Kotak Bank offers NRI home loans with higher eligibility along with attractive interest rates and insurance options to cover your Kotak NRI Home Loan. Kotak extends NRI home loans to first time buyers or to upgrade your home with customised services and facilities.
|NRI Home Loan Interest Rates||8.90% - 9.05%||9% - 9.25%|
|Loan Tenure||Up to 15 years|
|Loan Amount||Up to 80% of the cost of the property|
|Processing Fees||Up to Rs.10,000||Up to 0.50% of the loan amount|
|Particulars||Fees & Charges|
|Prepayment Charges||6% of Foreclosure Loan Amount (within lock-in period of 12 months) 5% of Foreclosure Loan Amount (post-lock-in period)|
|Copy of any Document||Rs.500|
|Repayment Mode/Account Swap||Rs.500|
|Copy of CIBIL Report||Rs.50|
|Cheque Dishonour||Rs.750 (Inclusive of GST)|
|Penal Interest||3% p.m.|
|Collection Charges||30% + GST + Applicable Statutory Levies of the cheque dishonour charges + Substitute Interest|
|Amortisation Schedule/Account Statement||Free once in a financial year; thereafter it’s Rs.250|
Includes Applicable Statutory Levies+GST
The Kotak NRI Home Loan eligibility depends on the applicant’s repayment capacity as well as based on the below criteria:
Note: Salary must be received on monthly/fortnightly/weekly basis through Cheque or by Direct Bank Credit and cannot be by cash.
Kotak Bank requires you to submit the below documents apart from the application form for the NRI home loan:
Kotak Bank extends the NRI home loan with several benefits and features. Here are the details:
It is 80% of the property cost and in case of a commercial property, the bank can extend up to 60% of the property cost.
The bank determines the NRI home loan eligibility based on your repayment capacity, and this is taken into consideration based on income, qualifications, age, spouse’s income, number of dependents, assets and liabilities, stability and continuity of occupation and savings history.
The maximum loan tenure under the Kotak NRI home loan is up to 15 years. This depends on your profile.
You can apply for the Kotak NRI home loan along with a co-applicant such as parents, spouse or your major children. Also, co-applicant need not be a co-owner of the property; however, co-owner of the property must be a co-applicant.
In a floating rate of interest, any revision in the Base Rate (BR) will directly impact the rate of interest on a home loan.
The loan amount will be disbursed after the technical, credit and legal evaluation of the property have been completed. Also, the assessment of relevant documents and submission of original documents of the property are duly completed before the bank can disburse the loan.
The bank disburses the loan in full or in required instalments by considering the requirement of funds and the construction progress based on the bank’s assessment.
Yes. As required by law in many states, the sale agreement between the seller and the builder must be registered.
Kotak Bank, through its NRI Home Loan, offers attractive insurance for your property with attractive premium.
The property, in most cases, becomes the security or collateral until the entire loan is repaid and, in some cases, additional security like term deposit receipts or life insurance policies might be required.
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