Home loan balance transfer is a process through which you can transfer home loan to another bank. It is a blessing in disguise for those who are finding it difficult to keep up with the repayments of home loans due to high EMIs. Kotak Mahindra Bank’s home loan balance transfer process is simple and easy. It comes at a nominal rate of interest and at lower monthly installments, which pulls a considerable burden off your financial situation, so that you can enjoy quality time with your loved ones without any bother, ever. Apply for a home loan transfer now.
With Kotak Mahindra Bank’s home loan balance transfer you get to enjoy an easy approval.
Kotak Mahindra Bank’s home loan balance transfer comes with a lower rate of interest.
Now choose an installment plan that best suits you with Kotak’s home loan balance transfer.
Use your home loan balance transfer to make future payments directly to Kotak Mahindra Bank.
With a home loan top-up you can now fulfill your other financial needs with ease.
Apply for Kotak’s balance transfer home loan now.
For a home loan balance transfer, an applicant has to meet certain eligibility criteria. These criteria are based on the monthly income, age, etc. This is further divided based on the type of the applicant. Let’s take a look at the eligibility criteria of homeloan transfer:
For an Individual Applicant
For a Partnership Firm/LLP/Indian Company
- Rs. 2,40,000 p.a. For firms/LLPs/Companies in Delhi, Mumbai, Bangalore, Pune and Chennai
- Rs. 1,80,000 p.a. for firms/LLPs/Companies of other cities
- 2,40,000 per annum for the HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai
- 1,80,000 per annum for the HUFs in other cities
With its home loan balance transfer calculator Kotak Mahindra Bank provides you with a simple yet powerful tool that calculates the existing EMIs on your loan, the savings upon opting for refinancing, the interest rate, the principal amount, etc.
Using a balance transfer home loan calculator is easy. Let’s take a brief look at it:
In simple terms using our calculator will give you a precise picture of the merits of a home loan balance transfer.
When you transfer home loan to another bank, the bank requires you to submit certain documents to validate your creditworthiness and financial stability. This home loan transfer process of documentation is there to ensure that you enjoy a smooth experience. Now, the documents required for home loan balance transfer differ according to the type of applicant.
For Self-employed Professional:
The home loan balance transfer documents required are:
- Current account statement
- Income tax return
- Balance sheet and P&L statements (all attested by CA)
- Passport/PAN/Voter ID/Driving License
Proof of educational qualifications
For Salaried Employee:
The documents required for a home loan balance transfer are:
PAN/Voter ID/Passport/Driving License
Bank statements/Salary Slips/Latest Form-16 and IT returns
Proof of educational qualifications
Kindly note that we need original documents for verification and self-attested copies for submission so as to start the process of the home loan balance transfer.
Kotak’s home loan balance transfer application process is simple and hassle-free. You just have to follow these easy steps:
Congratulations! Your balance home loan transfer process is complete.
Home Loan Eligibility depends on following factors.
Check your Eligibility with Kotak Mahindra Bank in 1 minute using Home Loan Eligibility Calculator.
Also check your EMI at Home Loan EMI calculator
Home loan balance transfer is a process through which you transfer the remaining amount of your home loan from the old lender to the new one. This is a beneficial practice, as when you balance transfer home loan, you get a lower rate of interest than the one charged by your previous lender. This reduces the overall burden.
Home loan transfer is available to anyone who is an Indian resident, but here’s a catch, you have to fulfill certain eligibility criteria. These criteria include:
● The age of the applicant
● The income
● Educational qualification
● Financial standing, etc.
You can easily check your eligibility with Kotak Mahindra Bank’s home loan balance transfer calculator.
A home loan top up is a financial assistance given to you by your bank or lender above your existing home loan transfer. With a home loan top up, you can fulfill your other financial needs, like renovation or refurbishment of your house. The benefit of such loans is that they have a lower interest rate and longer tenure than personal loans.
The interest rate is one of the most salient features of a home loan balance transfer, also known as home loan refinance. It is considerably lower than the one charged on a home loan. The lower rate of interest decreases the overall EMI which in turn reduces the financial burden.