Karnataka Bank Home Loan Interest Rate starting from 8.60%

Karnataka Bank Home Loan Interest Rate

Karnataka Bank offers different home loan schemes to cater to all housing-related needs of customers. Whether you are planning to buy/construct a house, furnish your existing house, or buy a site for home construction, Karnataka Bank home loans are there to provide the much required financial aid. Karnataka Bank home loan interest rates start at just 8.60% p.a. and the loan can be repaid within a maximum tenure of 30 years. If you meet the Karnataka Bank home loan eligibility criteria, you can avail of this loan at an attractive interest rate with affordable EMIs starting from just Rs. 787 per lakh.

Current Karnataka Bank Home Loan Interest Rates

Currently, Karnataka Bank home loan interest rates vary between 8.75% to 10.43% p.a, depending on the borrower’s CIBIL score and other eligibility factors. Karnataka Bank home loan interest rates are linked to its External Benchmark Based Lending Rate (EBLR) for loans below Rs. 500 Lakhs.

KBL - Xpress Home Loan/ KBL - Apna Ghar/Elite (Finance for Purchase/Renovate House)

Loan Amount	Rate of Interest
Up to & inclusive of Rs. 500 Lakhs	8.75% - 10.43% p.a.

KBL - Home Comfort (Finance for Furnishing House)

Borrower Type	Rate of Interest
For individual	9.07% - 10.50% p.a.

KBL - Ghar Niveshan (Finance for Purchase of House Site)

Name	Rate of Interest
KBL - Ghar Niveshan (Finance for Purchase of House Site)	9.10% - 11% p.a.

KBL Home Top Up (Finance for Meeting Personal Requirements)

Name	Applicable Rate of Interest
KBL Home Top Up (Finance for Meeting Personal Requirements)	9.07% - 10.50% p.a.

Karnataka Bank Home Loan Interest Rates for All Schemes in India

Karnataka Bank offers different home loan schemes to cater to every housing need. The rate of interest of Karnataka Bank home loans starts from 8.75% p.a.

Karnataka Bank Home Loan Schemes	Interest Rates
KBL - Xpress Home Loan/ KBL - Apna Ghar/Elite	8.75% - 10.43% p.a.
KBL - Home Comfort	9.07% - 10.50% p.a.
KBL - Ghar Niveshan	9.10% - 11% p.a.
KBL Home Top Up	9.07% - 10.50% p.a.

Compare Karnataka Bank Home Loan Interest Rate with Top Banks

Being a long-term loan, taking a home loan is a huge responsibility. It is crucial to compare interest rates offered by other top banks before applying for a Karnataka Bank home loan.

Bank/NBFC	Interest Rate	Processing Fee
Karnataka Bank	8.60%	Up to 0.25%, maximum Rs. 25,000
Bank of Maharashtra Home Loan	8.35% - 8.90%	Nil
HDFC Bank Home Loan	8.75% - 9.65%	Up to 0.50% or Rs. 3,000 whichever is higher + applicable taxes/ statutory levies
SBI Home Loan	8.50% - 10.05%	0.35% + GST; 50% waiver from 01.07.2023 to 31.08.2023
ICICI Bank Home Loan	8.75%	0.50% - 2% + GST or Rs. 3,000 whichever is higher + applicable taxes & other statutory levies
Axis Bank Home Loan	8.75% - 9.10%	Up to 1% +GST
Kotak Home Loan	8.75%	0.50% to 1% + GST

Karnataka Bank Home Loan Rate Trends

There has been constant ups and downs in Karnataka Bank home loan interest rates in the last couple of years. The bank offered the cheapest interest rate home loans during the COVID period. There is good news for home loan seekers. The bank has decreased its housing loan rates by 0.51% in July as compared to April 2023. Let’s take a look at the past trends of the interest rates of the bank:

Last Revised Date	Lowest Home Loan Interest Rate of Karnataka Bank	Rate Difference
27 Jul, 2023	8.75%	▼-0.51%
13 Apr, 2023	9.26%	▲0.18%
23 Mar, 2023	9.08%	▲0.13%
08 Feb, 2023	8.95%	▲0.28%
15 Dec, 2022	8.67%	▲0.13%
24 Nov, 2022	8.54%	▲0.30%
02 Nov, 2022	8.24%	▲0.28%
01 Sep, 2022	7.96%	▲0.07%
21 Jul, 2022	7.89%	▲0.15%
30 Jun, 2022	7.74%	▲0.24%
19 May, 2022	7.50%	▼-0.58%
06 May, 2021	8.08%	▲0.02%
04 Mar, 2021	8.06%	▼-0.01%
21 Jan, 2021	8.07%	0%

Factors Affecting Karnataka Bank Home Loan Interest Rates

The Karnataka Bank home loan rates of interest depend on various factors as mentioned below:

The loan amount: Loans up to Rs. 500 Lakhs have a lower rate of interest in comparison with loans above Rs. 500 Lakhs.
The repayment tenures have a vital role to play. The rates of interest on loans with repayment tenure of less than 60 months come cheaper when compared with loans with extended tenures.
The occupation, regularity of income and repaying capacity of the borrower have important roles as well.
Borrowers with a lower CIBIL score end up getting a higher rate of interest and vice versa.
Plot loans are expensive when compared to loans for the purchase of a readymade house or the construction of a home.
The changes in EBLR is also a deciding factor.

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Karnataka Bank Home Loan Interest Rates FAQs

What is the benchmark for Karnataka Bank home loan interest rates?

Karnataka Bank home loan interest rates are linked to External Benchmark Based Lending Rate (EBLR) for loan amounts less than Rs. 5 Crores.

Will the home loan EMI change with the change in the interest rate structure?

Typically, the EMI should change and move in the same direction that the rates do. However, most of the banks, including Karnataka Bank, prefer to extend or reduce the loan tenure instead of changing the EMI. The ultimate objective is to pass on the benefit to the customer.

How do you repay the Karnataka Bank Home Loan?

It is possible to repay the Karnataka Bank home loan in various ways:

Set up a standing instruction in your savings or current account whereby the bank deducts the Home Loan automatically on a pre-determined date.
Submit post-dated cheques for repayment. This procedure would require the borrower to replenish the PDCs frequently.
Give an ECS mandate to Karnataka Bank Ltd. This feature is the best way to repay your loan when you do not have an account with Karnataka Bank.
Use Internet banking or mobile banking facility to transfer funds from your savings accounts to your loan accounts.
Pay cash directly into your loan account.

Does Karnataka Bank charge any foreclosure fees?

Karnataka Bank does not charge any home loan foreclosure fees for a floating rate of interest loans of individual borrowers.

How much loan can a salaried individual get?

A salaried person can get up to 60 times of their latest monthly net salary as Karnataka Bank home loan amount.

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