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Home Loan Balance Transfer
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
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Your Home Loan Eligibility determines whether you qualify for borrowing a Home Loan or not. Your lending bank conducts this mandatory housing loan eligibility check when you apply for a Home Loan. Based on your documentation, credit score and financial history, the lending bank is able to analyse your financial status, creditworthiness and repayment capacity. A favourable impression that you leave on the lender increases your chances of getting a Home Loan. That’s why, before applying for a Home Loan, it is important that you understand the eligibility criteria and make sure you fit the bill.
You can check your Home Loan Eligibility by taking into account different factors such as your monthly income, current age, credit score, existing loan obligations (if any), and the years left to your retirement. Alternatively, you can also use our Home Loan Eligibility Calculator to calculate the exact amount of loan that you can avail based on your financial standing. All you have to do is enter the required details like your monthly income, existing EMIs, and loan tenure along with the other details and it will instantly display the eligible loan amount for you.
Home Loan Eligibility Criteria for an Individual
Home Loan Eligibility Criteria for a Partnership Firm/ LLP/ Indian Company
Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)
A Home Loan Eligibility checker can help you identify whether or not you meet the required criteria for a housing loan. It is crucial that you check Home Loan Eligibility before applying for a Home Loan to avoid your application from being rejected. Moreover, the housing loan eligibility criteria plays a key role in assessing the maximum loan amount that can be sanctioned.
You can either manually calculate the total amount of loan you are eligible for or you can do it in an easy and efficient way, that is, by using Kotak Mahindra Bank’s Home Loan Eligibility Calculator. Simply enter the required information such as your employment type, customer type, monthly in-hand salary, existing EMIs, loan tenure, and current interest rate. The Home Loan Eligibility Calculator will calculate the exact amount of Home Loan that you are eligible for.
The factors that affect your Home Loan eligibility include:
You can check our Home Loan Eligibility calculator to evaluate the exact loan amount you are eligible for.
If you want to boost your chances of getting funds or qualify for a higher loan amount, here are a few ways to improve your Home Loan Eligibility:
While sanctioning a Home Loan to a person, the bank or lending institution does a background check to determine whether the applicant is capable of repaying a loan or not. If capable, then how much loan should be disbursed. This process of the determination of creditworthiness of an applicant is known as Home Loan eligibility.
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.
Improving your Home Loan Eligibility can help you get a higher loan amount and better terms. A good credit score, stable income and low existing debts increase your chances of approval.
To check your eligibility, you can use Kotak Mahindra Bank’s Home Loan Eligibility Calculator:
The calculator will show the exact loan amount you are eligible for.
Your Home Loan Eligibility depends on key factors like your income, age, credit score and existing loans. A higher income improves your chances of getting a bigger loan. Younger applicants can get longer loan tenures, making repayments easier. A good credit score shows strong repayment history and helps in loan approval. However, if you have other ongoing loans, it may reduce the amount you qualify for. Knowing these factors can help you plan better and improve your chances of getting a Home Loan.
Your income or salary is a reflection of your repayment capability that directly affects your Home Loan Eligibility. If your in-hand salary (after PF and gratuity deductions) is higher, then you get a better Home Loan offer. However, if it is lower, it makes it more difficult in procuring the loan. However, the bare minimum salary for residents of Mumbai, Delhi, Bangalore, Pune, Hyderabad and Chennai is Rs. 20,000/month while for the residents of other cities it is Rs.15,000/month when applying for a Home Loan with Kotak Mahindra Bank.
For a salaried applicant, the age bracket lies between 18 and 60 years, while for self-employed professionals, it is from 18 to 65 years. However, younger applicants have an advantage over older applicants. They can opt for a longer tenure, the maximum being 25 years.
In order to qualify for a home loan, you have to meet certain Home Loan eligibility criteria. These includes your monthly income, credit score, age, existing loan obligations, and work experience. The banks or lending institutions use these criteria to determine whether you will be able to repay the loan or not.
You must meet certain Home Loan eligibility criteria to qualify for a loan. So, it is advisable to use these parameters to calculate the amount of the loan. Our Home Loan Eligibility Calculator is the right tool for you. It saves you from the hassle of calculating it by yourself and helps in better planning of repayment schedules.
You can easily calculate this by using Kotak Mahindra Bank’s Home Loan Eligibility Calculator through these simple steps:
The calculator will show the exact amount of loan that you can get
Kotak Mahindra Bank offers great flexibility not only on the housing loan eligibility but on the total amount of loan disbursed too. Right from a minimum loan amount of Rs.10 lakhs you can avail of a loan as high as Rs.40 crores. However, the total amount of the loan disbursed all depends on your eligibility.
Yes, you may be eligible for a Home Loan from Kotak Mahindra Bank if your monthly salary is Rs.20,000. However, there are many factors that play a role in approval, including your credit score, existing financial obligations and loan tenure.
A co-applicant helps increase your Home Loan eligibility by combining incomes, making it easier to qualify for a higher loan amount. If the co-applicant has a good credit score and stable income, it improves the chances of loan approval. Adding a spouse or family member as a co-applicant can also help get better loan terms.
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
To encourage women home buyers, Kotak Mahindra Bank offers affordable housing loans for women.
Disclaimer (Things you should know):
For loans: 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.
* Rs. 5,000 Flat processing fee applicable for women applicants.
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