55 Lakh Home Loan Karnataka Bank

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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Table of Content

1. 55 Lakh Home Loan Karnataka Bank Highlights

2. 55 Lakh Home Loan EMI for 5 Years Karnataka Bank

3. 55 Lakh Home Loan EMI for 10 Years Karnataka Bank

4. 55 Lakh Home Loan EMI for 15 Years Karnataka Bank

5. 55 Lakh Home Loan EMI for 20 Years Karnataka Bank

6. 55 Lakh Home Loan EMI for 25 Years Karnataka Bank

7. 55 Lakh Karnataka Bank Home Loan Fees and Charges

8. 55 Lakh Karnataka Bank Home Loan Documents Required

9. 55 Lakh Karnataka Bank Home Loan Eligibility Criteria

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

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.

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Frequently Asked Questions

What is the EMI for a 55 Lakh Home Loan for 20 years in Karnataka Bank?

For 20 years, the EMI for a 55 Lakh home loan in Karnataka Bank will be ₹48,022.

Who is eligible for a 55 Lakh Home Loan in Karnataka Bank?

An Indian citizen who is at least eighteen years old and has a minimum annual salary of Rs. 4,80,000 is eligible to apply for a 55-lakh home loan from Karnataka Bank.

What is the monthly interest rate of a 55 Lakh home loan in Karnataka Bank?

Rs. 55 lakh housing loans are available from Karnataka Bank, with interest rates ranging from 8.60% to 10.62%.