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Calculating your 60 lakh home loan EMI with Karnataka Bank is crucial. This will help determine whether you can handle such a significant financial commitment. Notably, the bank offers a tenure range from 5 to 30 years, which you can choose at your convenience. It is also important to note that the longer the tenure, the higher the total repayment amount will be due to the accumulated interest. Below, Urban Money presents everything you must know about the Karnataka Bank 60 lakh home loan, including applicable interest rates, eligibility, documentation, and associated fees. For more detailed information, continue to scroll down.
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60 Lakh Home Loan Karnataka Bank – Highlights
The Karnataka Bank home loan interest rate for 60 lakhs and other key features are as follows:
Interest Rates | 8.60% – 10.62% per annum |
Loan Amount | 75 – 90% of the property price |
Loan Tenure | 30 years or up to 60 years of age, whichever comes earlier |
Eligibility | You must be either a salaried or self-employed individual |
60 Lakh Home Loan EMI for 5 Years Karnataka Bank
Below are the rates and amount for a 60 lakh home loan EMI in Karnataka Bank with a tenure of 5 years:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total amount Payment |
₹60 Lakh | 8.60% p.a. | 5 years | ₹1,23,389 | ₹14,03,340 | ₹74,03,340 |
60 Lakh Home Loan EMI for 10 Years Karnataka Bank
Below mentioned are therates for a 60 lakh home loan EMI for 10 years from the Karnataka Bank:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total amount Payment |
₹60 Lakh | 8.60% p.a. | 10 years | ₹74,713 | ₹29,65,560 | ₹89,65,560 |
60 Lakh Home Loan EMI for 15 Years Karnataka Bank
The Karnataka Bank home loan 60 lakh EMI rates and amount for a tenure of 15 years is given below:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total amount Payment |
₹60 Lakh | 8.60% p.a. | 15 years | ₹59,437 | ₹46,98,660 | ₹1,06,98,660 |
60 Lakh Home Loan EMI for 20 Years Karnataka Bank
Below mentioned are the rates for a 60 lakh home loan EMI for 20 years from the Karnataka Bank:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total amount Payment |
₹60 Lakh | 8.60% p.a. | 20 years | ₹52,450 | ₹65,88,000 | ₹1,25,88,000 |
60 Lakh Home Loan EMI for 25 Years Karnataka Bank
The rates and amount for a 60 lakh home loan EMI in Karnataka Bank for a tenure of 25 years is given below:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Total Interest Payable | Total amount Payment |
₹60 Lakh | 8.60% p.a. | 25 years | ₹48,719 | ₹86,15,700 | ₹1,46,15,700 |
60 Lakh Karnataka Bank Home Loan – Fees and Charges
The fees and charges in addition to the Karnataka Bank home loan interest rate of 60 lahks are given below:
Fee/Charge | Amount |
Processing Fee | 0.50% of the loan amount |
Foreclosure Charges | 2% of the outstanding balance |
Late payment Penalty | Applicable |
Stamp Duty & Other Statutory Charges | As per the state law |
60 Lakh Karnataka Bank Home Loan – Documents Required
Below are the relevant documents required for the Karnataka Bank 60 lakh home loan:
- Required Documents: PAN card, customer ID or debit card number.
- Identity Documents: Aadhar card, voter ID, driving license, passport, or ration card.
- Residential Documents: Utility bills, rental agreement, aadhar card, or passport.
- Income Documents: Last 1-year salary/business account statement.
60 Lakh Karnataka Bank Home Loan – Eligibility Criteria
Below are the expected 60 lakh home loan eligibility in Karnataka Bank:
- Age Limit: You should be aged between 18 and 60 years old.
- Employment Criteria: You should be either a salaried or self-employed individual.
- Income Stability: You should have a sufficient income to cover the loan EMI.
- Credit Score: You should have a strong credit score and a good repayment history.
- Nationality: You should be a residential or non-residential Indian.
Frequently Asked Questions (FAQs)
What is the EMI for a 60 lakh home loan for 20 years in Karnataka Bank?
₹52,450 is the expected EMI for a 60 lakh home loan over 20 years at Karnataka Bank, subject to an annual interest rate of 8.60%.
Who is eligible for a 60 lakh home loan in Karnataka Bank?
Both salaried and self-employed individuals are eligible for a 60 lakh home loan at Karnataka Bank.
What is the monthly interest rate of a 60 lakh home loan in Karnataka Bank?
The monthly interest rate for a 60 lakh home loan in Karnataka Bank starts at 0.72%.
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