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Frequently Asked Questions

In how many instalments can the loan be disbursed?

The loan will be disbursed in full or in suitable instalments taking into account requirement of funds and progress of construction, as assessed by Kotak Mahindra Bank.

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In how many years can I repay the loan amount?

You can opt for a loan period of up to 15 years, which can vary depending on your profile.

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Who can be my co-applicant?

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.

The applicant's / co-applicant's or both incomes will be considered for eligibility. (Both incomes would be considered only if both are NRIs. If applicant is NRI and co-applicant is Resident Indian, clubbing can’t be done).

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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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When will the 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 and deposit of original property documents are 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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