NRI Home Loan

1860 266 2666

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Kotak Mahindra Bank provides you home loans accompanied by highly customised facilities and services for a seamless and pleasurable home-buying experience in India. In a market where the basic product is largely similar, we differentiate ourselves with an ability to understand the customer's need completely and structure the eligibility and loan amount appropriately.

  1. Higher eligibility
  2. Attractive interest rates
  3. Convenient loan disbursement process
  4. Simplified documentation
  5. Insurance options to cover your home loans at attractive premium
  6. Quicker turnaround time

Disclaimer

Conditions apply. Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

 

The eligibility depends on an individual's repayment capacity and is based on the following:

Age, Qualification & Employment:

  • The Applicant's / Co-applicant's or both incomes will be considered for eligibility. (Both incomes would be considered only if both are NRIs. If applicant is NRI and co-applicant is Resident Indian, clubbing can’t be done.)
  • Minimum education qualification – Graduate
  • Should be employed for at least 3 years
  • Maximum Age - 58 years at the time of maturity of the loan

Minimum Income Norms:

  • For Loan Tenure up to 5 years,
    • Annual Gross Salary (after Currency Conversion, if required) should be at least:
      • USD 30,000 for USA/UK/Other Countries excluding Gulf
      • Dirhams 36,000 for Gulf Countries
      • USD 20,000 for Merchant Navy
  • For Loan Tenure above 5 years and up to 15 years,
    • Annual Gross Salary (after Currency Conversion, if required) should be at least:
      • USD 42,000 for USA/UK/Other Countries excluding Gulf
      • Dirhams 48,000 for Gulf Countries
      • USD 26,000 for Merchant Navy

Note:
Salary should be received on Weekly/Fortnightly/Monthly basis either through Direct Bank Credit or by Cheque & not by Cash.

Disclaimers:

For loans: Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

Apart from the application form, generally banks will ask you to submit the following documents.

  • Income proof and banking details
  • Age proof and address proof
  • Identity proof
  • Appointment Letter or Employment Letter or Contract Copy
  • Power Of Attorney (in favour of a local applicant)

Disclaimers

For loans: Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

Expand All

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 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. The applicant's / co-applicant's or both incomes will be considered for eligibility. (Both incomes would be considered only if both are NRIs. If applicant is NRI and co-applicant is Resident Indian, clubbing can’t be done).

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.

Disclaimers:

Conditions apply. Credit at the sole discretion of the bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

Currently we consider Loans to NRI/PIO residing or working in any of the following Countries only:

North AmericaUSA and Canada
EuropeUK and all European countries
AsiaJapan, China, South Korea, South East Asian Countries (Singapore, Malaysia, Indonesia, Thailand, etc), Gulf Countries(UAE, Saudi Arabia, Oman, Kuwait)
OthersAustralia and New Zealand.

Disclaimers

For loans: Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

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