Kotak Bank

Balance Transfer


Pay off any existing balance of home loan with Kotak's Home Loan Balance Transfer at a lower rate of interest. You can now retain your home on better terms and conditions that suit your needs
Feature & benefit
Take a home loan, to pay off existing home loan(s)
Future payments will be made to Kotak Mahindra Bank
Transfer your existing home loan at interest rates that are lower than the original loan
Top-up the existing loan to get ready cash for any of your needs
The procedure of acquiring the loan is now easier and the amount payable for your instalments is designed to make you feel comfortable
Avail Kotak Home Loan Transfer if:
You are trying to reduce your interest rate and lower your payments
You are trying to reduce your home loan term to pay off your loan faster
You want to use the equity in your house to get money for any of your needs. You can take a top-up over the existing loan to get the much needed cash to fulfill your needs.

Eligibility
loans can be applied by individuals, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owners. Specific eligibility criteria are as follows:
For self-employed professionals:
Minimum annual income should be Rs. 1.44 lakh as per the P&L
Minimum gross annual income should be Rs. 1.44 lakh
Minimum 21 years of age
Maximum 65 years of age at the time of loan maturity
Firm/company should have been in operation for the last 3 years
Firm/company should be making cash profits for the last two years
For self-employed non-professionals:
Minimum annual income should be Rs. 1.44 lakh as per the P&L
Minimum 21 years of age
Maximum 65 years of age at the time of loan maturity
Firm/company should have been in operation for the last 3 years
Firm/company should be making cash profits for the last two years

Documentation
the following documents are required for the purpose of credit appraisal:
Completed application
Your income documents and bank statement
You address and age proof

FAQS
What is the maximum amount I can borrow?
You can borrow up to 80% of the cost of the property in case of Home Loans. However in case of Commercial Property Loans or Loans against an existing property you can borrow up to 60% of the cost of the property.

How will my loan eligibility be determined?
Your repayment capacity as determined by Kotak Mahindra Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability and continuity of occupation.

In how many years can I repay the loan amount?
You can opt for a loan period of up to 20 years or outstanding tenure of the proposed loan to be taken over whichever is lower and can vary depending on your profile.

Who can be my co-applicant?
If you are an individual - your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.

Can I get the benefit of reduced interest rates in the intervening period or during the balance tenure of my loan?
In Floating rate loans, change in Base rate will have direct impact on the interest rate of Home Loan.

When will the loan be disbursed?
You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement. Further, you should have invested your own contribution amount towards the property. 'Own contribution' is the difference between the cost of the property and the loan amount.

In how many installments can the loan be disbursed?
The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by Kotak Mahindra Bank

Does the agreement for sale have to be registered?
Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908

Does the property have to be insured?
Your home is your pride and joy. Don't let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. That way, you'll always have peace of mind knowing that you and your loved ones will be assured of a roof over their heads.

What kind of security is required?
In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Kotak Mahindra Bank (if available) can be provided.

Get Enquiry Here

CONTACT
9594111161 / 9967111161
ONLINE CONTACT
perfectsolution.helpdesk@gmail.com
ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
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