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Section 80C of the income tax act permits individuals to avail deductions up to ₹1.5 Lakhs per annum.
Homeowners can claim deductions on the interest on home loan deduction under Section 24:
Yes, you can transfer your existing Home Loan to Kotak for a lower Home Loan interest rate and better terms. The strategy is called Home Loan balance transfer.
A longer tenure decreases the EMI amount but increases the total interest cost, while a shorter tenure increases the EMI amount but saves money on the interest cost. So, choosing the shortest possible loan term with budget-friendly EMIs is best.
For a loan amount of ₹80 lakhs with an estimated interest rate of 8.75% and a tenure of 25 years, the approximate monthly EMI will be around ₹65,771. You can easily compute the EMI using online calculators or spreadsheet software.
Home loan processing fees are non-refundable charges that you have to pay at the time of your home loan application.
These are the charges towards the services provided by the lender. Each financial institution has a different processing fee for home loan. Kotak Mahindra Bank charges 0.5 % processing fee for salaried and 1 % for self-employed applicants. This is among the lowest home loan processing fee in India.
In the absence of salary slips, especially for non-salaried individuals, applicants may submit bank statements and complete ITR details as required by the lending bank. So, although salary slips improve your chances to get a home loan, it’s not mandatory
No, the home loan processing charges are non-refundable in nature. It means, that if the bank rejects a loan application, the amount will not be refunded. That being said Kotak Mahindra Bank’s home loan processing fee is among the lowest. For a salaried applicant, it is 0.5 %, while for a self-employed applicant it is 1 %.
The processing fee for home loan is a percentage charged on the loan amount that you have applied for. You have to pay it during the time of the application. These home loan processing fees are non-refundable, i.e. the bank will not refund the amount, whether the loan application is approved or not.
No, the applicant has to pay a processing fee at the time of the home loan application. It is a percentage of the principal loan that you have applied for and is non-refundable. However, with Kotak Mahindra Bank you have to pay only a minimal home loan processing fee, i.e., 0.5 % for salaried and 1 % for self-employed applicants.
To process your home loan application, the bank charges a non-refundable processing fee. Every financial institution charges its own home loan processing fee while applying for a loan or for a home loan balance transfer. Kotak Mahindra Bank offers one of the lowest home loan processing fees; 0.5 % for salaried and 1 % for self-employed applicants.
When you pay all of your monthly installments before the end of the tenure, it is called foreclosure. On foreclosing the loan, the bank levies a charge on the applicant that they have to pay to foreclose the loan. These charges depend on the bank that has sanctioned the loan. Foreclosure charges are a part of the various types of home loan processing fees that a bank charges.
Unlike a foreclosure, a prepayment is when you pay a part of the outstanding home loan amount in advance. The prepayment charge varies from bank to bank, and also on the type of applicant who has taken the loan. One of the home loan processing charges, prepayment of your loan comes at a cost. So, before going for it, best is to understand how much amount you have to pay.
The home loan processing fee is paid by the borrowers at the time of their home loan application. After this, there are various fees and charges that one might have to pay. For example, when you need copies of any loan-related documents or in case of prepayments and foreclosures or even penalties are all included in the home loan processing charges.
The home loan processing fees and charges to be paid when borrowing a loan from Kotak Mahindra Bank are as follows:
An 18 % GST is charged on the home loan processing fee. Kotak Mahindra Bank charges a processing fee of 0.5 % in the case of salaried professionals, while for non-salaried individuals it is 1 %. This is a non-refundable charge that the applicant has to pay at the time of loan application.
The mortgagor pledges their property's title deeds or ownership documents as collateral security for the equitable mortgage and registered mortgage to the mortgagee or their agents while availing a loan. While equitable mortgage stamp duty may not always be required, increasing instances of housing loan fraud have led several states to make registration mandatory to ensure excellent protection for both parties involved.
What is the meaning of equitable mortgage? Also known as Mortgage by deposit of title deeds, it is a process where a borrower deposits their property's title deed with the lender as security for a loan until it is repaid. Equitable mortgage charges create a charge on the property without the need for legal procedures. Although no written documentation is required, an agreement signed by both parties and notarized is necessary.
To create a home loan mortgage registration, the borrower provides the lender with the title deed of immovable property as security until the loan is fully repaid. This does not involve any legal process, but a memorandum of deposit of title deeds is usually executed between both parties to formalise the arrangement.
An ideal tenure balances manageable EMIs with total interest paid. While shorter tenures increase the EMI, they reduce total interest. Longer tenures, like 50 lakh home loan EMI can offer lower EMIs but with higher total interest.
A home renovation loan helps you to fund the expenses to upgrade your home. Whether it is renovation or repair work, a home renovation loan can take care of your financial needs when redoing your house or simply fill the gap in your funding. Kotak Mahindra Bank provides great deals on home improvement loans.
To avail of a house renovation loan, you should be a salaried or self-employed Indian resident above the age of 21 years. Whether you are a single owner or a joint owner, you can apply for a home renovation loan. Kotak Mahindra Bank provides home improvement loans to our customers at attractive rates.
Kotak Mahindra Bank’s eligibility criteria for home improvement loans is simple.
The home renovation loan interest rate from Kotak Mahindra Bank is:
Salaried individuals: 8.49 % to 9.00 %
Self-employed individuals: 8.55 % to 9.10 %
With a good credit score and better eligibility, you can avail of the best deals on home renovation loans. Kotak Mahindra Bank’s interest rate is among the lowest in India.
The number of years you have been given to repay your house renovation loan is called the tenure. Kotak Mahindra Bank provides home repair loans at attractive interest rates and flexible tenures, with a maximum of 25 years. Your tenure depends on your age of retirement and profile. Apart from that, your loan amount and interest rate are responsible for the applicable loan tenure.
With a requirement of up to Rs. 30 lakhs, you can get up to 90 % funding. Between Rs. 30 lakhs and Rs. 75 lakhs, up to 80 % of your funding can be taken care of under a home renovation loan. Above Rs. 75 lakhs, you can get funding of up to 75 %.
The loan application process is a simple one. All you need to do is visit the website and navigate to the home improvement loans section. Click on apply now. An application form will open up. Fill it up with the required details and click on submit. If the lender finds your details satisfactory, your loan will be granted.
Kotak Mahindra Bank’s home renovation loan can be used any way you want. You can either use it to renovate your home, or you can invest it in changing the decor or repairing work as per your preferences. Apply for a home renovation loan now, to give your home the look of your choice.
Home renovation loan processing fees and charges are different for salaried and self-employed individuals. For salaried employees, it is 0.5 % of the total loan amount. Whereas, for self-employed, it is 1 % of the total loan amount. Apart from this, there are various other charges that one must understand before applying for a loan.
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