Kerala Gramin Bank Home Loan: Interest Rate, Eligibility & Documentation
Kerala Gramin Bank is a reliable choice for your home loan needs with competitive interest rates that start from 8.50% for customers with high credit scores. The bank's various loan schemes, including PMAY and Rural Housing Fund options, will give a great solution to your housing requirements with customer-friendly policies.
Kerala Gramin Bank Home Loan: Interest Rate, Eligibility & Documentation
Kerala Gramin Bank home loan comes with zero processing and prepayment charges that make it an excellent choice for aspiring homeowners. The bank lets you borrow between ₹1 lakh to ₹50 lakh with competitive interest rates from 8.5% to 9.75% per annum.
Kerala Gramin Bank home loan’s flexible repayment options stretch up to 30 years and help make your dream home more affordable. The kerala gramin bank housing loan provides complete financial support whether you want to buy, build, or renovate a house.
This guide covers interest rates, eligibility criteria, and documentation requirements for Kerala Gramin Bank home loans that will help you make a well-informed decision about your housing finance needs.
Kerala Gramin Bank Home Loan Interest Rates and Charges
Kerala Gramin Bank home loan interest rates change based on your loan amount and credit score.
Kerala Gramin Bank Home Loan Types:
- Housing Loan General
- Premium Housing Loans
- Housing Loan Scheme For State Government Employees
- Urban Housing Funds Loan
- PMAY – Pradhan Mantri Awas Yojana
Kerala Gramin Bank Home Loan Interest Rates
| Rate of Interest | Max funding | ||
| Credit Score | ROI | Loan Amount | Funding % |
| ≥ 800 | 8.50% – 9.75% |
≤ ₹30 Lakh
|
Up to 90%
|
| 750 – 799 | 9.00% – 9.75% | ||
| 700 – 749 | 9.25% – 10.00% |
₹30 L – ₹75 Lakh
|
~80–90%
|
| 650 – 699 | 10.00% – 10.75% | ||
| < 650 | 10.75% – 11.50% | > ₹75 Lakh | ~75–90% |
| NTC / –1 | 8.50% – 11.50% (case-by-case) | Case-by-case | ~75–90% |
| Apply Now | |||
The Kerala Gramin Bank housing loan doesn’t charge any prepayment fees on floating rate loans. The bank decides its processing fees from time to time. You retain control over pre-closure charges.
The loan tenure stretches up to 30 years, this helps to plan your repayment better. These options help different types of borrowers get competitive rates that match market standards.
New homebuyers should know that interest rates depend on several factors:
- Credit score (aim for 750 or higher)
- Loan-to-value ratio
- Employment status
- Income stability
Banks offer special discounts for female applicants and joint loan applications. You should compare different lenders’ offerings carefully before making your final decision.
Kerala Gramin Bank Home Loan Eligibility Criteria
Your Kerala Gramin Bank home loan approval depends on meeting specific eligibility requirements. The bank has different criteria that work well for both salaried employees and self-employed professionals.
| Purpose | Purchase of house property
Construction/extension of house property Purchase of ready built Flat For undertaking repairs, renovation, up – gradation, extension, ceration of additional amenities Housing Loan for Second House / Flat. |
| Eligibility | Individuals and NRI having sufficient and regular income
Age of the applicant shall not be more than 55 years |
| Limit & Margin | Limit
For Residents 5 times of annual income For NRI – 4 times of annual income Margin 20% of the total cost |
| Security | Equitable Mortgage of land and building constructed / to be constructed / to be purchased by Bank Finance.
The value of the property should be at least 125% of the loan limit. |
| Repayment | Tenure upto 30 Years
Repayment holiday upto 18 months can be availed. |
Documents Required for Kerala Gramin Bank Home Loan
You’ll need these documents to get your housing loan processed:
Identity and Address Proof: |
• Valid photo ID (Voter’s card, driving license, or PAN card)
• Recent utility bills or ration card to verify your address • Latest passport-size photographs • Processing fee payment proof |
Income Documentation: |
For Salaried Individuals:
• Last 6 months’ salary slips with deduction details • Bank statements that show salary credits for previous 6 months • Form 16 or ITR from the past 2 years For Self-Employed Professionals: • Audited financial statements from previous 2 years • Business continuity proof that’s 5 years old • Professional qualification certificates • Latest bank statements |
Property Documentation: |
• Sale agreement or deed
• Property tax receipts • Non-encumbrance certificate • Approved building plan • Cost estimates for construction |
Your CIBIL score should be above 700. The bank expects first-time applicants to have a good banking relationship for at least one year. Co-applicants must be 18 years or older. NRIs can apply too, as long as they have steady income sources. Remember to self-attest all your documents and bring the originals for verification. The bank might ask for more documents based on your specific loan needs.
Conclusion
Kerala Gramin Bank is a reliable choice for your home loan needs with competitive interest rates that start from 8.50% for customers with high credit scores. The bank’s various loan schemes, including PMAY and Rural Housing Fund options, will give a great solution to your housing requirements with customer-friendly policies.
Your credit score plays a crucial role in determining your interest rates. A score above 750 will help you get the best rates for all types of loans. It also charges no prepayment fees on floating rate loans, making it cost-effective if you want to settle your loan early.
Kerala Gramin Bank’s general housing loan or specialized schemes like KB Suvidha come with a maximum tenure of 30 years, giving you flexibility to repay comfortably. Keep your credit profile strong and get all required documents ready beforehand to speed up your loan approval.
