Home Loan Balance Transfer and Top Up Loan - Check Process & Charges | Kotak Bank
Apply Now

Ready to take the next step?

Frequently Asked Questions


Why should I opt for Home Loan Balance Transfer?

The Home Loan Balance Transfer Process comes packed with several benefits. It helps you transfer your outstanding loan amount from your current lender to a new lender with lower interest rates and better terms. It also offers a transfer of your home loan to another bank to avail a top-up loan on your existing loan.

Who can opt for Home Loan Refinance?

Anyone who fulfils the specified criteria stipulated for home loan refinance is eligible to apply. Your eligibility depends on your income, age, etc. Kotak Mahindra Bank’s home loan eligibility calculator is a simple way to determine your eligibility. 

Does Home Loan Balance Transfer need a Guarantor?

A guarantor becomes a safety net for the applicant in case they default in repayment of the home loan balance transfer. However, there is no mandatory requirement for a guarantor.

Can I avail Tax Benefits with Home Loan Balance Transfer?

According to Section 24b of the Income Tax Law, tax incentives can be granted for the transfer of housing loans, but only if you avail a top-up loan. A borrower can avail a maximum exemption of Rs. 30,000 on the interest paid for the top-up loan per financial year.

Can I get Top-Up Loan with Home Loan Balance Transfer from Kotak Mahindra Bank?

Yes, you can use Kotak Home Loan Balance Transfer to top-up your existing loan to get ready cash for your needs.

What is the maximum amount I can borrow?

In the case of Home Loan Balance Transfer, your borrowed amount will depend upon the cost of the property.

For loan amounts of Rs 20 to 75 lakhs, you are eligible to borrow up to 80%.

For loan amounts above 75 lakhs, you are eligible to borrow up to 75%.

How will my home loan balance transfer eligibility be determined?

Kotak Mahindra Bank holds the discretion to determine your borrowing amount. The repayment capacity factors in your income, age, qualifications, number of dependents, the income of your spouse, assets, liabilities, history of savings and continuity of occupation.

In how many years can I repay the loan amount?

You can opt for a tenure of up to 20 years, or the outstanding tenure of the proposed loan can be utilized, whichever is lower. The tenure can vary according to your profile

Who can be my co-applicant?

In the case of an individual, their spouse, parents and children can be their co-applicants. The co-owner of a property is automatically deemed to be the co-applicant. However, a co-applicant need not be the co-owner of the property.

Can I get the benefit of reduced interest rates during the balance tenure of my loan?

For floating-rate loans, the change in Benchmark index rate directly impacts the rate of interest on Home loans. 

When will the loan be disbursed?

You can receive the disbursement once the credit, technical and legal appraisals of the property are finished. However, the execution of the necessary documents along with the deposit of original property documents must be completed before disbursement.

In how many installments can the loan be disbursed?

Kotak Mahindra Bank will factor in the construction progress and requirement of funds before disbursing the loan amount in full or in part installments.

Home Buying Guide

Related Products