Apply For Karur Vysya Bank Home Loan
All about Karur Vysya Bank Home Loan
Happy Home Loan
If you are a resident Indian, non-resident Indian or HUF and want to purchase a house, but don’t have the funds, this loan is specifically designed for you. Now with our happy home loan you can buy the house you want, not just the house you need.
Interest Rate: Karur Vysya Bank Home Loan
Floating Rate w.e.f 29 April 06
Up to 5 years
BPLR- 3.25% (Minimum 9.25%)
Over 5 years, but up to 10 years
BPLR- 3.00% (Minimum 9.50%)
Over 10 years
BPLR-2.50% (Minimum 10.00%)
Features: Karur Vysya Bank Home Loan
- It is a loan to help finance your housing requirements.
- It is eligible for all individuals (including NRIs) and HUF (opening through Kartas)
- Personal guarantee of husband or father in case of female borrowers or a third party guarantee in case of male borrower.
- This loan can be taken for various purposes as shown below:
For the construction of Independent Houses
For the outright purchase of Independent Houses, Flats (not older than 15 years) from individuals or builders
For the purchase of plots and construction on the plots purchased
For the home loan transfer from another Bank / HFi
For the improvement of existing houses or flats
For the purchase of Plots or Flats from a Statutory Authority
For the Repairs, renovation or additional construction
The housing loan shall be released only in stages, depending upon the work completed and after obtaining a stage valuation certificate from the panel engineer. In case of acquisition of a new flat the release pattern shall be based on the terms of payment as stipulated in the construction agreement entered into with the promoter. Branches have to make site visit before each stage of disbursement
Equitable Mortgage of Land/Building
LIC policies / GP notes / IVP / KVP
Maximum 15 years with a holiday period of 12 months (Max)
Terms and Conditions:Karur Vysya Bank Home Loan
- In the case of salaried employees, a Salary and Service Certificate from the Employers should be submitted
- The take home pay after the deduction of the HL installment should not be less than 25% of Gross salary.
- The incomes of Husband and Wife can be clubbed together to decide the loan quantum, if they are joint borrowers.
- This loan is also considered for agriculturists.
- A loan may be considered for purchase of a vacant approved site, provided the applicant has sources of income to construct the house.
- Life cover can be taken under this loan through the Group Mortgage Redemption Assurance (GMRA) scheme.
- The premium for the policy is a single low cost premium. The premium can be included in the loan amount.