Kotak Mahindra Bank Home Loan Balance Transfer

Loan of up to ₹5 Crore | Flexible Repayment Tenure | Affordable Interest Rates

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 Home Loan Balance Transfer Interest Rate 2023

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)
	MSE certified applicants: 3% (plus applicable taxes) of the prepayment/foreclosure amount (if the applicant forecloses through borrowed source of funds.
	Prepayment or foreclosure is not permitted for first 6 months
	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.
	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.
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.

Kotak Home Loan Balance Transfer Features and Benefits

Kotak Mahindra Bank's home loan balance transfer process is straightforward. It is specifically designed to make it simple for you to transfer your outstanding loan amount from your current lender. Let's take a look at some of benefits offered by Kotak Mahindra home loan transfer:

Simple Approval

You can get an easy approval with Kotak Mahindra Bank's home loan balance transfer. You simply need to meet the eligibility parameters and submit the necessary documents.

Lower Interest Rate

Kotak Mahindra Bank offers home loans at competitive interest rates. This maximises your chances of obtaining financing at lower rate of interest, thus making the repayments convenient.

Flexibility

With Kotak's home loan balance transfer, you can now choose the best instalment plan for you. This allows you to plan your repayment as per your financial status and repayment capacity.

Direct Settlement

You can also use your Kotak Mahindra Bank home loan balance transfer to make future payments to the bank.

Kotak Mahindra Home Loan Balance Transfer Eligibility

An applicant for a home loan balance transfer must meet certain eligibility requirements. These criteria are based on monthly income, age, and more, and help the bank decide whether you are a risk-free borrower or not.

Mentioned below are the necessary eligibility parameters you should look into when opting for a home loan balance transfer from Kotak Mahindra Bank:

1. For self-employed individuals:

Age

A salaried applicant's age should range from 18 to 60 years. Further, the age requirement for self-employed individuals should range from 18 to 65 years.

Income

A monthly income of Rs.20,000 is required for residents of Delhi, Bangalore, Mumbai, Pune, and Chennai. Residents of other cities need to have a monthly income of at least Rs.15,000.

Minimum Qualifications

Candidates working for a private limited company or a partnership firm must have a Bachelor's degree. Additionally, a public limited company, government, MNC, or public sector company does not require any minimum qualifications.

2. For partnership firms/LLPs/and companies

For firms/LLPs/companies in Delhi, Mumbai, Bangalore, Pune, and Chennai, a minimum net income of Rs.2,40,000 per year is required. This threshold is Rs.1,80,000 per annum for other cities.
Additionally, the business should have been operating for a minimum of three years.

3. For a Hindu Undivided Family

It should have been in operation for at least three years.
IT returns for at least three years
The applicant or co-applicant must be the HUF's Karta
HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai must have a minimum net income of Rs.240,000 per year
HUFs in other cities must have a minimum net income of Rs.1,80,000

Meeting these eligibility parameters is crucial to obtain a lower Kotak home loan balance transfer interest rate.

Documents Required for Kotak Home Loan Balance Transfer

Besides meeting the eligibility parameters, it is essential that you furnish the needed documents to complete the process of balance transfer from Kotak Mahindra Bank. Find details of the necessary documents pertaining to this facility:

Self-employed individuals should submit the following documents:

Income proof:

● Current account statement

● Income tax return

● Balance sheet and profit and loss statements (all attested by CA)

Proof of identity (any one):

● Passport

● PAN

● Voter ID

● Driving License

Salaried individuals need to submit the following documents for a Kotak balance transfer on home loan:

Identity proof (any one):

● PAN

● Voter ID

● Passport

● Driving License

Proof of Income:

● Bank statements

● Salary slips

● The most recent Form-16, and IT returns

Note that the bank may ask for additional documents, depending on your application. Thus, ensure to carry all necessary previous loan-related documents and property documents.

How to Apply for Kotak Mahindra Home Loan Balance Transfer at Bajaj Markets

You can easily apply for Kotak Mahindra loans via Bajaj Markets through the following steps:

Step 1: Enter Details

You have to provide necessary income-related and personal details to know about loan eligibility.

Step 2: Select a Preferred Lending Partner

Choose Kotak Mahindra Bank as your preferred lending institution.

Step 3: Estimate How Much to Borrow

Find out the loan amount which you can borrow.

Step 4: Mention Your Requirements

Enter the loan amount as per your need and input other details.

Step 5: Get the Final 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.