Kotak Mahindra Bank Home Loan Balance Transfer

If you're looking to lower your home loan EMIs or reduce the overall cost of your loan, consider transferring your existing home loan to Kotak Mahindra Bank through Bajaj Markets. With attractive interest rates and flexible repayment options, Kotak Mahindra Bank's Home Loan Balance Transfer allows you to save more, enjoy better terms, and make your home loan more manageable. It’s an easy way to optimize your finances and secure a brighter future.

If you feel dissatisfied with your current home loan, choose a balance transfer to lower your EMI and get better services. However, review the charges listed below before you proceed:

Disclaimer: These rates are subject to change at the lender’s discretion.

When you are opting for a home loan balance transfer, you need to pay certain charges in addition to the interest rate, processing, and foreclosure charges. Knowing these costs in advance will help you assess your borrowing based on your financial situation:

Disclaimer: These rates are subject to change at the lender’s discretion.

Kotak Mahindra Bank Home Loan Balance Transfer eligibility criteria are as follows:

For Individual Applicant

• Age: 
  • Salaried applicants must be between 18 and 60 years
  • Self-employed individuals must be between 18 and 65 years
• Income: 
  • Minimum monthly income for applicants residing in Delhi, Bangalore, Mumbai, Pune, and Chennai is ₹20,000
  • For those living in other cities, the minimum monthly income requirement is ₹15,000
• Minimum Qualifications: 
  • Candidates working for a private limited company or a partnership firm must have a bachelor's degree
  • Those working in a public sector company, government, or an MNC, do not have any minimum qualification requirements

For partnership firms/LLPs/and companies

• Income:
  • Applicants in Delhi, Mumbai, Bangalore, Pune, and Chennai must have a minimum annual net income of ₹2.4 Lakhs
  • The requirement for other cities is ₹1.8 Lakhs
• Business Vintage: The business must be in operation for a minimum of 3 years

For a Hindu Undivided Family

• Income: 
  • Applicants in Delhi, Mumbai, Bangalore, Pune, and Chennai must have a minimum annual net income of ₹2.4 Lakhs
  • The requirement for other cities is ₹1.8 Lakhs
• Business Vintage: It should have been in operation for at least 3 years
• I-T returns for at least 3 years
• The applicant or co-applicant must be the HUF's Karta

When you transfer a home loan to another bank, you need to submit documents to prove your creditworthiness and financial stability. The required documents vary based on the type of applicant. Here are the documents required for Kotak Mahindra Bank Home Loan Balance Transfer:

For Self-Employed Professionals

• Proof of Income and Banking Details: Current account statement, income tax return, balance sheet, and profit & loss statements (attested by a CA).

• Identity and Residence Proof: Passport, PAN, Voter ID, or Driving License.

• Signature Proof

• Proof of Educational Qualifications

For Salaried Employees

• Proof of Identity and Residence: PAN, Voter ID, Passport, or Driving License.

• Income Proof and Banking Details: Bank statements, salary slips, latest Form-16, and income tax returns.

• Signature Proof

• Proof of Educational Qualifications

Follow these steps to apply for the home loan balance transfer:

1. Click on the ‘Check Offer’ option on this page

2. Provide your personal details, such as your name, mobile number, etc.

3. Provide property, banking, loan amount, and repayment details

4. Submit the application form

5. A representative will contact you for further steps after verifying your loan application

Use the following steps to get updates on your application:

1. Go to the Kotak Mahindra Bank’s ‘Service Request’ page

2. Scroll down to the ‘Track Application Status’ section

3. Click on the ‘Track Application Status of Other Products’

4. Select the type of product and enter the captcha and submit it 

5. Enter your name and registered mobile number and click on the ‘Check Status’ to view it

The ‘Service Request’ page of the bank also allows you to download the statement. You need to follow these steps

1. Scroll down to the ‘Home Loan’ section
2. Click on the ‘Download Statement of Account’
3. Enter your registered mobile no, date of birth, and CRN number
4. Click on ‘Continue’ and enter the required loan details to view and download the account statement.

You can follow some other ways as well by logging in to net banking or mobile banking to view your outstanding loan details:

• Net Banking: Click on the Instalment Loans tab
• Mobile Banking: Go to the Loans tab

You can also call the Customer Contact Centre (1860 266 2666) to place a request. The bank charges ₹250 plus GST for a statement of account requested through this service.

The bank will allow you to pay your EMIs through multiple convenient modes. You can choose the method that best fits your lifestyle and accessibility. Some available repayment modes include:

• Mobile banking app

• Net banking

• Auto-debit

• Cheque

• Cash payment at the branch

• Third-party apps

Kotak Mahindra Bank Home Loan