Home Loan Balance Transfer

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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

The home loan balance transfer process at Kotak Mahindra Bank is simple and easy. It is designed specifically to make it convenient for you to transfer your outstanding loan amount from your current lender, without any hassle. Our home loan transfer comes with a lot of benefits. Let’s take a look at them:

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

Income:

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

Minimum Qualifications:

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.

T&C apply. Savings calculated upon transfer of home loan is an estimation and might differ from the final amount saved, if any, will depend on actual customer information and loan's terms and conditions.

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.

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Frequently Asked Questions

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

What is the maximum amount for a home loan balance transfer?

Kotak Mahindra Bank offers you get following loan amount:

● For a loan amount of Rs. 20 to Rs. 75 lakhs you are eligible for a loan of up to 80% of the cost of the property

● For loan amounts above Rs. 75 lakhs, you are eligible to borrow up to 75% of the cost of the property

Is home loan refinance a good idea?

Opting for a home loan can often be taxing. It can put a burden on your finances. So, it’s a good idea to switch to a home loan balance transfer. They come at a lower interest rate than you pay your existing lender, which, in turn, reduces your monthly EMI and boosts your financial health.

Why should I opt for Home Loan Balance Transfer?

Through the home loan balance transfer process, you transfer your outstanding loan amount from your existing lender to a new lender. It has its own benefits. It offers better terms with a lower interest rate. This, in turn, results in a reduced EMI, which eases the financial burden. You can also avail of a top up loan on your existing loan.

Who can opt for Home Loan Refinance?

Any applicant who has an ongoing home loan with a lending institution can apply for a home loan transfer. However, the person has to fulfill certain eligibility criteria. This depends on:

● The income

● The age of the applicant

● Educational qualification

● Financial stability and more

You can also check your eligibility with Kotak Mahindra Bank’s home loan Eligibility calculator.

Does Home Loan Balance Transfer need a Guarantor?

Often, while deciding on the disbursement of a loan, the bank asks the applicant to assign a guarantor. This guarantor is the bank or lending institution’s fail-safe to ensure proper repayment in case the applicant fails to do so. However, it is not mandatory to assign a guarantor while applying for a home loan balance transfer.

Can I avail Tax Benefits with Home Loan Balance Transfer?

There is a tax benefit according to section 24(B) when you avail of a home transfer loan, but it is only granted only if you avail of a top up loan. According to this section, you get a maximum exemption of Rs. 30,000 on the interest paid for a top up loan per financial year.

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

Yes, with Kotak Mahindra Bank, you can use a home loan balance transfer and top up your existing loan to get ready cash. You can use this ready cash you can fulfill any and all of your financial needs. It can be anything. Be it home renovation, home refurbishment, or anything else.