If you are paying a higher rate of interest for your existing home loan, you can conveniently reduce the EMI burden by transferring the outstanding liability of the existing home loan to Kotak Mahindra Bank at a lower rate of interest.
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 Home Loan Balance Transfer.
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.
Signature Proof: Bank account passbook of the concerned bank with photograph with signature attestation by a competent bank official.
Audited Financials along with Auditor’s Report for the last 2years, 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.
Property Documents: Copy of all related property documents.
Other documents: 2 Passport size photographs.
The following steps are involved in the transfer of the existing home loan balance to Kotak Mahindra Bank.
Apply for Home Loan Balance Transfer online instantly and get lower interest rate starting at 8.50% p.a. Get better terms and services. You can also avail instant top up loan facility during 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.
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.
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.
The following benefits can be enjoyed by availing of the 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.
You can also call the Kotak helpline number or visit the nearest Kotak Mahindra Bank branch to check the status of the loan application.