Kotak Mahindra Bank Home Loan |

Kotak Mahindra Bank Home Loan

With attractive features like zero processing fee for online loan application, home loan insurance facility, and doorstep documentation and services, Kotak Mahindra Bank’s Home Loan is one of the best housing loan options available in the finance market. You can get funds up to 75% to 80% of the property cost and the interest rate can be as low as 6.75% p.a.

Types of Kotak Mahindra Bank Home Loans

Home Loan

PMAY

Eligibility

Eligibility for Individual

Age: Minimum 18 and maximum 60 years if salaried, minimum 18 and maximum 65 years if self-employed.

Minimum gross monthly income of resident Indian individual: Rs. 20,000 (for Delhi, Mumbai, Bangalore, Pune & Chennai) and Rs. 15,000 (for other cities).

Minimum qualification: Graduate if applicant is employed with a private limited company/ partnership firm. No such criteria if applicant is employed with Public limited company/ MNC/ Government/ Public Sector Company.

Eligibility for Partnership Firm/ LLP/ Indian Company

Business should be existence for minimum 3 years

Minimum gross annual income: Rs. 2,40,000 (for Delhi, Mumbai, Bangalore, Pune & Chennai) and Rs. 1,18,000 (for other cities).

Eligibility for Hindu Undivided Family (HUF)

Karta of HUF should be applicant/ co-applicant

Should be in existence for minimum 3 years

ITR of HUF for 3 years should be obtained

Minimum gross annual income: Rs. 2,40,000 (for Delhi, Mumbai, Bangalore, Pune & Chennai) and Rs. 1,18,000 (for other cities).

Interest Rate, Processing Fee, and Other Charges

The current Bank of India Home Loans interest rates are:

Special Balance Transfer Rate:

6.90% – 7.00%

Interest rate for Salaried:

6.90% – 8.40% for women

6.95% – 8.45% for others

Interest rate for SENP/SEP:

7.05% – 8.55% for women

7.10% – 8.60% for others

Processing fees

Up to 2% of the loan amount + GST

Other charges

Prepayment charges: Prepayment/ foreclosure is allowed after a lock in period of 6 months only post EMI commencement. After that period, part prepayment of minimum Rs. 25,000 & maximum up to 25% of the outstanding loan amount is allowed (every 6 months) at zero prepayment charges. For any part prepayment above that limit, 4% of the excess prepayment amount + GST & other applicable taxes will be charged as prepayment charges.

Foreclosure charges: 4% of the foreclosure amount + GST & other applicable taxes + amounts prepaid during the last 12 months will be charges any time after the lock-in-period.

Collection charges for default: 30% + other applicable statutory levies

Charges for Interest Certificate or Account Statement: Free once in a Financial Year. Rs. 250 thereafter + GST and any other applicable statutory levies, per instance.

Penal interest: 2% p.m.

Documents Required

For Salaried

Duly filled application form with 1 recent passport-sized photograph

PAN card copy of all applicants (with relationship proof)

Aadhar card copy of all applicants with relationship proof

Residence proof copy of all applicants with relationship proof

Salary slips of last 3 months of all applicants whose incomes are considered

Form 16 and ITR (of all applicants whose income is considered) – last 2 years

Bank statement (original) of last 6 months wherein salary is credited or any other bank account (of all applicants whose income is considered).

Relationship proof

Details of loan availed in the past with track record

All property documents (chain) along with the sanction map

For SEP/SENP/Company/HUFLLP/Partnership Firm – As applicable

KYC documents

Bank statement/passbook of last 12 months of all applicants whose incomes are considered.

Last 3 years ITR (2 years for Kotak Group customers)

Degree certificate

Registration proof with Tax authorities

Proof of existence of partnership firm/ company/ HUF/ LLP

For NRIs

Copy of valid passport

KYC Documents of POA

Last 6 months bank statements of domestic (NRE/ NRO/ FCNR/ NRNR) & salary or active international account.

Income proof for fixed salary: Salary certificate (in English) mentioning the name, date of joining, designation & salary details OR last 3 months salary slips.

Income proof for variable salary: Salary certificate (in English) mentioning the name, date of joining, designation, & salary details for the last 6 months OR last 6 months salary slips.

Proof of employment continuity for the last 3 years

Top Up loan

Part-prepayment and foreclosure at NIL charges

Flexible repayment tenure

Customised insurance schemes

Online account management

FAQs

What is the maximum loan amount available?

You can avail up to 90% (up to 80% for original loan of Rs. 20 – 75 Lakhs, and 75% for original loan above Rs. 75 Lakhs) of the cost of the property.

What is the maximum loan repayment period available?

Kotak Mahindra Bank Home Loan can be repaid in to 20 years.

Who can be a co-applicant?

If you are an individual, your spouse, parents, or even major children can be your co-applicants.

Is it mandatory to insure the property?

Property insurance is recommended but not mandatory.

Does the bank allow prepayment?

Yes, but only after a lock-in period of 6 months.

Home Loan Interest rates in India are currently dependent on the MCLR rate, base rate, bank spread etc and thus effective rate of interest on the loan vary according to banking benchmark rates. However, in December 2018 Monetary Policy Review, the RBI has firmly said that these benchmarks will be replaced by external benchmarks from April 2019. There is speculation if NBFC will also adopt the norm or not.

Feel Free to write us on info@estabizz.com or call for more details on 9825622275

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Types of Kotak Mahindra Bank Home Loans Eligibility The current Bank of India Home Loans interest rates are Processing fees Other charges Documents Required Relationship proof KYC documents For NRIs Top Up loan FAQs Blog