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The validity period of an Encumbrance Certificate in Tamil Nadu is typically for the specified period mentioned in the certificate, and it reflects the historical transactions up to that date.
Only 80% of the property value can be taken as a loan from the bank. The lender evaluates the property’s current price before deciding your loan limit. And based on that, you will get a loan against your property. So don’t approach a bank for a loan against property in a myth that you’ll get 100% value of your property as a loan.
Encumbrance Certificates can be obtained online through the TNREGINET portal, the official Tamil Nadu Government website for online registration.
Banks don’t levy any restrictions on loan usage for borrowers. It means they can use the loan for whatever purpose they want; the lender won’t track its usage. A loan against property is a secured loan in which the borrower pledges the residential and commercial property to get a lump sum amount.
The timeline for receiving the Encumbrance Certificate may vary, but it generally takes approximately 15-30 days from the date of application.
The maximum loan borrowers can get in LAP is 80% of their property’s current price. So do evaluate the same before applying for a loan against your property. This way, you get the idea of what is the maximum loan the bank can offer you in a LAP. And knowing the maximum loan amount helps you manage the finances better for the purpose you are taking the loan.
An Encumbrance Certificate ensures the property is free from legal or financial liabilities, providing proof of ownership and preventing potential disputes. Financial institutions also often require it when processing loans against the property.
Loan against property is available to both salaried and self-employed individuals. So if you don’t have a regular job but earn a handsome income to repay the loan, submit income proof. By submitting income proof, you can assure the bank that you are capable of paying back the borrowed amount even if you don’t have a regular job. For income proof, submit Form 16, bank statements, and income tax returns.
Yes. All major banks, including Kotak Mahindra Bank, accept digitally signed ECs with QR codes.
The last revision occurred on 1st July 2024 and remains applicable in 2025.
Yes, You will be redirected to “https://eservices.tn.gov.in/eservicesnew/index.html” the portal for updated extracts.
You will see 'No Records Found'. You can either correct the input or approach the Sub-Registrar Office manually.
You can borrow up to 90% (upto 80% for original loan between Rs. 20-75 Lacs, & 75% for original loan above Rs. 75 Lacs) of the cost of the property in case of Home Loan Balance Transfer.
Your home loan repayment capacity as determined by Kotak Mahindra Bank will help decide how much you can borrow.
You can opt for a loan period of up to 20 years or outstanding tenure of the proposed loan to be taken over whichever is lower and can vary depending on your profile.
If you are an individual - your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.
You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement.
You Can avail a home loan with Kotak Mahindra Bank, by applying online or visiting our nearby branch.
Online Process:
Our representative will get in touch with you for processing your online application.
Your home is your pride and joy. Don't let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes.
In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid.
Yes. Borrower can claim tax benefits on the availed home loan as per below details.
Summary of tax benefits on principal and interest paid is as below
| Tax Benefits | On Principal Repaid | On Interest Paid |
| First Home – Self Occupied | Actual principal repaid subject to a maximum of Rs. 1,50,000 (Rs. 2 lakh for senior citizens) can be claimed as investment eligible for tax deduction under section 80C. | Actual home loan interest paid subject to a maximum of Rs. 2 lakh (Rs. 3 lakh for senior citizens) if house construction completed within 5 years from the end of the financial year in which loan is taken If construction of house not completed within five years then Rs. 30,000 is tax exempt Additional exemption of upto Rs. 50,000 on interest paid for loans upto Rs. 35 lakh with cost of home upto Rs. 50 lakh. |
| First Home – Rented/ Vacant (deemed to be let out property) | Upto Rs. 1,50,000 (Rs. 2 lakh for senior citizens) eligible for tax deduction under Section 80 C. The deduction is available only if the property owner is staying in a different city for work. | Exemption on interest is capped at lower of two, a) Rs. 2,00,000 or b) actual interest paid for all properties owned by a tax payer. |
| Second Home or Additional Property | None | Exemption on interest is capped at lower of two, a) Rs. 2,00,000 or b)actual interest paid for all properties owned by a tax payer |
| Under Construction Property | None | The interest paid can be claimed in equal parts in five financial years post completion or handing over of property within the overall annual limit of Rs. 2 lakh. |
NIL.
For HL Top up:
Micro & Small Enterprises - NIL
Floating rate Term Loans for Individuals for Personal Purpose - NIL
Others : No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement.
Others : No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement.
Post this lock– in period, part prepayment of minimum INR 25,000 and maximum of up to 25% of outstanding Loan Amount can be made without any prepayment charges every 6 months.
The minimum period between any two prepayment shall be at least 6 months.
For any Part Prepayment in excess of 25%, 4% (plus GST and statutory dues) of the excess prepayment Amount shall be charged as Prepayment Charges.
For Full Prepayment any time after the Lock-in-Period, Prepayment charges shall be 4% (plus GST and other applicable taxes) of the Foreclosure Loan Amount plus Amounts prepaid during the last 12 months.
NIL.
For HL Top up:
Micro & Small Enterprises - NIL
Floating rate Term Loans for Individuals for Personal Purpose - NIL
Others : No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement.
Others : No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement.
Post this lock– in period, part prepayment of minimum INR 25,000 and maximum of up to 25% of outstanding Loan Amount can be made without any prepayment charges every 6 months.
The minimum period between any two prepayment shall be at least 6 months.
For any Part Prepayment in excess of 25%, 4% (plus GST and statutory dues) of the excess prepayment Amount shall be charged as Prepayment Charges.
For Full Prepayment any time after the Lock-in-Period, Prepayment charges shall be 4% (plus GST and other applicable taxes) of the Foreclosure Loan Amount plus Amounts prepaid during the last 12 months.
Co-Borrower can be spouse, parents or brother or son, but income of co-borrower is consider as per home loan policy of Kotak Mahindra bank.
There is no capping of upper limit of number of co-borrower, however minimum one co-borrower is required.
Note: Member who all are party to agreement must have to come up as o borrower / co-borrower.
An amortization schedule is a table detailing each periodic payment on Loan as generated by an amortization calculator. Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule.
In Kotak Mahindra Bank time require for disbursement is 2 working days after submitting all relevant document as per legal or any other document required.
No, borrower cannot sell property without clearing outstanding home loan amount of existing bank/financial institution.
The market value of a property is the price at which that property is exchanged between a buyer and a seller on the date of valuation / execution of Agreement.
A beneficiary family that does not have any pucca house in any part of India is eligible for a subsidy through PMAY, as per the income criteria defined for the family.
The beneficiary family as defined under PMAY will comprise of the husband-wife and their unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate family/household.
It is not.
Women ownership or co-ownership is mandatory for EWS and LIG only. However, this condition is not mandatory for self-construction / extension. Women ownership is not mandatory for MIG-I and MIG-II.
After the loan is disbursed, the required details are sent by the bank to the NHB (National Housing Bank) for validation of data and other checks. The NHB, after necessary due diligence, approves the subsidy to the eligible customer/borrower.
Once the subsidy amount is received from the NHB, it is credited to the borrower’s home-loan account as a part payment, and the EMI is proportionately reduced.
There is no limit. However, the subsidy will be limited to a defined loan amount for each category (see details in the table above); any loan amount in excess of this defined amount will bear the non-subsidised rate of interest.
You do not need to provide additional documents except for a self-declaration (in the format that the bank will provide) that you do not own any pucca house.
Yes, you can avail this facility, subject to meeting the income and other criteria defined under this scheme.
Yes. For processing the subsidy under PMAY CLSS for MIG-I and MIG-II schemes, it is mandatory to furnish the Aadhaar Card details of all family members.
MCLR stands for Marginal Cost of Funds based Lending Rate.
Processing fees is a one-time charge collected while availing a fresh home loan. A processing fee of upto 0.5% of loan sanction amount (as applicable) plus GST, is payable.
A Housing Loan EMI Calculator helps you to calculate the monthly installment amount and decide whether you can afford the financial commitment of a home loan in the long term. If you want, you can change your EMI amount depending on the amount of loan you are taking and the time period for which you'll be paying the EMIs
A home loan, also known, as a housing loan is an amount of money borrowed by an individual to purchase a house. The money is borrowed from a bank or a financial institution at a certain rate of interest and is paid back in easy monthly installments over a long tenure.
A home loan makes it easy for an individual to fund the purchase of his dream house by providing a lump-sum loan amount based on eligibility. Banks or lending institutions generally fund 75%-90% of the property value, enabling the borrower to purchase his dream house and repay the amount in EMIs in flexible tenures.
With the advanced and digital savvy journeys like ours, availing a home loan has become simple; it usually involves the below phases.
Application: Apply for a home loan online or at a nearest branch/loan center
Document Submission: Check on the home loan documentation list and submit the required documents
Loan sanction: Post successful submission of the application and documents, the bank does a KYC check and verification of your financial stability after which the loan is sanctioned.
Review: Once the loan is sanctioned, you will have to submit the property documents, which will be checked by the technical and legal teams of the bank.
Disbursal: The bank shall approve the loan based on verification of the property.
Some of the different types of home loans you can take are: home improvement loan, home repair loan, home purchase loan, home extension loan, and land purchase loan with self-construction home loan.
Yes, you can take 2 home loans at a time. However, the chances of loan approval depend on your eligibility criteria including your income, credit score, existing banking relationship, debt to income ratio and other such parameters.
The minimum salary required for a Kotak Mahindra Bank home loan is Rs. 20,000 for individuals in Delhi, Mumbai, Bangalore, Pune and Chennai. It is Rs. 15,000 for other cities.
No, you cannot get a 100% home loan for the purchase of any property. We at Kotak fund around 75% to 80% of the property value.
The loan amount you can get at a salary of Rs. 25,000 depends on various factors including your credit score, monthly income, existing EMI payout, age and location. You can use the home loan EMI calculator to get an estimate of the loan amount you are eligible to get at the salary of Rs. 25,000.
Pre-EMI refers to the payment of the interest component on the disbursed loan amount. With Pre-EMI, you are not repaying the principal amount, but only paying the interest on the amount borrowed. The option of pre-EMI is applicable only when the home or the property you intend to purchase is under construction. Once you receive possession of the property, you will be asked to repay the EMIs in full.
Some of the reasons for home loan rejection are: poor credit score, frequent job changes, property issues, age, incomplete documentation and high debt-to-income ratio.
No, we do not offer a home loan only for land purchase.
Repayment of the home loan starts from the period any loan amount is disbursed.
It is not mandatory to take home loan insurance. The insurance protects the borrower’s outstanding loan in case of any unforeseen event strikes during the tenure. However, we strongly recommend taking a home loan insurance to add protection to your home.
A home loan or a housing Finance is a secured loan that provides you with finance to buy your dream home. The home loan interest rate depends on your profile and depending upon your eligibility you can get a loan as high as 90%* of the property value. You can check your eligibility online or offline by visiting your nearest Kotak branch.
Borrowing a home loan can be a great way to lift off your financial burden. When you avail of a home loan, you have the privilege of repaying the borrowed amount in smaller installments, rather than arranging for a large sum of money at once. That’s why, many home buyers choose to borrow a house loan.
Kotak Home Loan understands how precious your investment is for you, and funds 75 to 80 % of your property cost. The home loan process is simple, convenient and seamless. Lucrative housing loan interest rates and home loan insurance premiums are an important advantage of Kotak Home Loans.
Availing of a home loan is a huge undertaking. That is why the government has introduced several provisions in the Income Tax Act to lessen the home loan burden on the taxpayers. These deductions are on the interest amount, principal amount, stamp duty and registration charges, pre-construction interest and even for the first-time home buyers.
Home loan comes in various types. Here are a few of them:
Find more information about how to get a home loan on Kotak Mahindra Bank’s website.
Kotak Mahindra Bank’s home loan comes with minimal fees and charges. The home loan processing fee is based on the principal amount and tenure. The processing fee also differs depending on the type of employment of the applicant. For a salaried applicant, the processing fee is up to 0.5% while for a self-employed applicant the fee is up to 1%. Visit our website to know more about how to get a home loan.
There are various factors that banks use to decide whether you are eligible for a home loan or not. These factors are:
The EMI amount you have to pay is based on the principal amount of your home loan, the interest rate, and the home loan tenure . You can effectively calculate the monthly installments with our easy-to-use Home Loan EMI Calculator.
Kotak Mahindra Bank has a simple and minimal documentation process, which makes the whole housing loan process hassle-free and easier. To know what kind of home loan documents you are required to submit, visit our official website.
The home loan application process at Kotak is easy. After clicking on the ‘Apply Now’ button, all you need to do is enter your personal information in the form on the screen. After that, you will receive a quote and can apply for the loan online. Another benefit of the Kotak Home Loan is that you can get the home loan in-principal sanctioned within 24 hours*. In-principle approval of your home loan online is done via your income tax credentials. In essence, Kotak provides an inexpensive housing loan right at your doorstep! It is swift, convenient, and comes along with an appropriate loan disbursement process. It’s time to raise the bar with Kotak today!
Buying your own house requires a lot of financial commitment, especially if you want to buy a house in a metro city. However, to get a Kotak home loan, you must meet some eligibility criteria. These are:
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