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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.
25 MAY, 2021
Are you planning to purchase a new home? A home loan from Kotak Mahindra Bank can bring you one step closer to your dream. Home loans have emerged as one of the most popular financing options for purchasing a property. You can easily fund up to 90% of the property’s value with a home loan. Furthermore, with the advent of digitization, availing a home loan has become a hassle-free process. Kotak Mahindra Bank offers home loans for you that will make your home-buying experience seamless as well as pleasurable. Through a paperless process by using your income tax credentials, Kotak offers in principle approval of your home loans.
Below, we have listed down some of the major features of a Kotak Mahindra Bank home loan that give it an edge over other lenders. Read on to know more:
Features of Kotak Mahindra Bank Home Loan
Low Processing Fee
Many financial institutions charge a non-refundable and hefty fee to process the home loan application. Irrespective of whether your home loan gets sanctioned or not, you are required to pay the processing fee. Whereas, with Kotak Mahindra Bank, you can save this amount significantly.
The documents required to apply for a home loan with Kotak Mahindra Bank are minimum. This makes the process of availing a home loan even more seamless and hassle-free. Some of the basic documents required to avail a Kotak Bank Home Loan are mentioned below:
Attractive Interest Rate
The interest rate on your home loan plays a crucial role in determining the overall cost of borrowing. Lower the interest rate, lower will be your monthly EMIs. An attractive interest rate also helps in reducing the repayment burden of a home loan significantly. With Kotak Mahindra Bank, you can easily get a home loan at an unbelievably low rate of 6.65% p.a.
It is crucial to choose the right tenure for your home loan as it plays an important role in determining your EMI. You can get a tenure of up to 30 years for home loans. The longer the tenure, the lower will be your EMIs and vice versa. However, only opt for a shorter tenure if you cannot afford a higher EMI. Longer tenure also means a higher interest outgo on your outstanding home loan amount.
Balance Transfer Facility
With the home loan balance transfer facility at Kotak Mahindra Bank, you can pay off any existing home loan balance at a lower rate of interest than the original loan. On availing the facility, you can directly make your future payments to Kotak bank and can opt for customisable instalment plans.
You can also use the top-up feature in addition to the Kotak Home Loan Balance Transfer to avail more funds for any of your other financial needs such as refurbishing, upgrading your house etc. Top-up loans have a longer tenure as compared to a personal loan, gold loan or a car loan. Additionally, you can also get tax benefits on your top-up loan if used for either house construction, renovation or extension.
Simple Eligibility Criteria
Simple home loan eligibility criteria is yet another advantage of availing a home loan with the Kotak Mahindra Bank. Factors such as age, qualification, work experience, source of income, credit history, and number of dependents are considered by the bank to determine your eligibility. You can easily check your eligibility with an online home loan eligibility calculator.
Insurance to Cover Your Home Lon
Kotak Mahindra Bank also facilitates you with an option to insure your home loan at attractive premiums. By doing so, you can protect your loved ones from the burden of paying off the home loan in the event of any unfortunate incident.
Quick Turnaround Time
At Kotak Mahindra Bank, the entire process of availing a home loan is online and hassle-free. Therefore, if you satisfy the eligibility criteria and furnish the required documents, your home loan can be sanctioned within 24 hours. Simply, click on Apply Now button, fill out your details in the application form, get the quote and apply online.
Now that you have a fair understanding of the various features of the home loan available at Kotak Mahindra, make the most of it to purchase your dream home. Before taking the final decision, make sure you the combined impact of various charges and interest rate on your cost of borrowing to make an informed decision.
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