ING Vysya Bank Home Loan – Kotak Mahindra Bank is Rated as "Great!" by 7 Users

At least 23 years old

Less than 60 years old

Salaried or self-employed
with regular income

Min.Gross Annual Income [Salaried Employees Rs.2,00,000/]

Min.Gross Annual Income [Salaried Employees Rs.2,00,000/]

Loan capped @ 80% of property value

EMIs of other loans lower
your eligibility

Make your spouse a co-applicant,
and her income will add
to your eligibility

Choose longer tenure loan up to 20 years

Alternatively add your parents

Overview:

ING Vysya Bank is a private sector bank offering a plethora of services ranging from private, retail and wholesale banking services. The bank caters to more than 2 million customers all over the country. With a broad range of innovative banking products and services made available to customers for over 80 years in India. ING provides home loans for construction of a house, purchasing a flat or house and for refinancing existing loans.

ING Vysya Bank has been acquired by Kotak Mahindra Bank and has now become India’s largest private sector bank. The bank will now collectively be called as Kotak Mahindra Bank and all products previously offered by ING Vysya Bank will be granted by the Kotak Mahindra Bank.

ING Vysya Bank Home Loan Eligibility:

The following applicants are eligible to apply for a home loan at ING Vysya Bank:

Salaried Applicants:

• Individual applicants or joint applicants are eligible to apply for a home loan at the bank.
• Applicant can be a minimum of 23 years at the time of loan application and 60 years or retirement age, whichever comes earlier, at the maturity.
• Annual income of applicant should be minimum of Rs.2 lakh.

Self-employed Applicants:

• Borrower should be 25 years old at least at the time of loan application and less than 65 years old at the time of maturity of loan.
• Applicants who are self-employed professionals should be earning a minimum yearly income of Rs.1lakh.
• Self-employed businessman applicants should have a minimum annual income of Rs.1.5 lakh.
• Financial eligibility is decided by ING Vysya base on other factors including source of income, work experience, saving and credit record, number of dependants and job stability, etc.

Documents Required:

The following documents are required when applying for a home loan from ING Vysya/ Kotak Mahindra Bank:

Salaried Applicants:

• Duly filled application form with an attested photograph of applicant.
• Any valid identification proof.
• Date of birth proof.
• Signature and Residence proof of borrower.
• Pay slip of borrower from the last three months and validated by employer.
• Form 16 given by the applicant’s employer.
• Applicant’s bank statements of the most recent six months.
• Borrower’s loan account statements of already existing loans.

Self-employed:

• Fully filled application form with photograph of borrower.
• ID proof, residence proof, signature and date of birth proof.
• ITR filed for the last three years, validated by a CA.
• Audited balance sheet from previous three years as well as profit and loss account.
• Loan statements and bank account statements from previous six months.
• In case of a partnership, the partnership deed, AOA or MOA, if it’s a private firm.

Features of ING Vysya/ Kotak Mahindra Home Loan:

• Home loans at ING Vysya Bank can be availed at attractive floating interest rates that are linked to the base rate.
• A maximum of 80% of the property’s price can be availed from a loan from ING Vysya.
• Borrowers can opt for a home loan with a maximum loan tenure of 20 years and repay with flexible repayment options.
• Apart from attractive rates, the bank also offers doorstep services of its products, home loan being one of them.
• ING /Kotak Mahindra Bank allows its customers experience a convenient loan disbursement process.
• The bank does not charge any prepayment penalties for home loan taken at variable rates.
• For loans taken at fixed rates, borrowers are required to pay 2% of the outstanding principal amount if prepayment is made.

FAQs:

1. What will I have to provide as security when applying for an ING Vysya Home Loan?

   You will be required to deposit the title deeds of the property or mortgage of the property as security to the bank.

2. Does the bank have any foreclosure charges on the home loan?

   The bank charges 2% of the outstanding principal balance plus principal prepayments deposited in the previous 12 months. However, the bank does not allow foreclosure of home loan up to six months of final disbursement.

3. What are the processing charges that I would have to have ING Vysya if I take a home loan from the bank?

   You will have to pay a processing fees of 0.5% of the loan amount that you have applied for or an amount of Rs.10,000 along with service taxes.

4. If I have taken a home loan from ING Vysya Bank and decided to make a prepayment, what is the fee that I will be charged?

   You will have to pay the EMI amount as prepayment fees or in case prepayment is higher, then 25% of the outstanding principal is charged.

5. I am 22 years working in a company with regular income, am I eligible for a home loan from ING Vysya/ Kotak Mahindra Bank?

   No, the minimum eligible age for applying for a home loan from the bank is 23 years.