Try Applying for a higher Loan Amount as most bank reduce interest rates as loan amount increases
Try Adding the income of a co-applicant like a working spouse
Financebuddha can help you consolidate all your loans into one to increase your eligibility
Are you still dreaming about owning a house? It’s time to start taking steps close to making your dream a reality and this is now easily possible with the help of a home loan from one of the best banks. Kotak Mahindra Bank offers best home loan facilities to everyone who meets the eligibility criteria. This bank has designed the loan structure keeping in mind that it is convenient for choosing the option that suits the home loan requirements effectively for customers. It also provides various types of home loan for every customer out there. Interesting there are types of home loan that just needs to be paid after possessing the house and there are other type of loans for which the EMI should be paid right from the day loan amount is disbursed.
Kotak Mahindra Bank was established in the year 1985 to service banking and financial needs. It was earlier known as the Kotak Mahindra Finance Limited which is a non-banking financial firm. The bank offers finance solutions for every need and is well recognized for home loan approvals. Apaprt from this, it is also best for savings accounts, credit cards, mutual funds distribution and also life insurance products. This Bank provides home loans along with by highly customized services and facilities for a all-in-one and pleasurable home buying experience. To get more information, follow the simple steps to apply for a home loan and get attractive deals.
Applying home loan is not that tough and through Finance Buddha it is even easier to get everything about your home loan approvals sorted. Firstly you should check your eligibility before applying for a loan. This way there will be not much chance of application being rejected. While checking eligibility it is crucial to check the CIBIL scoring of the applicant. The higher and better the CIBIL scoring is; it will be easy for approval and the rate of interest will be low. Also this bank offers high customization is each of its customers. Thus if you are looking for very simple ways of get a home loan approved then Kotak Mahindra Bank is the best choice.
Simple tables with basic details are below plus all other necessary information is clarified in the second table in this page.
Criteria |
Salaried |
Self-Employed |
Age |
21 years to 60 years |
21 years to 65 years |
Minimum Income |
₹1,44,000 p.a. |
₹1,44,000 p.a. |
Loan Amount Offered |
₹2,00,000 – ₹1,00,00000 |
₹2,00,000 – ₹1,00,00000 |
Tenure |
5 years to 25 years |
5 years to 25 years |
Current Experience |
2 years |
3 years |
Processing Fee |
Zero fee |
Zero fee |
Loan to value ratio |
85% of the property value |
85% of the property value |
Documentation |
1) Complete application form |
1) Complete application form |
2) Address Proof |
2) Address Proof |
|
3) Age Proof |
3) Age Proof |
|
4) Income Proof |
4) Income Proof |
|
5) Last 6 months bank statement |
5) Last 6 months bank statement |
|
6) last 3 months salary slip |
6) Bank statement |
Customer Type |
Rate of Interest |
Processing Charges |
|
Effective Rate Of Interest |
MCLR + Mark Up |
(excluding Service Tax) |
|
Floating Category |
|||
For salaried individuals |
8.75% |
MCLR + (0.10%) |
Upto ₹10000/- |
For Self Employed |
8.80% |
MCLR + (0.15%) |
Upto 0.50% |
Fixed Category |
|||
For salaried individuals |
NA |
NA |
NA |
For Self Employed |
NA |
NA |
NA |
Kotak Mahindra Bank Home Loan Fees & Charges |
|||
Loan Amount |
90% of the cost of the property |
||
Tenure Range |
1-20 Years |
||
Loan Processing Charges |
Upto 1.25% of Loan amount |
||
Documentation Charges |
0.5% of the Loan amount |
||
Stamping Charges |
Applicable as per the respective State's Stamp Act |
||
Commitment Charges |
2% on loan sanctioned less amount disbursed |
||
Overdue Interest |
2% of Overdue Amount, compounded monthly |
||
Collection Charges |
30% of penal and cheque bouncing charges |
||
Dishonour Charges Per Instance |
Rs. 750.00 |
||
Swap Charges( Replacement of PDCs) |
Upto Rs. 500 per Swap per Instance |
||
Prepayment Interest / Forclosure Charges |
For Individual Floating Rate Home Loans we allow full prepayment of the loan anytime (after the full disbursement of the loan) with NIL charges. For Mortgage Loans (Other than Individual Floating Rate Home Loans) we do not allow full prepayment for a period of 6 months from the date of your first EMI. 4% of Principal Outstanding +4% on amount prepaid in last 12 months |
||
Duplicate Issue of NOC |
Rs. 500/- |
||
Solvency Certificate |
Rs. 10000/- |
||
No Due Certificate |
NIL |
||
Charges for furnishing a copy of the credit information report (CIBIL) to the applicant. |
Rs. 50/- |
||
Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule) |
Once yearly without any charge. Post that Rs. 250 per request. |
||
APAC Reschedulement |
1% of outstanding loan amount |
||
Part Foreclosure Charge |
NIL for pure Individual Floating Rate home loans. Upto 25% of outstanding with a gap of 6 month without charges, exceeding that 4% of Principal Outstanding for other products |
||
Rebooking of Loans (due to change in borrowing structure, change of property / Asset / Collateral etc.) |
0.5% of the Loan Amount Outstanding or Rs. 10000/- per event of Property Whichever is higher |
||
Change in Installment Due Date |
Rs. 5000/- + broken period interest (if any) Or 0.5% of the Loan Amount + broken period interest (if any) Whichever is less |
||
Change in Property / Asset / Collateral |
0.5% of the Loan Amount Outstanding or Rs. 10000/- per event of Property Whichever is higher |
||
Re-issuance of Pay Order |
Rs. 100/- per instance |
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