Home Loan Eligibility

We, at Kotak, lay out a simple procedure that enlists the eligibility criteria for Kotak Home Loans. Let us provide you details on housing loan eligibility criteria and what role does it play in the complete process.
 

• Home Loan Eligibility Criteria for an Individual
  
  
  • Age:
    
    • Salaried between 18 and 60 years old
      
    • Self Employed between 18 and 65 years old
      
  • Gross Income of Resident Indian Individual:
    • (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum income should be Rs.20,000/month.
      
    • (Other cities) - Minimum income should be Rs.15,000/month.
  • Minimum Qualification: 
    
    • Graduate when applicant is employed with a private limited company or partnership firm. If applicant is employed with Public limited company or MNC or Government or Public Sector Company then there is no such criteria.
      
      
• Home Loan Eligibility Criteria for a Partnership Firm / LLP/Indian Company
  
  
  • Should be in existence for at least 3 years.
    
  • Gross Income of Partnership firm/ LLP/ Indian Company:
    
    • (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum net income should be Rs.2,40,000/- p.a.
      
    • (Other cities) – Minimum net income should be Rs.1,80,000/- p.a
• Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)
  
  
  • Karta of HUF must be applicant / co applicant.
    
  • Should be in existence for at least 3 years
    
  • IT returns of HUF for 3 years should be obtained.
    
  • Net Income of a Hindu Undivided Family:
    • (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum income should be Rs.2,40,000/-p.a.
    • (Other cities) – Minimum income should be Rs.1,80,000/- p.a.

Also you can find out about Pradhan Mantri Awas Yojana Eligibility Criteria

Am I eligible to apply for a Home Loan?

Your eligibility as determined by Kotak Mahindra Bank will help decide if you can and how much you can borrow. The information that will be required at the time of application includes the location of the property, co-applicants and your basic contact details. Once these details are submitted you shall get a quote online, followed by which, you will be able to apply for a Home Loan. You can check whether you are eligible for a Kotak Home Loan by simply using our Housing Loan Eligibility Calculator.

Check your Eligibility with Kotak Mahindra Bank in 1 minute using Home Loan Eligibility Calculator.

Home Loan Eligibility Calculator

What documents are required to avail Home Loan?

Once you start the process of application, you will be required to present a few documents to the Bank for testifying your eligibility. These include:

• Income proof
• Banking details
• Identity proof
• Age proof
• Signature proof
• Address proof
• Proof of your educational qualification.
• Relationship Proof

Find out more by checking out the documents required for home loan.

Why should you apply for a Kotak Home Loan?

Kotak Home Loan not only offers you an attractive interest rate but also guides you through the entire process right from your doorstep! All the details pertaining to the EMI payments, eligibility criteria, documentation etc. are available online. With zero processing fees for online applications, we intend to fast track the loan approval process and make it memorable for you! We also extend convenient loan disbursement options and lucrative insurance options to cover your home loan at an attractive premium.

To find out what more is in store for you, read Kotak’s home loan features.

Also you can find out the Pradhan Mantri Awas Yojana Eligibility Criteria