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Karnataka Bank Home Loans
Karnataka Bank home loans are exclusively designed to meet the homebuying needs of the common Indian borrowers. Home loans offered by Karnataka Bank Limited come with excellent terms and conditions and the repayment terms are also flexible.
About Karnataka Bank Home Loans
Karnataka Bank home loans have been carefully tailored to satisfy a number of needs of the borrowers. These loans also give you the benefit of attractive interest rates. Given below are the important features of Karnataka Bank home loans:
Eligibility criteria for Karnataka Bank home loans
Given below are the eligibility criteria for Karnataka Bank home loans:
- Resident individuals in India are eligible.
- Salaried individuals with a minimum age of 21 years and over can qualify. They should be working in permanent employment for their current job and should have a gross monthly income of at least Rs. 6,000 and total period of service without break of at least 3 years.
- Professionals/businessmen/self-employed individuals with a minimum age of 21 years and over can qualify. Nevertheless, the loan term along with the borrower’s age should not surpass 70 years. Their business should be running for at least 3 years and they should have a gross yearly income of at least Rs.60,000.
Purpose of Karnataka Bank home loans:
You can avail a Karnataka Bank home loan for the following purposes:
- Purchase/construction of flat/house.
- Modification/renovation/maintenance to current flat/house.
Amount of finance for Karnataka Bank Home Loans:
- For salaried individuals, 60 times the most recently drawn net monthly income
- In case of traders/professionals/self employed persons, 5 times the most recent net yearly income plus depreciation incurred, if any, as mentioned by Profit & Loss A/c or Rs.50 lakhs, whichever is less.
Maximum amount of loan available is upto Rs.10 lakhs or 40% of the property value, whichever is less.
Repayment term of Karnataka Bank home loans:
The maximum repayment term of the loan is 15 years. Upto 18 months of repayment holiday will be taken into account.
Security for Karnataka Bank home loans:
The following will work as security against Karnataka Bank home loans:
- Mortgage of residential property to be purchased/constructed/ remodeled/repaired/renovated.
- Security of the spouse whenever applicable failing which third party solvent guarantor.
Mode of repayment for Karnataka Bank Home Loans:
You can pay off a KBL home loan through equated/equal monthly installments or EMIs.
Margin for Karnataka Bank Home Loans
The margin for a KBL Home loan is as follows:
- For construction of a property on a land which you already own - 20%
- For a flat/house not older than 5 years - 25% of the overall cost
- For a flat/house which is older than 5 years but not older than 20 years - 30% of the overall cost
- 30% of the repair/renovation expenses, conditional on keeping 40% margin on the property (flat/house) value.
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