Apply Home Loan Online at 6.5% Interest Rate in India | Lowest EMI on Housing Loans - Kotak Mahindra Bank

Dos and Don'ts while applying for a Home Loan

 

 

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Frequently Asked Questions

What is a Home Loan?

When a customer borrows an amount from a bank to purchase their desired house, the amount borrowed is the home loan for the house. You can avail a home loan to purchase either a personal or commercial property.

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How does a Home Loan work?

Nowadays, home loans provide respite to millennials looking to buy their own homes. Kotak Home Loan funds 75%- 80% of the cost of the property. Consequently, it helps the borrower move a step closer towards their dream home, unaccompanied by the burden of a colossal expense at once. Moreover, EMIs lessen the burden of paying back a huge sum all at once. 

We at Kotak Mahindra Bank acknowledge that owning a house is just not a step forward for you but also a precious investment. Hence, we aim to make the whole process simple, seamless, convenient, and remarkable for you. We offer lucrative housing loan interest rates and home loan insurance premiums.

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What are the different types of Home Loans?

The following are the different types of home loans:

  • Home Loan to buy a property:  It is a loan availed to purchase personal or commercial property.
  • Home Loan to purchase land and self-construction of property: It is a loan availed to buy a plot of land or to construct a property.
  • Home Renovation Loans: This loan is availed to renovate your house, also known as home improvement loans.
  • Home Loan Balance Transfer: It often happens that you are unsatisfied with the repayment terms, service, or interest rates that your current lender provides you. In such a scenario, you may opt for a home loan balance transfer to another bank that provides you with better terms. 

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What are the processing fees for a Home Loan?

At Kotak, we ensure that the home loan fees & charges are minimal. Discover more regarding the comprehensive structure of fees and charges corresponding to Kotak Home Loans.

  • Home Loan to buy a property:  It is a loan availed to purchase personal or commercial property.
  • Home Loan to purchase land and self-construction of property: It is a loan availed to buy a plot of land or to construct a property.
  • Home Renovation Loans: This loan is availed to renovate your house, also known as home improvement loans.
  • Home Loan Balance Transfer: It often happens that you are unsatisfied with the repayment terms, service, or interest rates that your current lender provides you. In such a scenario, you may opt for a home loan balance transfer to another bank that provides you with better terms. 

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How do you calculate the EMI for your Home Loan?

The EMI to be paid is subject to:

  • Your home loan amount
  • The rate of interest
  • The loan tenure

We at Kotak have formulated an EMI calculator to make this process easy. You can calculate the monthly installments with our easy-to-use Home Loan EMI Calculator.

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Are you eligible for a Home Loan?

Your home loan eligibility depends on your monthly income, qualification, type of work and credit history, age and number of dependents, source of income, and your future plans. 

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What are the documents that you need for a Home Loan?

At Kotak Mahindra Bank, we intend to make getting a housing loan simpler. Hence, the documents necessary for the Kotak Home Loan application are minimum. You can go through the complete instructive information of home loan documentation to learn more about it.

 

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What is the process of getting a Home Loan?

The Home Loan application process at Kotak is easy. After clicking on the ‘Apply Now’ button, all you need to do is enter your personal information in the form on the screen. After that, you will receive a quote and can apply for the loan online. Another benefit of the Kotak Home Loan is that you can get the home loan in principally sanctioned[AS(BK1]  swiftly within 24 hours*. In-principle approval of your home loan online is done via your income tax credentials. In essence, Kotak provides an inexpensive Housing Loan right at your threshold! It is swift, convenient, and comes along with an appropriate loan disbursement process. It’s time to raise the bar with Kotak today!

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Disclaimer (Things you should know):

For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.