Benefits of Choosing Kotak Mahindra Bank Home Loan | Kotak Mahindra Bank - Home Loan Stories

30 JUNE, 2021

While many opt for a home loan due to lack of sufficient funds, even if you have enough funds for a property purchase, opting for a home loan can be beneficial as it offers various perks such as saving tax, opportunity for fund growth. To top it, if you consider a reputed lender that offers a variety of features along with an easy and quick hassle free loan disbursal process, nothing like it.

With us at Kotak Mahindra Bank, you can apply for a home loan and avail an amount of up to 75-80% of the property’s value. There are various reasons why opting for this loan offering with us can be beneficial.

Read more to find out.

1) Simple eligibility criteria
Before applying, you must check your eligibility with the help of an online home loan eligibility calculator. This will reduce the chances of rejection of your loan application.

In order to qualify for a loan with Kotak, you must satisfy the following criteria.

  • Age limit
    • Age bracket for salaried applicants is between 18 and 60 years
    • And, for self-employed individuals, the age bracket is between 18 and 65 years
  • Gross income
    • Minimum monthly income required for those in Delhi, Bangalore, Mumbai, Pune, Chennai, should be Rs.20,000
    • Minimum monthly income required for those in other cities should be Rs.15,000
  • Minimum qualification
    • Applicant should be a graduate if he/she is employed with a private limited company or partnership firm.
    • In case the applicant is employed with a public limited company, MNC, Government, or public sector company, then there is no such criterion

2) Minimal documentation
Some of the basic documents required to avail a home loan with us include:

  • For Salaried Individuals
    • Duly filled application form and a passport-sized photograph.
    • Valid ID proof such as Aadhar Card or Driving License
    • PAN Card copy
    • Residence proof
    • Income proof: Salary Slip for the last 3 months, Form 16 and Income Tax Returns (ITR) for the last 2 years, bank statement (where salary is credited) for last 6 months, bank statement of any other bank account for last 6 months
    • Relationship proof
    • Property documents with sanction map
  • For Self-Employed Individuals
    In addition to KYC documents, self-employed applicants may be required to furnish some additional documents, which are mentioned below:
    • Last 3 years of profit and loss accounts of the business
    • ITR for last 3 years
    • Last 12 months bank statements of the individual and the business

3) Attractive interest rate and less processing fee
With Kotak Mahindra Bank, it’s possible to avail a loan at an unbelievably low rate of 6.65% p.a.  A decent credit score of 750 or above can make you eligible for a higher loan amount at a competitive home loan interest rate. Moreover, we charge a nominal processing fee to process your loan application.

4) Home loan insurance
At Kotak Mahindra Bank, we also provide home loan insurance at attractive premiums. With this, you can protect your family members from the burden of repaying the home loan in the event of an unfortunate incident.

5) Quick loan approval and disbursal
With us, the entire process of availing a home loan is online and hassle-free. Thus, if you meet the eligibility criteria and furnish the necessary documents, your loan can be sanctioned within 24 hours.

Therefore, considering all the above-mentioned perks, funding your house with us can take you one-step closer to your life goal. To ensure that your home loan EMIs are well within your budget, you can make use of an online EMI calculator to get an estimate of your EMIs and plan your monthly finances accordingly. This will also help you make timely repayment and avoid default.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.