Make the best use of your property, whenever you are in urgent needs of funds. Yes, your property, your assets can now also be used to avail a loan against them. There are many renowned lenders in the market these days, known for offering loan against property, and Karur Vysya Bank is among them. You can cater all your needs with the help of Karur Vysya Bank Loan Against Property so as to utilize your property's potential at its fullest. So, before going any further, read this article below to have an insight of this product.
Table of Contents
Karur Vysya Bank Loan Against Property Details:
- 1.1 Eligibility Criteria for Karur Vysya Bank Loan Against Property
- 1.2 Karur Vysya Bank Loan Against Property Eligibility
- 1.3 Karur Vysya Bank Loan Against Property EMI Calculator
- 1.4 Documentation Required for Karur Vysya Bank Loan Against Property
- 1.5 Features & Benefits of Karur Vysya Bank Loan Against Property
Karur Vysya Bank Loan Against Property Details:
|Interest Rates||12.9% p.a.|
|Processing Fees||0.50% of the loan amount|
|Foreclosure Charges||2.00% on the amount pre paid|
Eligibility Criteria for Karur Vysya Bank Loan Against Property
- Minimum 2 years of work experience; in case of self-employed, minimum 2 years of business continuity
- Minimum age of 21 years and maximum age for 60 years (loan completion age)
- Minimum take home income of Rs.25,000/- per month
- Co-applicant applicable in case of LAP, Spouse/Parents/Children
Karur Vysya Bank Loan Against Property Eligibility
Now, let us understand the loan amount eligibility with the help of an example below.
Let's assume that you work in a renowned company and earning an attractive salary of Rs.1,00,000 monthly. So, after deducting all your necessary monthly expenses, you would be saving around 40%-50% of your income each month. Let's say, if you are able to save around 50% of your monthly income, you might be interested to know your eligibility for LAP.
However, if Karur Vysya assumes that you save around Rs.50,000 per month out of your monthly income of Rs.1,00,000. So, your savings can be used to repay the EMIs of this loan. So, now, if you calculate your amount, tenure and rate of interest, you will get to know your EMIs that you will have to pay every month so as to repay the loan amount that you are eligible for.
Amount- Rs.1 Lakh
Loan Tenure- 5 years
Rate of Interest- 12.9% p.a.
Your monthly EMI will be Rs.2,270
So your calculation for LAP would be
Rs. 1 Lakh x 50000/3413=Rs.22.02 Lakhs
So, your loan amount eligibility is Rs.22.02 Lakhs
Karur Vysya Bank Loan Against Property EMI Calculator
When it comes to EMI, it is nothing, but the sum of the interest and principal which is payable each month on LAP. So, now you must be wondering how this bank is going to calculate your EMI for this loan. Well, your EMI gets calculated in a very easy and simple manner. The EMI Calculator takes into account your loan amount, interest rate and tenure of the loan in order to calculate your monthly installments.
Moreover, firstly the calculator will computes the interest component and then the principal amount that you will have to pay towards your loan.
For Example: If you are interested in availing a loan of Rs.10,00,000 from Karur Vysya for 8 years at an interest rate of 12.9% p.a., then you must be wondering about the EMI, total interest outgo and total amount payable from your pocket will be Rs.16,751, Rs.6,08,131, and Rs.16,08,131 at the end of your loan tenure.
In fact, for your reference there is a table below, wherein you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.
Table showing EMI, interest outgo and total amount payable on your loan against property
|Loan Amount||Loan Tenure||Interest Rate||EMI||Total Interest Outgo||Total Amount (EMI+Interest)|
|Rs.10,00,000||1||12.9% p.a.||Rs. 89,270||Rs. 71,244||Rs. 10,71,244|
|Rs.10,00,000||2||12.9% p.a.||Rs. 47,495||Rs. 1,39,877||Rs. 11,39,877|
|Rs.10,00,000||3||12.9% p.a.||Rs. 33,646||Rs. 2,11,249||Rs. 12,11,249|
|Rs.10,00,000||4||12.9% p.a.||Rs. 26,778||Rs. 2,85,339||Rs. 12,85,339|
|Rs.10,00,000||5||12.9% p.a.||Rs. 22,702||Rs. 3,62,115||Rs. 13,62,115|
|Rs.10,00,000||6||12.9% p.a.||Rs. 20,021||Rs. 4,41,538||Rs. 14,41,538|
|Rs.10,00,000||7||12.9% p.a.||Rs. 18,138||Rs. 5,23,562||Rs. 15,23,562|
|Year||Principal Payment||Interest Outgo||Balance Amount|
|1||Rs. 76,427||Rs. 124,585||Rs. 923,573|
|2||Rs. 86,891||Rs. 114,121||Rs. 836,682|
|3||Rs. 98,787||Rs. 102,225||Rs. 737,895|
|4||Rs. 112,309||Rs. 88,703||Rs. 625,586|
|5||Rs. 127,686||Rs. 73,326||Rs. 497,900|
|6||Rs. 145,168||Rs. 55,844||Rs. 352,732|
|7||Rs. 165,041||Rs. 35,971||Rs. 187,691|
|8||Rs. 187,870||Rs. 13,375||Rs. 0|
Documentation Required for Karur Vysya Bank Loan Against Property
- Salaried: Latest 3 years Payslip, 6 months Salary account bank statement &, Latest year Form 16.
- Self-employed: Latest 2 years ITR, Financial Documents (P & L account, Balance Sheet, Schedules to Balance Sheet & Tax Audit report) & 6 months Company primary Current account statement
- Your current obligations i.e. the other installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use
- Pan Card, Secondary ID Proof (DL, Adhaar card, Voter's ID) & Passport size photo
Proof of Employment/Business Continuity
- Salaried: Form 16 or Appointment letter, dated 2 years or earlier period
- Self-employed: ITR or Sales/Service Tax registration certificate, dated 2 years or earlier period
Property Documents (In case of LAP)
- Under construction property – Allotment letter, Proof of booking amount paid and Payment schedule
- Ready Property – Sale Deed, Parent Documents, Property tax paid certificate (Latest), Khatha (7/11 extract) and Latest EC
- Plot & Self-construction – Sale Deed, Parent Documents, Khatha (7/11 extract) and Latest EC
Features & Benefits of Karur Vysya Bank Loan Against Property
- Maximum Loan amount
- Convenient loan repayment options
- Both residential and commercial property accepted as collateral
- Minimal documentation and faster approvals
- Attractive interest rates