Kotak Mahindra Bank is one of the leading private sector banks in India that has been providing a range of amazing banking products with a total branch of 1,500. Some of its popular products are personal loans, credit cards, home loan, loan against property, and many more. There is a wide list of its products. But one of the top products among all of these is Kotak home loan. It is for the individuals who struggle to arrange a large sum of money to buy a house or land. Kotak home loan can be used for several purposes whether for construction of house, purchase of a ready-built home, or renovation of the existing property.
If you have a dream of owning your home, you can apply for a Kotak home loan. Available at an affordable rate of interest, flexible tenure, and many other brilliant features, it is one of the best home loan options in the market. There are so many prominent benefits that you can avail by opting for this loan. In this article, we will be telling these features in detail so that you can get the gist of them and face no problem while choosing what would be best for you. So, keep reading to know more!
Have a look at some of the prominent features of Kotak Home Loan
Kotak home loan can be availed for various reasons such as renovation, improvement, repairing and property purchase at an affordable rate of interest starting from 7.10% onwards.
- Kotak Home Loan interest rate is one of the cheapest in the market nowadays. So,you don’t have to worry about the interest burden on your loan amount. As you know that the rate of interest plays a pretty important role in your EMI amount.
- You will have to pay a minimum processing charge that is 2% of the loan amount maximum with the applicable GST.
- Also, there are no pre-closure charges on your Kotak Home Loan.
- You will get a complementary advisory service from Kotak Mahindra Bank. Using which you can find your desired property.
- With the help of Kotak Home Loan, women borrowers also get a concession of 0.10% on interest rate.
- You can repay the Kotak Home Loan in easy monthly installments within a maximum repayment period of 30 years. You can choose this period according to your repayment capability and monthly income.
- You can also have the option of a balance transfer in Kotak Home Loan with which you can transfer your existing loan to Kotak Mahindra Bank.
What is the eligibility Criteria of Kotak Home Loan?
There are a certain set of conditions that you need to meet before applying for a Kotak home loan. You can have a look at them which are mentioned below.
Eligibility Criteria for an Individual
Age of the applicant
- Salaried between 18 and 60 years old
- Self Employed between 18 and 65 years old
Gross Monthly Income
- If the applicant is a resident of Delhi, Mumbai, Bangalore, Pune & Chennai a minimum income should be INR 20,000 per month.
- Other cities applicants can apply for Kotak Home Loan with a minimum income of INR 15,000 per month.
- Salaried employee working in private limited company or partnership firm with a graduate degree.
- If the applicant is employed in a Public limited company, MNC, Government, or Public Sector Company there is no such criteria required.