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.
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.
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.
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.
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.
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.
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.