55 Lakh Home Loan From Karur Vysya Bank

55 Lakh Home Loan Karur Vysya Bank – Highlights

It is helpful to understand the key features that set the ₹55 Lakh Karur Vysya Bank Home Loan apart from other financial options. Here is a quick overview of what this loan package includes:

55 Lakh KVB Home Loan EMI for 5 Years

Paying off your loan within a short 5-year window can reduce your total interest outgo, but be prepared for high Equated Monthly Instalments (EMIs). Here is a detailed breakdown of the 55 Lakh Home Loan from Karur Vysya Bank.

55 Lakh KVB Home Loan EMI for 10 Years

A 10-year tenure for a ₹55 Lakh Home Loan from Karur Vysya Bank is ideal for borrowers who want to maintain liquidity while progressing toward full ownership.

55 Lakh KVB Home Loan EMI for 15 Years

Stretching your repayment to 15 years reduces your monthly burden but increases the total interest paid. Here is a detailed financial breakdown for these moderate monthly payments for a 55 Lakh Home Loan from Karur Vysya Bank.

55 Lakh KVB Home Loan EMI for 20 Years

A 20-year loan tenure for a 55 Lakh Home Loan from Karur Vysya Bank spreads out your payments, making each month more affordable, especially helpful for families managing multiple expenses.

55 Lakh KVB Home Loan EMI for 25 Years

With a longer repayment window of 25 years, you get the lowest EMI possible for the 55 Lakh Karur Vysya Bank Home Loan.

55 Lakh Karur Vysya Bank Home Loan – Charges

When applying for a ₹55 Lakh Home Loan from Karur Vysya Bank, borrowers must account for a few additional charges beyond the EMI payments. These are standard charges levied by the bank for processing, documentation, and loan management.

These include:

• Processing Fee: ₹5,000 + GST
• Prepayment/ Foreclosure Charges: Nil
• Penalty Charges for Late Payment: 2% per month.
• CERSAI Charges: ₹50 to ₹500 depending on loan amount
• GST: 18%
• Stamp Duty: As per state laws

55 Lakh Karur Vysya Bank Home Loan – Documents Required

Applying for a ₹55 Lakh home loan from Karur Vysya Bank involves a straightforward documentation process designed to verify your identity, income stability, and property credentials. These documents include:

• Proof of Identity and Age: PAN Card, Aadhaar Card, Passport, Voter ID, Driving Licence
• Proof of Address: Recent utility bills, Aadhaar Card, Passport, Voter ID, or Ration Card
• Photographs: Two recent passport-sized photographs

Income Proof for Salaried Individuals:

• Latest 3 months’ salary slips
• Last 6 months’ salary credited to bank statements
• Form 16 or the latest 2 years’ ITRs

Income Proof for Self-Employed Individuals:

• The latest 2 years’ ITRs with computation
• Balance Sheet and Profit & Loss Account
• 6 months’ current account statement

Employment/Business Proof:

• Appointment letter or ID card (salaried)
• Business registration certificate, GST certificate (self-employed)

Property Documents:

• Agreement to Sale / Registered Sale Deed
• Approved Building Plan
• Encumbrance Certificate (EC)
• NOC from Housing Society or Local Authority

• Bank Statement: Last 6 months’ bank account statement from which EMIs will be paid

55 Lakh Karur Vysya Bank Home Loan – Eligibility Criteria 

To qualify for a ₹55 Lakh Home Loan, applicants must meet Karur Vysya Bank’s defined benchmarks, which include:

• Open to resident Indian individuals and HUFs
• Must be between 23 and 65 years at the time of loan approval
• Salaried individuals or Self-employed individuals with stable income
• Post-EMI take-home pay should be 25% of gross salary