Karur Vysya Bank
Right House will guide you how to avail a home loan from Karur Vysya Bank
All Resident Individuals and HUF (opening through Kartas).
NRI ‘s can also avail the loan under KVB – Gruhapravesh.
For construction of Independent Houses.
For outright purchase of Independent Houses, Flats (not older than 15 years).
For purchase of plots and construction there on.
For Take over of Loans from another Bank / FI’s.
For Improvement/ Repairs/ Additional construction/Renovation of existing houses or flats owned by you.
For purchase of Plots or Flats developed by Government Authorities.
|Maximum Loan Amount||Rs.500.00 Lakhs|
|Margin||25.00%- For New Houses/Flat|
30.00%- For Old Houses/Flat (Repayment up to 15 Years)
35.00%- For Old Houses/Flat (Repayment above 15 Years)
(* Relaxation available based on merits)
|Maximum Repayment Tenor||25 Years (Including Holiday Period) – EMI|
|Maximum Holiday Period||12 Months|
|Primary Security||Equitable Mortgage of Land & building|
|Collateral Security||Optional (NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc.,)|
|Guarantee||A suitable Guarantor with sufficient net worth , acceptable to the Bank (preferably spouse or family members or friends)|
|Insurance Coverage for the Borrower||Available to the extent of Loan amount with LIC, SBI Life and BSLI as SINGLE PREMIUM payable by the Borrower.|
(Available if the borrower is interested)
|Processing charges||Rs.7500.00+ST for Loans up to Rs.25.00 Lakhs|
Rs.15000.00 +ST For loans between Rs.25.00- Rs.50.00 Lakhs
Rs.25000.00+ST for loans above Rs.50.00 Lakhs
|Other Terms & conditions|| In case of Salaried Persons: Salary certificate for the last 6 Months to be submitted along with certificate from the Employer.|
In case of Self Employed: Latest ITR/Income Statement to be submitted.
The Net Take Home pay after deducting the proposed Loan Installments shall be at least 40% of gross pay.
For the purpose of Maximum loan eligibility Income of the SPOUSE may be added.
Agriculturist may also avail the loan with proper proof of income (IT Return)
Loan may be granted to purchase vacant land provided they should begin construction within 6 months from the date of availing the loan.
No prepayment charges will be levied.
For more details : Karur Vysya Bank