Karnataka Interest Free Home Loan Apply at khb.karnataka.gov.in

Karnataka Government currently intends to review current affordable housing programmes that provide subsidies on mortgage loans and replace them with interest-free mortgages. Everyone can realise their dream of owning a home thanks to the Karnataka Interest Free Home Loan 2023 scheme. If everything goes according to plan, the government would end current housing subsidies and pay up to Rs. 12 lakh in urban areas and Rs. 6 lakh in rural regions in interest on the principle.

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Karnataka Interest Free Home Loan

The Karnataka state government will replace the existing interest-free home loan with new subsidies for home loans made under various housing schemes. Under the Housing For All Program, the Karnataka government would build roughly 19 lakh dwellings over the following 30 months. The government would pay interest on principal amounts up to Rs. 12 lakh for recipients in urban areas and Rs. 6 lakh for those in rural regions under the new home loan subsidy scheme. Beneficiaries are only required to pay back the principle to banks under the arrangement.

Overview of the Karnataka Interest-Free Home Loan

Karnataka Interest Free Home Loan Overview
Name of the Scheme Karnataka Interest Free Home Loan Scheme 2022
Launched by The Government of Karnataka State
Worked under The Central Government Scheme PM Awas Yojana
Benefit of scheme To provide subsidy on home loan for the first one house
Category Loan
Department Karnataka Housing Board
Article Title Karnataka Interest Free Home Loan Scheme
Main Objective To provide one shelter to the economically weaker people
Official Website https://khb.karnataka.gov.in
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Interest Calculator

Similar to this, in the state of Karnataka, the government has started the housing loan subsidy yojana for both rural and urban residents. Also, the government will occasionally review the house loan subsidy payments. Those with particular specified conditions can therefore benefit from the programme. The current house loan subsidy has also been eliminated at this time, due to the government’s new plan.

Meanwhile, the Karnataka state government has planned to build over 19 Lakh homes for those in the economically poorer portion of society over the next two and a half years as part of the programmes for all, which has a major housing plan. The Karnataka government would also pay 6.5% interest on home loans up to 12 lakh rupees in metropolitan areas. In contrast, the government would pay 8% interest on housing loans up to 6 lakh rupees in rural areas.

Interest Subsidy for Home Loans in Karnataka

There are three loan patterns that are permitted under the Karnataka Interest Free Home Loan:-
  • In the first model, loans will be provided through the Pradhan Mantri Awas Yojana (PMAY) in urban areas and by combining Rs. 6 lakh from the central government and Rs. 6 lakh from the state for rural areas.
  • All of the dwellings would be constructed under the second model, a public-private partnership (PPP). The state government of Karnataka and a private business would share sites on developed property, and the beneficiaries will purchase the built homes or build their own through an association they form. The remaining balance is due if the recipient chooses to purchase a built-in home that costs more than the loan’s maximum.
  • The third scenario would include a private contractor developing the land and giving the government a 50% share. Thereafter, this land would be distributed to the recipients by the Karnataka state government. From the current levels of Rs. 87,600 in urban areas and Rs. 32,000 in rural regions, the state government has attempted to enhance the financial capacity of beneficiaries for housing schemes to Rs. 3 lakh.
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List of loans made available through various programmes:

  • First, a loan for home construction
  • Home Loan Balance Transfer
  • Joint Home Loan
  • Top-up Loan
  • Loan for Plot
  • Land Purchase Loan
  • Financed by the PM Awas Yojana
  • Women’s Home Loan. Government employees come in second. Third, supporters. Fourth, Private workers.

Documents Necessary

Documents Necessary
Type of Document Name of Document
Identity Proof ( anyone) PAN Card
Aadhar Card
Also, Voter Card
Driving License
Valid Passport
Then Address Proof ( anyone ) Also, Aadhar Card
Driving License
Voter Identity proof
Electricity Bill
Telephone Bill
Gas connection bill
Water Bill
Valid Passport
Other Documents Passport Size photo
Proof of 5 years self-employed in continuity ( individual only )
Income Proof So, Salary Slip / Form 16 has required.
Bank Statement of last six months

The government no longer provides a housing subsidy and instead is paying interest on the principal amount of home loans thanks to the Karnataka Interest Free Home Loan Program. During the Mega housing programme, the government’s construction of the home took close to 30 months. Thus, if you are interested in the housing programme as well, now is the time to apply for your own home.

Apply Online For A Karnataka Zero Interest Home Loan

Furthermore, if you want to gain from house loans. The next step is to go to the neighborhood bank. Moreover, bank branches may be owned by public or private companies. You can quickly apply for the desired region or home by providing the documentation requested by the bank during registration.

Also, candidates can access more information on the Karnataka Housing Board website. Actions listed below:

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