Housing Loan In India - Karur Vysya Bank Home Loans
Karur Vysya Bank home loans can be used to purchase a new/old house or flat. People can use Karur Vysya Bank home loans to construct a house on a plot of land as well as secure loan to purchase a plot of land on which the house is to be constructed. Loans can also be secured to renovate, repair and extend existing homes.
The loan can be repaid within 15 years with a moratorium period of 12 months. The borrowers have to secure an insurance cover under the Group Mortgage Redemption Assurance Scheme of LIC. A guarantor is needed in order to secure the loan. The fixed interest rate for loans with up to 10 year tenure is 13.75% while it is 14.50% for loans with tenure ranging between 10 to 15 years. The floating interest rate for loans up to INR 20 Lakhs ranges from 10.50-11.50% while for sums above INR 20 Lakhs, it ranges between 10.75-12%. The fixed interest rate loans are subject to the reset clause whereby the fixed interest rate is reset every two years. To learn more details about Karur Vysya Bank home loans, visit the official website: http://www.kvb.co.in/scripts/HomeLoan.asp