Foreclosure Statement - PL
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  • Foreclosure Statement - PL

  • You may visit our nearest Kotak Retail Assets branch, (OR) You can also call our Customer Contact Centre on 18602662666 (Local call rates apply) between 9:00 am to 7:00 pm from Mon to Sat excluding holidays after completion of 12 months lock-in period.
  • Turn Around Time (TAT) applicable as per process for issuance of a Foreclosure statement is 3 days. Customer needs to call and inform Customer Contact Centre team post payment towards Foreclosure.
  • Please note that No Waiver can be offered on the Applicable Foreclosure Charges (if any),Lock-in period & Turn Around Time (TAT) for issuance of Foreclosure Statement. This is in line with the Loan Agreement signed by the customer, prior to Loan Disbursement.
  • We value your relationship with us & look forward to touch base with you to confirm the reason for loan closure and the alternate mobile number to process the request for foreclosure. Please select appropriate reason from below
    • Planning to do balance transfer since i'm getting better rate of interest
    • I have multiple loans hence planning to do balance transfer to consolidate all loans into one
    • Planning to do balance transfer as i need top up loan
    • Planning to do balance transfer due to service issue
    • Want to close the loan due to income issue / job lost
    • Want to close the loan as I have own funds available with me
    • I’m moving abroad, hence want to close the loan
    • Want to close my loan as I have taken home loan from Kotak Bank
    • Want to close my loan as I have taken home loan from other bank
Kotak Mahindra Bank allows foreclosures or prepayment after completion of lock-in period. Upto 3 years Kotak Mahindra Bank takes foreclosure charges of 4 % plus GST on the foreclosure amount. For the period after 3 years the charges are 2 % plus GST on the foreclosure amount.
 

Lock-in period structure :

A) Loan tenure <= 18 months : Lock-in period will be 50% of the total tenure period.

B) Loan tenure > 18 months : 12 months Lock-in period.
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