- KVB Home Loans Start from 7.25%*
- Avail KVB Home Loan Balance Transfer
Are you resting your home dream on Karur Vysya Bank Home Loan? But have you checked the rates? No! Do that now to get an idea of the cost you are going to bear on availing a home loan from the bank to buy a property. The interest rates are one of the critical elements influencing the amount of EMI on a loan.
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Karur Vysya Bank Home Loan Interest Rates February 2023
|Home Loan Interest Rate||7.25% - 9.55%|
|Loan Amount||Upto INR 50 Lakhs|
|Loan Tenure||Up to 25 Years|
|Processing Fee||INR 2,500 - INR 7,500 + GST|
Karur Vysya Bank Home Loan Balance Transfer Rates
Repaying a home loan, availed somewhere, at a higher interest rate than Karur Vysya Bank (KVB). Why not then switch your balance to KVB to get the EMI and the interest repayments reduced significantly over the long term. Often in a home loan, which runs for as long as 30 years, borrowers avail the balance transfer option to cut down their liability.
How much Money Can You Save by Using the Karur Vysya Bank Home Loan Balance Transfer Facility?
With the Balance Transfer Facility provided by Karur Vysya Bank, if you are in the initial years of home loan, you can have substantial savings. Let us tell why? The interest portion in the initial years of the home loan is generally higher than the principal amount. Suppose that you took a home loan for a period of 20 years, and if you opt for the Balance Transfer facility within the initial 10 years of your tenure, you can save a huge amount on both EMI and total interest outgo.
As we told you that you can transfer your outstanding loan amount with the help of Karur Vysya Bank Balance Transfer facility. Let’s consider an example to know the savings you could make with a balance transfer.
Suppose an applicant already has a 20-year home loan of INR 35 lakh at 10% per annum. With this loan amount, the applicant must be paying an EMI of INR 33,776. Let’s say that after paying EMIs for seven years, the applicant wants to opt for a Home Loan Balance Transfer facility at an interest rate of 8.20% per annum and get the same at Karur Vysya Bank. You can see that this interest rate is lower than the interest rate on the current loan facility. How much will you save on the said transaction? The table below will give us an answer.
|Existing Loan Amount||INR 35,00,000|
|EMI at the current interest rate of 10% per annum||INR 33,776|
|Estimated Interest Outgo at 10% per annum||INR 46,06,182|
|Interest Paid till now ( 7 Years )||INR 22,78,693|
|Outstanding Balance at the end of 7 years||INR 29,42,528|
|EMI at the new interest rate of 8.20% per annum||INR 23,796|
|Interest Outgo at the new interest rate of 8.20% per annum||INR 14,33,431|
|Interest Paid till now + Interest for the remaining 13 years||INR 37,12,224|
|Estimated EMI Saving||INR 9,980 per month|
|Estimated Interest Savings||INR 8,93,958|
So, from the above table, you can clearly see how you can save a huge amount on both EMI and Total Interest Outgo by opting for the Balance Transfer Facility of Karur Vysya Bank. Due to low home loan interest rates of Karur Vysya Bank, the EMIs will be much lower and you can save around INR 10,000 per month while repayment. When it comes to interest outgo, the savings will be around INR 9 lakh for your total tenure. So, opting for a balance transfer facility can be a wise decision for you if you want to save a big chunk of your hard-earned money.
How to Apply for Karur Vysya Bank Home Loan Online?
Now it’s time to apply, right? So, go online and do the needful. Visit the official website of Karur Vysya Bank, find the application form, fill and submit it to the lender for further processing. As soon as the bank receives your application, it will start checking the authenticity of the details submitted. Subsequent to successful verification, KVB will approve your home loan application.