Owing to simple eligibility and ease of availability, home loans are one of the most sought-after financing options or a house purchase. However, with rising property prices, repaying a home loan has become a costly affair.
If you are finding it difficult to manage regular home loan repayments, you can consider opting for the Kotak home loan balance transfer facility. This facility allows you to enjoy affordable loan terms as you transfer your loan balance from another bank to Kotak Mahindra Bank. Opt for this facility at Bajaj Markets.
Kotak Mahindra Bank offers home loans at attractive interest rates, starting at 9.00%. Thus, while opting for a Kotak home loan transfer, you would benefit from a lower rate of interest, reducing your overall EMI liabilities.
Details for additional fees and charges:
Fee/Charge Description |
Amount in Rs. |
Processing fee |
Salaried Applicant: 0.5% of loan amount plus applicable taxes |
Self-Employed Applicant: 1% of loan amount plus applicable taxes |
|
Rs. 5,000 plus applicable taxes will be taken during login. This will be non-refundable |
|
Interest Certificate/ Statement of Account/ Amortisation Schedule |
Requested through Mobile Banking/Net Banking/Whatsapp Banking: Free |
Request as Physical Copy through Customer Service/Branch: Rs. 250 plus applicable taxes |
|
Charges for copy of any documents (Duplicate NOC, Copy of property documents, etc.) |
Rs. 500 plus applicable taxes |
Any Other documents /letter (e.g. Subsidy Confirmation Letter, Credit Opinion Letter, Interest paid confirmation letter, etc.) |
Rs. 500 plus applicable taxes |
Repayment mode/ Account swap charges |
Rs. 500 plus applicable taxes |
Prepayment/Foreclosure Charges |
Individual Applicants: NIL |
MSE certified applicants: NIL (if the applicant forecloses the loan through own fund source) |
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MSE certified applicants: 3% (plus applicable taxes) of the prepayment/foreclosure amount (if the applicant forecloses through borrowed source of funds. |
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Prepayment or foreclosure is not permitted for first 6 months |
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In case of part prepayments that are over 25% of outstanding loan amount: 3% (excluding any applicable dues and taxes) of the excess prepayment amount. |
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For full prepayment any time after the lock-in period: 3% (excluding any applicable dues and taxes) of the foreclosure loan amount, and the prepaid payments made during the past 12 months. |
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Instrument (Cheque/ECS/Mandate) dishonour charges |
Rs. 500 plus applicable taxes |
Substitute Interest (Penal Interest) |
2% per month (plus applicable taxes) on EMI amount that is not paid |
Collection charges (In case of default) |
30% (plus applicable taxes) of cheque/instrument dishonour charges plus penal rate |
Loan cancellation charges |
0.10% of loan amount or Rs. 25,000 whichever is higher (plus applicable taxes) |
Annual Renewal Charges |
0.25% (plus applicable taxes) of the OD limit. This will be collected on renewal due date |
Non-utilization Charges |
0.25% of the non-utilized OD limit or Rs. 1250 whichever is higher (plus applicable taxes |
Apart from the above-mentioned details, charges pertaining to other fields may be levied at the discretion of the bank as the individuals opt for a Kotak home loan balance transfer. Consider having a clear conversation with the bank regarding the same for an informed decision making.
You can easily apply for Kotak Mahindra loans via Bajaj Markets through the following steps:
You have to provide necessary income-related and personal details to know about loan eligibility.
Choose Kotak Mahindra Bank as your preferred lending institution.
Find out the loan amount which you can borrow.
Enter the loan amount as per your need and input other details.
Now, check all loan details with the associated charges. You should also check the net disbursal amount. An executive will get in touch with you to help you proceed with your application.
You can check the status of your balance transfer on providing the application number or contacting a representative of the bank.
No, Kotak Mahindra Bank offers home loan balance transfer at competitive interest rates, which is the same as a home loan.
You can opt for a home loan top when choosing the balance transfer facility. This will help you obtain excess cash, helping you meet your additional financial requirements.
You can apply for up to 80% of the existing loan amount in case of a balance transfer from Kotak Mahindra Bank.
No, a guarantor is not necessary for a home loan balance transfer.
Yes, your tax benefits remain the same even after opting for a Kotak home loan balance transfer.
Yes, as applicable, you need to pay the additional fees and charges that accompany a home loan. These can include processing fees, documentation charges and more.
To determine your eligibility, the bank sets aside a few parameters, which are essential in determining your creditworthiness. It ensures the bank that you will repay the loan amount within the chosen tenure.
Your co-applicant must be a close family member. Consider contacting the bank representative for more details on this.