Kotak Mahindra Bank Home Loan Balance Transfer

Choose Kotak Mahindra Bank Home Loan Balance Transfer facility on Bajaj Markets at pocket-friendly interest rates.

Select Your Profession

Salaried Employee

Business Owner

Apply for a Kotak Mahindra Bank Home Loan Balance Transfer option at nominal interest rates starting at just 9.00% p.a. on Bajaj Markets. You can opt for a loan online with minimal documentation and a simple process.

Repay the loan conveniently over 20 years through affordable EMIs and minimise your existing financial obligations.

Interest Rates and Charges

Here are the interest rates and charges:

Processing fee	Salaried Applicant: 0.5% of loan amount + GST Self-Employed Applicant: 1% of loan amount + GST
Processing fee	₹5,000 + GST at the time of login (non-refundable)
Interest Certificate, Statement of Account, and Amortisation Schedule	Mobile Banking, Net Banking, or Whatsapp Banking: Free Physical Copy through Customer Service/Branch: ₹250 + GST
Charges for copy of any documents (Duplicate NOC, Copy of property documents, etc.)	₹500 + GST
Any other documents /letter (e.g. Subsidy Confirmation Letter, Credit Opinion Letter, Interest paid confirmation letter, etc.)	₹500 + GST
Repayment mode or account swap charges	₹500 + GST
Prepayment Charges	Part prepayments of over 25% of the outstanding loan amount: 3% of the excess prepayment amount + GST Foreclosure after the lock-in period: 3% of the foreclosure loan amount, and the prepaid payments made during the past 12 months + GST
Instrument (Cheque/ECS/Mandate) dishonour charges	₹500 + GST
Penal interest charges	2% on EMI amount that is not paid + GST per month

Disclaimer: The aforementioned rates and charges are subject to change at the lender’s discretion.

Features and Benefits

The facility offers these features and benefits:

Lower Interest Rates

You can avail of the Kotak Mahindra Bank Home Loan Balance Transfer facility at affordable interest rates starting at just 9.00% p.a

Flexible Repayment Options

You can opt for a suitable tenure of up to 20 years and repay the loan comfortably

Simple Application Process

Enjoy minimal paperwork and easy-to-meet eligibility criteria to get quick, hassle-free funding

Eligibility Criteria and Documents Required

To avail of the balance transfer facility, meet the following Kotak Mahindra Bank Home Loan Balance Transfer eligibility criteria:

1. For self-employed Individuals:

Age: Salaried applicants must be between 18 and 60 years, and self-employed individuals must be between 18 and 65 years

Income: The required minimum monthly income for applicants residing in Delhi, Bangalore, Mumbai, Pune, and Chennai is ₹20,000. Additionally, 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

However, a public limited company, government, MNC, or public sector company does not require any minimum qualification.

2. For partnership firms/LLPs/and companies

Income: Firms/LLPs/companies in Delhi, Mumbai, Bangalore, Pune, and Chennai must have a minimum annual net income of ₹2,40,000 and the requirement for other cities is ₹1,80,000
Business Vintage: The business must be in operation for a minimum of 3 years

3. For a Hindu Undivided Family

Income: HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai must have an annual minimum net income of ₹2,40,000 and the requirement for other cities is ₹1,80,000
Business Vintage: It should have been in operation for at least 3 years
IT returns for at least 3 years
The applicant or co-applicant must be the HUF's Karta

Here are the documents required for Kotak Mahindra Bank Home Loan Balance Transfer:

Identity proof: Any one of the following:
1. PAN card
2. Voter ID
3. Passport,
4. Driving licence
Income proof:
1. Bank statements, salary slips, most recent Form-16, ITR (if salaried)
2. Current account statement, ITR, balance sheet and profit and loss statements (all attested by CA) (if self-employed)

How to Apply?

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

Click on the ‘APPLY NOW’ option on this page
Provide your personal details, such as your name, mobile number, etc., to check the eligibility
Choose ‘Kotak Mahindra Bank’ from the list of lenders
Enter the required loan amount and repayment period
Submit the application form, and a representative will contact you for further steps after verification