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Make Your Dream of Owning a Home Come True with Kotak Mahindra Home Loan

Home Loan Kotak Mahindra

Buying or building a home can be very difficult with rising inflation in the market. Especially for a middle-class family, owning a home seems to be a dream. But there’s a solution to every problem, and we have one for this too. There are many banks and NBFCs that provide home loans to customers so that they can easily buy or build their homes and one such lender is Kotak Mahindra Bank

The Kotak Mahindra Bank Home Loans are easy to avail and come with a very low-interest rate. If you are looking to own a home with fewer hassles, then you can always give a heads-up to the Kotak Mahindra Home Loans. But, before you move ahead and proceed to submit the home loan application at Kotak Mahindra Bank, it’s important that you know every detail about it. We have curated this article to educate you on the same. So, stay tuned till the end!

A quick overview of Kotak Mahindra Home Loan

  • The Kotak Mahindra Bank provides Home Loans ranging from 10 lakh to 10 crores.

  • Bank allow individual as well as joint ownership.

  • Bank provides a loan repayment tenure of up to 15 years.

  • A loan apart from ownership can be applied for renovation, redecoration, or an extension of the property.

  • Women applicants can pay flat Rs 5000 as a processing fee when applying for the loan via offline mode.

  • There is no need for a guarantor.

  • You don’t need to pay any foreclosure or prepayment fee.

  • The bank determines the repayment capacity, which will help you decide how much you can borrow.

  • The disbursement can be taken after the property’s credit, legal and technical appraisals are done.

Features & Benefits of Kotak Mahindra Home Loan

In India, obtaining home loans is a difficult task. You must first comprehend the advantages of home loans in order to be able to secure a decent home loan offer. It will also help you understand what to expect from your home loan.

Kotak Mahindra Bank offers a low-interest home loan that you can easily avail of. Additionally, you can apply for a Kotak Mahindra Bank home loan online or in person at the branch closest to you.

Mentioned below are the key advantages of Kotak Mahindra Bank’s online home loan:

  • Minimal Processing Fee: With Kotak housing finance, enjoy a minimum processing fee.

  • Easy Documentation: Kotak home finance is quick and easy, all thanks to their minimal documentation.

  • Doorstep Services: Enjoy doorstep services with Kotak Mahindra Bank’s home loan.

  • Home Loan Insurance: Affordable home loan insurance premiums are another great advantage.

Interest rates on Kotak Mahindra Home Loan

When applying for home loans in India, the interest rate is crucial. Your home loan interest rate can affect the overall EMI that you need to pay. So, it is advisable to keep it in mind when applying for a home loan. Indeed, with Kotak’s home loan, you can get an attractive interest rate starting at 8.30%. Here’s more you need to know:

Product

Applicant

Rate of Interest

Home Loan

Salaried


Self Employed

8.30% – 9.00%


8.40% – 9.10%

Home Loan Balance Transfer

Salaried


Self Employed

8.30 % onwards


8.40% onwards

Floating vs. Fixed Interest Rate

  • The house loan from Kotak Bank has a floating rate that is added to its six-month MCLR rate, which is now 8.70%. When Bank offers a home loan at an interest rate of 8.90%, it applies a premium of 0.2% to its MCLR rate to come to this home loan rate.

  • When the RBI raises interest rates, the bank can also raise its MCLR rate, which might raise the relevant interest rate for both new and existing home loans. Both current borrowers and new home loan accounts will benefit from cheaper rates when the RBI lowers interest rates, which causes the bank to lower the MCLR rate.

The table below entails more detail about the fees & charges applicable to the Kotak Mahindra Home Loan:

Interest

Starting from 8.30% – 9.00% p.a.

Charges for processing the application

  • Salaried: 0.5% (plus taxes and any other applicable statutory dues) of the loan amount;


  • Self-Employed, HL top-up/Commercial Purchase: 1.0% (plus taxes and any other applicable statutory dues) of the loan amount;


  • Upfront PF of Rs. 5,000 (plus taxes and any other applicable statutory dues) shall be collected at the time of login which is non-refundable.


  • (Non-refundable fee will be adjusted in overall PF before disbursement)

Tenure

Maximum 20 years

Amount

Based on the applicant’s profile

Charges for Cheque Bounce

Rs 750 ( per occurrence )

Instrument / Cheque Swap Charges

Rs 500 ( per occurrence )

Foreclosure or Prepayment Charges

No charges for floating rate of interest and up to 4 % in the case of fixed rate

Charges for documentation

0.5 % from the total loan amount

Eligibility Criteria for Kotak Mahindra Home Loan

You have to fulfill the below-mentioned eligibility criteria to get a home loan from Kotak Mahindra Bank:

  1. Age:

  • Home Loan Eligibility for Salaried persons is between 18 and 60 years.

  • Home Loan Eligibility for Self-employed persons is between 18 and 65 years.

  1. Indian Resident with a Gross Income of:

  • Minimum Income of Rs. 20,000 per month for Delhi, Mumbai, Bangalore, Pune, and Chennai residents.

  • Minimum Income of Rs. 15,000 per month for the residents of other cities.

  1. Minimum Qualifications:

  • If the applicant works with a private limited company or a partnership firm, the minimum educational qualification required is a Bachelor’s degree.

  • If the applicant is employed with either a public limited company, MNC, Government, or public sector company, no minimum qualification is required.

  1. Home Loan Eligibility Criteria for a Partnership Firm/ LLP/ Indian Company:

  • The firm/organization should have been existing for a minimum of three years.

  • The partnership firm/LLP/Indian Company should have a minimum net income of:

    • 2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.

    • 1,80,000 per annum for companies/firms/LLPs in other cities.

  1. Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF):

  • The applicant or the co-applicant must be the Karta of the HUF.

  • The HUF should have existed in India for a minimum of three years.

  • The HUF should provide their IT returns for a minimum of three years.

  • HUF with a Minimum Net Income of:

    • 2,40,000 per annum for the HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai.

    • 1,80,000 per annum for the HUFs in other cities.

Documents required for getting a Kotak Mahindra Home Loan

The primary documents you will need to apply for a Kotak Mahindra Home Loan in India are as follows:

  • Income proof

  • Banking details

  • Identity proof like PAN, Aadhaar, Driving license, Passport, Voter ID

  • Age proof like PAN, Aadhaar, Driving license, Passport, Voter ID

  • Signature proof like PAN, Passport

  • Address proof like Aadhaar, Driving license, Passport, Voter ID

  • Evidence of educational qualification

  • Relationship proof

Wrapping Up

As you have seen, the Kotak Mahindra Bank Home Loans are very easy to avail, and you can get it by both online and offline modes. The interest rates are also very low, and there’s a need to submit only minimal documents for the same. So, if you are looking for a perfect home loan, then always make your way to Kotak Mahindra Home Loans.

FAQs

No, a home loan cannot be obtained with no documents. However, Kotak Mahindra Bank guarantees a quick and easy application and approval process for house loans with just a few documents.

The latest three years’ income tax returns with computation of income must be submitted when applying for a home loan.

Salary slips work as a major evidence of income for salaried individuals. Therefore, you can’t apply for a Home Loan without a salary slip.

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