Karur Vyasa bank provides home loan under the scheme name happy home loan for 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.
Highlights
Interest Rate
0%
Loan Amount
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)
Tenure
Min. - 1 Yrs.
Max. - 25 Yrs.
Interest Rates
Tenure
Interest Type
Interest Rate
Offer
1 - 25 Yrs.
Fixed
11.5 %
Fees & charges
Fees & charges
Processing Fee
1 %
Security
Security
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)
Terms & Conditions
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 HL installment should not exceed 40% of the 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.