Kotak Home Loan Balance Transfer

• You can avail of Kotak Bank Home Loan Balance Transfer at an interest as low as 6.60% p.a. if salaried and 6.65% p.a. if self-employed.
• The tenure can be retained as per the existing home loan or can be extended if required. In short, the tenure can be customised as per the requirement of the borrower with a maximum of 20 years.
• The EMIs after the home loan balance transfer can be made directly to Kotak Mahindra Bank.
• The bank provides 80% of the original amount if the loan quantum is between Rs. 20.00 lakhs to Rs. 75.00 lakhs, and 75% of the original amount if the loan quantum is above Rs. 75.00 lakhs.
• Kotak Mahindra Bank balance transfer top-up loan up to the extent of the existing loan will be provided, which can be utilised for any of your cash requirements.
• Different EMI options to suit the borrower’s convenience.
• Processing charges are at 2% to 2.5% of the loan amount.
• No pre-payment charges for loans availed by individuals at a floating rate.

Kotak Mahindra Bank Home Loan Balance Transfer Interest Rate and charges are given below:

• Interest: The rate of interest for salaried individuals starts at 6.60% onwards, and for the self-employed, it starts at 6.65% onwards.
• Processing Charges: 2% to 2.5% of the loan amount
• Prepayment Charges: Nil for loans availed by individuals at a floating rate.

There are several factors that affect the eligibility of Kotak Mahindra Bank's Home Loan Balance Transfer.

• The credit history of the applicant and the savings
• The number of dependents.
• Income source
• Monthly or annual income.
• Age of the applicant.
• The number of years of work experience or business existence
• For how long will the applicant is going to continue in the existing occupation
• Qualification

Apply for a home loan balance transfer to Kotak Mahindra Bank by submitting an online or offline application along with the supporting documents as mentioned below.

• Residence Proof: Aadhar Card, Voter’s ID Card, Driving Licence, Utility Bills
• Photo ID Proof: Pan Card, Passport, Aadhar Card, Voter’s ID Card, Driving Licence
• Income Proof: Latest salary slips (last three months), Form 16, ITR for the last two years, and bank account statement of salary account in the case of salaried individuals.
• Property Documents: Copy of all related property documents.
• Other Documents: 2 Passport size photographs.
• Signature Proof: Bank account passbook of the concerned bank with a photograph with signature attestation by a competent bank official.

Audited Financials along with Auditor’s Report for the last 2 years, ITR with income computation for the last two years, and Bank Account statement of all operative accounts in the case of self-employed individuals/professionals are needed.

The following steps are involved in the transfer of the existing home loan balance to Kotak Mahindra Bank.

• Submit a request to the existing lender for transfer of the outstanding balance of the existing loan to Kotak Mahindra Bank. The content of the request letter should also contain an enquiry about the procedure to transfer the title deeds to Kotak Mahindra Bank upon closure of the existing loan. 
• A foreclosure letter with details of the outstanding balance of the existing loan along with confirmation of the property documents held by them should be obtained from the existing lender.
• The existing lender will review your request and issue NOC as well as a foreclosure letter.
• Submit a home loan transfer application to Kotak Mahindra Bank enclosing the NOC and the foreclosure letter.
• You should also request the bank to transfer the loan proceeds directly to your home loan on disbursal.
• Kotak Mahindra Bank will appraise your proposal and, if approved, will disburse the amount and credit the proceeds directly to your existing home loan through RTGS.
• The existing lender will close the home loan account, release the charge on the property and hand over the property documents to Kotak Mahindra Bank.
• All the remaining PDCs or standing instructions will be cancelled by the existing lender.
• The home loan balance transfer will be completed with the cancellation of standing instructions.
• You can continue to pay the EMIs directly to Kotak Mahindra Bank subsequent to the transfer.

You can apply for the Kotak Bank Home Loan Balance Transfer through net banking if you are an existing customer of Kotak Mahindra Bank.

If you are a new customer, you will have to access the official website of the bank and go through the following steps.

• On the home page, choose home loan under the ‘Products Option’.
• Under Home Loan, choose Balance Transfer and click on the ‘Apply Now button.
• Give basic details like Applicant Type, Residential Status, Income Type, Name, Email ID, and Mobile Number.
• Agree to the terms and conditions and click on the continue button.
• Verify the OTP number to go to the next page.
• Details of PAN, Date of birth, and city of residence should be given on this page.
• With this, the processing of the application will begin.
• Thereafter, you will be contacted by the representative of the bank to take you further with the application process.