Karur Vysya Bank offers two types of home loans. They are:

  • Happy Home Loans
  • KVB Gruhapravesh for NRIs 

Let’s take a closer look at both these loans. 

  1. Happy Home Loan 

This is the standard home loan from KVB and is available to resident Indians and HUFs. It’s an entirely paperless loan, and the entire loan process can be handled online digitally. This loan is offered to individuals for constructing independent houses, for the purchase of independent homes and flats (not over 15 years), for purchase of residential plots, for home repairs, renovation and additional construction, for purchase of residential plots developed by governmental authorities. You can also transfer an existing home loan from another bank/HFC to Karur Vysya Bank under the Happy Home Loan. 

Key Features:

Loan Tenure

Maximum of 25 years

Prepayment Charges

Zero

Moratorium (EMI Holiday) Period

Maximum of 24 months

Processing Fees
  • For loans up to Rs. 25 lakhs – Rs. 2500 + GST
  • For loans from Rs. 25 lakhs to Rs. 50 lakhs – Rs. 5000 + GST
  • For loans above Rs. 50 lakhs – Rs. 7500 + GST

Interest Rate

Currently starts from 7.35% and ranges up to 9.55% 

For home loan top-up, the interest rate ranges from 8.05% to 8.25% 

 

  1. KVB Gruhapravesh for NRIs

This loan is offered exclusively to NRIs and PIOs to help them purchase their dream home in India. The loan is available for constructing a new home, making improvements to an existing home, for the purchase of a ready-built house, for the purchase of a residential plot and construction within six months. NRIs can also transfer an existing home loan to KVB under this scheme. 

Key Features:

Minimum Age of the Borrower

23 years

Eligibility Criteria
  • Valid Indian passport for NRIs/ a valid foreign passport for PIOs 
  • Employed overseas for at least two years
  • Steady and stable income 
  • Valid work permit or job contract 
  • A minimum net annual income of $18,000 or a Minimum monthly income of $1500

Loan Tenure

Maximum of 25 years

Moratorium (EMI Holiday) Period

Maximum of 24 months

Processing Fees
  • For loans up to Rs. 25 lakhs – Rs. 2500 + GST
  • For loans from Rs. 25 lakhs to Rs. 50 lakhs – Rs. 5000 + GST
  • For loans above Rs. 50 lakhs – Rs. 7500 + GST

Interest Rate

Currently starts from 7.35% and ranges up to 9.55% 

 

Understand the terms and conditions of both these loans and choose the right one that fits your requirements. 

Further Reading: How to apply for a home loan?