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  • Kotak Mahindra Bank Home Loan Balance Transfer

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    Home Loan BYTES FROM OUR KITCHEN

    Kotak Mahindra Bank Home Loan Balance Transfer

    Living in the age of information overload, we are constantly questioning our choices and decisions. This is particularly true for assets of greater value such as a house. You opt for a home loan from a reputed lender after a lot of contemplation and deliberation. Then you find out that there are a lot of hidden charges or the rates have shot up. You research again and find a better option and kick yourselves for not making the right decision before. Well, it is never too late. Most banks offer you the leeway to transfer the home loan to any other bank, of course, with a bit of penalty charges. But it will be worth in the end. Let us take a look at what kind of a home loan transfer option Kotak Bank offers.

    Features & Benefits of Kotak Bank House Loan Transfer:

    • Kotak bank offers a provision wherein you can apply to transfer your existing housing loan to the bank.
    • Instead of making your EMI payment to your previous bank, you will be transferring it to Kotak.
    • If Kotak’s interest rates are lower than what your current lender imposes, the same rule applies to you. Your tenure and EMIs will be adjusted accordingly.
    • You also have the option to top-up the current loan to avail hard cash for any home-related requirements.
    • The process of obtaining the house loan is now simpler than ever. The amount to be paid out too will be altered so that you can shell out the EMIs comfortably.
    • Kotak Bank Home Finance Transfer can be made use of to lower your rate of interest as well as bring down the monthly EMIs.
    • You can opt to increase or decrease your loan term as well.
    • If you wish, you can utilize the equity in your home to get cash for other needs by opting for a top-up.
    • Remember, even a .10 percent drop in the rate can save lakhs (based on the loan amount, balance and remaining tenure).

    Eligibility Criteria:

    • The financial eligibility for you to apply for a home loan transfer to Kotak Bank is dependent on a lot of factors including your repayment history and repayment capacity.
    • Your earnings per month/ annum.
    • Source of income such as employment at a private or government firm, own business or independent profession. It could also be unreported income such as alimony, income from rented/ leased property etc.
    • Work experience is another important factor. Bank verifies your employment history, how long you have been in the field and how many long breaks you have taken. This can help them gauge your earning capacity.
    • Savings and CIBIL Score also play a significant role in convincing the bank that you can be trusted to settle the loan completely in time.
    • It is a well-known fact that younger applicants (in 20s and early 30s) find it easier to get their loan applications approved than older people (in 40s or 50s). Unless you can show substantial income proof to counter the age factor, banks are normally hesitant in lending huge amount as home loan.
    • Your educational qualifications matter as well as it can ensure job security. This also help them to assess the possibility of you carrying forward with the same job.
    • The number of dependent relatives is something most banks take a look at. This is to help them understand the monthly expenses and how much EMI can be deemed comfortable.
    • Loans can be applied by person(s), either singly or jointly or with a guarantor. Possessors of the said property, for which the home loan is being sought, are expected to be joint applicants. But they are not required to be the co-applicants of the house.

    Documentation Procedure:

    Aside from the duly filled application form for Kotak Bank Home Loan Transfer, you will be asked to submit a great many documents as listed below.

    • Proof of Income: Salary slips, Income Tax Return Papers, Form-16, CA-verified audits, recent bank statements etc.
    • Proof of Age: Driving License, Voters ID Card, PAN Card, Passport, Aadhar Card, SSLC Book, Birth Certificate etc.
    • ID Proof: Copy of any photo and signature bearing Government ID Cards such as the ones mentioned above.
    • Proof of Residence: Rental/ lease agreement, Ration Card, any of your most recent utility bill, a letter from your HR certifying the same etc.
    • Proof of educational qualifications: School and university certificates.

    FAQs (Frequently Asked Questions):

    1. How much amount can I borrow?

      You may apply for up to 90 percent of the property cost or in this case up to 80 percent of the original loan for amount between INR 20 lacs and INR 75 lacs.

    2. How does the bank determine my eligibility for loan transfer?

      Your ability to repay tops the list. It will be assessed by the bank on the basis of the documents you submit. You can add your spouse’s income to increase eligibility.

    3. Is there any restriction on choosing a co-applicant?

      If you are a single borrower, you can choose your spouse, parent(s) or even children (aged above 21) as your joint applicant. The co-owner of the house should be a joint applicant but not vice versa.

    4. When will the transfer loan be paid to me?

      You shall take the disbursement once the credit, legal and technical formalities of your house is done. All the paperwork submitted too would be verified by the bank. Depositing the original property deeds and showing receipts of your own contribution are the remaining steps.

    5. Should I insure the house?

      Your home is your sweat and blood. Let it not be unprotected against natural or manmade disasters. Hence it is strongly recommended that you do insure it even if it is not compulsory. Kotak Bank offer insurance at reasonable cost. 

    Kotak Mahindra Bank Home Loan Balance Transfer Reviews

    • Kotak Home Loan
      "Looking for better credit limit"
      0.5 5.0/5 "Blown Away!"
      I have my credit card approved with Kotak Mahindra bank and the experience was good, the process took 1 month to complete. They gave a credit limit of Rs 15000 which is less for this credit card. There is no annual fee charged for this credit card. I get cash back offers on this credit card and i use this card for general purpose. Customer service was good and they responded on time.
      Was this review helpful? 0
      , thane
      Reviewed on May 14, 2018
    • Kotak Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan from Kotak Mahindra Bank, the loan amount was for Rs 18 lakhs with the rate of interest of 10% which is higher when compared to all other banks. It was overall a good loan experience with this bank. Customer service was good and they provided door step service to collect the documents. I received my loan amount within 10 days. The tenure of the loan is 15 years and i pay an EMI of Rs 20300 for this loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 11, 2018
    • Kotak Home Loan
      "Better Loan to have"
      0.5 4.5/5 "Excellent!"
      The process for my Home Credit Loan was done instantly and it didn't require much process too. The rate of interest offered is pretty low too and the Bank was pretty responsive for the Loan. I had the complete outline about the Loan and it was easy for me to select the product.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 20, 2017
    • Kotak Home Loan
      "Good banking service"
      0.5 4.0/5 "Great!"
      I have approached Kotak Mahindra for my home loan since the rate of itnerest is low when compared to the other bankers so I have chosen Kotak. They have collected my documents, within a 10 days they will update my loan status. I got a good credit score.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 09, 2017
    • Kotak Home Loan
      "Disappointed Service"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra service was very bad, Earlier I had taken home loan with ING Vysya but after Kotak Mahindra took over that bank. Everything got changed I had requested them to do foreclosure but they did not respond. Then I went to the main branch and I got approval after two months of my request from Visakhapatnam branch. They asked me to do NEFT or RTGS. While I was doing the transaction it didn't accept to do huge amount. Finally I went to the branch and closed the loan and I got NOC after a month's time.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Apr 26, 2017
    • Kotak Home Loan
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I got the housing loan with the Kotak mahindra bank and the interest rate was competitive one like it was around 8.65%. The loan amount got disbursed to the developer within 45 days of time. Processing charges around nominal one with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 08, 2017
    • Kotak Home Loan
      "Housing loan"
      0.5 1.0/5 "Really Bad"
      KOTAK Housing loan is meant only for customer who's property value is very huge and big. For example Office company and all major units they are willing to provide the loan. They are not providing housing loan not for a common man. I had approached them for the housing loan I did not get any sort of reply from them till date.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Jan 12, 2017
    • Kotak Home Loan
      "False assurance"
      0.5 2.0/5 "Expected more"
      I have experienced a bad process of credit card application from Kotak bank. They do not have any coordination among the staff. I got call from 3-4 executives for documents inspire of submitting it after 1st call. Then after approx 2 week I get a call again that they need document again as they had misplaced the earlier set. This is such a negligence shown by the bank. Secondly they offer me a card which is free for lifetime with credit limit of 200000. I got my card after a week of submitting document again. Now the limit I got was 50000 only and within a week without even using the card I get an invoice of 571 God knows for what. Wrong assurance just to sell your card will impact you very badly.
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 28, 2016
    • Kotak Home Loan
      "Excellent!!!"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with kotak which was disbursed within 15 days after completing all the verification and documentation process. Interest rate charged was above 10% and the processing fee was also normal. The response was good which i liked very much
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Mar 14, 2016
    • Kotak Home Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from Kotak Mahindra bank. The services are good. They completed my loan process very quickly. I got the loan within seven days. The rate of interest very reasonable. It was of 9.1%. The processing charges was normal. Overall a excellent experience.
      Was this review helpful? 0
      , jaipur
      Reviewed on Mar 07, 2016
    • Kotak Home Loan
      "Great loan providers..."
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank was kept increasing the interest rate for the home loan and I done balance transfer. Except the rate the Kotak is very good in all the aspects. Customer service is awesome and the processing time is pretty fast. All the options are available on their portal so there is no reason to visit their office. Even their payment options are very good.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 25, 2016
    • Kotak Home Loan
      "Can go for it.."
      0.5 4.0/5 "Great!"
      The home loan process was too fast and there was no time lack. I was able to reach out them without any hurdle. Kotak Mahindra bank also guided and advised me regarding the property. Another foremost things is that there is no processing fee for me as due to my account. Interest rate 9.55% is little high.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 26, 2016
    • Kotak Home Loan
      "Not bad..."
      0.5 3.0/5 "Satisfactory"
      Kotak bank offered me an Home loan for 12lakhs. I was looking for 20 years tenure but they did not offered. Rate of interest was 11% . In terms of Home loan I am unhappy with them. Good thing is, they were good in terms of process. I closed it and I got my NOC letter on time.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Dec 19, 2015
    • Kotak Home Loan
      "Best for home loan.."
      0.5 5.0/5 "Blown Away!"
      Without any payslips they approved the home loan. For NRI customers banks are offering up to 24% of rate but here in Kotak Mahindra bank they offered me like 9%. Kotak was happily processed the loan. For NRI customers Kotak will be best option for loans.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 15, 2015
    • Kotak Home Loan
      "Satisfactory..."
      0.5 4.0/5 "Great!"
      I was looking for Home loan. I just inquired about the Home loan with Kotak bank. My salary account is with them so, they are ready to provide 10lakhs with 9.65% interest rate. They have processing charges and i would be better if they avoid the processing fees.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 08, 2015
    • Kotak Home Loan
      "Good home loan"
      0.5 5.0/5 "Blown Away!"
      Overall KOTAK housing loan process was good. The executive came to my place and they took all the details and they have processed with the loan. They have offered the loan within week time and everything was finalized. They have offered a floating rate of interest and there is rise and fall of rates. Every time when they change the rate they intimate us quickly.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 02, 2015
    • Kotak Home Loan
      "Home loan poor service"
      0.5 1.0/5 "Really Bad"
      The customer service is very poor. I wanted to make part payment and I am following up for last one month but they didn't give proper response to emails and even customer care people also don't know anything. Very frustrated with the service and would recommend not to go for kotak mahindra/ing vysya
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 20, 2015
    • Kotak Home Loan
      "Its fine"
      0.5 3.0/5 "Satisfactory"
      Kotak housing loan is fine its much better than others as well.When I approached them for the housing loan they had advised me to wait until the car loan is getting disbursed. Later they had asked me to apply for the housing loan. The executives who was involved in this was willing to provide complete information and he gave me the next steps as well.
      Was this review helpful? 0
      , goa
      Reviewed on Sep 15, 2015
    • Kotak Home Loan
      "Quite fine.."
      0.5 4.0/5 "Great!"
      When I was taking taking home loan with ING Vysya the rate is 11.5% and still it is in same condition however it is floating. For first three years I got it for fixed rate. One time payment on home loan that I paid is only thousand and out of 12lakhs. Actually in 2008 I availed home loan with ING Vysya and now it is acquired by Kotak Mahindra bank.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 22, 2015
    • Kotak Home Loan
      "Home Loan"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank provides us home loans accompanied by highly customised facilities and services for a seamless and pleasurable home-buying experience. In a market where the basic product is largely similar, the difference is ability to understand the customer's need completely and structure the eligibility and loan amount appropriately. and also the interest rate is constant and less comparetively
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 17, 2015
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