Karur Vysya Bank KVB Happy Home Loans

A Takeover Loan for Home Loan Borrowers to Help Consolidate Their Debts.

A loan scheme for the balance of transfer of your existing housing loan to Karur Vysya Bank.

Karur Vysya Bank (KVB) Happy Home Loan (Balance of Transfer Loan)

This umbrella home loan scheme helps people looking for a relatively low-interest home loan transfer their home loan from private banks, other public-sector banks, foreign banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), etc. to Karur Vysya Bank. This loan scheme can be availed for purchase of a new home, renovation/repair/extension of home, construction of home on an owned piece of land in addition to the takeover of a home loan.

Features of Karur Vysya Bank Happy Home Loan

Why this Loan?

  • The Karur Vysya Bank Happy Home Loan is meant for housing loan borrowers of other banks, NBFCs and HFCs who want to transfer their housing loan to Karur Vysya Bank. This scheme can help reduce the debt burden on the borrower, thereby acting as a consolidation loan, if the borrower gets better terms such as a lower interest rate on the new loan
  • There are no pre-payment charges on this loan

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan scheme depends on a case to case basis


  • This loan must be repaid within 25 years. The bank offers a maximum moratorium period of 24 months for construction and 3 months for purchase of flat


  • As of October 2020, the interest rate applicable to this loan ranges from 7.45% to 9.55%


  • The borrower must be a resident Indian
  • Salaried employees of Central Govt., State Govt., other Govt. undertakings and Public Sector Units and self-employed individuals with at least 2 years of experience are eligible for this loan scheme.

Security Needed

  • The bank asks for the first charge of property financed by the bank

Margin Money (Borrowers Contribution to Total Cost)

  • The bank can charge anywhere from 10% to 30% as margin for this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges up to Rs. 7,500 for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.

Reference Facts

  • Karur Vysya Bank Website: www.kvb.co.in
  • Headquarters: Karur, Tamil Nadu
  • Call Centre Number: +91 44 3072 1916