Kotak Mahindra Bank is one of the leading banks in India that offers several home loan schemes with low-interest rates and long tenures. If you intend to apply for a home loan with Kotak Mahindra Bank, make sure you check the Kotak home loan eligibility first. Below are the detailed eligibility criteria for a home loan in Kotak Bank.
Kotak Mahindra Bank is known for offering seamless services to customers when it comes to home loans. They offer some of the lowest interest home loans at the contemporary time. After making a home loan application, loan disbursal takes place within four hours. You also receive great post-disbursal services offered by the bank in India.
You can use the Kotak bank home loan EMI calculator in order to check your monthly instalments beforehand. It will give you 100% exact results when it comes to calculating your EMI.
Make sure you go through the Kotak Mahindra bank home loan eligibility criteria thoroughly before applying for a home loan.
There are several factors that affect your home loan eligibility when you apply for loans. These are factors that can change your interest rates and monthly instalments after the loan is granted. These factors can also result in the rejection of your loan application if you do not fulfil the requirements.
After you make an application, the major factors that are taken into consideration while determining your Kotak home loan eligibility are listed below:
Different banks have different criteria that affect your eligibility when you apply for a home loan. The leading banks that offer several home loan schemes to the eligible customers in India include State bank of India, Bank of Baroda, HDFC Bank, Axis Bank, ICICI Bank, IDFC Bank, Syndicate Bank, Reliance Capital, to name a few.
Make sure you go through all the home loan eligibility criteria of different leading banks in India before figuring out which scheme is the best fit for your demands.
Bank Names | Age | Loan amounts for maximum offered tenures | Loan percentage (Max) on the total property value | Starting Interest Rates |
---|---|---|---|---|
HDFC Bank | 24 years- 60 years | 5 crores cor maximum tenure of 30 years | 90% | 9.40% - 9.95% |
Kotak Mahindra Bank | 21 years- 60 years | 5 crores for 20 years | 80% | 8.70% |
IDFC First Bank | 21 years- 60 years | 10 crores for 30 years | 85% | 8.75% |
PNB Housing Finance | 21 years- 70 years | 2 Crores for 30 years | 90% | 8.50% |
| 18- 70 years | Up to 7 crores for a tenure of 30 years | 90% | 8.50% - 10.05% |
Bank of Baroda | 21 years- 60 years | Up to 7 crores for a maximum tenure of 30 years | 90% | 8.40% - 10.60% |
Axis Bank | 24 years- 60 years | 2 crores for 30 years | 90% | 8.75% - 9.10% |
ICICI Bank | 21 years- 60 years | 7 crores for 30 years | 90% | 9.00% - 10.05% |
LIC Housing Finance | 21 years- 60 years | 15 crores for 30 years | 80% | 8.35% - 10.50% |
Yes Bank | 21 years- 60 years | 5 crores for 25 years | 90% | 9.40% - 10.25% |
Reliance Capital | 21 years- 60 years | 100 crores for 20 years | 80% | 10.00% to 11.75% |
There are several factors that differ from one bank to the other when it comes to home loan eligibility. Make sure you do proper research before choosing your preferred home loan scheme.
Use the home loan EMI calculator of different banks from their official websites to compare different interest rates and your monthly instalments.
In order to improve your Kotak Home Loan eligibility, you need to focus on a few factors that affect your credibility as a borrower.
There are several ways that you can follow in order to improve your eligibility. Some of the major factors that you need to focus on before applying for a home loan include:
The major factors that you need to keep in mind about Kotak home loan eligibility for women include:
You can also check best offer on SBI Home Loan for Women
Different kinds of loan schemes are offered to eligible customers by the Kotak Mahindra Bank. Different types of loans include home loans to buy a property, home loans to purchase new lands and self-construction of property, home renovation and extension loans, and home loan balance transfer schemes.
When it comes to the Kotak home loan eligibility, the major factors differ from one plan to the other. Go through the chart to understand the eligibility criteria of all the schemes properly.
Loan scheme names | Objective | Tenure | LTV ratio |
---|---|---|---|
Kotak Home loans for construction | This loan is granted to those who want to purchase or construct a new house or flat. | The maximum tenure for this loan remains 20 years. | The maximum percentage of LTV remains around 80%-90% |
Kotak home improvement loans | This loan can be availed for extension and renovation purposes. | The tenure for this loan goes up to 15 years. | LTV varies from one product to the other. |
Kotak Home loan balance transfer scheme | Those who want to shift their lender and make Kotak Bank the new lender for a low-interest rate in the middle of the tenure can apply for this scheme. | The tenure goes up to 20 years. | LTV remains around 90% of the entire property value. |
NRI Home Loans | Non-Indian residents can apply for home construction or renovation purposes. | For home construction purposes, the tenure remains 15 years. For home improvement purposes, the tenure remains 10 years. | LTV remains around 80% for NRI home loans. |
Your parents, spouse, or children can be your co-applicants. Your co-applicant does not necessarily need to be the co-owner of your property as per the Kotak home loan eligibility criteria.
Based on your credit score, income details, other financial obligations, bank statements, and other details, your loan eligibility will be determined by the bank officials.
There is no upper limit on the number of co-borrowers you have while applying for a home loan. However, having one co-borrower is compulsory for home loans.
Kotak Mahindra bank — one of the leading banks in India, offers home loans for low-interest rates and high tenures of up to 25 years to 30 years. It is a renowned bank that provides great post reversal services as well. Therefore, it is extremely beneficial to go for home loans from Kotak Bank.
If you reside in Delhi, Chennai, Mumbai, Bangalore or Pune, Only income has to be 20,000 in order to apply for a home loan as per the Kotak home loan eligibility requirements. If you belong to any other city in the country, a monthly income of 15,000 is sufficient for home loans in Kotak Mahindra bank.