A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Kotak Bank Home Loan Balance Transfer

    In a home loan transfer, you can foreclose your existing loan by taking on a new one. Home loans are generally transferred when another lender is offering a lower rate of interest. Kotak Mahindra Bank is currently offering home loans at an interest rate of 8.90%.

    Kotak Mahindra Home Loan Interest Rates & Charges

    Items Charges
    Home Loan Interest Rate 8.90%
    Processing Fees Up to 2% of loan plus applicable GST
    Pre-Payment & Foreclosure Charges 6% of loan amount if the foreclosure happens within 12 months of the date of registration, else 5%, plus GST as applicable.
    For the full list of loan-related charges, visit Kotak Mahindra’s website.

    Eligibility for Kotak Mahindra Home Loan

    Kotak Mahindra Bank will give you a home loan if you meet the bank’s loan eligibility criteria, which comprises of:

    1. Your current income: How much you currently earn in a month and year has a direct bearing on the loan you would be eligible for.
    2. The source of this income: It could be earned via salary, business, profession, or other sources such as rent. The stabler the income, the better for you.
    3. Your current savings: The bank will finance only 75-80% of your original loan. The rest needs to be paid by you.
    4. Your credit score: The best loan offers are reserved for borrowers with high credit scores – ideally, 750 or more.
    5. Your educational or professional qualifications: The bank may make a better loan offer for borrowers with high qualifications.
    6. Your total work experience, including experience in your current job: This reflects on the stability of your career and therefore the stability of your income.
    7. Your age: The younger you are, the longer your loan tenure before retirement can be.
    8. The number of dependents you have: This can impact your repayment capacity.

    Documentation for Kotak Mahindra Home Loan

    The following documents will be required when you apply for a home loan transfer to Kotak Mahindra Bank.

    • Proof of income: Salary slips, income tax return papers, Form 16, CA-verified audits, recent bank statements etc.
    • Proof of age: Driving license, voter ID, PAN card, passport, Aadhar, school leaving certificate, 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 agreement, ration card, recent utility bill, letter from employer, etc.
    • Proof of educational qualifications: School, university and professional certificates. 

    Kotak Mahindra Home Loan Features

    Here are the main features of the Kotak Mahindra Bank home loan transfer scheme.

    • Foreclose your current home loan and transfer the balance to Kotak Mahindra Bank.
    • Enjoy a lower rate of interest and lower EMIs.
    • Get a top-up home loan for miscellaneous needs.
    • Get a customised EMI plan for ease of payment.

    FAQ’s

    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 Rs. 20 lakh and Rs. 75 lakh.

    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. 

      

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