Ready to take the next step?

Frequently Asked Questions

icon

What is a Home Loan Balance Transfer

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.

Who can avail a Balance transfer loan?

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.

What is top up loan?

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.

Are the applicable interest rates on a balance transfer loan higher than a home loan?

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.

When can I top up my home loan loan?

There are two important criteria that you have to fulfill if you want a top up loan:

●  The first one is that you have to have a home loan with a lender

●  The second one is you have to show a satisfactory repay record for at least 1 year

Home Buying Guide

Related Products