Kotak Bank

Home Improvement Loan


Make your home the place of your dreams - renovate, furnish or paint your home with easy home improvement loans from Kotak Bank.

Feature & benefit
Funds all your needs for decoration, painting, renovation, furnishing, changing the look of your home, tiling, flooring, plumbing, waterproofing, electrical work, grills and aluminum windows, roofing, construction of underground/overhead water tank, paving of compound wall (with stone/tile/etc.) and bore well
Maximum loan up to 80% of the cost of improvement. This is however subject to valuation of the property as assessed by Kotak Bank.
Maximum term is 15 years subject to your retirement age
Can be applied for either individually or jointly

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

Faq,s
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 15 years, which can vary depending on the purpose of the loan and 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 and deposit of original property documents are 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 instalments can the loan be disbursed?
The loan will be disbursed in full or in suitable instalments 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.

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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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