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Frequently Asked Questions

When will the home loan be disbursed?

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.

 Further, you should have invested your own contribution amount towards the property. 'Own contribution' is the difference between the cost of the property and the loan amount.

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Does the agreement for sale have to be registered?

Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered.

 You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.

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What kind of security is required?

In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid.

 In some cases additional security such as life insurance policies or Term Deposit receipts of Kotak Mahindra Bank (if available) can be provided.

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Does the property have to be insured?

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.

Also, we offer Insurance options to cover your Loan Liability. That way, you will be at peace that you and your loved ones will not lose your home.

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What is the usual time required for disbursement of a Home Loan?

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.

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Disclaimer (Things you should know):

For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

* Rs. 5,000 Flat processing fee applicable for women applicants.