Home Loan Balance Transfer

About Kotak’s Home Loan Balance Transfer

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.

Home Loan Transfer Benefits and Features

• Easy Approval

With Kotak Mahindra Bank’s home loan balance transfer you get to enjoy an easy approval.

• Lower Interest Rate
  

Kotak Mahindra Bank’s home loan balance transfer comes with a lower rate of interest.

• Ownership Type

Now choose an installment plan that best suits you with Kotak’s home loan balance transfer.

• Direct Settlement

Use your home loan balance transfer to make future payments directly to Kotak Mahindra Bank.

• Home Loan Balance Transfer and Top-Up Loan

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.

Eligibility Criteria for Home Loan Balance Transfer

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

Age:

• The age bracket of a salaried applicant is between 18 to 60 years
• For a self-employed professional, the age requirement is from 18 to 65 years
  

• For residents of Delhi, Bangalore, Mumbai, Pune, and Chennai a minimum income of Rs. 20,000/month
• A minimum income of Rs. 15,000/month for residents of other cities

• The applicants employed with a private limited company or a  partnership firm should have a Bachelor’s degree
• No minimum qualification is required for a public limited company or Government or MNC or public sector company
  

For a Partnership Firm/LLP/Indian Company

• A minimum net income of:

                    - 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

• Should have been in existence for at least 3 years

For a Hindu Undivided Family (HUF)

• Should have been in existence for at least 3 years
• IT returns of at least 3 years ismandatory
• The applicant or the co-applicant must be the Karta of the HUF
• The minimum net income of:

                    - 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

Home Loan Balance Transfer Calculator

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:

• Visit the home loan transfer calculator under home loans
• Fill in the details like your loan requirement, the tenure you are looking for, and the interest rate
• The calculator will show you your existing EMIs and the Savings you will make on the refinancing

In simple terms using our calculator will give you a precise picture of the merits of a home loan balance transfer.

Documents Required for 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:

• Proof of Income and Banking Details

- Current account statement

- Income tax return

- Balance sheet and P&L statements (all attested by CA)

• Identity and Residence Proof

- Passport/PAN/Voter ID/Driving License

• Signature Proof

Proof of educational qualifications

For Salaried Employee:

The documents required for a home loan balance transfer are:

• Proof of Identity and Residence

PAN/Voter ID/Passport/Driving License

• Income proof and Banking Details

Bank statements/Salary Slips/Latest Form-16 and IT returns

• Signature Proof

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.

How to Apply for a 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:

• First of all, check your eligibility for a home loan balance transfer
• Fill out the application form with the personal, financial, employment, and existing property details
• Once filled submit these documents; identity proof, age proof, address proof and property details
• View your home transfer loan offer
• Pay for the security fees online
• Upload your documents

Congratulations! Your balance home loan transfer process is complete.