Kotak Bank Home Loan Balance Transfer

Eligibility for Kotak Mahindra Home Loan Transfer

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

• 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.
• 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.
• Your current savings: The bank will finance only 75-80% of your original loan. The rest needs to be paid by you.
• Your credit score: The best loan offers are reserved for borrowers with high credit scores - ideally, 750 or more.
• Your educational or professional qualifications: The bank may make a better loan offer for borrowers with high qualifications.
• 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.
• Your age: The younger you are, the longer your loan tenure before retirement can be.
• The number of dependents you have: This can impact your repayment capacity.

Documents Required for Home Loan Transfer to Kotak Mahindra Bank

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

1. Proof of income: Salary slips, income tax return papers, Form 16, CA-verified audits, recent bank statements, etc.
2. Proof of age: Driving license, voter ID, PAN card, passport, Aadhar, school leaving certificate, birth certificate, etc.
3. ID proof: Copy of any photo and signature bearing government ID Cards such as the ones mentioned above.
4. Proof of Residence: Rental agreement, ration card, recent utility bill, letter from employer, etc.
5. Proof of educational qualifications: School, university and professional certificates.

A good credit score can help you secure lower interest rates on loans and credit cards.

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