26 OCTOBER, 2021

Due to the fluctuating market prices, home loan interest rates keep changing. While availing a loan, you might find that home loans are being offered at a much lower rate than you are servicing. Naturally, it would mean you are paying a higher interest rate. But fret not. You can always revise your loan EMIs with the facility of a home loan balance transfer. Read on to know more.

What Is a Balance Transfer and How Does it Work?

A home loan balance transfer is a facility where you can transfer your home loan with another lender during the tenure. You can switch your loan to benefit from lower interest rates and better features and facilities. When you choose to transfer your housing loan, the new lender pays off your outstanding loan amount to the existing lender. You are then required to pay the remaining EMIs to the new lender as per their interest rates.

Why Should You Choose Kotak Mahindra Bank to Transfer Your Home Loan?

  • Ease of application

It is easy and convenient to apply for a home loan with Kotak Mahindra bank. All you need to do is visit the website and go to the home loan web page. Enter your details and click on the apply now button. Once you do so, the bank representative will contact you to guide you on further formalities. However, ensure that you check your eligibility before applying to get your application approved.

  • Competitive interest rates

You can enjoy one of the lowest home loan interest rates with Kotak Mahindra Bank. Currently, we are offering home loans at an interest rate of 6.50%. If you have a high credit score and fulfil all eligibility, you can get a housing loan at low interest and save money. 

  • Top up facility

With us, you can meet your other needs with a top-up home loan. The funds from the top-up loan can be used for vacation, renovation, medical emergencies or business expansion.

  • Customised instalment plan

By transferring the loan with Kotak Mahindra Bank, you can choose a tenure that you can repay comfortably. With the customised instalment plans, you can get an EMI that suits your financial viability.

  • Easy eligibility

We have easy eligibility and minimum documentation process to help you avail a housing loan hassle-free. You can get the approval of a housing loan by furnishing documents like income proof, identity proof, address proof and property documents. Also, your eligibility depends on factors like age, work experience, income, credit score, job profile, etc.

Transferring your loan with Kotak Mahindra Bank can help you save money and enjoy better features and deals. However, ensure to use a home loan balance transfer EMI calculator before switching to check your savings. If the transfer cost is higher than the savings, you should not switch the loan. It would be best to do a cost-benefit analysis and then proceed with transferring your home loan. 

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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.