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Frequently Asked Questions

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.

Also, we offer Insurance options to cover your Loan Liability. That way, you will be at peace that you and your loved ones will not lose your home.

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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.

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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.

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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.

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What is the maximum amount I can borrow?

You can borrow up to 90% (upto 80% for loans between Rs. 20-75 Lacs, & 75% for Loans above Rs. 75 Lacs) of the cost of improvement in case of Home Improvement Loans.

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