Features and Benefits of Kotak Mahindra Bank HLBT

  • Kotak Mahindra Bank offers Home Loan Balance Transfer at low rate of interest starting at 7.10%. A low rate of interest can help you save the cost of interest.
  • All the future payments of EMI will be made to Kotak Mahindra Bank after the Home Loan transfer.
  • Top up facility can also be availed on the current loan and fulfil your immediate cash requirements.
  • The overall process of obtaining a home loan is simplified with Kotak Mahindra Bank. The bank facilitates the EMI customisation that helps you to pay EMI conveniently.
  • With Kotak Mahindra Bank you can customise the loan tenure.
  • Kotak Mahindra Bank charges a minimal processing fee that ranges from 2% to 2.25% of the loan amount.

Eligibility Criteria for Kotak Mahindra Bank HLBT

Factors affecting Kotak Mahindra Bank HLBT are mentioned below:

  • Monthly or annual income of the applicant
  • Source of income
  • Age (early 20s or 30s) and qualification of the applicant
  • Number of dependents
  • Relevant number of work experience
  • Credit history and credit score

Documents Required for Kotak Mahindra Bank HLBT

Along with the foreclosure letter of a home loan from the existing bank and filled application form, the other documents required for HLBT is mentioned below:

Type of Document
Income Proof (Anyone)
  • Salary slips
  • Form 16
  • Income Tax Return
  • Audit reports certified by CA
  • Latest Bank Statements
Age Proof (Anyone)
  • Aadhar Card
  • PAN Card
  • Valid Passport
  • Birth Certificate
  • Voter's ID Card
Identity Proof (Anyone)
  • Aadhar Card
  • PAN Card
  • Valid Passport
  • Birth Certificate
  • Voter's ID Card
Residence Proof (Anyone)
  • Rent Agreement
  • Ration Card
  • Latest Utility Bill

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Kotak Home Loan Balance Transfer starts at 6.50% p.a for all profiles

Kotak Mahindra bank has announced a special festival bonanza for fresh and balance transfer home loan customers. Both salaried as well as self-employed borrowers can apply for home loan refinancing at 6.50% p.a onwards. Kotak’s balance transfer festival scheme is open for all loan amounts for customers with good credit history. The last date to apply is Nov 8, 2021.

FAQs

✅ How to apply for Kotak Home Loan Balance 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, 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.

✅ What is Kotak Mahindra Bank Home Loan balance transfer?

Transfer of the outstanding balance in the existing home loan with other lenders other than Kotak  Mahindra Bank primarily to avail the benefit of a lower rate of interest is Kotak Mahindra Bank Home Loan balance transfer.

✅ How can I get the outstanding balance from the Kotak Mahindra bank home loan?

If you know your CRN, you can log in to net banking and view the outstanding home loan details by clicking on the ‘Instalment Loans’ tab.

If you do not know your CRN, you can get one by sending an SMS to 9971056767 or 5676788 from the registered mobile number and mention CRN. The CRN will be sent instantly.

You can also check the outstanding loan details through Kotak Mobile App by clicking on ‘Loans’ on the home page.

Another way of knowing your home loan outstanding balance is by calling Kotak Bank Customer Care.

✅ What are the benefits of taking a Kotak Mahindra Bank home loan balance transfer?

The following benefits can be enjoyed by availing of the Kotak Mahindra Bank  Home Loan Balance Transfer.

  • Lower rate of interest at 6.60% for salaried individuals and  6.65% for the self-employed
  • Customised tenure options with a maximum of 20 years
  • EMI options to suit the borrower’s requirements.
  • Loan amount up to 80% of the original loan if the quantum is between Rs. 20.00 lakhs to Rs.75.00 lakhs and 75% of the original loan if the quantum is above Rs. 75/- lakhs.
  • Top-up loan up to the existing outstanding loan to take of your urgent financial requirements
  • Affordable processing charges at 2% to 2.5% of the loan amount
  • Nil prepayment charges if the loan is availed at a floating rate.

✅ How to check the status of Kotak Mahindra Bank Home Loan balance transfer?

You can check the status of Kotak Bank Home Loan Balance Transfer step-by-step by accessing the official website of the bank.

  • Click on the “Help centre” option at the extreme right of the home page.
  • Choose the loan product and click on loan application status.
  • You can check the status by providing the application reference number and registered mobile number.

You can also call the Kotak helpline number or visit the nearest Kotak Mahindra Bank branch to check the status of the loan application.