Home Loan Balance Transfer
Low Interest Rates | Lower monthly installments | Bigger Savings

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Low Interest Rates | Lower monthly installments | Bigger Savings
Home loan balance transfer is a process through which you can transfer home loan to another bank. It is a blessing in disguise for those who are finding it difficult to keep up with the repayments of home loans due to high EMIs. Kotak Mahindra Bank’s home loan balance transfer process is simple and easy. It comes at a nominal rate of interest and at lower monthly installments, which pulls a considerable burden off your financial situation, so that you can enjoy quality time with your loved ones without any bother, ever. Apply for a home loan transfer now.
With Kotak Mahindra Bank’s home loan balance transfer you get to enjoy an easy approval.
Kotak Mahindra Bank’s home loan balance transfer comes with a lower rate of interest.
Now choose an installment plan that best suits you with Kotak’s home loan balance transfer.
Use your home loan balance transfer to make future payments directly to Kotak Mahindra Bank.
With a home loan top-up you can now fulfill your other financial needs with ease.
Apply for Kotak’s balance transfer home loan now.
For a home loan balance transfer, an applicant has to meet certain eligibility criteria. These criteria are based on the monthly income, age, etc. This is further divided based on the type of the applicant. Let’s take a look at the eligibility criteria of homeloan transfer:
For an Individual Applicant
Age:
For a Partnership Firm/LLP/Indian Company
- Rs. 2,40,000 p.a. For firms/LLPs/Companies in Delhi, Mumbai, Bangalore, Pune and Chennai
- Rs. 1,80,000 p.a. for firms/LLPs/Companies of other cities
- 2,40,000 per annum for the HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai
- 1,80,000 per annum for the HUFs in other cities
With its home loan balance transfer calculator Kotak Mahindra Bank provides you with a simple yet powerful tool that calculates the existing EMIs on your loan, the savings upon opting for refinancing, the interest rate, the principal amount, etc.
Using a balance transfer home loan calculator is easy. Let’s take a brief look at it:
In simple terms using our calculator will give you a precise picture of the merits of a home loan balance transfer.
When you transfer home loan to another bank, the bank requires you to submit certain documents to validate your creditworthiness and financial stability. This home loan transfer process of documentation is there to ensure that you enjoy a smooth experience. Now, the documents required for home loan balance transfer differ according to the type of applicant.
For Self-employed Professional:
The home loan balance transfer documents required are:
- Current account statement
- Income tax return
- Balance sheet and P&L statements (all attested by CA)
- Passport/PAN/Voter ID/Driving License
Proof of educational qualifications
For Salaried Employee:
The documents required for a home loan balance transfer are:
PAN/Voter ID/Passport/Driving License
Bank statements/Salary Slips/Latest Form-16 and IT returns
Proof of educational qualifications
Kindly note that we need original documents for verification and self-attested copies for submission so as to start the process of the home loan balance transfer.
Kotak’s home loan balance transfer application process is simple and hassle-free. You just have to follow these easy steps:
Congratulations! Your balance home loan transfer process is complete.
Clicking on ‘Apply Now’ will redirect you to a third party website.
The Home Loan Balance Transfer Process comes packed with several benefits. It helps you transfer your outstanding loan amount from your current lender to a new lender with lower interest rates and better terms. It also offers a transfer of your home loan to another bank to avail a top-up loan on your existing loan.
Anyone who fulfils the specified criteria stipulated for home loan refinance is eligible to apply. Your eligibility depends on your income, age, etc. Kotak Mahindra Bank’s home loan eligibility calculator is a simple way to determine your eligibility.
A guarantor becomes a safety net for the applicant in case they default in repayment of the home loan balance transfer. However, there is no mandatory requirement for a guarantor.
According to Section 24b of the Income Tax Law, tax incentives can be granted for the transfer of housing loans, but only if you avail a top-up loan. A borrower can avail a maximum exemption of Rs. 30,000 on the interest paid for the top-up loan per financial year.
Yes, you can use Kotak Home Loan Balance Transfer to top-up your existing loan to get ready cash for your needs.
In the case of Home Loan Balance Transfer, your borrowed amount will depend upon the cost of the property.
For loan amounts of Rs 20 to 75 lakhs, you are eligible to borrow up to 80%.
For loan amounts above 75 lakhs, you are eligible to borrow up to 75%.
Kotak Mahindra Bank holds the discretion to determine your borrowing amount. The repayment capacity factors in your income, age, qualifications, number of dependents, the income of your spouse, assets, liabilities, history of savings and continuity of occupation.
You can opt for a tenure of up to 20 years, or the outstanding tenure of the proposed loan can be utilized, whichever is lower. The tenure can vary according to your profile
In the case of an individual, their spouse, parents and children can be their co-applicants. The co-owner of a property is automatically deemed to be the co-applicant. However, a co-applicant need not be the co-owner of the property.
For floating-rate loans, the change in Benchmark index rate directly impacts the rate of interest on Home loans.
You can receive the disbursement once the credit, technical and legal appraisals of the property are finished. However, the execution of the necessary documents along with the deposit of original property documents must be completed before disbursement.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
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Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.