Kotak Mahindra Bank is an Indian bank and financial service firm established in 1985. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the licence to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking history to convert to a bank. The bank offers personal finance solutions of every kind from savings accounts to credit cards, distribution of mutual funds to life insurance products.Kotak Mahindra Bank provides you home loans accompanied by highly customised facilities and services for a seamless and pleasurable home-buying experience.To know more, follow some simple steps given below to get attractive deals.
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 90% of property value
EMIs of other loans lower
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
|Loan Tenure||20 years|
|Guarantor Requirement||No Guarantor Required|
Purchasing a house or property is a major step in anyone’s life. While it brings with it an immense sense of accomplishment, the entire process of buying a house can be full of anxiety and frustration as well. With the boom in population each year, real estate has become a prized possession. Also, since the demand is much greater than the supply, real estate prices are climbing steadily each day, it has become rather impossible to purchase a house solely with one’s savings. Also, experts advise against channeling all your savings towards the purchase of a house. Home loans have been invented for the very purpose of helping finance the cost of a house, so you don’t have to empty your savings. Home Loans have been devised to not only help ease the burden of financing the cost of a house but are also spread over a long term to make for a comfortable repayment schedule. Millions of prospective home buyers avail home loans each year to realize their dream of owning a house.
Kotak Mahindra, one of India’s leading financial institution, offers its customers the service of home loans. What puts these home loans above the fray are the bevy of features which they offer, which make it easier on you to not only avail the loan but also pay it back. These home loans have been tailor made to provide all the benefits and advantages for a smooth, and problem free experience. While there are several home loan providers in the market, Kotak Mahindra certainly possesses an edge over the rest with their keen understanding of the customer’s needs and offering a home loan product which is designed in sync with the same. Read on to find out all about the Kotak Mahindra Home Loan and how you can
The Kotak Mahindra Home Loan is loaded with a host of features and benefits to make its easier for you to purchase your dream home in the minimum time possible.
Doorstep Service – As a Kotak Mahindra customer, you get the advantage of availing doorstep service for your home loan. No need to visit the bank and await your turn to be attended to or submit your documents. A bank representative will visit you at your house to help you out with the formalities of applying or a loan.
Low Interest Rates – One of the primary reasons why the Kotak Mahindra Home Loan is popular is due to the low rates of interest it offers, making it one of the most affordable home loans available in the market.
Quick and Hassle-free Loan Disbursement Process – Once your loan is approved by the bank, you needn’t wait to receive your loan amount. The bank has in place a very quick and hassle free loan disbursement process to ensure that the loan amount reaches you within minimum time.
Minimal and Simple Documentation – Unlike other loan providers which ask applicants to provide extensive documentation in order to apply for the loan, Kotak Mahindra makes the process loads simpler. You only have to provide a few basic documents like your identity proof, employment proof, residence proof, bank statements and a valid proof of your repayment ability to be on your way to apply for your loan.
Home Insurance Options At Attractive Rates – As a home loan buyer, Kotak Mahindra provides you with the added benefit of availing home insurance plans for your dream home. You can avail these home insurance plans at very attractive premium rates to ensure that your house is protected from any external risks or perils.
Longer Tenure – To make it easier for you to avail and repay your home loan, without it becoming a burden, Kotak Mahindra offers home loans which are accompanied by a maximum repayment tenure of 20 years. However, the loan tenure can also vary depending on the applicant’s profile.
Security Required Towards Loan – While in most cases, the house or the property to be purchased will be considered as adequate security towards the home loan. The property/house will be taken as security till the entire loan has been repaid. However, in certain cases, additional security may be required, which can be in the form of receipts of Term Deposits or Life Insurance policies taken with Kotak Mahindra (if available).
Loan Amount – Kotak Mahindra provides home loans which allow you to borrow 90% of the value of the house or property to be purchased. For loans up to the value of Rs 20 lakh to Rs 75 lakhs, you an avail up to 80% of the cost of property and for loans above Rs 75 lakh, you can avail loan amount up to 75% of the property value.
In order to apply for a Kotak Mahindra Home Loan, applicants must adhere to the eligibility criteria laid down by the bank. Kindly note that individuals may apply for these loans on a single or joint basis. Co-applicants in this case will be the owners of the property in question, to be purchased. Co-applicant need not necessarily be the co-owners of the property. Some of the factors which are key in evaluating an individual’s eligibility for a Kotak Mahindra Home Loan are:
The interest rates offered by Kotak Mahindra Bank on home loans are as follows:
|Loan Amount||Rate of Interest|
|Up to Rs.30 lakh||Up to 14.5%|
|Rs.30 lakh to Rs.40 lakh||Up to 14.5%|
|Rs.50 lakh to Rs.100 lakh||Up to 14.5%|
|Above Rs.100 lakh||Up to 14.5%|
Effective June 1, 2017, Kotak Mahindra Bank set its Marginal Cost of Funds Based Lending Rate (MCLR) at 8.90% for home loans with tenures of one year. These rates are applicable to all rupee loans and credit limits that have been sanctioned and renewed by the bank respectively from April 1, 2016.
In order to apply for a Kotak Mahindra Home Loan, applicants must submit the following documents.
Yes, Kota Mahindra Home Loans taken with the Floating Interest Rate plan will be charged a loan processing fee at the rate of up to 1.25% along with any applicable GST.
Yes, you may avail this home loan with a co-applicant who may be your spouse, your parents and even your children who have attained majority. The co-applicant of the loan need not necessarily be the co-owner of the property.
The disbursement of the loan shall be done either in full or in installments based on the progress of the construction / requirements of funds for the purchase of the property. The same will be decided by the bank after careful evaluation.
Yes, it is necessary to get the Agreement of Sale to be registered. Under the Indian Registration Act, 1908, it is mandatory in many Indian states to have the Agreement of Sale done between the builder or seller of the property and the buyer of the property to be registered. Also, it is beneficial for you as a buyer of the property to get the Agreement registered.
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