Kotak Mahindra Bank Home Loan Balance Transfer

Apply for a Kotak Mahindra Bank Home Loan Balance Transfer option at low interest rates starting from 9.00% p.a. Apply for this facility online on Bajaj Markets and benefit from minimal documentation. Repay the loan conveniently over 20 years through affordable EMIs. You can also borrow additional amounts to meet your financial needs with the help of a top-up loan. 

Here are the interest rates and charges:

Disclaimer: These rates are subject to change at the lender’s discretion.

While the extra fees add to the total cost of the loan, a lower interest rate can help you save a huge amount. Thus, plan and strategically transfer your existing home loan to get better terms. Let’s understand how a lower interest rate can help reduce your EMI burden.

Assume that you have taken a home loan of ₹50 Lakhs with an interest rate of 15% p.a. The repayment period for the loan is set at 20 years. Here, the EMI is ₹65,839.48. So, how does a balance transfer help reduce the instalment amount? Check the table provided below:

Let’s say that you transferred your home loan to Kotak Mahindra Bank. The lender offered you an interest rate of 9% p.a. In this case, the revised interest rate leads to a decrease in your instalment amount, which will stand at ₹44,986.30. The savings on interest charges is massive in this case. This reduction in your instalments makes the loan repayment more manageable.

Kotak Mahindra Bank Home Loan Balance Transfer eligibility criteria are as follows:

1. For self-employed Individuals:

• Age: 

  • Salaried applicants must be between 18 and 60 years

  • Self-employed individuals must be between 18 and 65 years

• Income: 

  • Minimum monthly income for applicants residing in Delhi, Bangalore, Mumbai, Pune, and Chennai is ₹20,000

  • For those living in other cities, the minimum monthly income requirement is ₹15,000

• Minimum Qualifications: 

  • Candidates working for a private limited company or a partnership firm must have a bachelor's degree

  • Those working in a public sector company, government, or MNC, do not have any minimum qualification requirements

2. For partnership firms/LLPs/and companies

• Income:

  • Applicants in Delhi, Mumbai, Bangalore, Pune, and Chennai must have a minimum annual net income of ₹2.4 Lakhs

  • The requirement for other cities is ₹1.8 Lakhs

• Business Vintage: The business must be in operation for a minimum of 3 years

3. For a Hindu Undivided Family

• Income: 

  • Applicants in Delhi, Mumbai, Bangalore, Pune, and Chennai must have a minimum annual net income of ₹2.4 Lakhs

  • The requirement for other cities is ₹1.8 Lakhs

• Business Vintage: It should have been in operation for at least 3 years

• I-T returns for at least 3 years

• The applicant or co-applicant must be the HUF's Karta
   

Here are the documents required for Kotak Mahindra Bank Home Loan Balance Transfer:

• Identity proof: Any one of the following:

  • PAN card

  • Voter ID

  • Passport, 

  • Driving licence

• Income proof:

  • Bank statements, salary slips, most recent Form-16, ITR (if salaried)

  • Current account statement, ITR, balance sheet and profit and loss statements (if self-employed). All the documents must be attested by a CA.