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Appy Online Home Loan Balance Transfer - Kotak Bank

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About Kotak’s Home Loan Balance Transfer

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.

Home Loan Transfer Benefits and Features

The home loan balance transfer process at Kotak Mahindra Bank is simple and easy. It is designed specifically to make it convenient for you to transfer your outstanding loan amount from your current lender, without any hassle. Our home loan transfer comes with a lot of benefits. Let’s take a look at them:

Easy Approval

With Kotak Mahindra Bank’s home loan balance transfer you get to enjoy an easy approval.

Lower Interest Rate

Kotak Mahindra Bank’s home loan balance transfer comes with a lower rate of interest.

Ownership Type

Now choose an installment plan that best suits you with Kotak’s home loan balance transfer.

Direct Settlement

Use your home loan balance transfer to make future payments directly to Kotak Mahindra Bank.

Home Loan Balance Transfer and Top-Up Loan

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.

Eligibility Criteria for Home Loan Balance Transfer

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:

The age bracket of a salaried applicant is between 18 to 60 years
For a self-employed professional, the age requirement is from 18 to 65 years

Income:

For residents of Delhi, Bangalore, Mumbai, Pune, and Chennai a minimum income of Rs. 20,000/month
A minimum income of Rs. 15,000/month for residents of other cities

Minimum Qualifications:

The applicants employed with a private limited company or a partnership firm should have a Bachelor’s degree
No minimum qualification is required for a public limited company or Government or MNC or public sector company

For a Partnership Firm/LLP/Indian Company

A minimum net income of:

- 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

Should have been in existence for at least 3 years

For a Hindu Undivided Family (HUF)

Should have been in existence for at least 3 years
IT returns of at least 3 years ismandatory
The applicant or the co-applicant must be the Karta of the HUF
The minimum net income of:

- 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

Home Loan Balance Transfer Calculator

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:

Visit the home loan transfer calculator under home loans
Fill in the details like your loan requirement, the tenure you are looking for, and the interest rate
The calculator will show you your existing EMIs and the Savings you will make on the refinancing

In simple terms using our calculator will give you a precise picture of the merits of a home loan balance transfer.

Documents Required for 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:

Proof of Income and Banking Details

- Current account statement

- Income tax return

- Balance sheet and P&L statements (all attested by CA)

Identity and Residence Proof

- Passport/PAN/Voter ID/Driving License

Signature Proof

Proof of educational qualifications

For Salaried Employee:

The documents required for a home loan balance transfer are:

Proof of Identity and Residence

PAN/Voter ID/Passport/Driving License

Income proof and Banking Details

Bank statements/Salary Slips/Latest Form-16 and IT returns

Signature Proof

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.

How to Apply for a 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:

First of all, check your eligibility for a home loan balance transfer
Fill out the application form with the personal, financial, employment, and existing property details
Once filled submit these documents; identity proof, age proof, address proof and property details
View your home transfer loan offer
Pay for the security fees online
Upload your documents

Congratulations! Your balance home loan transfer process is complete.

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Frequently Asked Questions

Why should I opt for Home Loan Balance Transfer?

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.

Who can opt for Home Loan Refinance?

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.

Does Home Loan Balance Transfer need a Guarantor?

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.

Can I avail Tax Benefits with Home Loan Balance Transfer?

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.

Can I get Top-Up Loan with Home Loan Balance Transfer from Kotak Mahindra Bank?

Yes, you can use Kotak Home Loan Balance Transfer to top-up your existing loan to get ready cash for your needs.

What is the maximum amount I can borrow?

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%.

How will my home loan balance transfer eligibility be determined?

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.

In how many years can I repay the loan amount?

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

Who can be my co-applicant?

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.

Can I get the benefit of reduced interest rates during the balance tenure of my loan?

For floating-rate loans, the change in Benchmark index rate directly impacts the rate of interest on Home loans.

When will the loan be disbursed?

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.

In how many installments can the loan be disbursed?

Kotak Mahindra Bank will factor in the construction progress and requirement of funds before disbursing the loan amount in full or in part installments.