25 MAY, 2021

Availing a home loan has become a quick and convenient process due to the introduction of digitization in the banking sector. However, before you settle for a home loan, make a note of the interest rate charged by the lender. Opting for a lower home loan interest rate can reduce the repayment burden and save a large amount in the long run. So, if you are trying to reduce your interest rate and lower your payments, you can consider opting for a home loan balance transfer with Kotak Mahindra Bank. It is also helpful to opt for the home loan balance transfer facility if you want to use the equity in your house to get money for any other needs.

The home loan balance transfer process allows you to transfer the outstanding loan amount from your existing lender to a new one at a lower rate and better terms. You can also apply for a home loan balance transfer to another bank for availing a top-up loan on your existing loan.

Some of the major benefits of a home loan balance transfer with Kotak Mahindra Bank are mentioned below:

Ease of Availability

Kotak Mahindra Bank offers a simplified process for availing a home loan balance transfer. Moreover, you can customize the repayment plan as per your convenience. Simply, fill in your personal details in the application form and after you click on Apply Now, and get a quote online without any hassles.

Low Interest Rate

Kotak Home Loan Balance Transfer facility lets you transfer your existing home loan to a comparatively lower interest rate. Borrowers with a good repayment history and high credit score can avail Kotak Mahindra home loan at an unbelievably competitive rate of 6.5% p.a.

Eligibility and Documents Required

Before you choose to opt for a home loan balance transfer, ensure to check your eligibility and the documents required for application. Your eligibility depends on various factors such as income source, age, work experience, monthly/annual income, etc. Use Kotak’s home loan eligibility calculator to check if you are eligible. Also, keep these documents ready while applying:

  • Income proof
  • Age and address proof
  • Educational qualification proof
  • Identity proof

Top-Up Loans

You can use the Kotak Home Loan Balance Transfer Facility to transfer the loan as well as to get a top-up loan. The funds from the top-up loan can help you fulfil any other financial requirements like home renovation, or a vacation, for instance.

 Here are a few things you need to check before applying for a Kotak Home Loan Balance Transfer:

  • Check the number of instalments remaining and calculate the interest amount to be repaid in your existing loan.
  • Check if your existing lender allows home loan balance transfer.
  • Compare the total savings that you would make by opting for a home loan balance transfer.

If you are towards the end of your home loan tenure, opting for a home loan balance transfer might not be prudent. This is because you may have to pay the balance transfer processing fee and other charges while transferring the home loan. By paying such extra charges, it’s possible that you may end up paying more than what you save on interest.

Before applying for a home loan with Kotak Mahindra Bank, check your home loan eligibility with the help of an online eligibility calculator. This will reduce the chances of rejection of your home loan application. Moreover, borrowers can also calculate their monthly EMI with the help of an online EMI calculator. Why wait? Get a home loan balance transfer at a low interest rate with Kotak Mahindra Bank today. Apply now!

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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.