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55 Lakh Home Loan Karnataka Bank
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With appealing financing alternatives, Karnataka Bank's 55 Lakh home loan is made to suit a range of housing needs. The bank is a desirable option for prospective homeowners because it provides a competitive interest rate on EMI for a 55 Lakh home loan from Karnataka Bank. Candidates can quickly and simply examine 55 Lakh home loan eligibility in Karnataka Bank online. This loan, which has adjustable repayment schedules determined by the bank's EMI calculator, is appropriate for buying or renovating a house. It offers a workable financial fix for large-scale real estate purchases.
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55 Lakh Home Loan Karnataka Bank – Highlights
Here are Karnataka Bank’s home loan interest rates for 55 Lakh, along with certain highlights:
Interest Rates | 8.60% to 10.62% p.a. |
Loan Amount | ₹55 Lakh |
Loan Tenure | 5 years to 25 years |
Eligibility | The minimum monthly income should be ₹10,000. |
55 Lakh Home Loan EMI for 5 Years Karnataka Bank
Karnataka Bank housing loan EMI for 55 Lakh is mentioned below in detail:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total Amount Payment |
₹55 Lakh | 8.60% p.a. | 5 years | ₹1,12,804 | ₹1,268,245 | ₹6,768,245 |
55 Lakh Home Loan EMI for 10 Years Karnataka Bank
Here are the 55 Lakh home loan EMI for 10 years Karnataka Bank in a detailed format:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total Amount Payment |
₹55 Lakh | 8.60% p.a. | 10 years | ₹67,735 | ₹2,628,202 | ₹8,128,202 |
55 Lakh Home Loan EMI for 15 Years Karnataka Bank
Here are 55 Lakh home loan EMI for 15 years Karnataka Bank, along with highlights:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total Amount Payment |
₹55 Lakh | 8.60% p.a. | 15 years | ₹54,242 | ₹4,163,583 | ₹9,713,583 |
55 Lakh Home Loan EMI for 20 Years Karnataka Bank
55 Lakh home loan EMI for 20 years Karnataka Bank are as follows:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total Amount Payment |
₹55 Lakh | 8.60% p.a. | 20 years | ₹48,022 | ₹6,085,280 | ₹11,135,280 |
55 Lakh Home Loan EMI for 25 Years Karnataka Bank
Karnataka Bank home loan of 55 Lakh EMI for 25 years is mentioned below in the detailed format:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total Amount Payment |
₹55 Lakh | 8.60% p.a. | 25 years | ₹44,986 | ₹8,495,800 | ₹13,495,800 |
55 Lakh Karnataka Bank Home Loan – Fees and Charges
There are some additional fees with Karnataka Bank home loan interest rate of 55 Lakh. These fees are mentioned below:
- Interest Rate: The rate varies between 8.60% and 10.62% per annum. It depends on factors like the applicant’s creditworthiness and the other loan terms.
- Loan Amount: The amount that the applicant wants to borrow is based on the income. This ensures that the applicant can manage the loan according to the financial situation.
- Processing Fees: A fee of 0.25% of the loan amount is charged for processing your loan application. The minimum fee charged is ₹250.
- Prepayment/Foreclosure Charges: There are no charges if the borrower pays off the loan early, either partially or in full.
- Downpayment:
- A downpayment of 10% to 15% of the property’s value is required for new constructions.
- The downpayment on a house or flat rises to 30% of the property’s value, indicating more risk or altered assessment procedures for existing properties.
55 Lakh Karnataka Bank Home Loan – Documents Required
Document Type | Details |
Photographs | Two recent passport-sized photographs for both new and existing customers. |
Identification Proof | Any one of the following: Passport, Voter ID, Driver’s License, PAN Card, Aadhar Card. |
Address Proof | Any one of the following: Aadhar Card, Passport, Voter ID, Driver’s License. |
Proof of Age | Any one of the following: Birth Certificate, Passport, Driver’s License, SSLC/AISSE Certificate. |
PAN Card | Mandatory for all applicants. If an existing customer, provide customer ID or debit card number along with a copy of prior KYC documents. |
Salary Account Statement | For salaried workers: A scanned copy or PDF of the last 12 months’ salary account statement. Automatically retrievable for existing customers. |
Business Account Statement | For self-employed individuals: A scanned copy or PDF of the most recent 12-month business account statement. Automatically retrievable for existing customers if applicable. |
55 Lakh Karnataka Bank Home Loan – Eligibility Criteria
The Karnataka Bank Rs. 55 Lakh Home Loan is open to both salaried and self-employed individuals, with specific income and age requirements:
Criteria | Details |
Applicant Type | Open to both salaried and self-employed individuals. |
Income Requirements | ● Salaried: Minimum gross monthly salary of ₹10,000.
● Self-employed: Minimum annual gross income of ₹4,80,000. |
Age Requirements | ● Minimum age at application: 18 years.
● Maximum age at loan maturity: 60 years. |
Loan Tenure | Up to 30 years, allowing flexible repayment options. |
Maximum Loan Amount | Up to ₹750 Lakh, depending on the applicant’s repayment capacity and bank evaluation. |
Nationality | Must be an Indian citizen. |
Frequently Asked Questions
What is the EMI for a 55 Lakh Home Loan for 20 years in Karnataka Bank?
Who is eligible for a 55 Lakh Home Loan in Karnataka Bank?
What is the monthly interest rate of a 55 Lakh home loan in Karnataka Bank?
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