FAQs
Get answers to the commonly asked questionsWhat is the maximum amount I can borrow?
You can borrow upto 85% 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 upto 55% 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 dependants, 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 upto 10 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 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 the during the balance tenure of my loan?
Yes you can, but only if you have opted for the Adjustable Interest Rate being offered by us
When will the loan be disbursed?
You can take the disbursement after technical and legal appraisals of the property have been done, and you have utilized 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 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.
Can I repay the loan ahead of schedule?
Yes. You can repay the loan ahead of schedule. An early redemption charge is payable as applicable.