Special Home Loan
This is a home loan designed with different repayment periods from up to 5 years to over 10 years. The loan is similar to the KVB Happy Home Loan; however, there are a few differences cited below that make this loan unique.
- This loan is eligible for individuals (Both resident and NRI) and HUF who are our existing clients and have satisfactory operations for a minimum continuous period of 2 years as on the date of application.
- Corporate employees in a group relaxation may also be considered for this loan.
|Repayment Period||Floating Rate w.e.f 29 April 06|
|Up to 5 years||BPLR- 3.25% (Minimum 9.25%)|
|Over 5 years, but up to 10 years||BPLR- 3.00% (Minimum 9.50%)|
|Over 10 years||BPLR-2.50% (Minimum 10.00%)|
Mode of Prepayment
The payment is in Equal Monthly Installments. Depending upon the change in the rate, the bank has the option to reduce or increase the EMI (Procedure for the change in the EMI will be intimated by Data Center).
Prepayment may be allowed in whole or any part of the amount before the due date.
However prepayment will be charged as detailed below:
|RESIDUAL MATURITY||PREPAYMENT BY|
|LESS THAN 5 YEARS||0.5% of the amount to be repaid|
|5 YEARS AND OVER||1% of the amount to be repaid|
- All other norms are applicable as for the existing KVB Happy Home Loan Scheme. These norms should be followed without any deviation.