals who are the resident of India are eligible to apply for the home loan of this bank.
- If you are a salaried individual, you are eligible to apply for a home loan being offered by this bank.
- For salaried, a minimum gross monthly income of ₹10,000 is required to apply for the loan.
- The age of the individual should be 21 years and above.
Karnataka Bank Home Loan EMI Calculator
If you are wondering how to calculate your EMIs of a home loan, nothing to worry as EMI Calculator is here to help. This smart and time-saving tool allows you to know the exact calculations of your monthly installments in the most hassle-free manner. Not only the EMIs, but this tool also lets you know the interest outgo and total amount payable on your overall loan. This device works on one simple algorithm, wherein the user needs to feed few important credentials into the tool. Yes, all you need is:
With the help of feeding these credentials into the device, you would be able to know the exact calculations of your monthly installments in the least time frame. The device allows you to know the same in just a blink of an eye. Yes, it is that fast! Well, to have a better understanding of the same. Let’s just take a look at the example below.
Suppose, Rahul Verma, a Senior Content Writer in a renowned company is looking to avail a home loan of ₹20 Lakh. The bank has agreed to offer him the same loan amount at an interest rate of 8.90% per annum for a tenure of 10 years. So, let’s see what would be the EMIs, interest and total amount payable? Let’s find out the same in the table below…
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 20,00,000 8.90% 1 ₹ 1,74,810 ₹ 97,723 ₹ 20,97,723 ₹ 20,00,000 8.90% 2 ₹ 91,278 ₹ 1,90,666 ₹ 21,90,666 ₹ 20,00,000 8.90% 3 ₹ 63,506 ₹ 2,86,231 ₹ 22,86,231 ₹ 20,00,000 8.90% 4 ₹ 49,675 ₹ 3,84,408 ₹ 23,84,408 ₹ 20,00,000 8.90% 5 ₹ 41,420 ₹ 4,85,183 ₹ 24,85,183 ₹ 20,00,000 8.90% 6 ₹ 35,952 ₹ 5,88,536 ₹ 25,88,536 ₹ 20,00,000 8.90% 7 ₹ 32,077 ₹ 6,94,447 ₹ 26,94,447 ₹ 20,00,000 8.90% 8 ₹ 29,197 ₹ 8,02,889 ₹ 28,02,889 ₹ 20,00,000 8.90% 9 ₹ 26,980 ₹ 9,13,832 ₹ 29,13,832 ₹ 20,00,000 8.90% 10 ₹ 25,227 ₹ 10,27,245 ₹ 30,27,245 Year Principal Interest Balance Amount 1 ₹ 1,29,940 ₹ 1,72,784 ₹ 18,70,059 2 ₹ 1,41,988 ₹ 1,60,736 ₹ 17,28,071 3 ₹ 1,55,153 ₹ 1,47,571 ₹ 15,72,917 4 ₹ 1,69,539 ₹ 1,33,185 ₹ 14,03,377 5 ₹ 1,85,259 ₹ 1,17,465 ₹ 12,18,117 6 ₹ 2,02,437 ₹ 1,00,287 ₹ 10,15,680 7 ₹ 2,21,207 ₹ 81,517 ₹ 7,94,472 8 ₹ 2,41,718 ₹ 61,006 ₹ 5,52,753 9 ₹ 2,64,131 ₹ 38,593 ₹ 2,88,622 10 ₹ 2,88,807 ₹ 14,102 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Documentation Required for Karnataka Bank Home Loan
If you are interested in applying for the home loan of Karnataka Bank, you also need to have the complete list of documents ready at your end. Read the page below to know about the documents required.
- Identity Proof: Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License
- Address Proof:Passport/Aadhar Card /Utility Bill
- Residence Ownership Proof:Property Documents/Maintenance Bill/Electricity Bill
- Income Proof:Latest 3 months Salary Slips and Form 16
- Business Existence Proof:NA
- 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)
- Bank Statement:Latest 1 year statement where your salary is getting credited
- Property Documents:Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If Applicable)
- Advance Processing Cheque: Required
- Investment Proof:Fixed Deposit/Shares/Fixed Assets, etc.
- Passport Size Photograph:Required
Features & Benefits of Karnataka Bank Home Loan
- Easy Documentation
- Fast Processing
- Flexible Repayment Options
- Hassle-free & Transparent Process