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Frequently Asked Questions

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.

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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.

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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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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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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.

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