A "low interest" loan shouldn't mean you have very little interest in paying it back!
Kotak Mahindra Bank has recently launched Kotak Digi – an online home loan transaction platform. With a completely new online home loan sanction system, consumers can now apply, submit documents, and get their home loans sanctioned within a period of 48 hours.
The interest rate for Digi home loans start at 7.20% p.a. and the processing fee is 2% of the loan amount plus applicable taxes. The maximum amount you can opt for is Rs.20 lakh. Compare home loans of different banks before signing up.
| Interest rate | 7.20% - 9.30% p.a. |
| Processing fee | 2% of the loan amount plus GST and other statutory charges |
| Max repayment tenure | 20 years |
| Penal interest rate | 2% per month compound monthly |
| Prepayment Charges |
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The features of Digi Home loans are mentioned below:
| Loan Slab | Interest Rates (General) | Interest Rates (Women) |
| Up to Rs.30 lakh | 7.25% - 9.05% p.a. | 7.20% - 9.00% p.a. |
| Rs.30 lakh to Rs.75 lakh | 7.25% - 9.05% p.a. | 7.20% - 9.00% p.a. |
| More than Rs.75 lakh | 7.35% - 9.10% p.a. | 7.30% - 9.10% p.a. |
| Loan Slab | Interest Rates (General) | Interest Rates (Women) |
| Up to Rs.30 lakh | 7.40% - 9.20% p.a. | 7.35% - 9.15% p.a. |
| Rs.30 lakh to Rs.75 lakh | 7.40% - 9.20% p.a. | 7.35% - 9.15% p.a. |
| More than Rs.75 lakh | 7.50% - 9.30% p.a. | 7.45% - 9.25% p.a. |
The eligibility criteria which needs to be fulfilled to avail Digi home loans from Kotak Mahindra Bank are listed below:
The documents which need to be submitted by a salaried individual for availing Digi home loans are listed below:
A self – employed applicant will need to submit the documents listed below along with the KYC documents
If you are planning to avail a home loan, you check out other Kotak Home loans scheme. The biggest advantage of this scheme is that you can avail the home loan without needing to visit the bank as everything can be done online.
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